Don't get gassed at the pump
Buying gas for the car is a bona fide treat these days, what with having to take out a second mortgage to fill up an SUV. But there's a hidden headache beneath the sting of $3-plus per gallon--a potential freeze on your credit card.
Most of us use a debit card for modest, quick purchases--including filling up the car. Problem is, if you use a debit card, your bank can freeze assets in your bank account for a certain amount of time. If you use your debit card without using your PIN (in other words, like a credit card) an immediate "hold" can be put on funds in your account that can last for hours and sometimes days, effectively reducing the amount of cash you can use. Holds can runs as high as $75. That can prove embarrassing if, after getting gas, you only have a few bucks left in your account and try to buy a gallon of milk and a sack of Hi Hos.
Most of us try to avoid using a credit card for small purchases--it can hold down debt levels-but, when it comes to the pump, debit is the route to take.
Jeff
posted by Jeff Wuorio at
5:45 AM
2 Comments:
Yes. My sister found this out the hard way. Not only could she not purchase a twix, she couldn't pay for the tires she was on her way to purchase. I never had this problem with my bank though. However, since I don't like tempting fate, I adhere to this rule and use my pin.
Gas is a pain (pun intended) these days, yes. I travel a short distance across a state line to save about .20 cents per gallon. Then, I pay cash to save another .2 cents. The station does not offer this discount for customers using debit or credit cards. Cash is still king, even though it's a pain to get out of your car and walk in to pay. I'll do just about anything to save on bills and so I'm happy to stand in line for a few minutes a week to save nearly a tank of gas each month.
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