Comments on: My Gallons http://wideopenwallet.com/2008/07/my-gallons/ An honest look at family finances Thu, 18 Mar 2010 01:16:44 +0000 http://wordpress.org/?v=2.5.1 By: Mark http://wideopenwallet.com/2008/07/my-gallons/#comment-9586 Mark Fri, 22 May 2009 04:51:10 +0000 http://wideopenwallet.com/?p=175#comment-9586 www.moregallons.com Entirely different concept. Enough said. http://www.moregallons.com Entirely different concept. Enough said.

]]> By: Cg http://wideopenwallet.com/2008/07/my-gallons/#comment-3378 Cg Wed, 17 Dec 2008 06:07:48 +0000 http://wideopenwallet.com/?p=175#comment-3378 There is always risk with a new method of business and solvency of your supplier is always important. Economy of scale is important. If only five consumers sign up this business (like any other) would fade not succeed. That said, I believe this business model has immediate appeal to the consumer. One way this system could work is using the deposited money to buy commodities or other financial instruments that represent the risk in prices of gasoline or oil. For example there are exchange traded funds that track these types of commodities. These could then be sold to cover the price of the redeemed gallons. This is better than say buying gold and other unrelated commodities which may devalue in relation to oil and its derivative products. If this business plan works and they get the card transaction system working soon, I look forward to joining in. With respect to other comments, I do expect to have the information up front (i.e. costs in my area) to be able to make an informed decision when the business is live. A big problem with early websites at the end of the last century was having to effectively place the order to find out the total cost. There is always risk with a new method of business and solvency of your supplier is always important. Economy of scale is important. If only five consumers sign up this business (like any other) would fade not succeed. That said, I believe this business model has immediate appeal to the consumer.

One way this system could work is using the deposited money to buy commodities or other financial instruments that represent the risk in prices of gasoline or oil. For example there are exchange traded funds that track these types of commodities. These could then be sold to cover the price of the redeemed gallons. This is better than say buying gold and other unrelated commodities which may devalue in relation to oil and its derivative products.

If this business plan works and they get the card transaction system working soon, I look forward to joining in. With respect to other comments, I do expect to have the information up front (i.e. costs in my area) to be able to make an informed decision when the business is live. A big problem with early websites at the end of the last century was having to effectively place the order to find out the total cost.

]]> By: Dave http://wideopenwallet.com/2008/07/my-gallons/#comment-1722 Dave Wed, 01 Oct 2008 17:40:44 +0000 http://wideopenwallet.com/?p=175#comment-1722 They get you (make money) when you overdraft on your prepaid acct. Something like 15-30$ of overdraft charges each time. Also, the $1.95 fee to reload. I was excited about this at first. My AMEX card gives me a 3% rebate on gas which I would lose if I did this plan. I've been to the site several times, and still have unanswered questions. LIke, if I were to sign up today, how soon could I lock in gas prices? And what is the current lock-in rate for my area? It seems I won't know that until I sign up and send them my membership $$$. I know it takes 3-6 weeks to get the "Gas Debit card" once I were to sign up. Too many unknowns. Uneasy feeling about this whole deal. I drive for a living and have an electric car on order, so saving money on gas is a big deal to me. I gave this a chance, but have little confidence in the program in the future. And if I did do it, I'd want to lock in large amounts like $3-5K. I'd be a little bit peeved if they all of the sudden went under. They get you (make money) when you overdraft on your prepaid acct. Something like 15-30$ of overdraft charges each time. Also, the $1.95 fee to reload. I was excited about this at first. My AMEX card gives me a 3% rebate on gas which I would lose if I did this plan. I’ve been to the site several times, and still have unanswered questions. LIke, if I were to sign up today, how soon could I lock in gas prices? And what is the current lock-in rate for my area? It seems I won’t know that until I sign up and send them my membership $$$. I know it takes 3-6 weeks to get the “Gas Debit card” once I were to sign up. Too many unknowns. Uneasy feeling about this whole deal. I drive for a living and have an electric car on order, so saving money on gas is a big deal to me. I gave this a chance, but have little confidence in the program in the future. And if I did do it, I’d want to lock in large amounts like $3-5K. I’d be a little bit peeved if they all of the sudden went under.

]]> By: paul http://wideopenwallet.com/2008/07/my-gallons/#comment-1132 paul Thu, 04 Sep 2008 22:41:05 +0000 http://wideopenwallet.com/?p=175#comment-1132 u guys are all fools. its fullproof. theres no risk. whats the risk? u just buy now. like the stock market. easy as pie. if the value goes down, then dont use your gas card fools! just pay normal! think! seriouslY! u guys are all fools. its fullproof. theres no risk. whats the risk? u just buy now. like the stock market. easy as pie. if the value goes down, then dont use your gas card fools! just pay normal! think! seriouslY!

]]> By: My “Secret” to Feeling like a Million Bucks - Mind Your Decisions http://wideopenwallet.com/2008/07/my-gallons/#comment-455 My “Secret” to Feeling like a Million Bucks - Mind Your Decisions Mon, 21 Jul 2008 08:19:09 +0000 http://wideopenwallet.com/?p=175#comment-455 [...] Review of MyGallons.com by Wide Open Wallet. Reminds me of the adage of “Heads I win, tails you lose” for prepaying gasoline. The company wins if gas prices go down, but you might lose if gas prices go up and they don’t have money to pay. [...] [...] Review of MyGallons.com by Wide Open Wallet. Reminds me of the adage of “Heads I win, tails you lose” for prepaying gasoline. The company wins if gas prices go down, but you might lose if gas prices go up and they don’t have money to pay. [...]

]]> By: Ashley http://wideopenwallet.com/2008/07/my-gallons/#comment-374 Ashley Fri, 11 Jul 2008 20:56:06 +0000 http://wideopenwallet.com/?p=175#comment-374 To chacha: Great points! Investing the money people give them today while they wait til it is redeemed. I hadn't thought of that. To chacha: Great points! Investing the money people give them today while they wait til it is redeemed. I hadn’t thought of that.

]]> By: chacha http://wideopenwallet.com/2008/07/my-gallons/#comment-373 chacha Fri, 11 Jul 2008 20:37:31 +0000 http://wideopenwallet.com/?p=175#comment-373 Well, part of the money they will make is from interest. People pay them for gas but won't redeem it right away. They'll hold onto their cards until they think the price per gallon is high enough to warrant using it. The whole time, MyGallons is probably investing that money is stocks, bonds, whatever, who knows what. The other piece is they may be banking on people never redeeming their "gallons" and forgetting about it. Happens all the time with gift cards at stores/restaurants. Plus the fee they charge. So, it seems there is money to be made - but whether it's enough for the company to stay afloat is the question. Great post! Well, part of the money they will make is from interest. People pay them for gas but won’t redeem it right away. They’ll hold onto their cards until they think the price per gallon is high enough to warrant using it. The whole time, MyGallons is probably investing that money is stocks, bonds, whatever, who knows what.

The other piece is they may be banking on people never redeeming their “gallons” and forgetting about it. Happens all the time with gift cards at stores/restaurants.

Plus the fee they charge.

So, it seems there is money to be made - but whether it’s enough for the company to stay afloat is the question.

Great post!

]]> By: JB http://wideopenwallet.com/2008/07/my-gallons/#comment-368 JB Fri, 11 Jul 2008 12:48:15 +0000 http://wideopenwallet.com/?p=175#comment-368 Good review and summary. I have never heard of this web-site either... it's an interesting idea. But I agree with you... this doesn't sound like it's going to work. And hopefully in the near future we'll figure out how to get away from gas all together - that would mess up their business plan pretty good. Good review and summary. I have never heard of this web-site either… it’s an interesting idea. But I agree with you… this doesn’t sound like it’s going to work. And hopefully in the near future we’ll figure out how to get away from gas all together - that would mess up their business plan pretty good.

]]> By: Livingalmostlarge http://wideopenwallet.com/2008/07/my-gallons/#comment-361 Livingalmostlarge Thu, 10 Jul 2008 20:12:39 +0000 http://wideopenwallet.com/?p=175#comment-361 How about this? How do you know it will be accepted in your state even? It might only be available in specific states and even then only specific gas stations will take the money. Thus by that logic if stations try it out for 1 month, don't like it and drop out by the time you finish using the card in 6 months maybe no stations take it anymore??? Eek. Huge risk, bad idea. How about this? How do you know it will be accepted in your state even? It might only be available in specific states and even then only specific gas stations will take the money.

Thus by that logic if stations try it out for 1 month, don’t like it and drop out by the time you finish using the card in 6 months maybe no stations take it anymore???

Eek. Huge risk, bad idea.

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