Buying fuel options?

[69Stang]

Bank of America Debit Card pays me 3% back on fuel quarterly. 1% and 2% on other purchases.

[BOOZE TRAVEL]

We each have separate cc’s. I use mine exclusively to track what and where I spend money on. I get usually 2-5% cash back. I also carry a debit card in case the cc denies me, usually due to location and I don’t want to wait for the email asking [mod edit]?
We pay the balance each month, so it is free money. The cc companies are betting you don’t pay it off each month. I am a looser for them. They also charge vender between 1.5-5% and hold deposits for usually 3 days on the retail end so they still make their $.

[Funding Fun]

At this age carrying CC debt is counter-productive. It's all about who's using who's money. Borrowing money from yourself is fun!!

[awol50]

Originally Posted by tcg

Where is the money coming from to give you your money back?

Are credit card companies losing money to be nice to you?

Answered well by others. BTW, I carry no month to month balances, so the cc companies get nothing from me but a lump of coal.

[tcg]

Originally Posted by Funding Fun

Don't use debit cards as debit cards at the pump...select the CC option, often when it asks you..."is this a debit card?". Hit "NO" and then it will ask for zip code...most of the time but not your PIN. The more personal info you feed into someone else's computer, the more likely you are to be compromised. We have a separate account we use for travel, CG's, fuel, etc., and transfer small amounts into as needed. If it's ever compromised it will be easy to track when and where it happened. AND, I never hand over any card to a server at a restaurant, cashier at fuel stop or anywhere else. I will walk with them to the point of transaction and watch what they do. Things are different today...trust very few!!

I also choose not live in fear. As I said I'm covered for fraud so I'm not losing sleep over it.

[tcg]

Originally Posted by docj

Rewards cards generate your "rebate" from the fees paid by merchants to process credit card transactions. As someone who has had a "merchant account" for credit card processing, I can say that rewards cards often cost the merchant more to process, depending on how his account is structured.

Even though your rebate may sometimes exceed the fees associated with specific transactions, the credit card company is betting that you won't, for example, make all your purchases at places where you get a 5% rebate.

Here's an article on how this all works: https://www.forbes.com/sites/roberth.../#509da25ba444

I knew that but thank you for taking the time to post it.

My point was consumers are paying for the rewards in higher cost of goods to cover those merchant fees.

As the article states credit card companies are making most of their profit through merchant fees. Us consumers are the ones paying those fees in higher cost for things.

[awol50]

Originally Posted by tcg

I knew that but thank you for taking the time to post it.

My point was consumers are paying for the rewards in higher cost of goods to cover those merchant fees.

As the article states credit card companies are making most of their profit through merchant fees. Us consumers are the ones paying those fees in higher cost for things.

Not so much as you may think. Merchants trade a fee for fast settlement. No bounced checks. Cash control problems, etc.
There probably is some real cost to merchants, but since they all do it, not much of a competitive disadvantage.
You not doing credit cards changes nothing in a country of 340m people.

[Funding Fun]

"I also choose not live in fear."

WTH does this statement have to do with anything?? Live in fear??? That's the funniest thing I've read here yet!!!!

[tcg]

Originally Posted by Funding Fun

"I also choose not live in fear."

WTH does this statement have to do with anything?? Live in fear??? That's the funniest thing I've read here yet!!!!

I'm not walking with my waitress and my card to the billing station out of fear of the waitress running a skimming operation out of the kitchen.

[Gordon Dewald]

Rebates are a very neat scam. Raise the prices and then rebate some money. Customer loyalty is assured along with higher prices.

[Funding Fun]

And your ill choice of words is "fear". That's stupid!!

[tcg]

Originally Posted by Funding Fun

And your ill choice of words is "fear". That's stupid!!

Why walk with the waitress then? What word would you use?

If you're not afraid she's going to do something with your card why escort her?

Is paranoid a better word?

[rbradd]

Originally Posted by Dutch Star Don

Second, we use the PenFed (Pentagon Federal Credit Union) credit card. You have to join their credit union and deposit (I think) a $1000. It used to be $200.00. Once a member, you get 5% off of fuel purchases. Not, 5 cents, but 5%. The only caveat is that you must pay at the pump. The discount comes on your bill each month.

Interesting, you must have a 'grandfathered' credit card with Penfed, mine gives me 5 "points" per dollar spent. I wish I had yours instead.
Rick

[docj]

Originally Posted by rbradd

Interesting, you must have a 'grandfathered' credit card with Penfed, mine gives me 5 "points" per dollar spent. I wish I had yours instead.
Rick

My Sam's Club MasterCard gives me 5% back on all fuel purchases, 3% on restaurants, hotels, RV parks, and 1% on everything else.