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As a small business owner, controlling expenses and improving efficiency is vital for success. One such cost area, especially for businesses with a fleet of vehicles, is fuel consumption. Today’s good news is that companies can use innovative solutions like fuel cards to manage fuel expenses effectively. This comprehensive guide will delve into the best fuel cards for small businesses, examining their unique offerings, charges, pros, and cons, and helping you find the right match for your business needs.>>Recommended Reading: The Ultimate Guide to the Best Credit Card Processing Companies for Small Businesses<<
Fuel Card
Best For
Charges
Overall Total
Its comprehensive rewards program
There is no annual fee, and it offers a 0% introductory APR for the first 15 billing cycles on purchases and balance transfers. Afterward, the variable APR ranges from 19.24% to 28.24%.
Its integrated fuel card and expense management solution
A monthly fee of $3 per active card
Startups and sole proprietorships operating office-based businesses
It has no annual fee and offers a 0% introductory APR for 12 months on purchases. The regular APR ranges from 18.49% to 24.49%.
Small businesses seeking a fuel card with minimal fees and broad acceptance
There are no setup, annual, or card fees.
Substantial fuel rebates
A monthly fee of $2 per card and a one-time setup fee of $40
Extensive savings and a broad acceptance network
It comes with a standard monthly fee starting at $45 monthly.
Earning rewards on fuel purchases and other spending
The annual fee for the Wyndham Rewards Earner Business Card is $95
Frequent shoppers at Costco and want to earn premium rewards.
There is no annual charge with a Costco membership.
Frequent travelers with American Airlines and want to earn travel rewards.
An annual fee of $99, which is waived for the first 12 months
Businesses with a frequent travel agenda, especially those inclined to stay within the Marriott Bonvoy hotel network
Its annual fee is $125.
What is a Fuel Card for Small Businesses?
A fuel card, or a fleet fuel or gas card, is a specialized payment card used predominantly for fuel-related expenses. These cards are designed to offer convenience, control, and savings on fuel purchases. They are equipped with digital features that enable businesses to monitor and manage fuel expenses effectively, providing insights into fuel consumption patterns, monitoring driver behavior, and offering detailed and customizable expense reports.
What should I look for in the best fuel card for small businesses?
When selecting the best fuel card for your small business, consider the following key factors:
- Fuel Savings:
Look for cards offering good rebates or discounts on fuel purchases.
- Network Coverage:
Consider the card’s acceptance across gas stations. The more comprehensive the coverage, the more convenient it is for your drivers.
- Fees:
Be aware of associated costs like card issuance, transaction, or annual fees.
- Expense Management Tools:
Opt for cards with robust expense tracking and management features.
- Security Features:
Look for cards with solid security measures to protect against fraud or misuse.
Fleet Cards Vs Fuel Cards Vs Gas Cards for Small Business
While these terms are often used interchangeably, subtle differences exist.
- Fleet Cards:
These are designed for businesses with a fleet of vehicles. They offer fuel savings and expense management tools and are typically accepted at a vast network of gas stations.
- Fuel Cards:
These are a subtype of fleet cards primarily used for fuel purchases. They offer rebates or discounts on fuel and sometimes on vehicle maintenance services.
- Gas Cards:
These brand-specific cards offer rewards and discounts only at specific gas station chains.
Are fuel cards worth it for small businesses?
Fuel cards can provide significant cost savings through discounts and rebates on fuel purchases. They also offer expense management tools, enabling businesses to monitor and control fuel expenses effectively. Plus, they save time on expense reporting and provide added security measures, making them a savvy choice for small businesses.
Best Fuel Cards for Small Businesses: An In-depth Look
Let’s delve deeper into some of the finest fuel cards tailored for small businesses, exploring their distinctive features, fees, advantages, and limitations.
What is it Best for?:
Small businesses seeking a comprehensive rewards program.
Charges:
This card comes without an annual fee and offers a 0% introductory APR for the first 15 billing cycles on purchases and balance transfers. Afterward, the variable APR ranges from 19.24% to 28.24%.
What Sets it Apart?
The card boasts a generous cashback program, offering 3% cash back on eligible gas station purchases and 1% on other eligible net purchases. Plus, there’s a $500 cash-back bonus upon spending $4,500 within the initial 150 days of account opening.
- 0% APR applies to purchases and balance transfers for the first 15 billing cycles.
- Unlimited cash back rewards.
- No annual fee.
- Balance transfer fees are charged even during the introductory period.
- The introductory APR excludes cash advances.
What is it Best for?
It is best for small businesses seeking an integrated fuel card and expense management solution.
Charges:
This card incurs a monthly fee of $3 per active card.
What Sets it Apart?
AtoB combines a fuel card, an expense management platform, and a dedicated mobile app. Additionally, it offers a rebate of 2-3 cents per gallon for the first three months.
- Widely accepted, usable wherever a Visa is accepted.
- It has an integrated expense management platform.
- It comes with a dedicated mobile app for convenient on-the-go management.
- Monthly fee per active card.
- Rebates are limited by time.
What is it Best for?
It is ideal for startups and sole proprietorships operating office-based businesses.
Charges:
This card has no annual fee and offers a 0% introductory APR for 12 months on purchases. The regular APR ranges from 18.49% to 24.49%.
What Sets it Apart?
Notably, it offers substantial rewards without an annual fee, including 2% cash back on the first $25,000 spent at gas stations and restaurants each account anniversary and 5% cash back on office supplies, internet, cable, and phone services.
- Significant rewards for office supply spending.
- Introductory APR on purchases.
- Cash sign-up bonus.
- The 0% APR doesn’t apply to balance transfers.
- High balance transfer fee of 5%.
What is it Best for?
It is best for small businesses seeking a fuel card with minimal fees and broad acceptance.
Charges:
This card doesn’t involve setup, annual, or card fees.
What Sets it Apart?
The WEX FlexCard offers a 3 cents per gallon rebate for 180 days and is accepted at 95% of US gas stations. Moreover, it grants access to the WEX EDGE savings network for additional discounts.
- Accepted at 95% of US gas stations.
- No setup or annual fees.
- 3 cents per gallon rebate for the initial 180 days.
- Balances cannot be carried over to the next billing period.
- Time-constrained rebates.
What is it Best for?
Businesses seeking substantial fuel rebates.
Charges:
This card incurs a monthly fee of $2 per card and a one-time setup fee of $40.
What Sets it Apart?
The ExxonMobil BusinessPro Card offers an average rebate of $0.06 per gallon based on fuel consumption. Additionally, it provides access to Exxon Mobil Rewards+ Points for added benefits.
- High fuel rebate opportunities.
- Access to Exxon Mobil Rewards+ Points.
- Expense tracking and management features.
- Monthly fee per card.
- Inapplicability for non-fuel expenses.
What is it best for?
DAT is best for businesses seeking a fuel card with extensive savings and a broad acceptance network.
Charges:
The card comes with a standard monthly fee starting at $45 monthly.
What Sets it Apart?
DAT offers one of the highest fuel discount averages in the industry, with savings up to $0.11 per gallon.
- Significant fuel savings
- Accepted at over 1,500 locations
- provides fuel management tools.
- The card is more suited for trucking companies
- Smaller fleets may only partially benefit from some features.
What is it best for?
This card is best for businesses wanting to earn rewards on fuel purchases and other spending.
Charges:
An annual fee for the Wyndham Rewards Earner Business Card is $95.
What Sets it Apart?
Cardholders earn points on every purchase, which can be redeemed for hotel stays, gift cards, and other rewards.
- Generous rewards program,
- No foreign transaction fees
- Additional benefits like automatic Wyndham Rewards Diamond status.
- The card has an annual fee
- Rewards rates may be lower on non-Wyndham purchases.
What is it best for?
It is ideal for businesses that frequently shop at Costco and want to earn premium rewards.
Charges:
This card has no annual fee with a paid Costco membership.
What Sets it Apart?
It offers cash-back rewards for gas purchases, Costco purchases, and other categories.
- High reward rates
- No annual fee with a Costco membership,
- Extensive cash back categories.
- Must have a Costco membership
- Rewards can only be redeemed once a year
- High APR.
What is it best for?
This card is best for businesses that travel frequently with American Airlines and want to earn travel rewards.
Charges:
The card has an annual fee of $99, which is waived for the first 12 months.
What Sets it Apart?
It offers travel rewards for every purchase, including double miles at gas stations.
- Generous travel rewards
- First checked bag free on domestic American Airlines itineraries
- Preferred boarding on American flights.
- It has an annual fee
- High APR.
What is it Best for?
It is geared towards businesses with a frequent travel agenda, especially those inclined to stay within the Marriott Bonvoy hotel network.
Charges:
This card requires an annual fee of $125 to access its benefits.
What Sets it Apart?
What makes it unique is how you earn points. You get 6 times the points when staying at Marriott Bonvoy hotels and 4 times at U.S. restaurants, U.S. gas stations, buying wireless services from U.S. providers, and on U.S. shipping. For everything else you buy, you still get 2 times the points.
- Annual complimentary night award
- Post-card renewal
- This card appeals to frequent travelers.
- The annual fee might deter some small businesses from considering this option.
Bottom Line
Choosing the ideal fuel card for your small business requires a careful assessment of your business requirements, fuel consumption habits, and the geographic distribution of your fleet. With diverse options, the most suitable fuel card will efficiently manage fuel expenses while delivering substantial savings.>>Recommended Reading: 9 Best Brokerage Sites: Best Sites to Sell and Buy Online Businesses<<
