What’s the difference between a fuel card and a credit card?
9th October 2020
If you’re thinking of applying for a fuel card, you may consider a fuel card vs credit card, and what would be most suitable for your business?
A fuel card is similar to a credit card in many ways. Both allow payment of fuel across different sites. However, when it comes to managing your fuel spend, fuel cards offer numerous benefits for your business; whether your fleet is big or small.
Fuel card advantages includes cheaper fuel rates. Many fuel cards offer unrivalled access to sites with discounted fuel prices, so your drivers will save your business money every time they refill. With 24/7 reporting, you can keep a close eye on your fuel expenditure and MPG. Using fuel cards also heightens security with the reduced possibility of fuel fraud.
Below, we have listed the key differences of the fuel card vs credit card debate:
|Fuel cards||Credit cards|
|Discounts and cheaper prices on fuel||No access to cheaper fuel prices|
|Increased security and prevention of fuel card fraud with fuel cards linked to driver/vehicle||No ability to link cards to specific vehicle or driver|
|Added security with employees restricted to purchase fuel and lubricant goods only||Employees can purchase anything on a credit card|
|Some cards offer points/rewards||Some cards offer reward schemes|
|No need to retain receipts||Must obtain all receipts for invoicing|
|HMRC compliant invoicing||Invoicing with VAT is a lengthy process|
|Access to MPG reports to improve fuel efficiency|
|Reduced administration time and cost|
|Interest free credit options|
As you can see, there are many distinct advantages a fuel card can offer over a credit card. Compare our fuel cards and find out which card is most suited to your business. If you’re still unsure on how a fuel card can aid your business, our team of experts are on hand to help further explain the benefits.back