Reporting Paula Ebben
BOSTON (CBS) – At $4.00 or more a gallon people are concerned about how they are going to pay for their gas. One man told us he has trouble paying for food. Another said he is going to start taking the T.
It is possible to save on your fill up by using the right gas rewards card. Odysseas Papadimitriou, CEO of www.CardHub.com, said “We have seen a 30% increase in the past couple of months in terms of consumers searching for gas related credit cards.”
They ranked the cards they liked best and the Pentagon Federal Credit Union Platinum Cash Reward card came out on top. It gives 5% back on gas and 1% on everything else. There is no annual fee, but you do have to pay a $15 membership fee to join the credit union.
Papadimitriou said: “You can combine that with finding one of the least expensive gas stations in your neighborhood and you can get a significant decrease.”
Card Hub also liked the Blue Cash Everyday Card from American Express. It awards 2% back on gas and 3% on groceries. There is no annual fee and you earn $100 for spending $1,000 in the first three months.
Costco members are entitled to a True Earnings Card from American Express. You can get 3% off your first $3,000 spent on gas, and 1% thereafter. There is also a 2% discount on restaurants and travel.
The BP Credit Card will return 10% on BP gas for the first 60 days, and then 5% after that. In the first two months, you also get 4% off travel and dining, and 2% off everything else. There is no annual fee.
Although the rewards are enticing, Papadimitriou warns, “You cannot have a successful rewards strategy if you don’t pay your bill every month. If you don’t pay your bill in full every month, your focus should be on the interest rate and not the reward.
You can also save with your store card at Stop and Shop; 10 cents off a gall for every $100 you spend. Other chains like Big Y also have programs. If you combine some of these offers, the savings should add up fast.