If you frequently charge an EV at a public charging station, your credit card may be able to give you a break on the price. Bank of America will reward Customized Cash Rewards credit cardholders with 3% to 5.25% cash back for charging an EV, the company announced last week.
Bank of America is the latest issuer to reward electric vehicle charging, largely in response to increased customer spending. The bank said EV charging transactions grew by 44% during the first half of 2023.
Small business owners that log a lot of miles on electric vehicles may get the most benefit from this cash back category.
Here are some of the best cash back credit cards for public EV charging.
Credit cards for charging an EV
Compare with other cash back cards
There's no cut and dried rule to how many credit cards you should have, but it's wise to pause and think through your strategy before you apply for a new card.
If you want to get a break on EV charging costs, have you considered that the cheapest charging method is juicing up at home, especially at night? The Federal EV charger tax credit can knock up to $1,000 off the hardware and installation costs for these chargers.
If you must rely on public chargers, look through your credit card bills to assess how much you spend per month on charging. Most Americans only spend about $56 per month on EV charging, according to Energy Sage. Americans typically spend more on groceries or online purchases per month, which could yield more cash back with a card tailored to those categories. Or you might want to keep it simple and look for a card that provides the best flat rate cash back, such as 2% back on all purchases.
