They may be a minority now, but electric cars are rapidly becoming the vehicle of choice for American drivers— and credit card companies are starting to “plug in” new rewards programs for drivers who make the switch.
It may yet be a few years before EVs outnumber their gas-powered cousins, but a lot of smart people at credit card companies are hoping to “get in on the ground floor” and capture savvy customers who shop credit cards based on their rewards programs. US Bank, in particular, is already making moves— announcing last quarter that customers earning bonus rewards on gasoline purchases can earn that same rate of rewards at EV charging stations.
Electrify America Charging Oasis
“We are proactively adding this reward to the US Bank consumer and business card portfolios that reward for gas because we know many people are either in the process of purchasing an EV or considering an EV purchase in the future,” Steve Mattics, the head of US Bank Retail Payment Solutions, told reporters at nerdwallet.
Bonus rewards for charging became technologically possible a few years ago, when Visa and Mastercard payment networks added EV charging as a distinct merchant category code, or “MCC” (it’s 5552, if you’re curious).
The money/advice website nerdwallet has put together a list of credit cards that currently offer bonus rewards on EV charging and other “green” purchases— which could include the purchase of a home charging station or even an electric vehicle! Check out their list, below, and let us know if you’ve found a great rewards program that works for you in the comments.
Nerdwallet EV Rewards Cards
- The US Bank Altitude® Go Visa Signature® Card earns 2 points per $1 at EV charging stations.
- The US Bank Altitude® Connect Visa Signature® Card earns 4 points per $1 at EV charging stations.
- The US Bank Cash+® Visa Signature® Card offers customizable rewards you can change each quarter, including the option to earn 2% cash back at EV charging stations.
- The PointCard Titan, a charge card that will be available in spring 2022, offers customizable rewards you can change each month, including the option to earn 5 points per $1 at EV charging stations. For now, you must sign up on a waitlist to learn when the card will launch.
- The FutureCard Visa Card is a charge card earning 5% cash back on eco-friendly purchases, including EV charging, public transit, bike shops and more.
- The Bluedot card is a debit card, not a credit card, and it’s waitlist-only for now. But it, too, will earn rewards for EV charging.
SOURCES | IMAGES: NERDWALLET, ELECTRIFY AMERICA.
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