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The Advantages And Disadvantages Of Fuel Rewards Programs
In the event you live in a place in which grocery stores offer you special discounts on fill-ups at their gas station based off your purchases at the store, you most likely feel like you are bombarded with advertising about it.
They market it as the ideal way for you to save cash off your fuel purchases and try to entice you to spend just as much as you can in their store since, naturally, you will be saving money at the pump.
But the question is - is it really worth it?
Well, it depends. It undoubtedly can be when you're already buying something at that store and you are happy with the amount you are spending. The problem is when you see that you have to pay out $15 more to get an added ten cents off your gas purchase, and that means you pay out $15 on whatever you see just to get the fuel discount. That is quite unnecessary in the event you might have paid much less for your purchase at another store. Remember, an extra ten cents off for each gallon is only a $1.50 to $2.00 discount - unquestionably not really worth throwing away cash you didn't need to spend!
Another big promotion these kinds of stores typically run is connected to gift cards. Oftentimes when you buy a gift card at their store (usually available for a variety of merchants), they are going to give you twice the gas discount.
You should think this through. Say you'll earn 20 cents off per gallon for each $50 gift card purchase you make. Supposing your gas tank holds 16 gallons, that is a $3.20 discount. When you already need to have a gift card (perhaps for a gift), that seems like a good deal - you make $3.20 for actually doing nothing.
When you do not possess a cash back charge card (such as Discover More), you can maximize this promotion by buying gift cards for all of the stores you shop at. You are going to get fuel rewards basically for purchasing in the stores you already shop at.
Nevertheless, if you do have a cash back charge card, it can get a little bit more complicated. If you employ a gift card you will not be obtaining cash back rewards, so you have to take that into consideration. If your cash back credit card gives 5% cash back at grocery stores, getting a grocery store gift card is unnecessary. In the event you purchase a $50 card, you will get a $3.20 fuel reward along with a $2.50 cash back reward on the gift card purchase (assuming you employ your cash back credit card to get the gift card), however you will lose out on the $2.50 reward you'd get for using your cash back card on the following $50 purchase.
However, when the gift card is from a category you just get, say, 1% cash back on, then the gift card purchase can be worthwhile. You are going to obtain the gas reward along with a $2.50 money back reward since you are buying the gift card at the grocery store. If you employed your cash back credit card in the store only bringing in 1% money back, you would only obtain a reward of 50 cents. In this case, you basically earn $2. The question is if the entire process is really worth the $2 you get.
As you can see, there are actually winning and losing scenarios with fuel rewards programs. You just have to make the decision of when it really is worth it and when it's not.
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