How to save on the pump, according to an expert

How to save on the pump, according to an expert

Consumers feel the pain in the pump and look for ways to save.

The national average for a gallon of gas was $ 4.98 on Monday, according to AAA, with 17 states averaging more than $ 5 a gallon. And as drivers dig deeper into their wallets to fill their tanks, there are a few things to consider to reduce fuel costs.

“What I would suggest is to get one [credit] a card that gives, say, a 5% cash back on gas – something like Sam’s Club Mastercard, for example, “said Ted Rossman, Bankrate senior analyst at Yahoo Finance Live (video above).” The Chase Freedom Flex and Chase Freedom Unlimited give new customers a 5% cash back on their first year. “Costco Anywhere Visa is also popular with 4% cash back on gas.”

The Wawa credit card is another option for drivers who want to save, offering customers a discount of 50 cents per gallon for the first month after opening your account and 5 cents per gallon after that.

Shop and use the Warehouse Clubs

Another tip for saving on the pump is to shop for the best deal, according to Rossman.

Warehousing clubs such as Sam’s Club or Costco usually offer reduced fuel prices and these savings can be significant.

“Keep your eyes clean while driving,” he said. “Warehouse club subscriptions could pay off for gas and food savings. In some markets, you could save 50 cents, maybe even a full dollar per gallon at a place like Sam’s Club or Costco, and then, if you get their credit card, you could save even more.

GasBuddy data show that the price of a gallon of gas at a Costco in Culver City, California is $ 5.99, 41 cents lower than the state average of $ 6.40 per gallon. Meanwhile, the cost of a gallon of gas at a Sam’s Club in Long Beach, California is currently $ 5.79.

Cars queue for gas outside a Costco Wednesday, May 11, 2022, in Pewaukee, Wis.  Costco offered gasoline for less than $ 4 a gallon, some of the cheapest in the area.  (AP Photo / Morry Gash)

Cars queue for gas outside a Costco Wednesday, May 11, 2022, in Pewaukee, Wis. Costco offered gasoline for less than $ 4 a gallon, some of the cheapest in the area. (AP Photo / Morry Gash)

Rossman also suggested that consumers save money by running a gas station. Many of the major gas station companies offer these to customers, which can help drivers accumulate their savings over time.

“Use gas station applications,” Rossman urged. “Their payment applications usually give you a discount of 5 or 10 cents per gallon. Combine it with the reward credit card. “

Phillips 66 offers customers a discount of 10 cents per gallon when paying through the My Phillips 66, My Conoco or My 76 app. BP’s BPme rewards allow customers to save 5 cents per gallon when using the app and you can save up to 10 cents per gallon when filling up Shell service stations using its rewards program.

HOUSTON, TX - JUNE 09: Guy Benhamoum sends a photo of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston, Texas.  Gas prices are breaking record highs as demand rises and supply does not meet.  There are now more than 10 states where the average price of gasoline is $ 5 a gallon or higher.  (Photo by Brandon Bell / Getty Images)

Guy Benhamoum sends a photo of gas prices to friends as he pumps gas at an Exxon Mobil gas station on June 9, 2022, in Houston, Texas. (Photo by Brandon Bell / Getty Images)

Car maintenance

Finally, it makes sense to think twice about your driving habits before you hit the road.

Things like driving too fast, carrying extra weight in your trunk and braking too much can also affect the amount you spend on gasoline per month.

“If you have a lot of rubbish in your trunk, clean it up,” Rossman advises, adding that you should also keep your car up to date.

The U.S. Department of Energy says keeping your vehicle in shape can help you with gas mileage. Things like repairing a faulty oxygen sensor can improve mileage by up to 40%, and proper tire inflation can improve mileage by up to 3%.

“Do not drive too fast,” Rossman said. “There is a real drop, especially after 55 or 60 miles per hour. “If you go faster than that, you burn more gas.”

Seana Smith presents the ET program of Yahoo Finance Live 3-5 p.m. Follow her on Twitter @SeanaNSmith

Click here for the latest personal finance news to help you with your investment, debt repayment, home buying, retirement and more

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for apple the Android

Follow Yahoo Finance at Twitter, Facebook, Instagram, Flipboard, LinkedInand YouTube

Leave a Reply

Your email address will not be published.