If you are reading this article you probably have at least one car and you know that there is no way to avoid getting gas unless you have an electric car. Gas for car owners is a major part of their monthly expenses just like groceries and rent, so why not save as much as you can on every single gallon of gas for as long as you can.
Ok let’s break it down.
Cash Back rewards from Bank of America
The best Cash back Credit Card that offers you 3% back on gas with no annual fees is without question the Cash Back rewards card from Bank of America
So let’s see how much can you save with this bad boy.
Let’s compare two common examples: Our buddy Joe when he was single with one car and then after he got married to Melissa who has her own car.
For the sake of this experiment we will assume that Single Joe spends $100/month ($1200/year) on gas while Joe and Melissa together spend $175/month )$2100/Year on gas).
Let’s see how much you they can save every year using the Bank of America credit card with 3% cash back.
|Single Joe||Joe & Melissa|
|3% of $1200 = $36/ Year||3% of $2100 = $63/ Year|
Plenti rewards Card
Plenti is a free to use rewards card that offers points on every dollar you spend with their partners and those points transfer into $$ later on. For every 100 points you get a dollar. So how would this help us save even more dollars on gas? Plenti has partnered with Exxon Mobil so technically for every gallon you get at Exxon, you get a point into your Plenti account and every 100 points is worth 1 dollar.
Let’s break it down and see how much Single and Married Joe would save every year.
Single Joe spends an average of $1200 every year on gas. If we assume the Price/Gallon is $1.71 (average price right now) then Joe gets an average of 700 Gallons per year from Exxon Mobil, which would earn him 700 points, which translate into $7/ year in savings.
Married Joe (Joe & Melissa) spend an average of $2100 every year on gas. Assuming the Price/Gallon is $1.71 then Joe & Melissa would get an average of 1235 gallons/Year from Exxon Mobil, which would earn them 1235 points which would translate to an average of $12/year in savings.
Using Bank of America & Plenti together
If you like free money, you would definitely want to use Bank of America and Plenti together every time you get gas.
Let’s see how much extra savings single Joe would get every year from simply using both cards.
Also let’s put it side by side with what Joe and Melissa would get every year.
|Single Joe||Joe & Melissa|
Bank of America — 3% of $1200 = $36/ Year
Plenti — 700 points = $7
Total Savings/Year ===== $43/Year
Bank of America — 3% of $2100 = $63/ Year
Plenti — 1235 points = $12
Total Savings/Year ===== $75
If you do the math which we will not worry about here, you will find out that using those two cards will help you simply save an average of 3.5% on every single Gallon of gas you ever get.