What the Exxon Mobil Rewards+ card does
The Exxon Mobil Rewards+ card is a co-branded credit card issued by U.S. Bank that earns points when you buy gas at Exxon and Mobil stations, as well as on other purchases. You earn more points per dollar at the pump than you do elsewhere, and you can redeem those points for fuel discounts or merchandise. The card carries an annual fee, which means you need to use it enough to offset that cost through the rewards you earn.
This card is designed for people who fill up regularly at Exxon or Mobil locations and want a way to reduce what they spend on fuel. If you rarely visit these stations or prefer to shop around for the cheapest gas, the card's rewards structure may not save you money.
Key Takeaways
- The Exxon Mobil Rewards+ card earns points at Exxon and Mobil pumps at a higher rate than on other purchases, and points can be redeemed for fuel discounts.
- The card charges an annual fee, so you need to earn enough rewards to make the card worthwhile compared to using a different card or paying cash.
- Points can also be redeemed for merchandise through the rewards catalog, though fuel discounts are typically the better value.
- Like any credit card, the Exxon Mobil card reports to the three credit bureaus and affects your credit score based on how you use it.
How points are earned and what they're worth
You earn points at different rates depending on where you use the card. At Exxon and Mobil gas stations, you earn points faster than you do on other purchases. The exact earning rate varies and can change, so check the card's current terms before you open an account. Points accumulate in your rewards account and stay there until you redeem them.
When you redeem points for fuel, they typically convert to a discount per gallon at the pump. A typical redemption might be 50 points for 10 cents off per gallon, though the exact conversion depends on the promotion running at the time. You can also redeem points for items in the Exxon Mobil rewards catalog — things like car accessories, gift cards, or merchandise — but the point-to-dollar value is usually lower than what you get from fuel discounts.
The math matters here: if you spend $100 a month on gas and earn enough points to save $8 to $12 a year in fuel discounts, but the card costs $40 or $95 annually, you're losing money. Calculate your own gas spending and typical redemption value before you decide.
Annual fee and when it makes financial sense
The Exxon Mobil Rewards+ card charges an annual fee. The amount varies depending on which version of the card you hold, so confirm the current fee when you review the offer. This fee is charged once per year, usually on your card anniversary or billing date.
To break even, you need to earn enough rewards to cover that fee. If you fill up at Exxon or Mobil stations multiple times a week and redeem your points regularly, the card may pay for itself. If you fill up once a month or less, or if you often buy gas elsewhere, the annual fee will likely cost you more than the rewards are worth.
Some cardholders offset the annual fee by redeeming points for merchandise rather than fuel, or by using the card for non-fuel purchases if the earning rate is competitive. However, the card's main appeal is fuel savings, so merchandise redemptions are usually a secondary benefit.
How the card affects your credit
Opening the Exxon Mobil card triggers a hard inquiry on your credit report, which can lower your score by a few points temporarily. Once the account is open, it reports to Equifax, Experian, and TransUnion each month, just like any other credit card.
Your payment history and credit utilization — the percentage of your credit limit you're using — both affect your score. If you charge fuel purchases to the card and pay the full balance each month, you build positive payment history without carrying debt. If you carry a balance and pay interest, the card costs you money in two ways: the annual fee and the interest charges.
Closing the card after you stop using it will remove an active account from your credit profile, which can lower your score slightly. Keeping the account open but unused preserves your available credit and your payment history, though you'll continue to pay the annual fee.
Comparing this card to other fuel rewards options
Other credit cards also offer fuel rewards without an annual fee. Some general-purpose cards earn cash back on all purchases, including gas, at a flat rate — often 1.5% to 2% back. At current gas prices, that's roughly equivalent to what the Exxon Mobil card earns, but without the annual fee and without being locked into one brand of station.
Gas station loyalty programs run by Exxon Mobil themselves also offer discounts on fuel without requiring a credit card. You can earn rewards by paying with any payment method and linking your phone number or loyalty account at the pump. If you want fuel discounts but don't want to carry another credit card, the station's loyalty program alone may be enough.
The Exxon Mobil card makes the most sense if you're already a frequent customer at these stations, you carry a credit card balance responsibly, and you want to consolidate your fuel purchases onto one card for easier tracking.
What happens if you don't use the card
If you open the card but stop using it, the annual fee still charges every year. The card issuer may eventually close the account due to inactivity, though this usually takes months or years. You can close the account yourself at any time by calling the customer service number on the back of your card.
If you're considering closing the card to avoid the annual fee, do so before your next annual fee posts. Once the fee has been charged, you can sometimes call and ask for it to be waived, but there's no may provide. Closing the account will remove it from your active credit accounts, which may lower your credit score slightly.
Frequently Asked Questions
Can I use the card at any gas station, or only Exxon and Mobil?
You can use the card anywhere Visa is accepted, but you only earn the higher rewards rate at Exxon and Mobil stations. At other gas stations and other retailers, you earn a lower rate. Check the card's terms for the exact earning rates at different merchant types.
What if I don't have enough points to redeem for a fuel discount?
Points accumulate over time, so you can wait until you have enough to redeem. Most programs let you redeem once you reach a minimum threshold, often 50 to 100 points. Until then, your points sit in your account and don't expire as long as your account remains open and active.
Does the annual fee get waived for the first year?
Some credit card offers waive the first-year annual fee as an incentive to open the account. Check the specific offer you're looking at, as this varies. Even with a waived first year, you'll owe the full fee in year two unless you close the account.
Can I earn points if I pay at the pump with a debit card instead?
No. Points are only earned when you use the Exxon Mobil credit card itself. Debit cards, cash, and other payment methods don't earn rewards through this program, though Exxon and Mobil's separate loyalty program may offer discounts regardless of how you pay.
What happens to my points if I close the card?
Points typically expire within a set timeframe after your account closes, often 30 to 90 days. Redeem any remaining points before you close the account, or they will be forfeited. Check your card's terms for the exact expiration policy.