With the morbid state of the economy and rising gas prices, finding ways to save a buck is becoming more important than ever.

One way to save money is through loyalty programs - those cards businesses hand out that usually reward you for visiting the establishment more frequently, like getting a free haircut on your 10th visit to the salon or a free cup of coffee with a purchase over $10.

Loyalty programs also seem to be getting more common. It's hard to go to a gas station anymore like SuperAmerica and not be asked if you have a Speedy Rewards card or a bookstore like Borders and not be asked if you have a Borders Rewards card.

"If you look at the last decade, there's been an incredible growth of these programs," said Jeff Lipp, CEO of Chockstone Inc., a company that manages and operates loyalty programs for major retailers.

Loyalty Card Clutter

The downside to loyalty programs for the consumer is dealing with an ever-increasing wallet size due to all the cards you collect through daily business transactions.

The TV show "Seinfeld" had a great episode spoofing the idea of the huge wallet when Jerry Seinfeld is making fun of his friend George Costanza (played by Jason Alexander) for his huge, oversized wallet.

When George responds by telling him that he needs everything in there, Jerry digs into his wallet and pulls out a card that reads "Show this card at any participating Orlando-area Exxon station to get your free 'Save the Tiger' poster." Later in the episode, when George shoves one too many cards into his wallet, it bursts open and all the contents are swept away in the wind.

Join Programs That Fit Your Needs

While saving money is important, how do you manage the dozens and dozens of loyalty program cards you can collect?

"If you look at the numbers, the average US household belongs to 12 different loyalty programs, but they only use about a third of them," said Lipp. "That means that there is just so much money being invested into these loyalty programs that just sort of fall out of the wallet or end up in the sock drawer to never be used again.

There are two pillars for loyalty cards.

"One, there has to be some value to the consumer, and they're going to be thinking about this and it's going to be affecting their purchase. From the merchant or retailer perspective, it's "If I make an investment in this program, at the end of the day is it going to make me more money?'"

Combine Programs Onto One Card

Lipp and Chockstone have come up with a solution to the problem by providing retailers a way to put your loyalty programs directly into your credit card.

"People don't tend to forget to carry around their credit card, but they'll leave most of those 12 loyalty cards at home," said Lipp. "How about combining the two and making it easier for consumers?"

The program, called SingleSwipe, will soon be implemented by Subway and Tully's Coffee. Lipp said he thinks the idea will catch on with other retailers and credit card companies.

"The interest that we've seen from the credit card companies, they are all very interested in this," said Lipp. "So we know we're on to something here and I think they're looking at us and saying, 'Wow, this is really the next evolution for consumers.'"

Any branded card like American Express, Discover, MasterCard or VISA can be used for SingleSwipe, assuming the merchant location accepts it as a form of payment.

Information about your rewards status can be printed on your receipt. If Subway is going to give you a free cookie or soda next time you come in, it will say so on your receipt. You will also be able to go to the company's Web site to track your rewards.

While the SingleSwipe program is only going to be available at certain retailers for the time being, there are still many opportunities to save money. Chockstone runs many other loyalty programs for retailers like Ticketmaster and Domino's Pizza.

Lipp's advice for consumers is to try and consolidate your business to reap the rewards of loyalty programs.

"What we're seeing is really more of a trend of, 'Hey, I usually go to three or four coffee shops. If I consolidate my business, then maybe I'll get a free cup of coffee a week.' And that really adds up. A couple dollars a week especially in this economy is important."