John S Kiernan, Managing Editor
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As a good rule of thumb, you need to spend more than $200/month for a gas card to be worthwhile. Say, for example, you only spend $50 a month on gas, even if you get a gas rebate credit card offering 5% cash back, you’d only be saving $24 per year relative to a standard cash back credit card offering 1% across all purchases. That’s probably not worth the hassle (definitely not if an annual fee is involved).
According to the Island Approach, you should get rewards credit cards that have benefits that match your top 2-3 spending categories. This way you can maximize your rewards without ending up with a million different credit cards in your wallet.
Blue Cash Preferred® Card from American Express
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