You have probably been bombarded with junk mail, emails, and phone calls from fuel card companies that offer fuel card discounts at the pump. They sound good up front, but what’s the catch? Here’s a few things you need to look for to make sure your fuel card is really saving you money at the end of the day.
1. Fuel Card Discounts Are Usually For Select Brands Only
Most large fuel card discounts are usually only offered for a couple different brands. For example, you get 15¢ off per gallon at all Flying J truck stops. The only problem is that Flying J is typically 20¢ to 30¢ more expensive than a nearby QuikTrip or Arco. If you have the choice to use any station, it can pay off to find the cheapest price. If you already rely on Flying J as your main source of fuel the 15¢ discount may be a good deal.
2. Read The Fine Print
Like anything else in business, it’s important to read the small print. Some fuel card discounts are only offered for companies that purchase high volumes of fuel per month while other discounts are for a limited time only. If your company doesn’t meet the requirements of the discounts, what’s the point of signing up?
3. Watch Out For Fuel Card Fees
You don’t want to sign up for a fuel card that offers a great discount rate only to find out you are paying more in fees on your first invoice. Some fees to look out for are; transaction fees, account maintenance fees, membership fees, card replacement fees, and setup fees. Usually fees are small, but they definitely add up over time.
*Bonus Tip: Never sacrifice fuel card controls for discounts. Make sure the fuel card you are applying for can purchase fuel and fuel only. Fuel theft is far more expensive than any discount.