53% of Americans plan to buy less gas in 2022 + Best Gas Credit Cards – WalletHub Reports

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With gas prices on the rise and war in Ukraine creating further uncertainty for consumers’ budgets, the personal-finance website WalletHub today released its editors’ picks for 2022’s Best Gas Credit Cards to help drivers save money, along with a new survey to gauge consumer sentiment.
       

• Lower Gas Demand: 53% of Americans plan to buy less gas in 2022 compared to 2021.
   
• Planning Travel Around the Pump: 70% of people consider the price of gas when making travel plans.
   
• Most Wanted Reward: 72% of Americans want rewards on gas more than any other type of travel purchase.
   
• Mandatory Test to Get a Credit Card: 34% of Americans think each individual should have to take a test to get a credit card, just like a driver’s license.
   
• Monthly Savings to Justify a Gas Card:Almost 1 in 4 people would get a gas credit card if they could save at least $15 at the pump monthly.
   
• Price Dictates Gas-Station Selection: 55% of Americans choose where to get gas based on price.
   
• Gas Prices vs. Bad Traffic: 141 million people dislike high gas prices more than bad traffic.
   
• Best Gas Rewards Credit Card: The USAA® Cashback Rewards Plus American Express® Card is the best gas rewards credit card, offering 5% cash back on up to $3,000 spent per year on gas and an initial bonus of $200 after spending $1,000 in the first 90 days.
   
• Best Gas Station Credit Card: The Speedway Credit Card is the best gas station credit card, offering 50 points / $1 spent on both gas and in-store purchases made at Speedway, as well as an initial bonus of 25,000 points after spending $500 in the first 3 billing cycles. 

Q&A with WalletHub 
 
Are people planning to buy more or less gas in 2022 than 2021?

“A new WalletHub survey found that 53% of Americans plan to buy less gas in 2022 compared to 2021. Two clear reasons for soft consumer fuel demand are inflation and the expectation for additional price hikes due to the war in Ukraine,” said Jill Gonzalez, WalletHub analyst.

Do consumers consider the price of gas when making travel plans?

“Around 70% of people consider the price of gas when making travel plans, according to a new WalletHub survey, and that’s good news for their wallets. Gas is one of the most important and underrated travel expenses to account for, considering that most people travel by car, whether they’re planning a day trip or a long vacation,” said Jill Gonzalez, WalletHub analyst.

Are gas rewards popular among credit card users? 

“WalletHub’s latest consumer survey found that 72% of Americans want rewards on gas more than any other type of travel purchase. A preference for gas rewards is to be expected, considering the inflation we’ve seen at the pump and recent world events. For example, the national average price of gas has gone up by 11% in the past 2 months alone,” said Jill Gonzalez, WalletHub analyst.

Should people take a test to get a credit card, just like a driver’s license?

“Surprisingly, 34% of Americans think each individual should have to take a test to get a credit card, just like a driver’s license. That would be unwieldy in practice, but the sentiment is important. People know too little about personal-finance cornerstones like credit cards, and there should be improved financial literacy education in schools to correct that,” said Jill Gonzalez, WalletHub analyst.

How much would people need to save monthly at the pump to get a gas credit card?

“Nearly 1 in 4 people say they would get a gas credit card if they could save at least $15 per month at the pump. Fortunately for them, the best gas rewards credit cards save the average person about $17 per month,” said Jill Gonzalez, WalletHub analyst. “That’s one way to help offset inflation.”

Do people consider the price of gas when choosing a gas station?

“Most Americans (around 55%) choose where to get gas based on price, WalletHub’s latest consumer survey found. Gas-price sensitivity is expected given that national average gas prices are up 33% year over year,” said Jill Gonzalez, WalletHub analyst. “When budgets get pressured, hunting for savings becomes paramount.”

What is the best type of gas rewards credit card?

 “The best type of gas rewards credit card is one that offers bonus rewards on gas from any gas station regardless of brand, in addition to bonus rewards in other common spending categories. Most people don’t want to be tied down to a particular gas station chain,” said Jill Gonzalez, WalletHub analyst. “The USAA Cashback Rewards Plus American Express Card is a great card to consider, for example.”