Consumers are grappling with massive increases in gas prices, driven by the war in Iran. The national average for regular gas is $4.091 per gallon, up about a dollar from a month ago, according to AAA. And in some areas of the country, the increases are even more significant.
“I really just don’t see any real plan to prevent gasoline prices from unnecessarily rising to $5/gal,” wrote Patrick De Haan, head of petroleum analysis for GasBuddy, in an X post this week.
The fallout has analysts worried about the ripple effects. In an article this week on organization’s blog, De Haan says, “Americans have already spent nearly $8 billion more on gasoline over the past month, a trend that poses growing risks to the broader economy, while surging diesel prices may begin to reaccelerate inflation.”
[Read: Gas Credit Cards]
Gas Rewards Credit Cards Can Help Offset Higher Prices
Drivers can’t control oil markets, but they can choose how to pay at the pump. Gas credit cards offer rewards on fuel purchases, which can help reduce the cost:
— The Blue Cash Everyday® Card from American Express has no annual fee and earns 3% cash back at U.S. gas stations on up to $6,000 in purchases each year, then 1%. See Rates & Fees
— New cardholders of the Bank of America® Customized Cash Rewards credit card can choose gas as a 6% cash back category for the first year, then earn 3% cash back after that. You earn 6% or 3% on the first $2,500 in spending each quarter, then 1%. There’s no annual fee.
— Small-business owners facing higher fuel costs can save with the Ink Business Cash® Credit Card, which has no annual fee. It earns 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.
Gas rewards cards often have earning caps that limit bonus earnings. Rotating between multiple gas cards can help if you exceed the bonus limit.
Who Should Consider a Gas Rewards Card
Gas rewards cards can translate to savings for anyone who consistently spends on fuel, whether you have a long commute, multicar household or a small business on the go. Drivers who pay credit card balances in full each month will benefit the most, as carrying a balance and paying interest charges can easily outweigh the value of rewards.
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Gas Prices May Be Jumping. Here Are Some Credit Cards That Could Help. originally appeared on usnews.com
Update 04/03/26: This story was previously published at an earlier date and has been updated with new information.
