OKLAHOMA CITY, Okla.–With gas prices punching the accelerator and affecting the finances of most U.S. families, several credit unions have staged gas-giveaway promotions, while at the same time, all credit unions are at risk of losing some card-holding members as consumers switch to warehouse club cards to save at the pump.
In Oklahoma City, customers at the QuickTrip were surprised to find Tinker FCU picking up the tab for at least part of a tank of gas.
“We love to support our fellow Oklahomans, our communities, local business owners,” TFCU’s Breely Christian told KFOR.
The giveaway was part of a promotion called “ It’s On Us” in which employees randomly handed out $25 gas cards to QuikTrip customers as a way to simply give back and make someone’s day.
“We wanted to do a give back, with no strings attached. You don’t have to be a member,” Christian told the news outlet. “We know that when the gas prices go up, it affects everyone, and we are not solving the problem, but we are doing our best to give back.”
Teams set up at both the Oklahoma City and Moore QuikTrip locations, and it didn’t take long to give out 60 cards at each location, KFOR reported.
Random Act of Fuel-Ness in San Diego
Separately, in California, San Diego County Credit Union® (SDCCU on April 10 hosted Random Acts of Kindness events at gas stations throughout San Diego County, surprising drivers by filling up their tanks at no cost in an effort to support local communities and easing everyday costs, according to the credit union.
“Everyday costs like gas can quickly add up for families across our community,” SDCCU President and CEO Teresa Campbell said in a statement. “As a not-for-profit financial institution and member-owned credit union, we are committed to finding meaningful ways to support our communities. We’re proud to offer this initiative to help ease the financial pressure many are facing.”
During the events, SDCCU team members randomly select vehicles and cover the cost of a full tank of fuel,
Gas Prices Drive Switch in Cards
Meanwhile, rising gasoline prices are prompting some consumers to join warehouse clubs and sign up for co-branded credit cards in an effort to cut fuel costs, with Costco increasingly among the beneficiaries.
According to Business Insider, some consumers are purchasing Costco memberships specifically to access lower gas prices and pair them with the retailer’s co-branded credit card, which offers elevated cash-back rewards on fuel purchases. In one example cited by Business Insider, a consumer calculated that combining discounted gas prices with credit card rewards could produce savings of roughly 10%, enough to offset the annual membership fee.
A separate Business Insider report said higher gas prices are also influencing where consumers choose to fill up, with some drivers willing to travel farther to Costco locations because of the perceived savings. The publication noted that, for frequent drivers, fuel savings alone can justify the cost of membership.
The Pricing Advantage
Kiplinger reported that warehouse clubs, including Costco, often price gasoline between approximately five cents and 25 cents below local averages, giving members a consistent edge at the pump. Similarly, MarketWatch reported that Costco gas prices can run about 20 cents per gallon lower than nearby competitors, making the retailer a frequent recommendation for consumers seeking to reduce fuel expenses.
Costco’s co-branded Visa card offers up to 5% cash back on gasoline purchases at its stations, subject to an annual cap.
Analysis cited by AOL found that savings of around $0.20 per gallon could allow members to recoup the cost of a Costco membership within months, depending on driving habits. Business Insider similarly reported that drivers purchasing several hundred gallons of gas per year could offset membership costs through fuel savings alone.
