Should You Get a Gas Card in 2023?

The price of gas goes round and round…

As we barrel headfirst into the new year, it's a good time to take a few moments and put together a financial plan for 2023. And part of that plan should include considering any new credit cards you may need in the year to come.

If 2022 wasn't enough to drive you to get a gas card -- or two -- then 2023 may be what does it. While a small number of the talking heads claim fuel prices will go down in 2023, more experts seem sure they'll stay the same, or worse, keep rising.

Even if prices drop, the days of $2 per gallon fill-ups are likely long over. So, if you don't already have a gas rewards credit card in your collection, it's time to seriously consider the addition.

Earn up to 5% back on gas

When you dive into the world of gas credit cards, you'll come across a range of different types. Some of them are well worth getting -- others, not so much.

Most gas station brands have their own credit cards. Stay away from these unless you have less-than-stellar credit. Co-branded gas station cards tend to offer rewards in the form of a certain number of cents off per gallon (i.e., $0.15 off per gallon). This is often less than you'll get with a regular rewards card, and that percentage gets worse if prices rise.

Instead, look for regular rewards credit cards that have bonus categories for gas purchases. You'll typically get more return with these types of gas cards.

Then it comes down to your maximization strategy. If you just want the most gas rewards possible, look for a card with 5% or 4-5X points per dollar back (that's about as high as they get). Ideally, choose a card without an annual fee if you're only going to use it for gas (unless you spend enough on gas each year to justify the fee, such as folks who make a living as delivery drivers).

On the other hand, maybe you prefer to keep fewer cards. In that case, choose a card that offers good gas rewards, while also providing good bonus rewards for other categories in which you spend a lot. For example, find a card that has both gas and grocery rewards.

Pair it with an app to double dip

Just like most gas station brands have their own credit cards, many now also have their own apps. Another great part of your gas rewards card is that you can usually pair it with the gas station's app to save more. 

Wawa, for instance, has a deal that if you pay using its app, you can get a small per-gallon discount. You can add your favorite gas rewards credit card to your Wawa app and get the discount for paying with the app plus your regular gas rewards.

Similarly, if you have a Walmart+ membership, you get a discount on gas at certain stations. You can use your gas rewards card in your Walmart wallet to get the Walmart+ discount and your card's gas rewards. 

Don't forget to redeem your rewards

Earning all of these rewards is great, but they're only useful so long as you remember to redeem them. Some issuers let you set your cash back redemption on autopilot, but others will require you to go in periodically and redeem your rewards. If you tend to forget this, try setting a reminder in your phone so you don't lose out on your rewards.