Drivers use credit cards to manage gas pain [View All]

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Drivers use credit cards to manage gas pain
Reuters
By Janet McGurty
Updated: 5:41 p.m. ET Aug. 23, 2005

NEW YORK, Aug 23 (Reuters) - U.S. drivers are relying more on credit cards to cushion the pain of high gasoline prices than they have in the past, according to the National Association of Convenience Stores.

Convenience stores, which sell about three-quarters of all gasoline sold in the nation, have seen the use of credit card purchases for motor fuel rise to 70 percent from about 54 percent last year, according to the industry group.

And drivers are seen reaching into their pockets for plastic more often as they try to stretch their budgets.

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And with a credit card, that $2.60 plus a gallon can easily morph into $3.00 a gallon if the consumer doesn’t pay off all charges immediately and finance and interest charges start to accrue.

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