56% of Americans say everyday life is less affordable than last year

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Amid rising consumer prices — primarily driven by soaring oil and gas prices as a result of the war in Iran — many Americans are feeling financial pressure.

According to a CNBC and SurveyMonkey Quarterly Money Survey, released in April, 56% of Americans say everyday life has become less affordable for their household compared to one year ago.

Respondents cite the rising prices of groceries (76%), gas and transportation (71%), utilities (49%), health care expenses (37%), insurance (35%) and rent or mortgage (32%). And to help cover daily expenses, such as those in the categories listed above, 40% of Americans have dipped into their savings.

If you’re looking to maximize the spending you’re doing anyway, CNBC Select highlights a few credit cards that can help offset the cost of rising prices.

Food prices have risen 1.9% in the past year, according to the most recent U.S. consumer price index, and are likely to increase further as the Strait of Hormuz blockade continues. Not only do rising oil and gas prices make it more expensive for farmers to transport food, but the strait is also used to ship fertilizer and food packaging equipment.

If you’re one of the 39% of Americans who’ve used a credit card to pay for groceries or household essentials due to affordability issues, make sure you’re using the right card. Grocery credit cards can help you earn rewards on food purchases and offset the cost of current or future spending.

The Blue Cash Preferred® Card from American Express earns 6% cash back at U.S. supermarkets (on up to $6,000 per year in eligible purchases, then 1%), which translates to a maximum of $360 in cash back each year on supermarket purchases alone. (You’ll also receive 3% cash back at eligible U.S. gas stations, which is another spending pain point cited in our survey.)

Though the Blue Cash Preferred charges a $95 annual fee, there’s a $0 intro annual fee for the first year (see rates and fees). You can make that back by spending just over $1,500 on groceries with the card per year, or around $125 per month.

Gas prices have been spiking since late February, in large part due to the ongoing Iran war. While you can save by making small adjustments to how you drive or by utilizing a gas loyalty program, one of the most consistent ways to save is using a gas rewards credit card.

With most gas credit card, you don’t have to fill up with a specific brand or location. And depending on the card, you’ll earn cash back, points or miles on your spending for post-purchase savings.

The Citi Strata Premier^® Card earns 3X Citi ThankYou® Points on both gas and EV charging, so you’ll earn regardless of your vehicle type. You’ll also earn 3X points on spending at restaurants, supermarkets, air travel and general hotel purchases.

Even better, your Citi points are transferable, meaning you could move them to one of Citi’s 22 airline and hotel partners for greater value (potentially over 1 cent per point). This could be a good option if you’re familiar with rewards transfers and are looking to save on upcoming summer travel — say, a cross country roadtrip. Then, the card’s annual hotel benefit can help you further reduce your travel costs and fully make up for the card’s $95 annual fee.

According to the March consumer price index, energy across the board increased by 10.9% last month — its largest monthly increase since September 2005. If you’re feeling the heat after paying for heat this past winter, there are actually credit cards that can help soften the impact on your wallet.

The U.S. Bank Cash+® Visa Signature Card earns 5% cash back on the first $2,000 in combined eligible purchases each quarter on two categories of your choice. There are 12 categories you can choose from, including home utilities, TV, internet and streaming services and cell phone providers.

If you spend $200 per month on home utilities, for example, and pay for them with the U.S. Bank Cash+ Visa Signature, you could earn $120 in cash back over the course of a year. And if you enroll in Real-Time Rewards, you can use your rewards to offset the cost of qualifying purchases almost immediately.

The card also earns 2% cash back on one everyday category you choose each quarter (either grocery stores, gas and EV charging stations or restaurants), and you won’t be charged an annual fee.

Health care costs can be significant for many Americans. In fact, the average U.S. adult spent over $14,000 on health care in 2024, according to a health spending data analysis by the Peterson-KFF Health System Tracker.

Certain health care accounts, like a health savings account (HSA) or a flexible spending account (FSA), can be a big help, but they’re not available to everyone. In fact, our survey found that 20% of Americans have paid for medical expenses using a credit card. While you don’t want to use a credit card to float thousands of dollars in medical bills, the rewards you earn can help take the sting out of the cost of routine visits or medical purchases.

The AARP® Essential Rewards Mastercard® from Barclays earns an unlimited 2% cash back on eligible medical expenses, including purchases at doctors, dentists and chiropractors, glasses purchases, hearing aids and more. Plus, if you spend $500 on purchases in the first 90 days of account opening, you’ll get a $100 cash bonus.

Unlike its namesake, you don’t have to be above a certain age (or even an AARP member) to apply for the card.

For many people, a house is their largest asset — but it can also represent one of their largest monthly payments.

Paying your rent or mortgage with a credit card isn’t always an option due to lender- or issuer-imposed restrictions and/or the high cost of processing fees, but there are some companies that provide renters and homeowners with alternative ways to pay their bills.

Bilt is one of the most well-known names in the market, and earlier in this year, it expanded its rent-only program to include mortgage payments. The company offers three different cards, and they all earn the same amount of rewards on housing payments. You’ll also never pay a fee on your housing payments, but if you don’t hit minimum spending thresholds, you won’t get the maximum rewards.

The mid-tier Bilt Obsidian Card (see rates and fees) comes with a $95 annual fee and can earn up to 1.25X points on housing payments or up to 1X points per dollar on housing payments and 4% Bilt Cash on eligible non-housing spend (on top of Bilt Points earned).

The Bilt Rewards program can take some getting used to, so it may require a little upfront research if you want to maximize the card’s value. Bilt also offers the no-annual-fee Bilt Blue Card (see rates and fees) and premium Bilt Palladium Card (see rates and fees).

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card 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 Preferred® Card from American Express, click here.