Best way to save on gas (in my mind)

[quiznut1]

Where I live there are Speedway/Super America stores all over the place. They have an ongoing promotion in the store where you can get $2 off a $50 Speedy gift card. I pay $48, and I pay it on my Citi Dividend Platinum Select credit card, which is 5% cash back on gas station purchases. So $2.40 cash back on $48, in addition to the initial $2, I pay $45.60, a savings of 8.8%. I then use the gift card for my gas, and on a $3 gallon of gas, that is a savings of 26 cents per gallon.

This savings doesn't even include the Speedy Rewards card, which is a points card that offers 10 points for every dollar you spend. When you reach 1,750 points ($175 in spending), you can redeem them for a 10 cent per gallon discount on your next fill up.

[poundwise]

Re: Best way to save on gas (in my mind)

I do something similar. I have a PayPal debit card which give you a bonus credit back for each purchase. I use this to buy a Wal-Mart shopping card which I use at their Murphy USA gas station. By using the Wal-Mart card to pay for the gas, I get 3 cents off per gallon. In my town, this is cheapest place to buy gas even before the shopping card discount. So I get the good price plus I get a % back in my PayPal account which is tied to a MMA earning 4.25+% APY.

[Ima saver]

Re: Best way to save on gas (in my mind)

Ppundwise, you and I are neighbors!! I have to come to Murphy once a week to buy liquor. Our gas is a little cheaper in Ga.

[cbmeeks]

Re: Best way to save on gas (in my mind)

Where I live there are Speedway/Super America stores all over the place. They have an ongoing promotion in the store where you can get $2 off a $50 Speedy gift card. I pay $48, and I pay it on my Citi Dividend Platinum Select credit card, which is 5% cash back on gas station purchases. So $2.40 cash back on $48, in addition to the initial $2, I pay $45.60, a savings of 8.8%. I then use the gift card for my gas, and on a $3 gallon of gas, that is a savings of 26 cents per gallon.

This savings doesn't even include the Speedy Rewards card, which is a points card that offers 10 points for every dollar you spend. When you reach 1,750 points ($175 in spending), you can redeem them for a 10 cent per gallon discount on your next fill up.

Hmmm....that sounds pretty cool but it wouldn't be worth the risk to me. In my situation, I buy 50 gallons of gas a month. So, I would in theory save $13.00 a month. Not bad I guess. But I would have to wonder:

a) How long that $50 card can be sold for $48.

b) That $50 card can only be used at Speedway...and they could raise their rates at anytime.

c) How long your CC will give you 5% back and hopefully there are no fees.


I like my system better. I pick 1 or 2 days on the weekend and I don't drive my car at all. This not only promotes me doing stuff at home, it also saves a lot more than $13.00.

But, my situation may not work out for you.

cb

[Broken Arrow]

Re: Best way to save on gas (in my mind)

That sounds great, but I am curious, how much in real cents per gallon does that translate to?

For now, my gas saving plan consists of nothing more than to keep my driving distances to a minimum, or not drive at all.

[Ima saver]

Re: Best way to save on gas (in my mind)

I know I save at least $1 a day if I stay home. I also only drive under the speed limit cause that saves on gas.

[quiznut1]

Re: Best way to save on gas (in my mind)

a) How long that $50 card can be sold for $48.

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.

b) That $50 card can only be used at Speedway...and they could raise their rates at anytime.

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.

c) How long your CC will give you 5% back and hopefully there are no fees.

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.

That sounds great, but I am curious, how much in real cents per gallon does that translate to?

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.

[sweeps]

Re: Best way to save on gas (in my mind)

Loving your posts, quiznut. Keep it up.

[quiznut1]

Re: Best way to save on gas (in my mind)

Does anyone else do what I just mentioned for gas? Once again to 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.

If you read my above post, this will yield $36 a month in savings on $360 worth of gas.

[JBinKC]

Re: Best way to save on gas (in my mind)

Unfortunately, no Superamerica or Speedways in my area but I agree it is a very wise idea. Any other oil company offering a discount for a prepaid gas card?

[Joan.of.the.Arch]

Re: Best way to save on gas (in my mind)

Well, I'd do that if those gas stations were around here. I think you are being clever. It would take me a long time to build up any points, though, because I don't drive much. You have given me the idea to watch for places that sell their gift cards at less than face value, and to pay for it with my cash rebate card.

[abowers]

Re: Best way to save on gas (in my mind)

I'm finding that since switching jobs (which involves driving in the opposite direction) I am getting better gas mileage! I used to go in the same direction as everyone else, now I'm going the other direction on the expressway.

I've been doing the new job for 2 weeks, and for a combination of city/highway driving on the whole tank, with the old job I'd get about 24-25mpg, now I just got 29mpg on this last tank that I filled the day before starting the new job. It's amazing what a difference it makes to actually be able to drive 55 on an expressway instead of 25 and constant stopping...ha. My commute is so much less stressful now too.

This will be saving me on gas -- stretching my tank an extra 60-70 miles :-)

[quiznut1]

Re: Best way to save on gas (in my mind)

Hello everyone,
I just found out that Marathon does the same thing Speedway/Super America does with the prepaid gift cards (buy a $50 card for $48).

Also, to really sweeten this deal, enter the Marathon credit card. 10% cash back on Marathon gas for the first 60 days, then 5% thereafter. Of course this is only tied to Marathon gas stations, but suddenly that $48 gift card purchase with the Marathon credit card during the introductory 60 days would receive a $4.80 rebate on top of the initial $2. This is $43.20, or a savings of $6.80 (13.6% off the regular price).

All your rebates you earn are automatically credited toward future Marathon gas purchases. So now take a $3 gallon of gas at Marathon, buy the Marathon gift card and pay for it with the Marathon credit card, the final price: $2.59.

[quiznut1]

Re: Best way to save on gas (in my mind)

Does no one like to save on their gas? I'm sorry, I'm just surprised with gas shooting up a couple days ago that this subject isn't more talked about. Not that I'm trying to promote my own subject, but I have some reason to believe it carries importance. Has anyone else ever done what I mentioned above?

[Ima saver]

Re: Best way to save on gas (in my mind)

My problem is, we don't have the gas station you mention around here. There is no competition. A foreign man (India) bought almost every gas station in this county, so all the gas is priced the same. I just try to drive slower to conserve gasoline.