So far our savings account has earned us $123 in interest this year. However, just one of my credit cards has generated $143 in cashback. I was shocked! I underestimated the benefits of my credit card rewards.

Used wisely, credit cards can be great tools for maximizing your savings. The average U.S. household spends $3,000 on gas each year, so there are plenty of rewards to claim. In this post, I find the best credit cards that will earn you the most rewards on gas. And they all have no annual fees!

PenFed Platinum Rewards Visa Signature Card

Rewards

PenFed Credit Union offers a card that has one of the highest rewards for gas purchases. The PenFed Platinum Rewards Visa Signature Card gives a best-in-class 5x points per dollar spent on gas. Plus you will earn 3x points from groceries and 1x points on all other purchases. On top of these high rewards rates, new cardholders can also earn a $100 bonus after spending $1,500 during the first 90 days.

To redeem your rewards you must have a minimum balance of 1,000 points. You can reach that amount after spending $200 on gas, which is about what I spend in one month. Points expire 5 years after being awarded on a first-earned, first-spent basis.

Unfortunately, cashback isn’t a rewards option. This might be the biggest drawback of the PenFed Platinum Rewards Card. Cardholders instead choose between travel, gift cards, or merchandise. Travel includes hotels, car rentals, airline travel, and other travel items such as vacation tours and vacation deals.

Since rewards are in the form of points, the value can vary depending on the redemption. NerdWallet has reported that points are worth 1.7 cents for travel rewards. But their value drops to 0.85 cents for gift cards and merchandise.

Fees

The PenFed Platinum Rewards Visa Signature Card has no annual fees and no foreign transaction fees. There is also no limit to the number of points you can earn, which is something you don’t see often from rewards cards.

Perks

PenFed Platinum Card perks include:

• Purchase Security (replace, repair, or reimburse eligible personal property items)
• Extended Warranty Protection
• Auto Rental Collision Damage Waiver
• Travel, Emergency, and Roadside Assistance Services

Signing Up

In order to sign up for the card, you must become a credit union member. Membership is offered to anyone who opens a savings account. Fortunately, the minimum deposit amount is just $5.

The PenFed Platinum Card has excellent gas rewards and travel redemptions. This makes it a go-to card for frequent travelers.

Read more at The Budget Engineer.