What are fuel cards? – Infographic
Fuel cards enable you to purchase fuel and related products for your business vehicles more efficiently and cost-effectively.
Networks
Fuel cards let you use a network of branded sites. Some fuel cards let you use multiple networks which include other branded networks, motorway, and supermarket locations.
Admin
They put all your fuel expenses under one transparent account and cut out the requirement for labour-intensive administration processes.
Credit
When you set up your account, you set your monthly spending limit. The limit is often determined by your credit rating. The monthly spending limit is for the whole company, not each card.
Cards
You can have as many fuel cards as you want with many different providers but there are some restrictions on having the same card with two different providers. You may also have to pay a small surcharge for not using a card within a calendar month.
Contracts
Even though you must agree with fuel providers terms and conditions, there are very few that will impose a fixed contract length. However, there may be a fee for cancelling cards within the first year.
Costs
Fuel cards allow you to purchase fuel at a price that is often cheaper than pump-price. This is because fuel card companies purchase fuel on the wholesale market and resell it to you in the form of a fuel card.
Payment
Payment terms and invoicing vary between card providers. Invoices are HMRC compliant, allowing you to reclaim VAT easier. Fuel cards also allow you to budget more effectively and increase cash flow within your business.
VS Credit Cards
Unlike credit cards, there is no interest on purchases and no variable APR. Fuel cards also allow you to restrict purchases of specific types of items. Fraudulent actions are also easier to identify and resolve.
Workforce
Fuel cards reduce payment anxiety in your workforce as employees do not have to worry about purchasing fuel with their own money and going through a lengthy remuneration process.
Vehicle Management
The transparent nature of a fuel card account enables fleet managers to identify issues with inefficient drivers and possible mechanical problems with vehicles.
Useful Links
To find out more about our comprehensive range of fuel cards, go to https://www.cambriancards.com/fuel-cards/
