A Close Look At Fuel Rewards Programs
If you live in a place where grocery stores give special discounts for fill-ups at their gas station based off your purchases at the store, you quite possibly feel like you're bombarded with advertising about it.
They market it as the best way for you to save cash from your fuel purchases and try to encourage you to spend as much as you can in their store because, naturally, you are going to be saving cash at the pump.
But the question is - is it truly worth it?
Well, yes and no. It undoubtedly can be when you're already making purchases at that store and you are happy with the amount you are spending. The problem is when you notice that you must spend $15 more to get an added ten cents off your fuel purchase, and that means you pay out $15 on anything you see just to obtain the gas discount. That's quite unnecessary if you might have paid much less for the purchase at another store. Keep in mind, an additional ten cents off per gallon is only a $1.50 to $2.00 discount - unquestionably not worth throwing away cash you did not need to spend!
Another huge promotion these stores typically run is connected to gift cards. At times when you buy a gift card at their store (generally available for a wide variety of retailers), they'll give you twice the fuel discount.
You should think this through. Let's say you'll earn 20 cents off for each gallon for every $50 gift card purchase you make. Supposing your gas tank holds 16 gallons, that's a $3.20 discount. When you already will need a gift card (perhaps for a gift), that seems like a great deal - you earn $3.20 for really doing nothing.
When you don't possess a cash back charge card (like Discover More), you can maximize this special promotion by purchasing gift cards for all of the stores you shop at. You are going to get fuel rewards essentially for purchasing in the stores you currently shop at.
Nevertheless, if you do possess a cash back credit card, it can get a little bit more complicated. When you employ a gift card you will not be obtaining cash back rewards, so you have to take that into consideration. If the cash back card gives 5% cash back at grocery stores, getting a grocery store gift card is pointless. In the event you get a $50 card, you will get a $3.20 fuel reward as well as a $2.50 cash back reward on your gift card purchase (assuming you employ your cash back card to get the gift card), however you will lose out on the $2.50 reward you'd get for utilizing your cash back card on the subsequent $50 purchase.
However, when the gift card is in a category you just get, say, 1% money back on, then the gift card purchase can be advantageous. You'll obtain the gas reward plus a $2.50 money back reward since you are buying the gift card at the grocery store. In the event you used your cash back credit card in the store only generating 1% money back, you would only obtain a reward of 50 cents. In this case, you essentially make $2. The question is if the entire process is worth the $2 you get.
As you can see, there are actually winning and losing situations with fuel rewards programs. You just have to make the decision about when it's worth it and when it's not.
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