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Step 1
Credit card companies want your business and are always offering discounts on purchases, so the best way to save on gas is to buy it with a “cash back” card.
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Step 2
As gas prices continue to escalate, many oil companies are offering gasoline price incentives to get you to apply for their own affinity card so you become a regular customer.
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Step 3
Cards like the Discover card have been offering cash back incentives on purchase for years. But to really save money at the pump what you have to track down are the cash-back cards that offer rebates on gasoline purchases.
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Step 4
Check out credit card Web sites such as CardWeb.com or Bankrate.com to find information about the cash back cards and rates (links are provided in the Resources box).
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Step 5
The gas “cash back” deals are joint ventures between major banks and the oil companies, so what you’re looking for is a Visa or MasterCard that has an oil company’s logo.
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Step 6
Some cards offer a straight cents-off rebate for every gallon you buy. Others offer percentages of purchase rebates. The rebates can run at 5 percent or higher, so get the right card and you’ll be buying a gallon of $3 gas discounted to $2.85.
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Step 7
Some of the oil company cards to target are those introduced by Hess Oil and Marathon.
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Step 8
Hess has a joint venture with Chase Bank and its Hess Visa Platinum Card offers a 10 percent rebate on all Hess gas purchases for the first 90 days, a 5 percent rebate after that, and a 1 percent rebate on all other purchases. Best thing about it is there’s no annual fee.
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Step 9
Marathon offers a similar deal with the same bank on its Chase/Marathon MasterCard.
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Step 10
Gasoline discounter Speedway also has a deal with Chase and MasterCard. Savings on this are less than on the Hess and Marathon card – 8 percent for the first 60 days, 4 percent after that, and 1 percent on other purchases.
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Step 11
Even if you don’t want to switch to these gas company cards you may still be able to save using the cards you already have. The American Express Blue cards offer 5 percent back on all gas and grocery store purchases, as does and the CitiBank Student MasterCard, while Discover offers up to 10 percent off at gas stations.
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Step 12
Before you apply for a new card, check the Terms and Conditions of the card very carefully and be aware that the deals may change weekly or even daily.
