Americans spend hundreds of dollars every year on fuel prices.
Gasoline is one expense that many families can’t avoid.
The average person drives around 13,500 miles per year.
People can save by using their credit card.
Save Major Cash At The Pump With This One Clever Trick
(NewsReady.com) – Fuel costs are one of the expenses few Americans can avoid. If someone has a vehicle, they’re likely using that car to go to work, drop their kids off at school and activities, go grocery shopping, and do all of the little errands that pop up during a typical week. It’s also one of those expenses that fluctuate in cost depending on the market, so they might pay $2.30 per gallon one day and then $3.80 per gallon several months later.
The average American spends more than $1,000 every year to fuel their vehicles. Fortunately, there are ways to save on gas, like using a credit card. But, how exactly can someone use their card to do that?
Use That Plastic
Rewards credit cards are one of the easiest ways to save on fuel each month. These cards offer a certain amount of points, sometimes three points for every dollar spent, for those who use their cards at a gas station. And, the best part is that people might already have one of these cards in their waller and not realize it.
To figure out if you can receive points for your gas purchases, check out your credit card’s reward policy. It doesn’t have to necessarily be a card directly linked to an oil and gas company. For example, Bank of America’s Customized Cash Rewards credit card offers 3% back in rewards that a consumer can then use on purchases somewhere else.
Cards used for local shopping trips might offer a person an option for cheaper gas, as well. Sam’s Club, Costco, and BJ’s club memberships all offer fuel perks to customers. That could mean a member of one of those clubs is paying 20 cents per gallon less for gasoline. Of course, you also have to pay for a membership to one of the clubs to get those rewards, so if it’s not a place you’d typically shop at, it might not be worthwhile.
Make sure you know exactly what the points mean in terms of money. If a card offers 3 points, it doesn’t always mean 3% or necessarily translate into a full penny. For example, many cards are measuring it at a value of 0.85 cents, instead of 1 cent.
Although using a credit card comes with perks, be cautious. Pay the balances each month and try not to use more than 30% of the credit available. The last thing someone wants to do is hurt their credit score in their quest to find affordable gas. However, when their credit cards are used responsibly, they can be a really big help.
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