Plastic Proves Less Filling at the Pump
If you've been dismayed by the price of gasoline this summer, you may have been equally dismayed to discover that when you drive away from the station your tank isn't as full as you thought it would be. According to an article on SmartMoney's web site, the high price of gas is revealing a little known credit card company policy that limits how much can be charged at the pump. Visa and Discover limit pay-at-the-pump expenditures to $50--less than half of what it takes to fill up a Chevy Suburban. MasterCard has a $75 limit. American Express varies its limit by gas station.
The rules are in place as an added identity theft safeguard since paying at the pump does not require a customer signature. Some gas station chains relax the rules a bit. For example, Exxon/Mobil allows charges to go $25 above the credit card companies' limits.
Matt's View
The one way around the limits is to sign for your purchase inside the station.
This article filed in: Credit/Debit Cards , Spending
Managing Money by The Book
- "Be joyful in hope, patient in affliction, faithful in prayer." - Romans 12:12
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