It used to be that there used to be no problem finding a　cash- or reward-card that gave you the equivalent of 5% back on every dollar. Well, through the gradual elimination or reduction of these rewards programs it is getting hard to find the right card to buy gas with. And with prices high and getting higher, it is all the more important to find savings wherever you can.

So why go through the trouble of getting another credit card when you might only use it when filling up your vehicle? Because of the potential for 5% (or more) back on every dollar you spend at the pump. (Yes, there still are cards that give you that much back…and no, they don't have annual fees or anything like that.)

Because of the crazy increases in the price of fuel over the past year or so it makes perfect financial sense to get a gas-rebate credit card…even if that's all you use it for. "But, a lot of gas stations have a decent discount on purchases if you use cash to pay. Why would I use a credit card?" you ask? Well, you just have to do the math. If gas prices are $4.00/gal., you will get at least $.20 back on every gallon. The most you'll get back by using cash is what? 5, 6, 7 cents per gallon? And, of course, you have to use cash, which is a pain.

Below I have listed a few tips as well as my recommendations for everyone.

Gas Station-Branded Credit Cards

Wow…10% back on all purchases at *insert favorite gas station here* if I sign up for the *insert favorite gas station here* credit card?! Yes. For about six months. And then it's downgraded to something like 1% usually. Be sure to read the fine print. Most of these cards aren't worth it, and you have the added hassle of having to go to the same company's gas stations every time you fill up for maximum benefits. There are a few that will give up to 5% back at a certain retailer for the life of the account (like the Chase BP^® Visa [no longer offered]) but we're looking for cards that will give you the maximum cash back every time you fill up, no matter where, and with no annual fee or time-limits.

3-5% Back on ALL Gas Purchases

Here are my recommendations for cards that offer the best potential for cash back on gas purchases:

• The Chase Freedom^SM Card || 3% (Update 12/01/2008: Terms have changed.)

• The Discover Open Road Card || 5%

Great for the first $100 in gas and car repair expenses each billing period (so…basically one tank of gas for some people). After that it's only 1%. Also comes with an attractive 0% APR introductory offer.

• The PFCU Platinum Cash Rewards Visa || 5%

I currently use the Chase Freedom^SM card for my gas purchases (along with almost every other purchase). I may very well go ahead and get the Platinum Cash Rewards Visa just for use at the pump though. The $25 opening fee will be recouped after $500 worth of gas. EDIT: Using the Discover More card for gas purchases from 07/01/2008-09/31/2008 because of the 5% cash back bonus.

More information can be found over at MSN Money: Are gas-rebate credit cards a good deal?.