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Business credit gas cards can help small businesses in a number of ways. From managing cash flow and spending to helping save money, a business card is a powerful tool for money management.
A fuel card comes with a number of bonuses, from cash back to savings at the pump, it can benefit a small business. This is true whether you manage a whole fleet or just have a couple of vehicles you use for business purposes.
However, all fleet fuel cards are not created equal. Fleet cards that work for one small business may not work for another. It can take a lot of time and research to find credit cards that fit your needs. Here, we lay out some of the most common fuel card options to help you get started.
Card 1 – ExxonMobil
The ExxonMobil Business fuel card is a common choice for many small businesses. The benefits are many and include no annual fee.
In addition, you have the option to carry a balance if needed, and you get an itemized statement that shows card-specific transactions rather than lumping them together. If you have multiple drivers carrying cards, this can be extremely useful.
The ExxonMobil rewards are pretty great also. You can save up to 6¢ per gallon in points for the Synergy Supreme+ premium gasoline at the pump, instantly.
You can also earn points for purchases at the convenience store and even car washes. For every 100 points you earn, you can get back $1 in savings.
Card 2 – Shell Card
In addition to gas purchases, other eligible purchases with the Shell business credit card include lubricants, car washes, food, and road services such as tolls and ferry payments.
Administration time is reduced by invoicing through the Shell Fleet Hub. This enables business owners to monitor their fleet’s fuel card usage online.
Other benefits of this Shell small business card include exclusive up-front pricing and loyalty benefits as well as advanced security features and fraud detection.
Also Read: Business Credit Cards Do Not Report Personal Credit
Card 3 – Phillips 66
The Phillips 66 gas card allows small business owners to track all purchases with detailed monthly statements.
One unique benefit of this specific business gas card is the In-Station Card Option. With it, drivers can make fuel purchases without physical employee cards.
Other benefits of the Phillips 66 gas credit card include $0 Fraud Liability on unauthorized transactions, no annual fee or per card fee, and nationwide acceptance at Conoco and 76 locations as well as Phillips 66 gas stations.
Card 4 – Universal Premium
Unlike many of these other cards, this one does charge $7.99 per month per card. However, they do waive this for the first three months.
Business owners also have the option to set controls to determine when, where, and how often cards can be used. Other benefits include detailed fuel and tax reporting and centralized tracking.
As for protection, this business card offers fraud alerts, Experian identity protection, and fraud loss coverage of up to $25,000 per year. There is also a one-time per year late payment forgiveness that can be handy.
Rewards include a $50 loyalty bonus each year, as well as 1 point per gallon for eligible gas purchases.
Also Read: Business Credit Cards vs. Personal Credit Cards
Card 5 – Chevron and Texaco
This card features advanced data capture at all Chevron and Texaco gas stations. This allows business owners to monitor employee spending in real-time, as well as detailed reports on when and where purchases are made.
Not only can you monitor and track purchases, but you can actually control purchases before they happen. This is due to the ability to create custom controls both by the driver and by the card.
You can set limits on purchases by dollar amount, time of day, product type, and more.
For example, don’t want employees spending more than $10 a day on the company card for snacks? You can set that limit on their card so you do not have to worry about it.
Due to the automatic, paperless accounting and tracking, there is no need to save fuel receipts or reimburse employees. They aren’t spending their money, and you can track receipts online, saving an enormous amount of time and money.
They offer two options. The Business Card is best for those that work locally and are loyal to specific stations. There is no setup fee or annual or card fees. It’s also accepted at nearly 8,000 Chevron and Texaco stations in the U.S.
The Business Access Card is better for companies that drive further and more often. Similarly, there is no setup fee, annual fee, or card fee.
With this card, you can also earn rebates based on the volume of up to 6¢ per gallon at Chevron and Texaco locations. It’s also accepted at 95% of all U.S. gas stations.
Card 6 – BP Business Solutions First
This card offers online controls and visibility similar to the others. Business owners can set card controls and limits by day, week, or month. It requires driver ID and odometer prompting as an extra layer of security, and lost or stolen cards can be deactivated online at any time.
Rewards include rebates and savings when fueling at BP or Amoco 1 Stations. The monthly rebate schedule is as follows:
Rewards Monthly Rebate Schedule
|Gallons||Rebate Per Gallon|
Source: BP Business Solutions
Card 7 – Sunoco Fleet Universal Card
Like some others, the Sunoco Fleet Universal Card requires a driver PIN at the pump to help avoid misuse and abuse. It also allows for tracking by employee, location, and purchase time.
You can also instantly cancel or update the card and driver info making it easy to stay on top of necessary changes. Don’t worry about long wait times on the phone. Get the changes made that you need to as soon as they happen so you can get them out of the way.
Another benefit that not all gas cards offer is the ability to set up your own custom reports. This can reduce administration time significantly in some cases.
Card 8 – Valero
Valero offers some of the best rewards available. In fact, you can save up to 8¢ per gallon with their cards. There are no set up or card fees and no annual fee.
Furthermore, you can carry a monthly balance if necessary to manage cash flow. They are accepted at 95% of U.S. gas stations and over 45,000 service locations nationwide.
Card 9 – Speedway Business Fleet Card
This card is great for fleets near Speedway locations that want to make the most of fuel and fleet management savings all in one place. It is accepted at over 3900 Speedway locations throughout 35 states.
Driver IDs and odometer readings are required at the point of purchase for added security, and online account management is available, similar to the other cards. Speedway also offers the ability to immediately add or delete drivers and cards.
There are no monthly fees, and there is no set up fee. Rebates on fuel purchases start with the first fuel purchase and range up to 5¢ per gallon.
Card 10 – Wex
Wrights Express, or WEX, offers universal fleet cards associated with a number of stations across the U.S. They all offer various rewards programs and benefits designed to cater to your business’s specific needs and gas station preferences.
Some cards they offer include:
- Kum & Go
- And so many more
Why We Included These Cards
These are some of the most well-known and reliable business credit gas cards available. They offer convenience, security, and control along with top-notch rewards options. Out of this list, most businesses will be able to find the right card for their specific business needs.
There are tons of business gas cards available, but the research necessary to find the best one for your business can take a lot of time. Since time is money, it can help to start with a list of the most common ones so you can narrow down the list on the front end. These cards fit the bill.
What Do You Need to Qualify for These Cards?
All business credit cards, including gas cards, require a business to be set up properly to qualify. What does this mean? It means that your business is set up to be separate from you, the owner. How do you do this?
Separate Business Contact Information
Your business needs its own phone number and address separate from the owner. The address has to be consistent everywhere it is listed. Something as small as using an ampersand in one place and the word “and” in another can cause an issue.
Your phone number also needs to be listed in the 411 directory.
This is an identifying number for your business that works in a way similar to how your SSN works for you personally. To register for an EIN, you can visit the IRS’s webpage.
Incorporating your business as an LLC, S-corp, or corporation is important. There may be cards that do not require it, but many do. In addition, incorporating your business offers some protection from liability.
Business Bank Account
Open a separate, dedicated business bank account. In addition to the fact that many of these and other business credit cards require it, there are other reasons.
First, it will help you keep track of business finances. It will also help you keep them separate from personal finances for tax purposes.
In addition, you cannot get a merchant account without a business account at a bank. That means you cannot take credit card payments.
Studies show consumers tend to spend more when they can pay by credit card. Might as well just set it up so it doesn’t keep you from getting a gas card that may require it.
Most business credit cards require you to have a D-U-N-S number from Dun & Bradstreet. You can get one on their website for free.
In addition, each card will have its own requirements for credit score, time in business, revenue, and more. But these are the basics that most cards require.
What Business Gas Card Is Easiest to Get?
WEX cards tend to be some of the easiest to qualify for. They have no minimum time in the business requirement which helps. Also, the number of options means there is something that works for almost anyone.
Remember though, if you apply for multiple cards with WEX, you need to give enough time in between.
For example, apply for no more than two cards in a month, and then next month, another two. If you apply for a lot of cards in a short period of time, it might make the underwriter concerned about fraud. It may not mean instant denial, but the credit approval amount may be less.
The Wex Fleet Card Net 15 option has the least stringent requirements. Net 15 means the balance has to be paid within 15-days. Requirements include:
• Entity in good standing with Secretary of State
• Business address- matching everywhere
• D&B number
• Business License- if applicable
• Business Bank account
• Business Phone Number Listed in 411
• A Personal Guarantee (PG) is required
Are These Cards Only for Gas?
Generally speaking, no. Some fuel cards do only allow for gas purchases. However, most now allow for purchases of other things, you just get the best rewards and other benefits when you buy fuel or use it for other automobile-related expenses like maintenance.
They also tend to have the best monitoring and control options to ensure personal items are not charged to the company gas card.
Otherwise, you could have employees buying things like a gift card, or trying to sneak personal items through using combined purchases.
The key to getting any business credit card is responsible credit management. That means through both business and personal credit.
They are not the same, but your personal credit can definitely affect your ability to get a business credit gas card.
This is especially true if a personal guarantee is required, which is often the case. Handle things well, and you’ll find that you likely have your pick of gas cards.
You’ll be able to pick fleet fuel cards based on cash rewards, offers for bonus points, membership rewards, fuel savings, types of qualifying purchases, introductory 0 APR, and more, rather than just whether or not you qualify.
Should You Get a Branded Business Gas Card?
Honestly, deciding on a gas card is less about brand and more about your specific needs. Whichever card you can qualify for that offers the options, rewards, limits, terms, and interest rate that is best for your business is the card you should get.
If you do choose a branded card, be sure you understand the brand limitations attached. Some have none. Others have plenty, including limits on where you can spend and the types of purchases you can make.
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Faith is the Senior Content Writer at Credit Suite. She has a BBA with a Major in Accounting and over 20 years of experience in the fields of finance, accounting, and small business credit. She lives with her husband, son, two daughters and two dogs in Tennessee.