“As Gas Prices Surge, Stations Now Hold Up to $175 of Your Money When You Swipe”
June 27, 2022
“Higher gasoline prices have led stations to raise the holds they put on cards by as much as 40%, a change that means overdraft risks for some…
When drivers insert a credit or debit card at the pump, the gas station doesn’t know how much fuel they will buy and it places a hold on the account for an amount set by the gas station. Merchants authorize the payment networks to lift the hold once the final total of the payment is determined, though the holds can take hours and sometimes longer to settle—raising risks of overdraft penalties for debit-card users and eating into credit limits during the holds..”
Some gas stations are also charging more if you use a card. Avoid all this nonsense by paying in cash. Cash is king.