Fuel Cards vs Company Credit Card

Filed under: Credit Card Tips

Gasoline is one of the major expenses for hard-working business people and looks set to stay that way for the foreseeable future. The impact of the global economic recession and the social unrest in many oil-producing countries suggests that Americans will be paying high fuel prices for some time to come. It is no surprise therefore that smart individuals are always looking for ways to reduce these considerable costs which eat in to profit and wages. Some people choose a fleet fuel card in the belief that it will help reduce their gas bill whereas others use credit cards for the same purpose. Which is the best card to use for gas though? To find out, we offer here a credit card comparison.

Fleet fuel cards sound perfect for the job but actually have their limitations. Often times, users are restricted to one type of gasoline which has traditionally been a higher priced brand. The discount applied to this higher price by using the fleet fuel card often simply reduces the price to around the average other types that are available. In this respect, the fuel card does not always make the price as competitive as it first sounds when you hear those magic words of `discounted costs.` Consumers are advised to consider this point carefully when making a choice of card.

In addition, there can be issues due to fuel cards favoring a particular brand when it comes to availability. If you have to make a journey that is even slightly out of your way to get this specific brand, it could be a false economy. This means that the money you spend by driving further than your local garages to refill your engine equals out the savings you make on using the card. Instead, you would be better off using any of the garages on your usual route to fill up your tank and using a company credit card instead to pay the bill. These generally allow you a choice of gas brands so that you can easily access your choice at your local garage.

Of course, when you travel further afield and especially to some more rural areas, the choice of gas available becomes even more limited. In these circumstances you simply cannot use a fuel card if the only gas you are allowed to purchase with it is not in stock! A company credit card would be more beneficial in this scenario and is competitive in terms of rewards and benefits. You could save from money back on purchases and enjoy discounts on travel-related products. Often times these discount include meals and refreshments, the cost of which, as any travelling businessperson knows, soon mount up! So any saving is definitely worthwhile and worth researching if you are serious about saving money.

When considering saving money, the APR of any financial product is crucial. The higher the APR, the more interest you pay, which is the worst-case scenario when trying to reduce costs. It is significant that the APR of fuel cards is generally higher than from a company credit card. Take some time to compare these rates for yourself as you will be glad you did. A company credit card has many advantages and helps you save money. In the good times and the bad times alike, money saved is always a great thing, so check out the company credit cards available now.

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Gas credit cards – Weigh the pros and cons of using these cards

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Author: This guest post is contributed by R. Lawrence , a professional blogger & associated with Debtconsolidationcare community. If you want to know more updates about the community , please follow us here – twitter.com/debtcc

With the rising gas prices, it is becoming almost impossible to drive cars. However, there are many people who use gas credit cards at the pump stations to save money on the costs of gasoline. As the gas credit cards help you in saving money it can work as one of your debt help options. Though it is a good strategy to use the gas credit cards to save money on gasoline, you need to weigh the pros and cons of using these cards. That is, every material or thing in life has both some good and bad aspects. The gas credit cards are in no way an exception.

Pros and cons of gas credit cards

The different pros in regards to the gas credit cards are:

* There are Cashback rewards – There are good Cashback offers on the gas credit cards. Thus, you may be able to save money on that. There are different kinds of gas credit cards and these offer various such discount and Cashback offers. If you are able to save money on that, you will easily be able to pay off your other debts. Thus, the gas credit cards double as your debt help options.

* Can be used directly at pump stations – These gas credit cards can be used directly at the pump stations and you will be able to get the rewards if you use these cards on a regular basis at the pump stations. You can get these cards either with the creditors or even from the gas suppliers or pump stations.

* There are point programs offered too – It is not only the cash back reward or discounts which are offered by the gas credit cards. These also help you in accumulating points which you are allowed to redeem at a later date.

* There can be introductory incentive – There are also gas credit cards which offer some kind of introductory incentive. Actually the usage of the gas credit cards has become so popular that now the creditors are offering various kinds of offers. The interest rate can be especially low in the beginning, thereby helping you save more.

* Helps in categorizing spending – The gas credit cards also help the user to categorize his or her spending. That is, you will be able to categorize the spending in order to follow a proper budget. Instead of using the main credit cards for purchasing gasoline, you can rather use this gas credit card and maintain a separate account in order to keep a track on the gas purchases.

The different cons in regards to the gas credit cards are:

* Choices are limited – Using the store gas credit cards can actually be limiting. This is more true in case you buy gas from more than one gas station and if you want to get same level of rewards on all of your purchases. Not all cards offer same kinds of rewards and not all gas stations may entertain these reward practices.

* Higher interest charges – In general, the gas credit cards have high interest rates and more so in regards to the Annual Percentage Rate or APR. These credit cards generally have higher APRs in comparison to the other credit cards.

So, you will have to weigh the different pros and cons of getting gas credit cards and using those. Actually you will have to be aware of how these cards work and take advantage of the same in order to save money on the gas credit cards.

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Fuel Your Credit Score with a Gas Card

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As we all know, nursing one’s credit score back to health is a very challenging and seemingly impossible feat. With obstacles like rising gas prices and the demands of day-to-day necessities, it’s difficult to catch a break when trying to find ways to revive your credit. It may seem like every credit card company will immediately slam the door on a bad credit score, but gas credit cards in particular could be a great resource for those looking to rebuild their payment history while fulfilling a daily necessity.

One of the leading causes of bad credit is simply having poor spending habits. With a gas card, you can regulate your spending and practice better money management—you know exactly where your money goes since it’s only used on one expense. Also, consistent monthly payments can help build your reputation as a responsible cardholder, and put you back into good standing with financial institutions.

When searching for a gas card, a bad credit score could significantly limit one’s options. As expected, most cards you’ll be eligible for will carry an annual fee and a high APR, but just because you have bad credit doesn’t mean you should be paying anything completely unreasonable. Here are a few things to look out for when finding the right gas card for your credit.

Do Your Homework

First, get a copy of your credit report and look over it for any errors. Being familiar with your credit score can help you locate yourself and narrow down your card options. The more information you know about your credit score and history, the easier it will be to research gas cards on comparison websites. Once you’ve found a couple options, there are some very important details to be mindful of.

First, check the annual percentage rate (APR) on the card. This is especially important because a high interest rate could determine whether or not a gas card is actually beneficial to your credit score.

Next, check to see what fees each card carries, including annual fees, set up fees, and monthly service fees. It’s unlikely you’ll find a credit card for bad credit out there without an annual fee, but your savings on gas could balance it out, assuming it isn’t anything excessive. Also, over limit or late fees can leave you with an unexpected and overwhelming balance at the end of the month, so make sure to be aware of their policies. See if they offer a grace period for payments to make sure you always pay on time.

Even though you have bad credit, you still have the right to some flexibility in your gas card. Find out if there’s a credit limit or balance limit on the card. Gas prices seem to be increasing by the minute, so a really low limit could leave you stranded at the pump. But having a limit on your gas budget could also encourage you to be more careful about how you use your gas. Walking or biking to the store instead of driving can make for a healthy body and a healthy credit score.

Tim Chen is the CEO of NerdWallet, a credit card website helping you find the best gas credit cards for the summer driving season.

 

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Credit cards to help you save money on gas

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Gas prices are getting ridiculously high, aren’t they? Here are a few credit cards that offer a little price relief in the form of cash rebates.


BankAmericard Power Rewards Visa Signature Card

You earn triple points on gas, drug stores and groceries for the first six months after opening your account. Spend at least $100 within 60 days of opening your account and receive a $50 statement credit. You can apply the $50 to your next tank of gas. Or maybe that covers only a partial tank of gas, depending on the size of your car.

  • APR and fees: You get a zero percent APR on purchases for the first 12 statement closing dates. The regular APR starts as low as 12.99 percent. There’s no annual fee.

Blue Cash Everyday from American Express

This is a new card on the market and there’s a lot to like about it. You get 2 percent back at gas stations. Unlike the old American Express Blue Cash card, there are no high spending tiers you have to reach. Right now, I’m focusing on cash back for gas purchases, but it’s worth noting that with this card you also get 3 percent at grocery stores, 2 percent on department stores and 1 percent on all other purchases.

  • APR and fees : The regular APR starts at 17.24 percent so this is not the card for you if you need to revolve a balance. There’s no annual fee.

PenFed Visa Platinum Cashback Rewards Card

You get 5 percent cash back when you pay for gas at the pump. There’s a $50,000 limit but you’d have to be quite a road warrior to exceed that anytime soon.

  • APR and fees: You get a variable 13.99 percent APR, which isn’t too bad for a rewards card. There’s no annual fee.

Capital One No Hassle Cash Rewards

You get 2 percent cash back on purchases at gas stations and grocery stores. And you get 1 percent cash back on all other purchases. There are no caps and no limits on the amount you can earn.

  • APR and fees: Enjoy a zero percent intro APR on purchases until April 2012. The regular APR starts as low as 12.9 percent. There’s no annual fee.

 

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