Electric vehicle (EV) adoption is rapidly increasing, and with it comes the need for convenient and cost-effective charging solutions. Choosing the right credit card can significantly reduce your EV charging expenses and unlock valuable rewards. This article will explore the best credit cards for EV charging in 2024, focusing on maximizing rewards and minimizing costs for EV owners.
Comprehensive Credit Card Comparison for EV Charging
Here's a detailed comparison of credit cards offering benefits for EV charging, including bonus rewards on EV charging, gas, and other relevant categories.
| Credit Card | Rewards Structure | Additional Benefits |
|---|---|---|
| Chase Freedom Unlimited® | 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1.5% on all other purchases. | Intro APR offer, no annual fee, purchase protection, extended warranty protection. |
| Chase Sapphire Preferred® Card | 5x points on travel purchased through Chase Ultimate Rewards®, 3x points on dining, online grocery purchases, and select streaming services, 2x points on all other travel purchases. | Excellent travel insurance, trip delay reimbursement, primary auto rental collision damage waiver, no foreign transaction fees, access to Chase Ultimate Rewards travel portal for bonus redemption, annual hotel credit. |
| Chase Sapphire Reserve® | 10x points on hotels and car rentals purchased through Chase Ultimate Rewards®, 5x points on flights purchased through Chase Ultimate Rewards®, 3x points on travel and dining. | Priority Pass airport lounge access, Global Entry or TSA PreCheck credit, travel insurance, trip delay reimbursement, primary auto rental collision damage waiver, no foreign transaction fees, access to Chase Ultimate Rewards travel portal for bonus redemption, $300 annual travel credit. |
| Amex EveryDay® Preferred Credit Card | 3x points at U.S. supermarkets (on up to $6,000 per year in purchases, then 1x), 2x points at U.S. gas stations and at select U.S. department stores, 1x points on other purchases. | 50% points bonus if you make 30 or more purchases in a billing period, purchase protection, extended warranty, car rental loss and damage insurance. |
| American Express® Green Card | 3x points on travel and at restaurants worldwide, 1x points on all other eligible purchases. | CLEAR® credit, trip delay insurance, baggage insurance plan, car rental loss and damage insurance. |
| Citi® Double Cash Card | 2% cash back on all purchases (1% when you buy, 1% when you pay). | Simple rewards structure, no annual fee, balance transfer offer. |
| Discover it® Chrome Gas & Restaurant Card | 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, then 1% back; unlimited 1% cash back on all other purchases. | Cashback Match at the end of your first year, no annual fee, intro APR offer, purchase protection. |
| Shell Fuel Rewards® Credit Card | 10¢/gallon savings on Shell fuel purchases, 5% cash back on Shell convenience store purchases, 2% on dining and groceries, and 1% on all other purchases. | Rewards for Shell fuel purchases, no annual fee, intro APR offer. |
| Tesla Credit Card (Synchrony Bank) | 5% cash back on Tesla charging, 3% cash back on gas and EV charging, 2% cash back on dining and 1% cash back on all other purchases. | Rewards tailored for Tesla owners, access to Tesla perks and exclusive offers. |
| EVgo Rewards Credit Card | 5% cash back on EVgo charging, 3% on dining and groceries, 1% on all other purchases. | Designed specifically for EVgo users, maximizing rewards at EVgo charging stations. |
Detailed Explanations of Credit Card Features
Here's a deeper dive into the features and benefits of each credit card mentioned above:
Chase Freedom Unlimited®: This card is a great all-around option, offering a flat 1.5% cash back on all purchases. The 5% cash back on travel purchased through Chase Ultimate Rewards® and 3% on dining and drugstores make it a versatile choice, even if it doesn't have specific EV charging bonuses. Its flexibility and lack of an annual fee make it attractive for many users.
Chase Sapphire Preferred® Card: This card is a strong contender for travel enthusiasts. Earning 5x points on travel booked through Chase Ultimate Rewards® and 3x points on dining, online grocery purchases, and select streaming services provides significant rewards. The travel insurance benefits and no foreign transaction fees are invaluable for frequent travelers.
Chase Sapphire Reserve®: This premium travel card offers even more lucrative rewards. Earning 10x points on hotels and car rentals purchased through Chase Ultimate Rewards® and 5x points on flights booked there is substantial. The Priority Pass airport lounge access and annual travel credit are valuable perks for those who travel often.
Amex EveryDay® Preferred Credit Card: This card focuses on everyday spending, offering 3x points at U.S. supermarkets (on up to $6,000 per year) and 2x points at U.S. gas stations. The 50% points bonus for making 30 or more purchases in a billing period can significantly boost your rewards earnings.
American Express® Green Card: This card rewards travel and dining, offering 3x points on both worldwide. The CLEAR® credit is a unique benefit that can expedite airport security lines. It's a solid choice for those who frequently travel and dine out.
Citi® Double Cash Card: This card offers a simple and straightforward rewards structure: 2% cash back on all purchases (1% when you buy and 1% when you pay). This simplicity makes it a good choice for those who prefer not to track bonus categories.
Discover it® Chrome Gas & Restaurant Card: This card provides 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter). The Cashback Match at the end of your first year effectively doubles your rewards for that year.
Shell Fuel Rewards® Credit Card: This card is tailored for Shell customers, offering 10¢/gallon savings on Shell fuel purchases and 5% cash back on Shell convenience store purchases. If you primarily fuel up at Shell stations, this card can provide significant savings.
Tesla Credit Card (Synchrony Bank): Specifically designed for Tesla owners, this card offers 5% cash back on Tesla charging, 3% on gas and EV charging (broadening its appeal), and 2% on dining. This card is ideal for Tesla drivers looking to maximize their charging rewards.
EVgo Rewards Credit Card: This card is specifically designed for EVgo charging network users. It offers 5% cash back on EVgo charging, 3% on dining and groceries, and 1% on all other purchases, making it a top choice for frequent EVgo users.
Frequently Asked Questions
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What is the best credit card for EV charging if I use a specific charging network? Consider the EVgo Rewards Credit Card if you primarily use EVgo charging stations, or the Tesla Credit Card if you are a Tesla owner and charge at Superchargers.
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Are there credit cards that offer rewards on both gas and EV charging? Yes, the Tesla Credit Card offers 3% cash back on both gas and EV charging, making it a versatile choice.
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What if I don't charge at home or at a specific network? Consider cards with broad travel or dining rewards, like the Chase Sapphire Preferred® Card or American Express® Green Card, or a general cash-back card like the Citi® Double Cash Card.
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What is the best credit card for EV charging with no annual fee? The Chase Freedom Unlimited®, Citi® Double Cash Card, Discover it® Chrome Gas & Restaurant Card, and Shell Fuel Rewards® Credit Card are excellent options with no annual fee.
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How do I redeem rewards earned from these credit cards? Reward redemption options vary by card, but typically include cash back, statement credits, travel redemptions, and gift cards. Check your card's terms and conditions for specific redemption options.
Conclusion
Choosing the best credit card for EV charging depends on your individual spending habits and charging preferences. Consider whether you primarily charge at home, at specific charging networks, or need a card that covers both gas and EV charging. By carefully evaluating your needs and comparing the rewards and benefits of different cards, you can maximize your savings and earn valuable rewards on your EV charging expenses.