My Gallons: Helping US Consumers Save on Gas Prices
My Gallons.com helps you save money on gas for your vehicle, through the sale of prepaid gas cards with locked in prices. Not only will you be protected from rapidly rising gas prices, but you will also receive a by the gallon credit if you find a station with prices lower than those posted on My Gallons that day.
The My Gallons gas card is accepted at most major gas stations in the US, provided they accept credit card payment. Their service is comparable to the Chrysler $2.99 program; however My Gallons fixed gas rates vary dependent upon the time of purchase. Instead of purchasing a vehicle, they require that you sign up for a $29.99 (+ service fees for topping up your account).
Your account can be topped up manually, if you want to compare gas prices, or you can have My Gallons top up your card anytime your balance gets below 15 gallons. Up to 3 people can be connected to your account, with their own cards and online access. Your account is protected from loss or theft, because a 4 digit PIN number is also required to make transactions.
While My Gallons cannot guarantee that their fixed gas rate will always be below current rates at the pumps, they will refund your membership fee if you have not saved on at least one fill up after one year. This clause could come in handy if gas prices continue to drop drastically, as they are here in Canada, because you may not always come out ahead. I would, however, like to see them extend this guarantee so that consumers benefit from their services on more than merely one time, while they draw in the profits.
Unfortunately, business hit some rough waters after startup when initially the Better Business Bureau gave them an "F" rating after My Gallons indicated they would be partnering with the US Bank; a claim that was not supported by the bank when they were questioned. The confusion was cleared up in July, 2008 after the US Bank issued a statement indicating that My Gallons would in fact have use of their bank's payment network. At this point, the BBB modified their rating to "NF", giving My Gallons the opportunity to redeem themselves and capture the gas savings market.
Founder, Steven Verona, based in Miami, Florida is onto a great business venture. With the decline in today's economy and the public's fear that oil prices will once again become sky high, there should be a market for My Gallons gas cards. I mean, who doesn't like to save at the pumps?
Looking to get into your own small business venture? Take a page from My Gallons book, and find your niche by helping the public save during these hard economic times. Whether the savings come from filling up at the gas pumps or elsewhere, remains up to you.