Lucy Nicholson/Reuters

The average price for a gallon of regular gas dipped this week, to $3.68, but that’s still high enough to hurt your wallet when you fill up the tank. Is it time to consider a credit card with gasoline purchase perks?

It’s true that you may pay less at the pump if you use cash, but credit cards are convenient, which is why most customers use them. If you choose carefully — and pay off your balance on time and in full each month — gas rewards cards save you a bit of money. It’s generally a good idea to use credit cards instead of debit cards at the pump because it’s usually easier to contain any financial damage if the number is “skimmed” by fraudsters, who often do their work at gas pumps during the summer months.

We checked several credit card comparison sites to see what sort of gas cards were currently available.

CreditDonkey.com recommends several cards, all without annual fees, based on the potential savings for an average family spending $50 a week ($2,600 a year) on gas. The Discover Open Road card is offering 2 percent cash back on gas, instead of the card’s base 1 percent on everyday purchases. The card is also offering an introductory bonus of $10 cash back on each of your first five fill-ups of $25 or more, in the first 90 days. That totals $102 in savings for the first year.

CreditDonkey also cites the BP Visa Card, which gives 5 percent back on all gas purchases at BP stations, or $130 at the end of your first year. Also worth a look, if you don’t mind a more complex structure, is the Chase Freedom Visa Card, offering 5 percent cash back on up to $1,500 in gas spending in July, August and September. The rewards are earned as points, which can be redeemed for cash. The card’s bonus categories, like gas and groceries, rotate every quarter according to a set schedule.

Both Creditcards.com and Cardhub.com like the Capital One No Hassle Cash Rewards card, which offers 2 percent back on gas and grocery purchases, without a spending cap. The card carries a zero percent interest rate good until June 2012. As an added perk, you can choose the images you want to appear on the card.

The sites also mention the True Earnings Card from Costco and American Express, which is free for Costco members. This card offers 3 percent cash back on gas and restaurant spending of up to $3,000 a year.

Do you think cash back incentives make gas cards a good deal?

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