Tuesday, March 20, 2012

Fight rising gas prices now...

Gas prices seem to be climbing again, with the national average now at $3.85 ($3.50 a year ago), according to AAA.  Besides driving a more fuel efficient car, there are a few things you can do to save money at the pump, temporarily, and long term. 

First, consider a gas-oriented cash back card.  Here are a few examples from CreditCards.com, that will pay you back at every fill.  Second, for a limited time, but only at Exxon/Mobil stations, you can receive a $.15/gallon rebate on gas when you use their SpeedPass key fob, which is free.  If you don't know what this is, it's a small plastic device that fits on your key ring that is linked to your credit card.  Instead of pulling out your card to pay for gas and other purchases, just wave it across the tiger symbol when you see it

Here is an interesting double-dip idea: while the SpeedPass promotion is going on until May 31, you could receive both your regular cash back on your gas purchase at an Exxon/Mobil, plus the $.15/gallon rebate.  

Let's look at an example:

Buy 10 gallons of gas @ $3.85, normally, $38.50.  $.15/gallon rebate would be $1.50. off that, but you would also get 5% cash back on the $38.50.  $38.50 * .05 = $1.92, added to $1.50 means that you are getting back $3.42.  Subtract $3.42 from $38.50 and now your cost is $35.08, or $3.50/gallon.  Not bad!

Stay tuned for another promotion that I will be talking about in a future post where you can save even more money on gas.