Thrifty Thinking - 2023's Best Gas Credit Cards

 With gas prices still high and inflation putting pressure on people’s budgets, the personal-finance website WalletHub today released its editors’ picks for 2023’s Best Gas Credit Cards to help drivers save money, along with a new survey to gauge consumer sentiment.

• Lower Gas Demand: More than 1 in 2 people plan to buy less gas in 2023 compared to 2022.
   
• Pump Pain: 15% of people say high gas prices are worse than food inflation.
   
• Fuel Frustration: 78% of Americans say current gas prices are too high.
   
• Most Wanted Reward: Almost 3 in 4 Americans want rewards on gas more than any other type of travel purchase.
   
• Mandatory Test to Get a Credit Card: 41% of Americans think each individual should have to take a test to get a credit card, just like a driver’s license.
   
• Gas station rewards: 2 in 5 people believe getting a gas station credit card is worth it.
   
• Best Gas Rewards Credit Card: The U.S. Bank Altitude® Connect Visa Signature® Card offers 4 points per $1 spent at gas stations, as well as at EV charging stations and on travel. New cardholders can also earn an initial bonus of 50,000 points for spending $2,000 in the first 120 days.
   
• Best Gas Station Credit Card: The Speedway Credit Card is the best gas station credit card, offering 50 points / $1 spent on both gas and in-store purchases made at Speedway, as well as an initial bonus of 25,000 points after spending $500 in the first 3 billing cycles.

Q&A with WalletHub 
 
How is the economy affecting people’s driving habits?

“More than half of American consumers plan to spend less on gas during 2023 than they did in 2022, according to a new WalletHub survey. Nearly 8 in 10 people think gas prices are too high right now, and household budgets are also feeling the pressure of inflation at the grocery store and even in the cost of their debt. Buying groceries is unavoidable, and we’ve proven to be incorrigible when it comes to debt, but driving less is a feasible way for many people to reduce their expenses, when so many of us are still working remotely,” said Jill Gonzalez, WalletHub analyst.
 
Are consumers feeling the effects of inflation more at the grocery store or the gas station?

“With the cost of eggs getting so much coverage, you might think everyone would say that grocery inflation is worse than gas inflation, but a new WalletHub survey found that 15% of people believe that inflation at the gas station is worse,” said Jill Gonzalez, WalletHub analyst. “Ultimately, I guess it depends on how many miles you’re putting on your car and how much you’re spending at the supermarket.”
 
Are gas rewards credit cards in demand?

“Nearly three-quarters of people want gas rewards from their credit card more than any other type of travel reward, according to a new WalletHub survey. Savings are paramount these days, and the average person spends more money on gas than travel over the course of a year,” said Jill Gonzalez, WalletHub analyst. “The best gas rewards credit cards can save you $500 or more in the first year alone.”
 
Should people have to take a test to get a credit card?

“A new WalletHub survey found that 41% of Americans think people should have to take a test before being eligible to get a credit card, like with a driver’s license. Credit cards can cause long-term damage if not used responsibly, like a car, and we don’t come out of the womb knowing how to drive or manage our personal finances, so a check to make sure we know what we’re doing makes sense,” said Jill Gonzalez, WalletHub analyst. “A test to qualify for a credit card will never happen, but the fact that so many people support the idea just goes to show how low confidence in the financial literacy of Americans is right now.”
 
What is the best gas rewards credit card?

 “The best gas rewards credit card for a given person depends on how much they drive, where they usually fill up, what their credit score is, and what else they plan to buy with the card. For people who don’t want to be limited to one gas station chain, the U.S. Bank Altitude® Connect Visa Signature® Card is one of the best options,” said Jill Gonzalez, WalletHub analyst. “For people who always get gas from the same station, applying for a credit card affiliated with that station usually is a good idea.”