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Old 01-27-2011, 04:57 PM   #16
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Gas Prices, Credit vs Cash


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He did sell the other two locations to convenience store outfits, so all was not a total loss.
Which brings up another good point - convenience stores. I work for a smaller city. There was a gas station that was going to come to town, but they wanted a liquor license to sell packaged liquor. They mayor did not want to grant an additional license and thought it in poor taste to sell liquor at a gas station. The gas station argued that they could not be profitable if they did not sell alcohol. In the end, the gas station was not built.

Now, a few years later, there are 2 more stations that want to come in, but with the same stipulation. They want liquor licenses or they say they can't turn a profit. One of them is to have a large car wash attached, the other was a "super pantry" type of location. Still, with those aspects they claim they can only make money by selling booze. I think gas is only to get people in the door anymore - there's not much profit in selling it.
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Old 01-27-2011, 05:24 PM   #17
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Gas Prices, Credit vs Cash


This is interesting to me because it works just the opposite for the fuel I buy.
If I use my Mobil/Exxon credit card (only at their stations, of course), I get fifteen cents off of the cash price of each gallon.
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Old 01-27-2011, 05:49 PM   #18
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Gas Prices, Credit vs Cash


I have friend with a store/gas station. If you just buy gas and use a Discover card, he loses money. He has to hope that you come inside and buy something else. Very few gas stations make more than 3-4 percent. My bank doesn't charge me when I use my card as debit or credit, but it charges the vendor. Very hard to make a profit in a gas station anymore.
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Old 01-27-2011, 06:10 PM   #19
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Gas Prices, Credit vs Cash


Debit cards are a credit card companies wet dream. They charge a fee to have your money immediately removed from your account.
With a credit card you get the use of free money for whatever the time frame is(shrinking as we speak).
It's taken about 30 years for the credit card "free money" train to slow down. If it wasn't for the imbeciles who carry a balance month to month, it would have been eliminated a while ago.
I tip my hat to the financially inept.
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Old 01-27-2011, 07:21 PM   #20
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Gas Prices, Credit vs Cash


the thing about this discussion that has always made me laugh is that according to the credit card companies, they will not allow a merchant to charge more for using a credit card BUT they are allowed to give a discount for customers paying in cash.....
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Old 01-27-2011, 09:04 PM   #21
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Gas Prices, Credit vs Cash


As for the fees, that is all changing anyway. When the new regulations go into place, credit card carriers will be limited to what they can charge for a transaction (usage fee) somewhere in the 1% range. Sounds great on the face, but the fact is, the credit card companies and banks are a for profit company and provide a service. Believe it or not, it costs money to keep those networks up and running.

That money will need to be made somewhere, most likely from charging consumers fees on accts if balances are not kept high. So my question now is, if these changes take effect and small businesses truly end up saving money from the usage fees, will we see them lower prices and pass on the savings to the consumer? Will the variance be smaller between the cash v credit price?.... I doubt it.
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Old 01-27-2011, 11:01 PM   #22
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Gas Prices, Credit vs Cash


I buy my gas from Costco, that is $0.05 to $0.10 under the market price and usually do so because they have convenient locations and I just top off when near by. In addition to the lower price, I get an extra 3% rebate on gas and other purchases at Costco plus a 1% rebate on other purchases if use use their AMEX card. When I buy gas elsewhere, I can get the 3%, but most stations do not accept an AMEX card, so I just use some other means for a discount or rebate.

It is not all about the payment method/type since the timing may be a bigger factor. For gas, I can save even more by not buying after noon on a Thursday or before noon on a Monday because all the local stations raise the prices on week-ends year around because of the amount of people heading out of town for the week-end (cabins, swimming, hunting, fishing and ice fishing, etc.). The week-end effect may not apply everywhere, but week-ends (especially getting out on Friday and back on Monday) can be important.

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Old 01-28-2011, 07:59 AM   #23
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AMEX is one of the most expensive cards for merchants. That 3% you get back, along with the air miles and other consumer rewards, has to come from somewhere. That's partly why they charge merchants. Expect to see some of those programs disapper or be reduced if the 1% cap is instituted.
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Old 01-28-2011, 08:02 AM   #24
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wow....that is robbery. In Australia there is law preventing such practices from retailers.....

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Old 01-28-2011, 08:42 AM   #25
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I buy my gas from Costco, that is $0.05 to $0.10 under the market price and usually do so because they have convenient locations and I just top off when near by.
Do you have to be a Costco member to buy gas from their gas stations?
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Old 01-28-2011, 08:44 AM   #26
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Gas Prices, Credit vs Cash


I don't see a problem with the practice of discounting a cash payment. It would be unfair if you had no choice,but you do you can pay cash and save 15 cents gal. Like plenty of people have stated the owner of the gas station pays a fee every time someone swipes plastic so from the owners point of view they are forced to discount the gas when you pay with a card. I personaly love being paid cash by people and it earns them a discount of the tax plus a few % then I go get gas and save a few % it's a win for everyone. "Cash is king" is still true with every thing cars,labor and materials just ask the next tradesman you hire how much a cash payment will save you.

btw they call me Jonny $Cash$
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Old 01-28-2011, 09:25 AM   #27
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hyunelan2 -

Yes you have to be a member to get the prices that are .05 to .08 below any local stations. You have to have a membership card to access the pump. You then have the choice of using different credit cards. I use my Costco AMEX to get the additional 3% discount in the form of a rebate that later can be cashed in or applied to the bill and my wife manages to buy a lot of groceries.

With 2 SUVs, it counts up, but the closest store is not just on the corner, but is 2 miles away and we go by there almost daily.

I have noticed that the Costco near my son's home (15 miles in a different suburb) is always cheaper than the one by me because the gas prices in his neighborhood, so the pump prices are dictated by the local market. Even at Costco, the prices here go up about noon on Thursday and down after noon on Monday because of the heavy week-end travel and filling during all seasons. - Now it is the snowmobile and ice fishing season when the migration occurs. In a two months, it will be cabin set-up season before the fishing and boating seasons.

Just plan ahead and do what works depending on the market and never buy too close to a freeway exit.

Dick
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Old 01-28-2011, 08:57 PM   #28
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Gas Prices, Credit vs Cash


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"Cash is king" is still true with every thing cars,labor and materials just ask the next tradesman you hire how much a cash payment will save you.
I tend to distrust anyone that quotes me a discount for cash, or for not needing a reciept. My feeling is if they aren't worried about ripping off the goverment, they will have no qualms about ripping me off. Plus I like the protection of using credit cards. When you pay cash you have no one on your side when things go south, if you didn't get a reciept you're even worse off. 10% discount for cash on an engine rebuild, no thanks...
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Old 01-28-2011, 10:55 PM   #29
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Gas Prices, Credit vs Cash


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I tend to distrust anyone that quotes me a discount for cash, or for not needing a reciept. My feeling is if they aren't worried about ripping off the goverment, they will have no qualms about ripping me off. Plus I like the protection of using credit cards. When you pay cash you have no one on your side when things go south, if you didn't get a reciept you're even worse off. 10% discount for cash on an engine rebuild, no thanks...

I never said anything about "no reciepts " if someone pays me cash and I hand them a reciept for services rendered paid in full whats the problem. Your "I am" still liable for your work without a reciept via verbal agreement and a copy of a signed work order that the "my" customers have before the work starts. Theirs an understanding between merchants and customers that you dont ask where the money came from or where it's going. When you go to a small market and pay cash and that merchant takes the cash and buys tires for their car and shoes for their kids does it bother you that they didnt pay a 35% tax on the money you gave them. "Cheat the gov." I'm not sure your being serious ?
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