Save money at the pump: 4 ways to tackle soaring gas prices

Gas prices

In this article

  • There is a 40% spike in prices, the highest in 7 years.
  • Gas apps will help you find cheap gas near you.
  • Responsible credit card usage can reap high rewards at gas pumps.

Feeling the bump at the gas pump? The bad news is it’s not going to get any better soon. We have seen gas prices skyrocketing nationwide of late.

Today, the national average price of gas is $3.14 per gallon and that is a 40% spike in prices from January—the highest average in seven years.

With summer in full swing, we can all agree that the jump in gas prices is bad news. With Covid-19 restrictions being lifted, many have likely had their hearts set on summer road trips—and an extra 30 cents at the pump per gallon can put some serious strain on our wallets.

As the US reopens for business from the impact of the pandemic, commutes, vacation flights and road trips are all pushing fuel demand up. So, it’s fair to say that gas prices are only going to get higher, so if you’re worried about how you’ll manage higher gas prices? Here are some tips to save money while fueling up:

Make use of gas apps

Gas apps will help you find cheap gas near you. There are a handful of apps that show nearby gas stations and real-time prices of their gas.

GasBuddy is one such app that lets users update nearby gas prices. You can also search by current location, ZIP code and city. GasBuddy gives away free rewards cards for users that provide discounts on gas. Every time you swipe the rewards card, you’ll save up to 25 cents per gallon at the pump.

Greater rewards await

Why don’t you try and enroll in gas rewards programs? If you’re one of those with a favorite gas station chain you can benefit from enrolling in a rewards program. These programs reward returning customers by providing discounts every time they fill up. Here’s how the rewards plan works, you will earn two points for every $1 spent in convenience stores and carwashes. Every 100 points redeemed will give you a discount of $1 on your purchase. So, if you earn 5,000 points you can redeem a total of $50.

Grocery store rewards also await

With every trip to the grocery store, ensure to use the store rewards programs to your advantage. Most store chains have programs that provide gas rewards— like one fuel point for every $1 spent in the store. And purchasing gas at the same store provides the best redemption value of up to 1,000 fuel points for $1 off per gallon. At Shell stations, every 100 points can be redeemed for 10 cents off per gallon. Honestly, there’s no limit to how many fuel points you can earn every month so ensure to use them to maximize your discount.

Cashback with credit cards

Buy gas with a cashback credit card. Some cards have spending categories with high-percentage cashback amounts. Responsible credit card usage can reap high rewards at the gas pump, but just be sure to pay off your balance in full to avoid extra costs to cover the interest.

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This page is purely informational. Line does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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