7:00 AM EDT, March 14, 2012
Ben Woolsey of CreditCards.com warns against the pitfalls of using your credit or debit card at the gas pump.
The first problem: Woolsey says station owners sometimes put limit on transactions of $75 to $125. Given fast-rising gas prices, it’s possible some gas guzzlers won’t be able to fill up.
The other problem: Your card company can put a block or hold on your card – reducing the credit limit — when you’re making a purchase at the pump. The block is temporary, lasting up to $72 hours, but limits your line of credit by $75 to $100, Woolsey says.
This is a problem for credit cardholders who are near their limit or debit card users who carry low balances. You could trigger fees.
Some solutions: Check out CreditCard’s gas card comparison chart for a gas card that gives discounts on fuel, Woolsey says.
And if you have a supermarket loyalty card, it may be good for discounts at some gas stations. You can save as much as 30 cents a gallon, he says.
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