Top Picks for Credit Cards Suited for Electric Vehicle Drivers
In the rapidly evolving world of electric vehicles (EVs), credit card issuers are adapting to offer rewards equivalent to what you'd get for filling up on gas. This shift reflects the growing importance of EVs on American roads.
The number of EVs is expected to increase significantly due to recent policy measures, such as California's plan to ban the sale of new gas-powered cars by 2035. Other states are expected to follow suit.
One of the notable changes is the introduction of cashback or points systems for EV charging stations. For instance, the Apple Card offers 3% cash back on purchases made at EV charging stations when using Apple Pay, starting from November 2024. This includes purchases made in the ChargePoint app or at the EV station, as well as purchases of ChargePoint home chargers.
The Bank of America® Customized Cash Rewards credit card added EV charging stations to its 3% cash-back category list in August 2023.
The U.S. Bank Altitude® Connect Visa Signature® Card offers 4 points per $1 spent on travel, gas stations, and EV charging stations.
Credit card issuers are not the only ones embracing the EV revolution. The PenFed Platinum Rewards Visa Signature® Card offers 5 points per $1 spent at EV charging stations, but this requires being a PenFed Credit Union member and has variable point values.
The Wells Fargo AttuneSM Card offers unlimited 4% cash rewards on self-care, planet-friendly, and recreation, sports and entertainment purchases, including electric vehicle charging stations. The card also offers 3% cash back on restaurants, travel and transit, gas stations and EV charging stations, popular streaming services, landline and cell phone plans, with 1% on all other purchases.
The Inflation Reduction Act signed into law in August 2022 includes a tax credit of up to $7,500 for buying an electric vehicle. This, combined with the increasing number of rewards for EV charging, makes owning an electric vehicle more financially attractive.
However, it's important to note that not all cards offer rewards for EV charging. For example, the Chase Freedom Unlimited® offers 0% intro APR on purchases and Balance Transfers for 15 months, making it potentially helpful for financing a home charging station, but it does not offer cashback or points for EV charging.
The U.S. Bank Cash+® Visa Signature® Card allows you to choose two categories to earn 5% cash back on, but EV charging stations are not an option. It does offer 5% cash back on prepaid air, hotel, and car reservations booked directly in U.S. Bank's Rewards Center.
For those looking for additional benefits, the Wells Fargo Autograph® Card offers 24/7 access to Roadside Dispatch, providing various services, but each use is payable.
Both the Wells Fargo Autograph® Card and the Wells Fargo AttuneSM Card have an annual fee of $0.
The Apple Card, on the other hand, has an annual fee of $0, and offers 3% cash back on Apple purchases and at select merchants like Nike, Uber, and Walgreens when using Apple Pay, 2% cash back on all other purchases when using Apple Pay, and 1% cash back on purchases made with the physical Apple Card.
This shift towards rewards for EV charging is a testament to the growing importance of electric vehicles and the financial incentives being offered to encourage their adoption. As the number of EVs on American roads continues to grow, we can expect to see more credit card issuers introducing rewards for EV charging.
