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For individuals who hit the road to travel this summer, there’s excellent news: Gas prices are substantially lower than they were last 12 months.
“What a difference a 12 months makes,” said Andrew Gross, a spokesperson for AAA, the motoring and leisure travel membership organization.
As of Friday, the national average for a gallon of gas is $3.58, down from $5 one 12 months ago, in keeping with AAA.
Last 12 months’s high prices made headlines, and even prompted politicians on the state and federal level to call for gas tax holidays.
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This 12 months, those concerns have abated. Barring any surprises during hurricane season, the outlook for gas prices is usually stable, Gross said.
“Straight away, we do not see anything that is going to push prices either up or down,” Gross said.
The national average will probably stay within the range of $3.50 per gallon, he said.
That is excellent news for travelers, as prices for other categories resembling airfares and hotels are up this 12 months, in keeping with Ted Rossman, senior industry analyst at Bankrate and CreditCards.com.
A recent Bankrate survey found 63% of adults plan to take a summer vacation this 12 months, up from 61% last 12 months.
“People wish to go somewhere, they wish to do something,” Rossman said. “There’s still lots of pent-up demand that backed up through the pandemic.”
Yet, higher costs are also prompting people to look for methods to save lots of, he said.
Bankrate’s survey found 80% of travelers are planning to regulate their plans attributable to inflation.
Opting to drive as an alternative of fly was one in every of the more common changes, Rossman said. Other ways people need to cut costs is by selecting cheaper accommodations or destinations, or by traveling for fewer days.
Even while gas prices aren’t as high this summer, there are still several ways to contemplate ramping up your savings in the event you or your loved ones plan to take a road trip.
1. Search for a very good gas rewards bank card
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Some bank cards may provide you with as much as 5% money back on gas, in keeping with Rossman. That features brands resembling Chase Freedom Flex and Discover it Money Back, he said, that are offering that rate between July and September.
Sam’s Club also offers certain cards that can allow consumers to earn a reimbursement on gas.
Additionally it is worthwhile to envision the perks your existing bank cards may offer, Rossman said.
“You could have a very good gas rewards bank card and never even know it,” Rossman said.
Of note, it is usually best to avoid gas-branded cards, which can include high 30% annual rates of interest and limited discounts on gas purchases, he said.
2. Try stacking discounts
Along with using a bank card with good gas rewards, drivers may save by utilizing apps to assist them find higher gas prices, resembling Upside or GasBuddy.
Drivers also needs to look to stack offers where they’ll. A bank card may offer 5% money back on gas, and a gas station app may provide a ten% offer per gallon, Rossman said.
“That is two ways to save lots of as an alternative of 1,” he said.
3. Double-check your automotive rental coverage
Rental cars are also comparatively cheaper this 12 months, Rossman said.
Should you’re pondering of renting a automotive, be sure you double-check whether your bank card may already offer insurance coverage.
“A variety of times, bank cards have various travel perks in-built that folks may not even realize they’ve,” Rossman said, which may include provisions for trip delays or cancellations in addition to lost or delayed luggage.
