August 10, 2006
Of Credit Cards And Gas Pumps
Before I go into the topic for the day, here are a few statistics that I'm sure will be of interest to you.
- According to studies, the average consumer purchases about 530 gallons of gas a year.
- So if gas costs $3.00 a gallon then 530 gallons cost you a cool $1,590.00 a year.
- Or if you want to simplify it further, that breaks down to about $133.00 a month in gas.
Wowie. And here's the stunner -- If you purchase all this gasoline on your credit card and pay only the average minimum of 4 %, then by the year end you will owe an additional $400 with interest. Now this extra bit (BIT!!) of money is something you may not have had to pay if you had bought gas with money. It's the credit card that makes you pay SO MUCH MORE! Walb.com reports:
If you must use a credit card to pay for your gas, make sure to pay it off on time every month. With some credit cards you can earn reward points, build your credit, and not pay any more on gas than the high price on the pump.
Read more: Credit Card woes at the pump
--
Did you enjoy this post?
Comments
Post a comment
« If Your Credit Card Co. Offering You Insurance, Read On | Main | No Deal on Transfer of Credit Card Balances »
