Like Indiana Jones uncovering a hidden temple filled with lost artefacts — our top fuel cards will surprise you.
Best Prepaid Fuel Cards
Top-rated prepaid fuel cards — FAQs
Why do weekly price fluctuations occur with prepaid fuel cards?
The weekly adjustments in the set price reflect shifts in the global oil market. When compared to having fleet drivers pay for fuel as an expenditure, employing a prepaid fuel card is likely to result in cost savings.
How can I decide which petrol card is best for me?
The variety of fuel cards available may seem daunting at first, but making a final decision is straightforward. Here are a few things you should think about carefully:
- Realising the needs you have for pricing. Comparisons are often made based on the cost per litre.
- Finding out what’s available. Make sure the service provider you choose has enough coverage for the areas your vehicles will be travelling through. Our suppliers have hundreds of locations around the United Kingdom, so no matter what the issue is, we can assist you locate a solution.
- The price goes up. There may be transaction fees connected with using some fuel cards, and we’ll help you figure out how much that will add up to.
- Gains and advantages. Keep an eye out for incentive programmes, which some service providers can boost how much you save.
If the card issuer goes bankrupt, would my funds be protected?
Prepaid card funds are considered “electronic money”, and by law, your money must be held in a separate bank account from the company’s general operating funds. If the prepaid card issuer has acted lawfully, the financial institution holding your funds will continue to hold onto your money even if the issuer goes under.
Your money is NOT insured if the bank or building society goes bankrupt, thus there is some risk involved. If you want to assess the provider’s risk, you should always strive to learn which bank it employs for its segregated accounts. For instance, you may feel more comfortable depositing money with a recognisable financial institution like Barclays or NatWest rather than one you’ve never heard of.
You shouldn’t load up your prepaid card with a lot of money and then leave it there for months at a time; rather, use it for short-term or emergency purchasing needs.
If I misplace or have my card stolen, what should I do?
Prepaid cardholders might avoid losing funds by blocking their accounts with their service providers; however, new cards may cost up to £10. Contactless prepaid cards need extra vigilance because of the risk of several fraudulent transactions occurring on a compromised card. If you have house insurance, you may be able to get some of your money back if you report a theft to the security services or police in your area and get an incident number.
How much do fuel cards cost monthly?
You should be aware that prepaid cards sometimes come with hidden costs. This may include:
- The cost of applying. There may be a one-time fee of up to £10 to start the account.
- Payment required per month. However, the average monthly cost is between £2 and £5.
- Costs assessed every 3 years for renewal. When a card is about to expire, some companies may demand a fee to replace it.
- Fund transfer costs. You may incur fees when making in-store purchases or using an ATM with certain cards.
- Spending. either a fixed rate or a percentage of the total amount transacted. Percentage-based fees may add up quickly if you make lots of minor transactions. Go for a flat rate if your purchases are infrequent yet expensive.
- Taking out money. Withdrawal fees average between £1.50 and £2.50. It’s a good idea to verify each card’s maximum load and purchase amounts as well. A card with a daily withdrawal limit of £50 or £100 is useless if you anticipate needing to withdraw a large sum of money.
- Paying up for nothing. If you don’t use your card for a year, certain companies may start charging you a tiny monthly fee. Don’t let the account go dormant; fund it with a few pounds so you may purchase some snacks if necessary.
- But if you haven’t used the card in a long time, you may not need it and may cancel the account.
- Costs incurred when transferring unused funds back to the card. It depends on how much money you have left to decide whether it’s worth losing (sometimes up to £10).
Which kind of credit card is better: a fuel card or a normal one?
Here are some things to consider.
- What is your average fuel mileage? A fuel card is probably not necessary if you just have a couple of vans and use them for occasional cross-town trips. This is because some fuel cards have a minimum consumption requirement, while others have a monthly cost, making them inefficient if they aren’t used often enough.
- What is your staff and fleet size? If your company is tiny and your drivers are all related, you may not care as much about limiting their spending.
- Exactly what perks are you hoping to receive? Some fuel cards also come with savings on repairs or roadside assistance in case your car breaks down, which is a huge time saver. In contrast, some business credit cards include bonus miles for travel or other perks. Your company’s specific requirements will determine the optimal course of action.
- Is financial aid required? Although fuel cards do not accrue interest, prompt payment is required at all times. This is true even if your company is experiencing a temporary cash flow crisis. A credit card might be a better option if you’d want some leeway in making purchases; some cards even have introductory interest-free financing offers of up to 30 days.
Which fuel card is the best?
Fuel card issuers don’t always reveal the full scope of their offerings on their websites, making it more difficult to compare fuel cards to other financial products. Select three or four potential cards, contact the issuer about a tailored offer, and then make your decision. Some factors to think about when you narrow your choices are as follows:
- In what places is the card accepted? Do you think there is a big enough supply of gas stations? Can your drivers get them along their regular routes? Do supermarket petrol pumps accept the card?
- In what way is it cheaper? How much money can you expect to save on petrol each month?
- What other perks are there? Try to get discounts on servicing or roadside assistance. Fuel cards that also provide you Nectar or Tesco points give you access to a whole new set of perks.
- Is there a yearly cost? Do the advantages you’d get justify the effort? How much petrol would you have to purchase in a year before you saw any savings?
- Are there any restrictions on how much money may be spent? There are certain credit cards that may not be the greatest fit for smaller companies due to their high annual fees or minimum fleet size requirements.
- When do you start paying interest again? There are cards with weekly billing cycles and others with monthly or longer periods. (Your company’s credit history will certainly play a role in this, so it’s a good idea to inquire about this when you call the card company.)
- In what ways are you able to manipulate the card? Are individual monetary restrictions configurable? If you opt to enable it, will the card also work at grocery stores?
- For what kinds of cars would this work best? For example, several cards are aimed at vehicles like trucks, vans, and buses.
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