Credit cards have been offering additional rewards to electric vehicle owners when they use their card at EV charging stations. Similar to how using a gas station gets specific credit card rewards, the trend is coming into fruition for EV charging stations as well. Bank of America recently started offering Customized Cash Back rewards for EV charging stations to get the same rewards as purchasing gas. Bank of America is following other credit cards that offer similar rewards. Sam’s Club Mastercard, Wells Fargo, Costco Anywhere Visa and Chase Freedom Flex offer various rewards for fueling at EV charging stations. Some offer a certain percentage bonus or additional points per every dollar they spend.

Financial incentives are being used in different ways to stimulate the EV market. Credit cards aren’t the only ways to save money on EVs and EV charging. Specific electric vehicles qualify for a tax credit depending on where the vehicle and its parts were assembled. Keeping an eye on auto sales is a great way to save money when switching to an EV. Automakers have been cutting prices which makes EVs more affordable. The federal, state and local government have a variety of rebate options to choose from plus through utility providers to save money on installation and equipment when purchasing an EV charging station for at home or in a business.

Click here to read the full article, originally published August 22, 2023, by NerdWallet.