Can you recall a time when a gallon of regular gasoline was a buck and change? When I got my first car way back in 1996 it was $1.17. I even remember one time back in 2000 when I actually paid a buck a gallon, a single dollar! Some of you maybe thinking “Liar!”, while others can remember gas being measured in cents.
Sadly those days are gone, most likely never to return. It seems like 3 dollar gas is here to stay and 5 dollar gas is waiting to strike. As frustrating as this might be we are not with out options. Last year I traded in my 17 mpg seven year old Jeep for a 32 mpg 2012 Ford Focus. By doing this I practically cut my gas bills in half. I realize that switching vehicles is not an option for everyone, certainly not an immediate option for most. However, you can consider a credit card with cash back on gasoline purchases.
In a previous post I mentioned a card that gave the holder 6% back on groceries. I think dedicating specific cards to specific budget items is a good way to manage your finances. It offers you the opportunity to seek out cards with high rewards that are specific to those categories. This why I think the PenFed Visa Platinum Cash Rewards Card’s 5% cash back on gas purchases is one of the best promotions around. While doing my research I found many cards that offer 2-3% cash back on gas and a hand full will match the 5% level but only during certain times of the year. The PenFed card gives you this reward year round.
I searched around and according to a CNN article, the average family spends about $350.oo a month on gas, that’s about 4000 dollars a year. If you saved 5% of that you would save your household about 200 dollars. Better in your pocket then the oil companies. Please note that the only way to get the best value from this offer is to pay the bill in full every month as the interest charges would wipe out any savings. I try to never carry a balance and discourage anyone from else doing so as well.
This card is open to all government employees, members of the US military, and Red Cross employees. Everyone else can join by a donation of blood or money to the Red Cross, or by paying $15.00 to join the Voices for America’s Troops or by paying $20.00 to join the National Military Family Association. These are worthy organizations and the membership cost could be recouped in a matter of weeks depending on how often you gas up.
So there you are 5% off gas with the PenFed Visa. Check it out.