The unprecedented rise in gasoline prices has greatly affected consumers in numerous ways. Credit card companies have introduced gas discounts that let consumers save money whether you are on a long drive or city drive. As prices hike, our professional credit counselors offer strategies to reduce customer expenses.
Do the savings add up?
According to the Department of Federal Highway Traffic Safety Administration. The average person drives around $13,500 a year. Based on the expected gasoline mileage of a typical car and the average price of gasoline, a consumer spends about $1,125 on gasoline. Based on that spending, a consumer can earn valuable gas rebates from $22.50 to $67.50.
In addition, many credit cards offer a 2% – 6% discount on their credit card balance or even a 1% discount on gas purchases. CreditGUARD is a nonprofit credit counseling service that analyzes your spending and your budget to help you live within your means, despite rising prices. It would take five and a half years to pay off a gas credit card, and the value of gasoline in the same year would cost consumers $1,000 in interest payments, according to the Federal Reserve Bank of New York. Consumers who make late payments can be fined and lose their preferred APR or lose their credit card for the rest of the year.
Other Ways to Save on Gasoline Prices
Looking for tips to save on gasoline? Look no further, CreditGUARD of America has some of the fastest and most effective ways to save on gas:
- Maintaining your engine properly can improve your car’s fuel economy by up to 4 percent.
- By inflating the tires to the proper pressure, you can improve your gas mileage by 0.6% – 3% on average.
- Utilizing energy-saving fuel can improve your car’s gas mileage up to 2%
- Replacing your car’s air filters regularly can improve your car’s mileage by 10 percent
Using these fuel-saving tips can improve your car’s performance by 19 percent. Additionally, you can also change your driving habits to reduce fuel costs by taking short trips. Save money and gas by planning and combining trips. When possible, avoid rush-hour driving as your engines are going to take up a higher fuel economy by about 10 percent. Plan your route carefully – it’ll save you stress and fuel.
CreditGUARD of America is a non-profit organization dedicated to helping consumers with their debt crisis. For a complete debt advisory, please call 800-282-8497 and visit https://www.creditguard.org/ for more in-depth information.