Fuel Cards

As gasoline prices continually rise, increasing the financial strain on both businesses and citizens, it may come as no surprise that many companies and individuals are having to seek new ways to reduce their monthly spend on gasoline. This is where fuel cards come into their own as they can help to significantly save on gas and can help you to obtain something in return through the various reward schemes on offer.

In addition, fuel cards provide a convenient form of payment as there is no need to carry cash and with many cards offering detailed purchase statements and online reporting tools, keeping track of your gas expenditure has never been easier. These detailed statements and reports are especially beneficial to businesses that can use this information to identify where cost savings can be achieved and prevent any employee abuse from occurring.

Many business orientated gas card services provide a detailed purchase history for each vehicle and payment can be settled in a single monthly transaction for all gas purchased. This not only helps businesses to manage their cash flow more effectively but can also reduce administration for both office employees and the drivers as they will no longer be required to retain and submit gas purchase receipts.

Business fuel cards can also provide great security benefits to prevent losses brought about by fraud or theft. In addition, companies often have the option to set purchasing limits and limit purchases to fuel only.

How Do Fuel Cards Save Money?

Essentially there are 2 main types of fuel card, these are Pre-Paid and Credit gas cards. These cards are similar in that they tend to both offer rebates on gas purchases but pre-paid cards require you to pay in advance whereas credit cards allow you to pay at the end of a billing period, usually one month.

Pre-paid cards can be purchased from stores and come in the form of gift cards as well; these cards instantly reduce your gas bill as, for example, you may buy a $50 gas card for £48, an instant saving of $2. If you regularly fill your tank then this can soon add up to a substantial saving.

Credit gas cards also offer rebates but these are applied at the end of a billing period and are typically applied as a percentage, normally a 1% to 6% saving can be achieved. Credit Gas cards often charge relatively high interest charges so failure to pay in full at the end of the billing period could result in any potential savings being effectively lost.

Businesses that use fuel cards can make additional savings beyond those mentioned above. Companies that use fuel cards as a means to monitor and control their fuel spend through enforcing purchase limits and restricting what can be purchased with each card often achieve greater savings. When coupled with a competitive rebate, gas cards can substantially reduce a business’s fleet operating costs.

Finding the Right Fuel Card

With such a wide range of fuel cards available finding the right one for you or your business may seem a daunting process. TrackCompare.com aim to make this process easy and our free online comparison fuel card comparison table helps you to quickly differentiate between many of the industry leading fuel cards. Just simply register your details and start comparing today!