Credit Card Companies Benefit From High Gas Prices
It’s just too convenient to use credit cards at the gas pump these days. And the increasing cost of filling up just isn’t helping matters.
A Providence Journal article labeled credit card companies as a major beneficiary of high gas prices. When gas prices are high, 80 to 90 percent of consumers use credit cards to pay at the gas pump, rather than the 60 to 70 percent of gas purchasers that normally use credit. That story jives with a number of recent articles discussing how Americans are increasingly using credit cards to pay for the necessities - food and gas.
The use of credit cards to pay for gas is showing up in another statistic: gas purchases are now the #1 credit card expense for teens - beating out clothes for the number one spot, according to an ABC affiliate news story.
