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Originally Posted by cbmeeks
a) How long that $50 card can be sold for $48.
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I have done this for 2 years on my gas, and it has always been ongoing. I even went so far to e-mail corporate about it. They do this at all the Speedway/Super America stations across the United States.
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Originally Posted by cbmeeks
b) That $50 card can only be used at Speedway...and they could raise their rates at anytime.
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True the card can only be used at Speedway, and like above, I've done this for two years and it's always been $2 off. They have only changed the rate to hold a Christmas special once. $5 off a $50 gift card, real tight. Otherwise, no.
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Originally Posted by cbmeeks
c) How long your CC will give you 5% back and hopefully there are no fees.
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Read up on Citi's website. The card is the Citi Dividend Platinum Select. This card is no annual fee and 5% cash back on any gas station purchase, not a promotional rate. Also, Citi has had this card available for about 2 years as well. On cardratings.com, there are reviews for this card that span all the way back to 2004.
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Originally Posted by Broken Arrow
That sounds great, but I am curious, how much in real cents per gallon does that translate to?
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Let's do some math:
Take the average American family that has two vehicles and fills up each one once per week. Now take the average 15 gallon fill and multiply that by 2, which equals 30. Now multiply that by 4 weeks in a month. 120 gallons.
120 gallons of gas, at $3 per gallon, is $360. This is the equivalent of 7 1/2 gift card purchases of $48 ($50 to spend). At a $2 discount per $50, this is $15 right away. Now take 5% of $360, this is the cashback rate for gas by using a 5% credit card. That is $18 right there.
Now we're at $33, and it doesn't stop there. Remember the blip I told everyone about the Speedy Rewards card? This is a points card, not a credit card, and is completely free to use and apply for inside the station. Consider it a frequent user punch card. For every dollar of gas you purchase you earn 10 points, and when you earn 1,750 points, you can redeem the points for a 10 cent per gallon discount on your next fillup. 1,750 points is equivalent to $175 in gas spending, and considering our $360 monthly gas bill, we've eclipsed this redeeming level twice. Assuming our fillup is 15 gallons, you save an additional $1.50 x 2 = $3.
What does all this mean? How about a whopping $36 a month in savings for your gas!
Recap:
1. Buy $50 gift card in Speedway/Super America stores for $48 ($2 discount)
2. Pay for the card with Citi Dividend Platinum Select (5% cashback - $2.40 discount)
3. Earn Speedy Rewards points on each gas fillup, spend $175 and get a 10 cent per gallon discount on your next gas purchase.