Whether you’re a real estate agent who spends a lot of time driving to show properties, a contractor who often travels to job sites, or any other business owner whose business requires frequent fuel purchases, you’ll want to consider a gas card for your company. The right business credit card of gas purchases will offer discounts, rewards or both. Here we share the best business credit cards.
Benefits of a Business Credit Card for Gas Purchases
Fuel costs can add up quickly. Discounts and rewards are the two biggest benefits of business credit cards for gas purchases. Some credit cards offer significant cash back rewards for these purchases, for example, saving you money in the long run.
Another reason to use a business gas credit card is to improve cash flow. With most business credit cards you will have time to pay the bill in full and avoid interest charges. In fact, most business credit cards will offer a grace period of 21 to 25 days. As long as you pay your entire statement balance in full by the due date, you won’t have to pay interest charges. When you add in your billing period, this can give you between 21 and 55 days of interest free financing. Also, some card offers feature 0% intro APR welcome offers that apply to purchases and/or balance transfers.
Expense management is another popular benefit of fuel cards. With a business credit card you can more easily track and manage your fuel purchases. If you have employees or contractors who need to fill up at gas stations, you can provide them with cards and avoid the hassles of reimbursements. Many card issuers offer free cards to employee authorized users. With these cards, you can impose spending limits, while utilizing real-time expense tracking and reporting. And best of all, as the primary account holder, you will earn rewards for purchases they make on those cards.
Business Credit Cards with Gas Rewards
Here are some of the best small business credit cards with higher than average gas rewards:
Costco is a popular place to fill up the tank due to its very competitive fuel prices. You can save even more with thedue to its cash back rewards program: There is a annual fee with your paid Costco membership.
Spending at gas stations can earn you significant points on this travel card. Earn
With the, There’s also a welcome offer: There is annual fee for this card, and the APR is with a after that.
- Gas stations
- Airfare purchases directly from airlines.
- Online, TV and radio advertising.
- Computer hardware, software and cloud systems from select technology providers.
- Restaurants, including takeout and delivery.
The annual fee for this card is , and if you’re worried about foreign transaction fees, there are .
This card is marketed as a fleet card, meaning it can be used at any gas station or truck stop where Visa cards are accepted. Furthermore, this is a corporate card that you can qualify for without a personal guarantee.
You also There’s a charge of .
Fleet Fuel Cards: Are There Cards for Gas Only?
Fleet fuel cards may be another option to consider. Popular with fleet managers, these are charge cards that are typically restricted to fuel and service station purchases. Most cards are valid either at gas stations affiliated with major brands like Shell or ExxonMobil, or at multiple fueling locations including independents. They emphasize discounts or rebates on fuel purchases and expense management features. A few examples of the best fuel cards:
- WEX Fleet Cards are accepted at every major U.S. fuel station and over 45,000 service stations. That’s 95% of U.S. Fuel stations.
- Fuelman® fuel cards simplify fuel expense management for your business fleet and drivers. They offer a variety of cards with various features and benefits.
- Voyager fleet cards are accepted at 320,000 U.S. gas stations and truck stops. There are no transaction fees though there is a $3 charge per billing period.
Arco, BP, Casey’s CEFCO and Speedway all offer Fleet cards and/or business gas cards as well.
*All information about the WEX, Fuelman®, Voyager, Arco, BP, Casey’s CEFCO, and Speedway credit cards have been collected independently by Nav. These cards are not currently available through Nav. To see what business credit cards are available, please visit the Nav Credit Card Marketplace.
How to Qualify for a Business Gas Card
Business credit cards issued by major card issuers (those that carry the Visa or Mastercard logo) typically require a personal credit check of the business owner who applies. Most small business credit cards require good or excellent personal credit scores. Your credit scores may affect the APR for which you qualify, as well as help determine your credit limit.
Fuel fleet cards that are limited strictly to fuel and service station purchases may involve a personal and/or business credit check.
How to Apply for a Business Gas Card
You can apply for most business credit cards online and a decision can be made very quickly. You should have information about your business such as your Taxpayer Identification Number (TIN) or Employer Identification Number (EIN) handy when you apply.
Is a Business Gas Card Right for You?
A business gas card can make sense for you when it offers valuable bonus rewards for your fuel purchases. But you have to weigh these rewards against cards that offer bonus rewards for other typical business purchases including office supply stores, cell phone service, restaurants and travel.
You also have to consider that even the best business gas cards will typically offer a higher standard interest rate than non-rewards cards. If your business needs to carry a balance, then you might be better off with a card that offers the lowest possible standard interest rates, which won’t be a rewards card. And since nearly all credit cards have a variable APR, you can expect your interest rates to rise when the Prime Rate rises.
How to Use Business Gas Card Rewards
Your business gas rewards credit card can be extremely valuable, especially when you’re careful how to use it. First, you’ll want to know exactly which gas purchases will qualify for the bonus rewards. For example, many business credit cards that offer additional rewards for gas purchases will exclude the fuel stations at warehouse stores like Costco and Sam’s Club. Others may impose an annual limit on the amount of fuel purchases that will qualify for a bonus. You should keep track of these limitations in order to ensure you earn the most possible rewards from your business credit card.
When you receive a business gas credit card, you’ll also want to order additional employee cards for your drivers. This will allow you to extend your purchasing power to your employees, earn rewards on their purchases and track their spending. And with many cards, you can impose limits on their purchases. In fact, it’s a good idea to create a written policy outlining what employees are allowed to do with their company credit cards, and the consequences for violations.
Finally, you’ll want to ensure that you pay your card’s statement balance in full and on-time, if at all possible. Because when you incur interest charges on your gas purchases, it will negate the value of any rewards that you have earned.
Alternatives to Business Gas Credit Cards
While business gas credit cards can be a valuable tool, they’re not the only way to pay for fuel purchases. Fuel charge cards, mentioned previously, are similar to business credit cards, but aren’t part of a larger payment network such as Visa or Masetercard. You can also reimburse your employees for fuel purchases that they make with cash or their own credit card, but this can create an additional accounting workload.
Can I Get a Gas Card for My Business?
While some people are hesitant to apply for a business credit card, it’s actually easier than it might seem. You don’t even have to be incorporated to qualify for most business credit cards, and most credit card issuers will allow you to use your Social Security Number(SSN) on the application instead of an Employee Identification Number (EIN).
And you don’t have to be a large business either. For example, if you’re a rideshare driver or perform deliveries in your spare time, you can still qualify for a business credit card as an unincorporated sole proprietor.
Whether or not you can get a gas card for your business will depend on your qualifications. Again a personal credit check is common. In addition, you’ll need to meet minimum income requirements. Most cards will allow you to qualify based on income from all sources, not just the business.