ATLANTA ? Across the country, the price of gasoline has edged closer to ? and, in some places over ? $4 a gallon. Skyrocketing pump prices hurt consumers, but can benefit oil companies and another business ? credit card companies. That?s because credit card firms make a percentage each time a fill-up is charged, WSB-TV reports.
Credit card companies rake in between eight and 10 cents on each gallon of gasoline bought with a credit card. ?Although it doesn't show up on your statement, it shows up in the price of gasoline because retailers pay anywhere from 2 to 3 percent of the purchase to credit card companies when you use plastic,? said Jim Tudor, president of the Georgia Association of Convenience Stores.
?Our customers think we're making all this money, and we're some of the first people they get angry at,? said Tudor, adding that higher pump prices hurt in-store sales, too.
Some convenience stores are trying different promotions to lure customers inside the stores, like an Atlanta QuikTrip location that gave away free pastries.
?Gasoline is not where we make profit, so if all of your money is spent at the gas pump, our model doesn't work,? explained Tudor. He added that retailers would probably soon advertise lower pump prices to drivers who pay cash.�
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