Saving with a Fuel Card

June 2, 2023

When you’re responsible for everything and you get to see every detail of the balance sheet, it can sometimes feel like you have to have all the answers, too. Well, one of the easiest ways to take control of your budget, reduce your fuel expenses, and give your business’s bank account some breathing room is to give each member of your fleet a fuel discount card. Before we get into the details, here are a few things to know about fuel cards and how they work.

How can a fuel card help me save?

Fleet cards and individual fuel cards save you money in four main ways: discounts, rebates, cash back, and reward programs. The cashback and reward programs, such as earning points with each purchase, are very similar to a credit card. The main difference is that a fuel card can only be used for transportation-related expenses.

The discounts and rebates are negotiated between the card provider and the fuel station, retailer, or other vendors. Then those fuel discounts and rebates are passed along to the cardholders. Sometimes, they are tied to a network of vendors who’ve all made agreements with the card provider. As you look at the fuel cards out there, make sure to look at how and where the benefits can be used, keeping in mind how your teams will most likely want to use them and what will make the most difference for the business.

Truckers are happy to save money, but they also want their drives to go as smoothly as possible. Take the time to understand what the fuel program will require of them when they’re sitting in the truck lanes waiting to fill up.

What fuel card saves the most money?

It’s hard to say one card saves customers more money than another because it depends so much on the customer. A card provider’s average savings could be due to the fact that they do a better job vetting and educating their customers on how to use the card. Your business’s experience with a discount card will be determined by how your teams use the card.

To get the most fuel savings from your fuel card, talk to your team ahead of time to gain their insights about how they’d use it. Then when you’ve chosen the best card, train your team on how the benefits work. Remember: the easier it is to use the card, the more likely your drivers will be to use it.

Choosing the right gas card for your business

It’s important that you do your due diligence and know your options before deciding on a fuel card. The right fuel card will make all the difference in the world, so it’s worth the effort to take your time and read through the program details, and talk to colleagues who have gone through or are going through this process. You’re not alone in this search for fuel savings to use the resources at your disposal.

Savings on vehicle maintenance 

Many fuel cards include discounts on the most popular maintenance costs. It might even replace your current roadside assistance solution. How’s that for fleet management that benefits everyone? 

Fuel card management tools 

Besides being more discreet than cash, fuel cards help with things like expense and IFTA (International Fuel Tax Agreement) reporting. Fuel card companies’ account management capabilities provide quick and efficient ways to turn off lost or stolen cards, often through a mobile app where the driver and administrator can see fuel purchase information in real-time. 

Savings on vehicle maintenance 

Many fuel cards include discounts on the most popular maintenance costs. It might even replace your current roadside assistance solution. How’s that for fleet management that benefits everyone? 

Fuel card management tools 

Besides being more discreet than cash, fuel cards help with things like expense and IFTA (International Fuel Tax Agreement) reporting. Fuel card companies’ account management capabilities provide quick and efficient ways to turn off lost or stolen cards, often through a mobile app where the driver and administrator can see fuel purchase information in real-time. 

Does a fuel card help your credit? 

Fuel cards can defer expenses and help with cash flow issues like credit cards do. They can also help your credit score when you keep the balance within the set limits and pay your bills on time. 

How do fuel cards help you save money? 

Fuel cards are like credit cards, such as a Visa or Mastercard, that are specifically used for maintenance and fuel expenses. Where fuel cards differ is that they provide deeper fuel discounts on fuel prices and real-time reporting about the relevant costs. 

When drivers fill up at a gas station or truck stop, they save money and the business has a streamlined way to manage fuel costs. 

How to choose the best fuel card for your business 

Fuel cards may also have a monthly fee, annual fee, or fees per transaction to offset the fuel card provider’s expenses or to offer a larger benefit, like a universal card that can be used anywhere. Choose the best fuel card that works for you with the right combination of benefits and costs that fit your business to get the most savings on your fuel spend.