This week executives from the world’s largest oil companies are being grilled by lawmakers as both gasoline and diesel prices reached record highs during the month of March. Automakers also posted double-digit declines in SUV and pickup truck sales citing higher gasoline prices as a contributing factor. Higher gasoline and diesel prices do not affect just our wallets when we fill up our vehicle, but also increase transportation costs for food and the other goods we buy. Combine this with what many view as a weakening or slowing economy and it makes life financially difficult for millions of Americans. Something must be done on our part individually until things get better.
Most of us probably have a decent commute ahead of us at the beginning and the end of each work day. This commute simply cannot be avoided and you may try to save money on gas by car pooling with a co-worker (or someone else) or utilizing public transportation. Getting to work is a necessity and the only area in which you may be able to cut back on your gas use is by limiting recreational or other non-essential driving. If most or all of your driving is essential, there is one thing you can still do to help save money on your gas expenses. The solution is to choose a cash back credit card that earns cash back on every purchase you make, including your gas purchases.
Using a cash back credit card for all your gas purchases can help you earn a 1%-5% or more cash back reward every time you use the card. Your cash back reward is either sent to you by check every time you accrue a specific amount set by your card issuer or will be credited to your bill automatically each month. Most cash back credit cards don’t have an annual fee and you can use the card just like you would a debit card and still be able to pay at the pump. You can earn even more cash back by charging all the other purchases you make that you may normally pay with cash, debit or check. Just remember to always pay your balance in full each month and never charge more on your credit card than you could pay off each month or have cash for.
There are also several gas rebate credit cards which offer additional cash or other bonuses on your gas or diesel fuel purchases. Just by switching the form of payment you use to make all your regular purchases can add up to big savings every year. Who knows? Maybe you could even use your cash rebate to go on an extra trip in the car!
