Is Your Bank To Blame for Pain at the Pump?

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Visa and MasterCard both cap unregulated debit car transactions for gas at $0.95. MasterCard caps credit card interchange on gas at $0.95 for sales over $50.00. The Visa credit card interchange rate for gas has remained unchanged at 1.15% + $0.25 since 2008. You might think that's too high, but it's certainly not getting higher and higher every year.

Dave of VT 3:38PM April 13, 2012

what is low personel going get back the bank the only thing is pay cash at the pumps.

larry vrooman of SD 9:44PM April 12, 2012

I always pay cash at the pump. I wish everyone else would, too.

CindyS of RI 5:40PM April 12, 2012

What a crock article!
In their agreement with the credit card companies, the retailers CANNOT charge extra when a credit card is used - they can only charge the set retail price for the item(s).
Further, the card fees generally are more per gallon than the profit margin, so the convenience store usually LOSES money on CC gas sales - they use gas as a loss-leader to get customers to purchase other, higher profit margin items.
Don't blame the prices on the convenience stores.

junior of DC 3:12PM April 12, 2012

If I read this article correctly it states that it will cost me up to 8 cents per gallon to pay with my card and since I have a 20 gallon tank that means my cost could be around $1.60.
So it only costs me $1.60 to avoid going into the station to wait in line to pre-pay for my gas? Best $1.60 I'll spend that day.

Paul D of CO 12:13PM April 12, 2012

This is Marcy from MasterCard Communications. There are several inaccuracies in the debate on gas prices. MasterCard sets the record straight here http://bit.ly/HAQJY9

Marcy of NY 12:00PM April 12, 2012