8 Ways Smart People Save Money When Buying Gas
The average cost of a gallon of gasoline in the U.S. is $3.16 as of May 28, per AAA. Although prices may be different where you live, it never hurts to find ways to bring them down further.
After all, gas can be expensive, especially if you drive a lot or have a ride with poor gas mileage.
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The good news is there are ways to save money when buying gas. You just need to be a little bit savvy.
This might seem like a no-brainer, but you’d be surprised at how many people are creatures of habit and always choose the same gas station, even if it’s not the most cost-effective.
You can compare local gas stations using an app like GasBuddy or Google Maps. While you’re at it, use a rewards card to boost your savings — and earnings — potential.
“Find the gas station in your area that consistently has the lowest gas price, and then see if there’s a credit card for type of store with gas purchase rewards,” said Kathy Gilchrist, CEO of CFOKathy.
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Powered by Money.com - Yahoo may earn commission from the links above.“For example, Costco usually has low gas prices, and the Costco credit card offers 4% rewards on gas purchases. But make sure to pay the credit card off every month so that you don’t have to pay interest.”
“Many credit cards offer different rates of cashback for specific categories of purchases, and gas is a common one,” added Erika Kullberg, an attorney, personal finance expert and founder of Erika.com.
“If you drive a lot, you can consider opening a new credit card that heavily rewards gas purchases. You can then put the cashback you earn back into your bank account or can use it to pay off your credit card.”
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You might not always have to pay for gas out of pocket.
“For young adults, I’m also a fan of asking for gas gift cards for the holidays or birthdays,” said Kullberg. “It may seem like a boring gift, but these gift cards can be really helpful when you’re young and on a super tight budget.”
Whether it’s a gas station or a grocery store, see if they have a loyalty program that lets you save at the pump.
“For example, with Shell Fuel Rewards you normally save at least 5 cents per gallon and can sometimes save up to 20 cents per gallon,” said Adam Schwartz, CEO of CouponSurfer, Inc. “Warehouse club like Sam’s or Costco will frequently have member only discounts on gas.”
The same goes for certain grocery stores.
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