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Don't pay full price for gas

February 13th, 2007 at 01:53 am

I just wanted to enter this little thought for the day (or month in my case). If you're anywhere responsible with credit cards, get the ones that pay you back for your gas purchases. I mean really, why pay more for gas when you don't have to? I started my quest for cheaper gas last July by getting a Chase card that gives me 5% back for gas purchases. Its still my backup card when I don't have better options. I followed that up in September by signing up for a Shell CC. It gave me $40 back on three gas purchases. I ended up getting $70 of gas for $30. After that ran out, I got a Citgo card that gave me 20% back on the purchases. That ran out the end of the year (yeah, the good rates don't last long). Now I am on my new Citgo card (Citgo Plus). It gives me $5 back on every purchase over $15 - basically a 33% back card. This one lasts through the end of March. Next in my sights is a Hess card (10% back) or Chevron (I forget, but I think it was 20% back). Hopefully after that there will be one for Exxon/Mobil or Texaco. And maybe by next year I can start the cycle over again?

I will say having a fuel efficient compact probably helps my expenses more, but I like saving money easily whenever possible.

7 Responses to “Don't pay full price for gas”

  1. Amber Says:
    1171337271

    Doesn’t applying for all these cards hurt your credit? And is it really worth it? I guess you would not have posted if you did not think so

  2. fern Says:
    1171387853

    That's what i was thinking, Amber.

  3. katwoman Says:
    1171411560

    Believe it or not I just signed up for a gas card. Finally!

    Unlike you though I don't like the idea of having to chase down each offer so I picked the Discover Gas card. 5% Back for gas and auto charges up to the first $1200 spent. Then of course, the rewards drop to peanuts. Still I like the fact it covers gas, towing, auto repairs, auto parts stores, etc. It's a great way to track all expenses related to your car which is something I always meant to get around to doing anyway.

  4. LdyFaile Says:
    1171412193

    For me, that just takes too much effort to track down. I was using my Citi card for gas purchases until they dropped the cash back percentage. I don't want to open any more cards, I have two and that's fine for me. I'm not knocking your method though, if it works for you great. Just not something I'm comfortable with doing (ie having so many open cards)

  5. Single Guy Says:
    1171414861

    As with all credit cards, you don't want to get more or trash your credit score if you need it high to buy a house or car, get a job where it matters, or other situations. Since I have my mortgage well set (I'm in year 8 of a 15 year loan), no need for more credit (see below), no need for another car (I drive 'em til they die), and am set at my job (local government), having a high credit score does nothing for me, so I may as well get some benefits.

    It does come with some work by signing up for different promos, but really, the work is minimal. And finally, I have a number of cards open taking advantage of 0% transfer offers (I'm currently earning about $200 /mo. on this money) so what is one more card at this point? I can understand not everyone wanting the promo offer cards, but at least the 5% back cards are really just easy money. I bet I've cut my gas expenses 25% since last summer (probably $150 by now). I just can't beat it. But as with anything you have to decide if its worth it to you.

  6. fern Says:
    1171551244

    Yeah, but simple guy, life's circumstances often change, and often without youre anticipating it. I think poor credit will come back to bite you. It doesn't just go away overnight.

  7. Single Guy Says:
    1171591850

    My credit isn't poor, its just that the credit score isn't quite as high as it could be. In time I will cancel some of the non-useful cards, and my credit will be fine. I always pay everything off on time, so those extra cards won't be an issue.

    I know things can change but I survived being laid off for 15 months, so I know how to keep afloat (My savings dropped only $5,000 during that time). I have over six months earnings available in CDs, savings, and DRiPs I could sell if needed, so I can hunker down for the long haul. And if you read some of my older postings, I used to rent a room in the house that paid almost 1/2 my mortgage. If it came to that, I could do it again. There are always ways to stretch your finances. I'm not going to live my life scared, just frugal.

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