Do gas cards really save you money?

by Darla Hernandez (darlah@wsbt.com)

Tools

Many gas stations offer credit cards that promise to save consumers money. (WSBT photo)

By Beth Boehne

Story Created: Apr 10, 2008 at 4:55 PM EST

Story Updated: Nov 24, 2008 at 5:44 PM EST

SOUTH BEND — Gas price has hit another record — it is now $3.34 a gallon nationally. That's 55 cents higher than a year ago.

Multimedia

Watch The Video

People are looking for ways to save as much money as possible when fueling up.

Many gas stations are offering credit cards that they say will save you at the pump. It may sound good, but some say these cards could cost you.

Laura Dickerson, who commutes to Gary for school, says the gas gauge hurts.

“It's getting ridiculously high!” she told WSBT News.

It's no surprise with prices soaring — gas cards seem to popping up at the pumps. One offers a 5 percent rebate on every dollar you spend on fuel.

But Dr. Grant Black, an economics professor at IUSB, says ‘buyer beware.’

"You need to pay attention for the length of time the rebate lasts,” he explained. “Sometimes it might only last for up to a year."

Some say these cards, which tend to have higher interest rates, could end up costing you more.

"Open up another credit account and get yourself into more debt,” said Charlene Anthony of South Bend. “You just pay and try to budget and limit your driving and take it from there.”

Dr. Black says with gas prices only going up, conserving is the way to go.

"Can you carpool, can you consolidate to one vehicle, and can you take turns using the car?” he urges consumers to ask themselves.

Dickerson says the gas card is just a small fix to a big problem.

"I wanted to buy a bigger SUV when I was done with school, but with gas prices I don’t want to!” she said. “I'll just stay with what I have.”

Black recommends reading all of the fine print before applying for a gas card and if you have one try to pay off your balance every month.

More Good Stuff

WSBT Weather

Current Temp 38.2

More Weather

WSBT Weather

More Weather

On Demand

iPhone
Get the WSBT News and Irish Sports Report apps for your iPhone! Read more »
On DVD
Order a DVD of a WSBT news story! Read more »
Twitter
Follow us on Twitter! Read more »
Facebook
Connect with us on Facebook! Read more »
WSBT E-News
Daily StormTracker e-mails right to your Inbox! Read more »
Video On Demand
Miss a story on WSBT News? Watch it here! Read more »
CBS Shows
Watch CBS shows and news online, free! Read more »
WSBT Alert
Breaking News & Weather right to your cell phone! Read more »
Mobile
WSBT News on the go for your cell phone or PDA. Read more »
RSS Feeds
Get news and updates as soon as they're published. Read more »

Stock Quotes

YouNews

This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.