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National Payment Card

Established Contributor

National Payment Card

My local gas station is offering a rewards card that awards a 10 cent/gallon discount for enrolling in its program. Basically, you link your checking account to the card - and when you swipe, the station withdraws the amount per ACH transaction to save them the 2% credit/debit card fee.

 

Does anyone have any feedback on this? I am a little hesitant to enroll and give anyone my checking information, but that discount would be terrific since none of my credit cards have rewards and gas prices are a pain in my rear Smiley Happy

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
Take the FICO Fitness Challenge
Message 1 of 8
7 REPLIES
Super Contributor

Re: National Payment Card

The only thing I would worry about is any authorization hold on your checking account.

12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 2 of 8
Valued Contributor

Re: National Payment Card

CreditCrusader - I read this post this morning and thought about it.  It's genious on the part of the gas station!

 

Go for it.  Smiley Happy

 

And as marty56 recommended - watch your bank authorizations.  I think after the first few times you will have a pretty good feel for how much they pre-authorize and how soon the transaction goes through.

 

Is this a chain gas station or just a local mom & pop one?

Message 3 of 8
Community Leader
Epic Contributor

Re: National Payment Card

As with any transaction that discloses your personal account information, there are chances for fraud or identity theft.

However, there are also statutes for your protection.  Since you know the creditor, it would be fairly apparent where at least the source of any issue of fraud or identity theft lays.

I dont think it is a huge risk.

My bigger concern would be to make sure you always have the funds in your account to cover any purchase.

Message 4 of 8
Established Contributor

Re: National Payment Card


IOBA wrote:

CreditCrusader - I read this post this morning and thought about it.  It's genious on the part of the gas station!

 

Go for it.  Smiley Happy

 

And as marty56 recommended - watch your bank authorizations.  I think after the first few times you will have a pretty good feel for how much they pre-authorize and how soon the transaction goes through.

 

Is this a chain gas station or just a local mom & pop one?


It's a Rickers/Marathon station in Indiana...and I agree...I think this idea is a winner.

 

Someone above mentioned concern about authorization holds...a valid concern, to be certain, so I asked the staion about it. They said coming into the station and pre-paying for a specific amount means a fixed purchase, whereas pay-at-the-pump may be subject to the authorization.

 

I think I'll err on the side of caution and pre-pay...10 cents off per gallon! Smiley Very Happy

 

Thanks for the feedback everyone!

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
Take the FICO Fitness Challenge
Message 5 of 8
Established Contributor

Re: National Payment Card


IOBA wrote:

CreditCrusader - I read this post this morning and thought about it.  It's genious on the part of the gas station!

 

Go for it.  Smiley Happy

 

And as marty56 recommended - watch your bank authorizations.  I think after the first few times you will have a pretty good feel for how much they pre-authorize and how soon the transaction goes through.

 

Is this a chain gas station or just a local mom & pop one?


Update: Enrolled today...they send small ACH deposits to validate the account (smart) and require a PIN to be established for both validation AND purchases (even smarter).

 

Sounds like a good way to save $$$ on gas. Thanks again all!

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
Take the FICO Fitness Challenge
Message 6 of 8
Valued Contributor

Re: National Payment Card

CreditCrusader --- that is great!  The business sounds like it's thought this one through.

Message 7 of 8
Mega Contributor

Re: National Payment Card


CreditCrusader wrote:

IOBA wrote:

CreditCrusader - I read this post this morning and thought about it.  It's genious on the part of the gas station!

 

Go for it.  Smiley Happy

 

And as marty56 recommended - watch your bank authorizations.  I think after the first few times you will have a pretty good feel for how much they pre-authorize and how soon the transaction goes through.

 

Is this a chain gas station or just a local mom & pop one?


Update: Enrolled today...they send small ACH deposits to validate the account (smart) and require a PIN to be established for both validation AND purchases (even smarter).

 

Sounds like a good way to save $$$ on gas. Thanks again all!


Sweet!!!! I get my gas at Sam's Club around the same discount.




EQ FICO 548 3/3/16
Message 8 of 8