2019’s Best Fuel Cards For Small Businesses

June 25, 2019

The number one reason that people start a small business is that they are ready to be their own boss. Over half a million people in the U.S. decide this each month and are making financial decisions every day to protect and save their capital.

Among the numerous decisions that new business owners need to make is which credit cards to use for their new company. Establishing the business’s credit takes time with long-term vendors, so evaluating credit cards is an important step. If the business uses vehicles at all, the owner will want to check into fuel cards for small business.

These specialized credit cards are a great way to keep vehicle operating costs separate and provide essential data to the business owner. So how does a company find the right card to use? Read on to see how it’s done.

What to Look For in Your Card

To evaluate the best card for your business, you need to look at several factors, including the following:

APR

While this is often a bottom-line decision, many fuel cards offer a range of services and data points that you can use to maximize your fuel investment. One card even describes on their website how they offer GPS tracking. A low APR is great, but it’s important to weigh other factors and not decide on APR alone.

Fee Structure

Annual fees, setup fees, and monthly fees add up to a lot of money. Check the card’s fee schedules to see if they’re worth paying.

Repayment

Do you plan to carry a balance or pay the card off each month? Make sure you’re aware of how the company expects you to pay the card down.

Rewards

Cash back rewards for use are a great way to save money. Always check to see if you can maximize those benefits.

Qualifying Factors and Liability Choices

Some cards require the owner to have a good personal credit rating, and some will require information about time in business and the business credit score. Also, check liability options.

Network Area

If your cars or trucks venture outside of your local area, you want to be sure that they can fuel up wherever they go. On the other hand, some smaller regional companies also offer credit cards that may provide more local advantages.

Reviews

Check online reviews of all the cards so that you can compare businesses with similar needs to your own company’s and understand the benefits to your specific niche.

2019 Fuel Cards for Small Business

Here are some choices for fuel cards based on the above criteria. Common to most of these cards is the fact that petroleum companies issue them. This idea is not surprising: these companies have fueling stations across the country and want to gather additional revenue from their products.

No fuel card offers 0% introductory rates like regular credit cards. The card interest rate is fixed from the first day the account activates.

Shell Small Business Fuel Card

This card has a solid rewards program and liability choices. With no setup fee and no monthly charges, this offering is available to customers with fair to good credit. One of the Shell card benefits is a 15 percent discount at Jiffy Lube stations. The discount is good for oil changes and preventative maintenance services.

The initial number of cards available to a new customer is fourteen. Once approved, the business can order more cards without extra fees.

76 Universal Fuel Card

This card is the only one on this list that can is not gas-station specific. The monthly charge per card is $2, and the setup fee is $40. This card requires a joint qualification and does not allow for company-only liability.

The card is accepted at 45,000 gas stations. Fuel discounts are only available at the 7,600 Conoco, 76, and Phillips 66 locations, and are based on a tier of monthly usage as follows:

1,000 to 2,499 gallons: One cent per gallon
2,500 to 4,999 gallons: 1.5 cents per gallon
5,000 to 6,999 gallons: Two cents per gallon
7,000 to 9,999 gallons: Three cents per gallon
10,000 or more gallons: Four cents per gallon

Chevron Texaco Business Access Fuel Card

This card does not have an APR because it requires the owner to pay it off each month. It has a $2 per card monthly fee, a one-time setup fee of $40, and a minimum late fee of $75. Required credit is fair to good.

This card has a monthly rebate program based on usage starting at 500 gallons, as follows:

500 to 2,000 gallons: One cent per gallon
2,001 to 4,000 gallons: Two cents per gallon
4,001 to 6,000 gallons: Three cents per gallon
6,001 to 8,000 gallons: Four cents per gallon
8,001 to 10,000 gallons: Five cents per gallon
10,000 or more gallons: Six cents per gallon

BP Business Solutions Fuel Card

This card also does not have an APR because it requires the owner to pay it off each month. It has a $10 monthly fee that disappears if your usage is 5,000 gallons per month. It also has a minimum late fee of $75 or 9.99 percent of the balance. Required credit is fair to good.

This card offers discounts at the 7,200 BP and ARCO stations, and also has a tiered monthly discount structure:

300 to 2,999 gallons: 3.5 cents per gallon
3,000 to 7,999 gallons: Four cents per gallon
8,000 to 9,999 gallons: Five cents per gallon
10,000 or more gallons: Six cents per gallon

ExxonMobil Business Fleet Card

This card also does not have an APR because it requires the owner to pay it off each month. It does not charge a monthly fee, and the minimum late fee is $75. This card requires a joint qualification and does not allow for company-only liability.

Available to new cardholders is an introductory bonus of $.25 per gallon for the first three months. The tiered rebate structure applies after this time frame at:

0 to 499 gallons: One cent per gallon
500 to 3,999 gallons: Three cents per gallon
4,000 to 6,999 gallons: Four cents per gallon
7,000 to 9,999 gallons: Five cents per gallon
10,000 or more gallons: Six cents per gallon

Choosing Well

These options should give you a clearer picture of how to select fuel cards for small business. Since many of these do not have an APR, you simply need to decide how much fuel you’ll be using each month and select from there.

Check out our content on making good business decisions, new business startup tips, and more on our blog site. Congratulations on deciding to work for yourself!