Gas prices have significantly risen over the past ten years. Gone are the days the price for a gallon of gas was less than a dollar. Now you’d be lucky to find a gas pump that was below $3 a gallon. Wishful thinking and hoping the prices will return to what they used to be. The days we were able to use a $20 bill, get gas and still have money to buy lunch or dinner. Wow how those days are missed. Hopefully one day we’ll see those days again.
As popular as credit cards have become, many people have a credit card for every store they go to, including the gas station. Gas credit cards are increasingly popular, even giving incentives if you shop at the preferred grocery store. An even better incentive being offered is getting ten cents off each gallon by using the gas credit card. You won’t see the saving at the pump; rather the savings are on the bill you receive at the end of the billing cycle.
Gas credit cards often have interest rates as high as retail credit cards, upwards 18% APR. With the interest rate being so high, the incentive of discounted gas price is not seen at all. But you pay your monthly bill as any other responsible credit holder would. The gas credit card is also an easier way to finance the cost of going to work, especially if money gets tight during the month with other expenses. But the thought has crossed the mind that money wouldn’t be as tight if you just paid for the gas without using credit. You also wouldn’t be paying interest on that money you paid up front.
The logic behind credit cards have become off the charts backwards. One day it will be discovered and people will boycott the credit card industry. I blame part of the failing economy on the credit card lenders, as this is just a vicious cycle as payday loans or car title loans. The thought that people will wise up and think about their money logistically rather than what will net them the most at the moment, it’s all about instant gratification. That doesn’t just apply to games, adult industries or restaurants, it has now become about the dollar. What can the dollar offer you right now, or how can I keep the money in my pocket right now.
