NEW YORK (PIX11) -- Gas prices are at their lowest levels in four months, but before you get ready to fill up we've got ways for you to pump up your savings.
Ross Kenneth Urken is personal finance editor for The Street and he's here with four credit cards that can help you save on gas.
The average U.S. household spends some $3,000 a year on gasoline, but you can save roughly the equivalent of one month's fuel bill by simply paying with one of the five credit cards below.
- Blue Cash Preferred American Express Card: The Blue Cash Preferred American Express is a generic credit cards that offers exceptionally generous fuel-related rewards.
o 3% back on gas purchases other than those made at stations tied to warehouse clubs, superstores and supermarkets, plus rebates on non-fuel spending (i.e. the card pays 6% cash back on the first $6,000 you spend each year at most major supermarket chains)
o Cardholders will also get 3% rebates on goods bought at select major department stores, plus 1% cash back on all other purchases.
o The Blue Cash Preferred card also offers 0% financing on purchases and balance transfers made during your first 15 months of membership, plus some great travel-related services.
o The card does carry a $75 annual fee, but you'll get $150 cash back -- enough to cover two years of membership -- if you charge $1,000 of eligible purchases within 90 days of opening an account.
- Chevron and Texaco Visa Card:
o As much as 20 cents a gallon cash back to use on future fuel purchases at the two chains.
o You'll get an automatic 10-cent-a-gallon credit during your account's first 60 days if you sign up by Sept. 30.
o Thereafter, you'll enjoy 10-cent-per-gallon rebates in any month you spend more than $300 on non-gas purchases, or 20 cents per gallon when your non-fuel charges exceed $1,000 a month.
o There's no annual fee, but the card caps your rewards at $300 a year and there's no cash back on anything other than Chevron or Texaco fuel purchases. Also, unused reward points expire after six months.
- PenFed Platinum Rewards Visa Signature Credit Card: Another winner among generic credit cards.
o Roughly 4% rebate on gas purchases at any station as long as you pay at the pump.
o You'll also get approximately 2.4% back on any grocery-store charges and a 0.8% rebate on all other purchases.
o Best of all, there's no annual limit to how much back you'll receive, nor any annual fee for using card.
o That said, the PenFed card doesn't technically pay "cash" back. Instead, each purchase will earn you a variable amount of "points" that you redeem for Visa gift cards or other goods and services.
- TrueEarnings Costco American Express card: This is a generic gas-rewards card in the sense that you can use it to fuel up at most chains and get a rebate. But it's open only to Costco members.
o Get 3% back on the first $4,000 of gasoline per year, then 1% thereafter. Cardholders will also earn 2% rebates on restaurants and eligible travel purchases such as airline tickets, as well as 1% back on everything else.
o There's no annual fee for the card as long as you belong to Costco, and you'll get 0% financing for six months on anything you charge during that period.
o You'll get your rewards in the form of an "annual reward coupon" with your February bill, can only use at Costco and must redeem by the following Aug. 31.
- Marathon Visa Card:
o 25-cent-per-gallon gas rebate when you put at least $1,000 a month on the card for anything -- not just your Marathon purchases.
o You'll also get up to 15 cents per gallon back during months you spend $500 to $999.99 using the card, or 5 cents per gallon when you charge less than $500 over 30 days.
o There's no annual fee and no yearly limit to how much cash back you'll get -- in fact, you'll earn double gas rebates during your first 90 days as a customer if you enroll by Sept. 30.
o On the downside, you won't get any cash back for your non-Marathon purchases, while rebates come in the form of $25 Marathon gift cards that you can only use at the chain.