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Buying a car is expensive, as we all know. Saving your spare change when possible can ease the financial burden and help you make a more significant down payment. Additionally, there are several credit cards that can help you earn more cash back to apply toward a vehicle purchase. Here are a couple of things to know about the best credit card for buying a car.
The Best Credit Card For Buying A Car
Here’s a preview of the best credit card for buying a car:
- FordPass Rewards Visa® Card – Up to 10% back
- Toyota Rewards Visa® Credit Card – Earn up to 5x points
- Wells Fargo Active Cash® Card – Unlimited 2% back on everything
- Chase Freedom Unlimited® – Earn up to 5% back
FordPass Rewards Visa Card
The information for the FordPass Rewards Visa® Card and the Lincoln Access Rewards™ Visa® Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
If you’re a loyal Ford user, the FordPass Rewards Visa® Card provides up to 10% back on qualifying purchases.
Rewards categories include:
- 10% back in points on Ford Service (5% back on dealerships plus 5% back with FordPass Rewards)
- 5% back in points at Ford dealerships
- 3% back on gas, auto insurance, tolls, parking, and dining
- 1% back on all remaining purchases
You can earn a $200 annual statement credit by spending $6,000 in 12 consecutive billing cycles after account opening.
It’s possible to redeem your points for:
- A new Ford car, truck, or SUV purchase
- Ford Service
- Qualifying Ford Parts and Accessories
There isn’t an annual fee but a 3% foreign transaction fee applies.
If you prefer Lincoln vehicles, you may also consider the Lincoln Access Rewards™ Visa® Card with similar benefits. However, there are a few minor differences that can appeal to luxury car owners.
Related: Best Credit Card Rewards For Road Trips
Toyota Rewards Visa Credit Card
The information for the Toyota Rewards Visa® Credit Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
The Toyota Rewards Visa® Credit Card can also be a popular option as this is one of the most purchased brands in the United States. Your purchases can earn up to 5x points:
- 5x at Toyota dealerships
- 2x for gas, dining, and entertainment
- 1x on all remaining purchases
You can redeem your points for eligible Toyota vehicle purchases. Other options include service, parts, and accessories.
This card doesn’t charge an annual fee although a 3% foreign transaction fee applies.
Related: What Is The Best Credit Card Company To Do Business With?
Wells Fargo Active Cash Card
It’s simple to calculate your earning potential with the Wells Fargo Active Cash® Card as each purchase earns unlimited 2% back. You can redeem your purchase rewards with a $1 minimum redemption.
This card also provides up to $600 of cell phone protection when paying your monthly bill with this card (subject to a $25 deductible).
New Wells Fargo Active Cash® Card cardholders can earn a $200 cash rewards bonus by making at least $1,000 in purchases during the first 3 months. These bonus cash rewards will show as redeemable within 1 – 2 billing periods after they are earned.
There is no annual fee although a 3% foreign transaction fee applies.
Learn More: Cash Back Credit Cards
Chase Freedom Unlimited
The Chase Freedom Unlimited® excels at versatility with earning points and redeeming cash back with no redemption minimum. This can be the best credit card for buying a car thanks to its ability to earn at least 1.5% on purchases.
Card purchases earn up to 5% back:
- 5% on travel purchased through Chase Travel
- 3% on dining and eligible delivery services
- 3% on drugstore purchases
- 1.5% on all remaining purchases
Being able to earn 1.5% back on non-bonus spending boosts your earning potential by 50% over a standard cash or travel rewards card that only earns 1% back on non-reward categories.
You can redeem your rewards for cash back, award travel, and gift cards with a redemption value of 1 cent per point. Be sure to deposit your rewards into a dedicated banking account to buy your next ride.
New Chase Freedom Unlimited® cardholders can enjoy an additional 1.5% cash back on everything they buy (on up to $20,000 spent in the first year) – worth up to $300 cash back! That means they can enjoy 6.5% cash back on travel purchased through Chase Travel, Chase’s premier rewards program that lets you redeem rewards for cash back, travel, gift cards, and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
There is no annual fee, but a 3% foreign transaction fee applies.
Related: The Best Chase Credit Cards
Summary of the Best Credit Card for Buying a Car
Buying a car can take several months or years to save up and also find a great deal for your desired ride. A co-branded dealership credit card can have the best earning potential if you’re certain about which brand you will buy. However, one of the best cash back credit cards is better if you plan on buying a used car or are unsure about the brand but want to start saving now.
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