Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 1
Registered: ‎04-16-2014
0

Re: Gas Spending

And Michael 982 Discover has 5% cash back at gas stations right now through September 30th

Established Contributor
Posts: 888
Registered: ‎09-10-2010
0

Re: Gas Spending

[ Edited ]

Hmmm. Maybe I saw the math a little different.  Am I the only one who gets dinged $1 for using a card at the pumps?  The way it works out for me ends up pulling the 5% savings back down to average of 11c per gallon.  


TU713, EQ 731 , EX 726 (As of 12/13/14) - Personal Goal = 760

“Beware of little expenses. A small leak will sink a great ship” – Benjamin Franklin

Gardening since 3-26-15































Super Contributor
Posts: 9,541
Registered: ‎06-19-2013
0

Re: Gas Spending


VirtualCuriosity wrote:

Hmmm. Maybe I saw the math a little different.  Am I the only one who gets dinged $1 for using a card at the pumps?  The way it works out for me ends up pulling the 5% savings back down to average of 11c per gallon.  


do you mean you get 1 dollar pending charge ? If thats the case it will stay pending and you won't ever get charged that. If its not pending than I would see if you could find an different gas station to buy gas from 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Valued Contributor
Posts: 1,090
Registered: ‎04-03-2014
0

Re: Gas Spending

[ Edited ]

kfyoung wrote:

Im sure someone has posted something like this before but of the two:

 

  • 5% cash back on gas
  • 15 cents off per gallon

Which would you be using?

 

Thanks for your input. Cat Happy


^^^^

 

I'd be using the one that gives me the most money back or minimizes my cost. For example, let's say gas is $4.09/gallon and I buy 10 gallons.

 

If I go with 15 cents off/gallon, then I'd be paying $4.09-0.15=$3.94 x 10 gallons = $39.40

If I go with 5% cash back, then 10 x $4.09 = $40.90 * 0.95 = $38.86

 

Because $38.86 < $39.40 by 54 cents I choose the 5% cash back option since I pay less for 10 gallons at $38.86 with the 5% cash back option.

Credit Cards: AmEx Platinum (NPSL), Citi Prestige ($17.5K), Simmons ($5.5K), IberiaBank ($14K)
Personal Lines of Credit: U.S. Bank ($5K), Wells Fargo ($11.2K), Citibank ($11.8K), PenFed CU ($25K), LA Financial CU ($20K)
myFICO 3B Report (as of 4/30/16): Experian: Score 8: 786; Mortgage Score 2: 809 Equifax: Score 8: 801; Mortgage Score 5: 809 Transunion: Score 8: 796; Mortgage Score 4: 796
Utilization: 1%-2% (PIF monthly)
Last Hard Inquiry: 09/27/16
Established Contributor
Posts: 888
Registered: ‎09-10-2010
0

Re: Gas Spending


mongstradamus wrote:

VirtualCuriosity wrote:

Hmmm. Maybe I saw the math a little different.  Am I the only one who gets dinged $1 for using a card at the pumps?  The way it works out for me ends up pulling the 5% savings back down to average of 11c per gallon.  


do you mean you get 1 dollar pending charge ? If thats the case it will stay pending and you won't ever get charged that. If its not pending than I would see if you could find an different gas station to buy gas from 


You are correct.  That just made me feel better lol.  I pay the cards in full several times a month and never bothered to confirm on the statement that the pending charge is indeed removed each time.  Thanks for pointing that out.


TU713, EQ 731 , EX 726 (As of 12/13/14) - Personal Goal = 760

“Beware of little expenses. A small leak will sink a great ship” – Benjamin Franklin

Gardening since 3-26-15































Super Contributor
Posts: 9,541
Registered: ‎06-19-2013
0

Re: Gas Spending


VirtualCuriosity wrote:

mongstradamus wrote:

VirtualCuriosity wrote:

Hmmm. Maybe I saw the math a little different.  Am I the only one who gets dinged $1 for using a card at the pumps?  The way it works out for me ends up pulling the 5% savings back down to average of 11c per gallon.  


do you mean you get 1 dollar pending charge ? If thats the case it will stay pending and you won't ever get charged that. If its not pending than I would see if you could find an different gas station to buy gas from 


You are correct.  That just made me feel better lol.  I pay the cards in full several times a month and never bothered to confirm on the statement that the pending charge is indeed removed each time.  Thanks for pointing that out.


No problem i hate those gas station that put an 100 dollar pending not just the 1 dollar!!! Back on topic i will use credit almost every single time over cash. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.