INDIANAPOLIS — With the price of gas on the rise, more people are finding "hold fees" after buying gas.
The hold is a "pre-authorization" charge, a security measure to ensure you're able to pay for the full amount of gas you put in your tank.
WRTV found gas at $5.09 on Monday. The higher the price per gallon means more money for you when filling up your tank.
Financial expert, Matt Will from the University of Indianapolis said the higher gas price might mean higher holding charges for your account.
Will said this isn't anything new, and you shouldn't be too worried about it.
He said the hold only happens on a credit card, not a debit card. On a debit card, you are only charged for the amount you paid.
The holding charge is pending meaning that the total isn't taken out of your bank until it's cleared for the amount that you pay.
Will's advice is to pay inside and use cash when possible to ensure you don't go over your budget.
If a holding charge sends you over your credit limit, Will said it depends on the bank you use and your credit score.
If you are in good standing, you may be able to charge the gas purchase. If not, your card could get declined.
The hold itself isn't placed by the bank, but by the merchant themselves.
-
Man dies in a firework-related incident in Monroe County
A 23-year-old man has died in an incident involving fireworks, according to the Monroe County Sheriff's Office.Indiana Fever's Kelsey Mitchell selected for WNBA All-Star Game
Mitchell joins teammates Caitlin Clark, who has been tapped to be a captain, and Aliyah Boston, who has been named a starter, making it three players representing the Fever.Caddying for college: Local teen earns life-changing scholarship
One prestigious program is helping students pay for college, including for one Indy high school grad who caddied her way to a full-ride scholarship.2 shot, 1 killed on near northeast side of Indianapolis
INDIANAPOLIS — A double shooting on the near northeast side of Indianapolis early Sunday morning has left one person dead, according to police.