Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
Americans who are already struggling to pay their bills are about to face more financial headwinds as new tariffs take effect and the ongoing Iran war pushes gas prices up.
President Trump imposed new tariffs on imports from more than 80 countries on July 24, ranging from 10% to 12.5%. The estimated costs to American households is about $1,100, according to Yale’s Budget Lab. Meanwhile, Americans are also paying more at the pump as a result of the Iran war: Gas climbed to a national average of $4.10 per gallon, according to AAA, up from $3.16 a year ago.
This comes as 53% of Americans said they are more stressed about their finances than they were a year ago due to lack of savings, credit card debt, car insurance costs, and medical bills, according to CNBC and SurveyMonkey Quarterly Money Survey, released on July 20. Plus, half of Americans believe that the U.S. economy will worsen over the next year because of the rising cost of living, government policy and international turmoil.
While you can’t change the trajectory of the economy or the cost of goods, there are tools that can help you save when you have to spend.
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Use a cash-back credit card
When you have to spend on essentials like groceries and gas, you can do it strategically by using the right cash-back credit card.
We recommend the Blue Cash Everyday® Card from American Express, which has no annual fee (see rates and fees) and provides 3% cash back at U.S. supermarkets and U.S. gas stations (on up to $6,000 per year in eligible purchases per category, then 1%). Plus, you may be eligible for as high as $200 in cash back when you spend $2,000 in the first six months of card membership and can enjoy a credit toward certain subscriptions.
*Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
The Blue Cash Everyday® Card from American Express has no annual fee and bonus rewards on a wide range of common expenditures. On top of that, you also have access to an intro-APR offer for purchases and balance transfers. So this card can help you save in a variety of ways.
- Up to $264 in streaming service and meal kit credits every year (subject to auto renewal)
- High cash-back rates in popular spending categories
- No annual fee
- The best bonus cash-back categories are capped
- Has a foreign transaction fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Apply and find out your welcome offer. As High As $200 cash back* after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply, and if approved: 1. Find out your offer amount 2. Accept the Card with your offer 3. Spend $2,000 in 6 months 4. Receive the cash back. *Cash back is received in the form of Reward Dollars that can be redeemed for a statement credit or at Amazon.com checkout.
- No Annual Fee.
- Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, your APR will be a variable APR of 19.49%-28.49%.
- Earn 3% cash back at U.S. supermarkets, 3% cash back on U.S. online retail purchases, 3% cash back at U.S. gas stations, on eligible purchases for each category on up to $6,000 per year in purchases (then 1%). Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout.
- Get up to a $7 monthly statement credit after using your enrolled Blue Cash Everyday® Card for a subscription purchase, including a bundle subscription purchase, at DisneyPlus.com, Hulu.com, or Stream.ESPN.com U.S. websites. Subject to auto-renewal.
- Terms Apply.
- See Rates & Fees
Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7% of each transaction after conversion to US dollars
The Citi Double Cash® Card is another great free option. It offers up to 2% cash back on all purchases (1% when you buy and 1% when you pay), including gas and groceries. You can also earn $200 cash back if you spend $1,500 on the card in the first six months of opening the card.
What makes the Citi Double Cash® Card special is that it sits near the top of its class in several categories. It is an excellent option if you want flat-rate rewards, a balance transfer intro-APR or no annual fee.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- Earns transferable rewards
- No annual fee
- It has a foreign transaction fee
- Intro APR only applies to balance transfer
- Points transfer ratios are reduced compared to premium cards
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 17.49% – 27.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
Use a coupon app or extension
There are a slew of apps and browser extensions — software that is uploaded directly onto the webpage you’re using — that can help you get the lowest price possible on everyday expenses.
CNBC Select likes Ibotta for cutting down the cost of groceries. It helps you compare item prices across different stores and gives cash back when you buy certain items and upload the receipt onto the app. Plus, it’s free as long as you continue to redeem offers.
Ibotta
On Ibotta’s site
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Cost
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Cash back
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Coupon codes
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Price comparison
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Mobile app
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Works with in-store purchases
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Welcome bonus
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How to redeem your savings
Redeem cash back once you reach $20 as a deposit into your bank account, PayPal account or for gift cards.
Terms apply.
Pros
- Offers at over 300 participating retailers
- You can activate savings, then shop and save on in-store purchases
Cons
- You can only redeem cash back after you reach $20
- The browser extension is only available on Google Chrome
- After 180 days without redeeming an offer, your account is charged $3.99 for every 30 days of inactivity
We also like GasBuddy, a free app that allows you to compare prices across various stations wherever you’re located. You can also earn rewards by shopping and uploading your receipt.
Gasbuddy App
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Features
Gasbuddy helps you find the cheapest gas near you in one easy-to-use app. It’s helped people find the best gas prices over 900 million times and save over $3.1 billion at the pump.
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App availability
Available in both the Apple App Store and the Google Play store
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Price
Join a wholesale club
Buying in bulk compared to buying in lower quantities can save you 27%, according to LendingTree, and one great way to do that is at a wholesale club.
At Costco, for example, memberships start at $65. You can save more when you use the Costco Anywhere Visa® Card by Citi, which provides 2% cash back on all Costco purchases and 5% cash back when you buy gas at Costco. Plus, earn 4% cash back on other eligible gas and electric vehicle charging purchases (on the first $7,000 combined spend per year, then 1%).
The Costco Anywhere Visa® Card by Citi is a valuable card to pair with a Costco membership, but the rewards program is more restrictive than what you get with a typical cash-back card.
- High rewards rates for gas/EV charging and travel
- No foreign transaction fees
- Restrictive rewards that you can only cash out once per year
- Requires a paid Costco membership
- No welcome bonus
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Discover one of Citi’s best cash back rewards cards designed exclusively for Costco members
- Earn 5% cash back rewards on gas at Costco and earn 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter.
- 3% cash back on restaurants and eligible travel purchases and eligible travel, including Costco Travel.
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
- No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
- Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
Balance transfer fee
5% of each balance transfer; $5 minimum
Foreign transaction fee
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At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. Every personal finance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.
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For rates and fees of the Blue Cash Everyday Card from American Express, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
