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Petrol: Morrisons launches Fuel Saver scheme
Petrol: Morrisons launches Fuel Saver scheme
Morrisons has launched a new Fuel Saver scheme designed to help cash-strapped drivers save on the cost of fuel.
But like the Incahoot scheme we looked at back in May (see Incahoot PLUS: a new way to earn cashback and save money on your shopping) you may have to rethink how you spend money and confront your spending habits in order to make the most out of the deal.
The painfully high cost of fuel is a big concern for motorists right now.
But we all have our own little tricks to help cover the costs. Some steer clear of motorway petrol stations to avoid paying over the odds. Others target the cheapest pence per litre deal within range of home or work. For more on saving on fuel read: how to find the cheapest diesel and petrol prices.
But increasingly drivers are finding savings at supermarket petrol stations. The trade-off normally works by spending a certain amount on the weekly shop at a supermarket in order to receive money off at the store’s garage.
This is great for families, but not everyone who has a car needs to do a regular shop of that size.
Morrisons is trying something a little different.
How it works
The scheme operates around purchasing gift cards in order to buy items you would have done anyway. You then receive money off fuel at one of Morrisons’ 476 UK stores.
There are 34 retailers to choose from including Cineworld, Halfords, iTunes, Pizza Express, Debenhams, House of Fraser, Toys 'R' Us, Toni & Guy, Homebase and Boots.
Customers can buy any card in-store, and they will then receive a voucher to spend on fuel. The only catch is that there is a £10 minimum spend on all the cards, but no there is no maximum.
You can use more than one coupon per transaction (so one gained for a Boots card and one for a Pizza Express card can be combined).
For each £10 loaded onto a gift card you are able to get 1p off every litre of fuel at Morrisons’ garages.
It can get a bit complicated trying to work out how much you can save, but Morrisons has a calculator which can help.
It has five categories - fashion, beauty, entertainment, home & leisure and dining - accompanied by sliders to alter how much you plan to spend on each. The calculator will then tell you how much you could save if you used a selection of gift cards to pay for all those things.
Morrisons claims motorists can typically save 6%, based on filling up a 60 litre car.
[SPOTLIGHT]So, if you were to spend £200 at Homebase for a DIY project (see how online videos can save you money before you begin), by loading this fund onto a gift card instead of paying by other methods you could save 20p off every litre of fuel at your next visit. On a typical 60-litre fill-up that’s a saving of £12.
Morrisons believes the scheme will mean that customers may never need to pay the full price of petrol again. This is true if your favourite high street shops include the retailers Morrisons has partnered with and you regularly spend money there.
If you are organised and plan how you spend you could be making savings. By swapping cash, credit or debit card for a gift card you get rewards on things you were planning to buy anyway.
Plus you can use multiple Fuel Saver coupons, so you are not limited to one per shop and could potentially get a whole tank for free.
You don't have to sign up for anything so motorists that know about this scheme can make a saving whenever they like, whether buying a gift card as a present or to fund a purchase elsewhere.
But there are some potential downsides too.
Knowing in advance what you’re going to spend is a big factor in getting the most out of this scheme. But not everyone plans their purchases, which could be a barrier to savings. A Morrisons Fuel Saver card might work better, so people can use it when they find themselves in a participating shop.
Also it’s a complicated way to spend money. It could make you delay buying something you need to buy quickly.
Plus, as with most reward schemes, there may be a temptation to spend money at a certain store when you would usually shop around for a better deal.
Big purchases will get the biggest rewards so people may overspend in order to chase a better prize.
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