10 Things gas stations won’t tell you
September 21, 2009 · Tagged with Family and Home
4. “If you’re smart, you’ll put that debit card away . . .”
Your debit card might be a convenient way to pay for gas, but it’s a no-win proposition. When you swipe a debit card at the pump, the bank doesn’t know how much money you’ll be spending until you’ve finished pumping. So to make sure you have the funds to cover the purchase, some stations ask banks to automatically set aside some of your money: That amount can be $20 or more. That means even if you just topped off your tank for $10, you could be out $30, $50, even $100 until the station sends over its bulk transactions, which can take up to three days. If your funds are running low, you might end up bouncing a check in the meantime—even though you had the money in your account.
Unfortunately, paying inside with your debit card isn’t much of a solution either. Many banks charge their customers between 50 cents and $1 for the privilege of using their debit card in any PINbased transaction. The American Bankers Association estimates only 13 percent of consumers pay these fees, but critics say the practice is on the rise and consumers are often unaware of these charges.
5. “. . . and don’t even consider applying for our gas card.”
When it comes to gasoline credit cards, a little research goes a long way. The good deals are great, but the bad deals are really bad. Similar to store cards issued through retailers, gas cards are riddled with drawbacks, says Curtis Arnold, founder of CardRatings.com. APRs are high, starting above 20 percent; many don’t offer rebates on gas purchases; and they often lack standard protections such as fraud monitoring and zero liability for unauthorized transactions.
What about a Visa or MasterCard affiliated with a gasoline brand like Exxon or BP? They often offer lower interest rates and significant rebates, but limit your ability to shop around. In December 2005, a few months after gas hit $3 a gallon, Justin Andringa of Minneapolis considered a Shell MasterCard with a 15 percent rebate on gas purchases. But the rebate was temporary; he decided to stick with his Citi Dividend Platinum Select card, which gives him a 5 percent rebate on all gas purchases no matter where he buys it. “I’m a college student,” Andringa says. “I need to save money.” The deals on these cards are constantly changing. So visit CardRatings.com to find updated information.
6. “Looking for the cheapest gas in town? Try the Internet.”
You can’t actually buy gas online, but Web resources can help you find the cheapest fill-up in town. Among them, GasPriceWatch.com and GasWatch.info help people track pump prices. But the most comprehensive of the bunch is GasBuddy.com, which includes a network of 174 local sites, complete with maps and message boards that tally gas price by ZIP code. “People are frustrated by the variation in the price of gas,” says GasBuddy.com cofounder Jason Toews, and they’re using the Internet to take control.
It has worked wonders for Sue Foust. Every day, as she passes roughly 10 stations on her commute across Tucson, Ariz., Foust makes a mental note of their prices, then posts them on TucsonGasPrices.com, a local affiliate of GasBuddy.com. Then every four days or so, when she needs to fill up, she checks the prices others have posted in her area. It turned out the Shell station she used to frequent is one of the most expensive in the city. Now she fills up elsewhere. “I really do feel like I’m saving money,” she says.
7. “It’s a gallon when I say it’s a gallon.”
It’s hard to know if you’re getting all the gas you paid for at the pump. But in some places there’s a very good chance you’re not. The state or county weightsand- measures department usually checks pumps for accuracy, but in some areas it can be years between inspections. Arizona, for example, has only 18 staff members to check the state’s 2,300 stations.