Five Easy Ways To Save At The Gas Station

From Timing Your Buying To What Type Of Plastic To Use And How To Use It, Vera Gibbons Has Tips

(CBS)  Gas prices are much lower than at this time last year, for sure, but they've been rising steadily lately.

The national average for a gallon is $2.54, up 47-cents from last month, according to AAA.

As attention begins to be refocused on the price at the pump, Early Show financial contributor Vera Gibbons has several recommendations to help your bottom line, and she shared five on the show Thursday.

Buy Gas on Wednesdays

Statistics show gas is least expensive on Wednesdays, right before prices are hiked for the weekend. That's not true every single week, but is over a large number of days. Keep in mind that gas also tends to rise right before a holiday, so fill up about three days beforehand if possible.

Use Debit Cards Cautiously

When you swipe a debit card at the pump, neither the bank nor the gas station knows how much you're going to spend until you're done pumping. To make sure you have the funds to cover the purchase, some stations ask banks to automatically set aside a chunk of your money.

That amount used to be $20. But in this age of rising prices, stations have started asking banks to hold $50 or even $100. It can take up to three days for the station to let the bank know exactly how much you spent. But in the meantime, if you spent $10, your account could show that you spent $50. If your funds are running low, you could easily wind up bouncing a check. And those overdraft fees are onerous!

To clarify: This only happens when you pay at the pump, because you have to swipe your card before you begin filling up. If you pay inside at a gas station, it's clear how much you've spent, and you'll be charged that exact amount.

Research Your Repairs

When money is tight, car owners tend to skip scheduled maintenance visits. But that's a bad idea that can wind up costing you more down the road. That said, you want to do everything possible to get a good deal when you take your car into the shop.

It used to be that you could take your car to your local gas station and get a decent tune-up. Those days, of course, are gone. Now, you face a myriad of options, and that's key -- remembering you have options. You're not obligated to take your vehicle to a dealership for its scheduled maintenance.

Consumer Reports recently reported that independent mechanics tend to be less expensive than dealers, and consumers are generally more satisfied with them. But experts don't necessarily recommend independent shops over dealers: It all depends on the individual businesses. All dealers are not the same; Consumer Reports found that different dealers quoted vastly different prices for standard maintenance appointments.

When you shop around, make sure you know what's included in the quoted price. Your owner's manual lists exactly what the manufacturer thinks your car needs done to keep it running well. Dealers sometimes want to include additional stuff; independent shops may not cover everything on the list.

[dragyn30]

Perhaps they should be specific on what banks create such "holds" because neither my bank, my daughter's nor my husband's bank hold such a large amount, the transactions for the exact amount pumped hits the account within minutes and no additional holds are placed. Better investigation should have been done before a blanket statement like this was made.

Also in New Jersey patrons cannot pump their own gas for insurance reasons, so I have been told, so you must place you card in the pump and since most stations now have a price differential for paying either cash or credit, the card is required to activate the pump and the card remains in the reader slot until the action is complete it is not swiped. If you want to avoid such fees stop at a MAC and get cash it is easier. You cannot go in side to pay for fuel, at least not in NJ. There are stations in Pennsylvania that do this, but they are self-service.