Jul 8 2008 9:11AM | Permalink | Email this | Comments (0) |
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With fuel prices soaring, a lot of people are looking for ways to save. One thing you might want to avoid is the services popping up that allow you to pre-purchase gas now and use it later when prices go up. (For example, you buy 200 gallons now at $4.10 a gallon, then redeem them when gas hits $5, thereby saving you $180, in theory.) The idea is that it saves you money similar to the "$2.99" promotion Chrysler is running now.

Typically, these services charge an annual fee to be a member, plus transaction fees, etc. Plus, there's no guarantee that the company won't go out of business, taking your money for the gas you "bought" with it. 

The most prominent example has been MyGallons, which recently received an F rating from the Better Business Bureau, because the company claimed in its advertising to be working with U.S. Bank, when in fact it is not. In its defense, the company says it had a deal in place with U.S. Bank and that the bank backed out. But frankly, if they had my money, I wouldn't care why the deal broke down, just that it did.