Best Credit Cards for Electric Vehicle Owners
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In response to electric vehicles’ growing popularity, credit card issuers have begun offering rewards at charging stations, which are often equal to what you’d get for filling up on gas.
It’s likely that the number of EVs on American roads will continue to increase due to recent policy measures. California plans to ban the sale of new gas-powered cars by 2035, and other states are expected to follow suit. Moreover, the Inflation Reduction Act that was signed into law in August 2022 includes a tax credit of up to $7,500 for buying an EV.
Recent laws — not to mention gas prices — may have you thinking about buying an EV. If you decide to get one, or if you already have one, consider accessorizing your new car with one of these credit cards. They can save you money at the charging station, the repair shop and even on your power bill at home.
Top credit cards for electric vehicle owners
U.S. Bank Altitude® Connect Visa Signature® Card
Annual fee: $0.
Sign-up bonus: Earn 20,000 bonus points when you spend $1,000 in eligible purchases within the first 90 days of account opening. That's a $200 value redeemable towards travel.
Rewards:
5 points per $1 spent on prepaid hotels and car rentals booked through the Altitude Rewards Center.
4 points per $1 spent on travel, gas stations and EV charging stations (up to $1,000 in spending each quarter).
2 points per $1 spent at grocery stores (including grocery delivery), dining and on eligible streaming services.
1 point per $1 spent on all other eligible purchases.
Why we like it for electric vehicles:
The 4x rewards rate at EV charging stations is one of the best on the market. Points earned on the card are worth the industry standard of a penny each when redeemed for travel.
PenFed Platinum Rewards Visa Signature® Card
Annual fee: $0.
Sign-up bonus: 15,000 points after $1,500 spend during first 3 months of card open date.
Rewards:
5 points per $1 spent on gas at the pump and EV charging stations.
3 points per $1 spent on supermarket purchases (including most Target and Walmart locations), restaurants and dining, plus TV, radio, cable and streaming services.
1 point per $1 on all other purchases.
Why we like it for electric vehicles:
Five points per $1 spent at EV stations is the highest rewards rate among the credit cards on this list, but there are a few catches. First, you'll have to be a PenFed Credit Union member to get this card, which isn't difficult but does require extra steps. Second, point values are variable depending on what you redeem them for, and cash back isn't an option. Travel and gift cards are, however.
Bank of America® Customized Cash Rewards credit card
Annual fee: $0.
Sign-up bonus: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Rewards:
3% cash back in the category of your choice, from a list (including EV charging stations).
2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
1% cash back on all other purchases
If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
Why we like it for electric vehicles:
In August 2023, the Bank of America® Customized Cash Rewards credit card added EV charging stations to its 3% cash-back category list. Just select EV charging stations as your preferred category and earn 3% back per quarter (on up to $2,500 in combined spending with the 2% back categories). If you're a Preferred Rewards member, that could turn into a potentially best-in-class 5.25% cash back. Your category selection carries over each quarter, so you don't have to remember to reselect EV charging as your preferred category unless you change it to something else.
Upgrade Triple Cash Rewards Visa®
Annual fee: $0.
Sign-up bonus: None.
Rewards:
Earn 3% cash back on home, auto and health purchases.
Earn 1% cash back on everything else.
Why we like it for electric vehicles:
This card is a solid option for EV owners on account of its 3% rewards rate on auto purchases, which includes merchants like car repair shops. Batteries for electric vehicles are notoriously expensive: On average, they cost $5,500, but they can be as much as $20,000, depending on the make of the car. Labor costs also may be higher for EVs because they require technicians who specialize in EV repairs. Cash back earned with the Upgrade Triple Cash Rewards Visa® is typically applied as a statement credit, making it easy to knock off a few bucks from the auto repair bill.
Chase Freedom Unlimited®
Annual fee: $0.
Sign-up bonus: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Rewards:
5% back on travel purchased through Chase.
3% back at restaurants, including takeout and eligible delivery services.
3% back on drugstore purchases.
Through March 31, 2025, 5% back on qualifying Lyft services purchased through the Lyft app.
1.5% cash back on everything else.
Why we like it for electric vehicles:
Installing a home charging station is a way to ensure that your EV always has enough juice, especially if you live in an area with limited public chargers. However, estimates for equipment and installation costs run between $500 to $4,500, and you can expect it to be on the higher end of that range if you want faster charging capabilities. If you don’t have the funds to pay outright for a home charger, the Chase Freedom Unlimited® can help you finance one. The card offers a 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 19.99%-28.74% Variable APR. You can find cards with longer 0% intro APR offers, but you'd be hard-pressed to find another card that also offers such excellent ongoing rewards.
U.S. Bank Cash+® Visa Signature® Card
Annual fee: $0.
Sign-up bonus: $200 rewards bonus after spending $1,000 in eligible purchases within the first 90 days of account opening.
Rewards:
5% cash back on the first $2,000 in combined eligible net purchases each quarter in two categories that you choose, from a list of 12 (see list below).
2% back in one "everyday" category that you choose (from a shorter list).
5% back on prepaid air, hotel and car reservations booked directly in U.S. Bank's Rewards Center.
1% back on all other eligible net purchases.
Why we like it for electric vehicles:
This is a high-maintenance card that will pay off for EV owners in ways that other cards may not, if you have the will to manage it. For starters, "home utilities" is an eligible 5% category, meaning you can earn that high rewards rate on your power bill — which will probably be a bit higher if you’re charging an EV at home. Plus, "gas and EV charging stations" are a possible 2% everyday category, and unlike the 5% categories, there's no cap on those "everyday" rewards. Note that you must opt in to both the 5% and 2% categories every quarter. If not, you'll earn just 1% back everywhere.
Wells Fargo Autograph℠ Card
Annual fee: $0.
Sign-up bonus: Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value.
Rewards:
Earn unlimited 3 points per $1 spent on:
Restaurants.
Travel and transit.
Gas and electric vehicle charging stations.
Popular streaming services.
Landline and cell phone plans.
Plus, 1 point per $1 spent on all other purchases.
Why we like it for electric vehicles:
Aside from the rewards it earns at EV stations, the Wells Fargo Autograph℠ Card could be the cure for range anxiety, or the fear that an EV car will run out of charge before you can make it to another charging station. Cardholders have 24/7 access to Roadside Dispatch, which will arrange for a tow, a jump or tire change, among many other services. While there is no limit to the number of times you can call on Roadside Dispatch, you will have to pay for each use. If you have a premium travel card like the Chase Sapphire Reserve®, roadside assistance is covered up to $50 per call, up to four times a year, but that card's annual fee is $550. Meanwhile, the annual fee for the Wells Fargo Autograph℠ Card is $0.
Chase Freedom Flex®
Annual fee: $0.
Sign-up bonus: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
Rewards:
5% back on up to $1,500 in combined purchases in bonus categories each quarter you activate.
5% back on travel purchased through Chase.
3% back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services
Through March 31, 2025, 5% back on qualifying Lyft services purchased through the Lyft app. 1.5% cash back on everything else.
1% back on all other purchases.
Why we like it for electric vehicles:
EV charging stations were included as a quarterly bonus category on the Chase Freedom Flex® for the first time in Q3 2023. EV drivers can check their preferred charging app to see whether it allows preloading their EV account balance. If it does, you can preload to lock in that 5% back, then use your balance for future charging sessions. If not, you can still earn 5% back for charging throughout the quarter.
Discover it® Cash Back
Annual fee: $0.
Sign-up bonus: INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Rewards:
5% back on up to $1,500 in combined purchases in bonus categories each quarter you activate.
1% back on all other purchases.
Why we like it for electric vehicles:
Similar to the Chase Freedom Flex®, EV charging stations were selected as a quarterly rotating bonus category in Q3 2023 for the first time on the Discover it® Cash Back. Although it's only for 3 months, 5% back — on up to the quarterly maximum of $1,500 spent — is about as good as you can get for EV charging purchases. (All other purchases earn 1% back.) If your preferred charging app allows you to preload your balance, you can load your balance and lock in that 5% back for future charges.
Wells Fargo Attune World Elite Mastercard
Image courtesy of Wells Fargo
Annual fee: $0.
Sign-up bonus: Earn $100 after spending $500 in purchases within the first three months of account opening.
Rewards:
The following categories earn an unlimited 4% cash rewards:
Self-care. Beauty and barbershops; gym memberships and fitness studios; health and beauty spas; and more
Good for the planet. EV stations; public transportation; and secondhand and vintage stores.
Sports, recreation and entertainment. Gardening and floral stores; campgrounds; sports supplies; movie theaters; live shows and sporting events; amusement parks; tourist attractions; pet supplies, boarding and grooming; and streaming.
Anything outside of those three categories earns an unlimited 1%. Here's a closer look at what's eligible:
Why we like it for electric vehicles: For no annual fee, charges at EV stations earn 4% cash rewards with the Attune card. Those Wells Fargo Rewards may be redeemed for cash, gift cards, merchandise and more, but if you have the Wells Fargo Autograph℠ Card or Wells Fargo Autograph Journey℠ Card, rewards earned with the Attune card can be moved to those cards and then transferred to one of Wells Fargo's travel partners.
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