How to Use Business Gas Cards to Build Your Business Credit

After a call with a Business Credit Workshop student of mine several years ago, I compiled a list of business gas cards. Originally, I summarized the key points from the conversation and shared my findings here. At the time, the article was meant as a supplement for current students of the e-course. I’ve since decided to provide even more information, make it public, and update this directory of credit-boosting business gas cards. 

Here you will learn what a business gas card is and how it differs from a regular credit card, everything you need to know about using one, and how to select the best card(s) for your company. Then, you’ll find a list of 11 cards to study including terms, rates, and rewards. Read all the way to the end for bonus advice about your application and payments. 

First, What is a Business Gas Card?

A business gas card or business fuel card is a form of secured or unsecured credit that enables business owners to easily access gas. Many cards offer benefits such as fuel cost discounts. These cards are typically easier to qualify for than traditional credit cards. 

As a bonus, card servicers report on-time payments to D&B as well as other business credit bureaus. So, fuel cards provide a convenient way for businesses to build credit. 

How do Business Fuel Cards Work? 

A business fuel card is used in place of cash, credit, or debit to pay for gas. The cards enable drivers within a company to acquire petrol at stations within a designated network. The business, not the individual, is responsible for a monthly payment in full.  

What Credit Score is Needed to Obtain a Gas Card? 

While credit cards require certain respective credit scores, business gas cards are used as secured credit. This means that a certain score is not usually required. Instead, the card issuer takes a risk in return for a monthly service fee.  

Is a Gas Card Worth it? 

According to some sources, a gas card is arguably not a good idea. These authorities say that fuel card interest rates run higher than a typical credit card and that companies are better off to choose another funding source. However, because of their approval rate, value, and convenience, they are one of the best options for growing businesses to build their credit score. 

What Are the Benefits of Having a Fuel Card? 

Business fuel cards come with several advantages. While some of the pros have already been stated, here’s a full list of benefits. 

• Convenience – No need for cash, credit, or debit cards. 
• Consistent Pricing – Fuel up within one network of stations. 
• Payment Security – Payments made through a secure server.
• Organized Cost Tracking – No need to manually collect receipts. 
• Tax Write-Off Monitoring – Easily access fuel spend during tax preparation.
• Discounts & Rewards – Discounts & rewards offered to cardmembers. 
• Customized Reporting – Gain a clear picture of your fuel budget.
• Unified Billing – Pay for all business fuel costs at one time. 
• Account Alerts – Get notified about important account information.
• Electronic Receipts –  Receive receipts electronically via SMS or email. 
• Purchase Amount Control – Gain more control over fuel purchases. 
• Time-Savings – Administration efforts are cut tremendously.  
• Credit Building – Issuers report on-time payments to credit bureaus. 

With on-time payments, a gas card can tremendously enhance your operations while increasing your credit score. 

Finally, 11 Top Business Gas Cards to Boost Your Business Credit Score!

Leverage these companies to build positive tradelines that report to Dun & Bradstreet (D&B) and other bureaus. Responsible use and on-time payments with these vendors will help boost your D&B, Business Experian, and Business Equifax scores.

1. Exxon MobilBusiness

• Terms: Revolve or pay-in-full
• Rates: 23% variable APR and minimum $2.99 finance charge
• Rewards: Save up to 6¢ per gallon of fuel purchases

2. Shell Small Business Card

• Terms: Revolve or pay-in-full
• Rates: Up to Prime +20.74% variable APR
• Rewards: Save up to 6¢ per gallon of fuel purchases and discounts at participating Jiffy Lube® locations

3. Phillips 66 – Conoco – 76® Commercial Credit Card

• Terms: Revolve or pay-in-full
• Rates: 28.74% variable APR, 0% APR if paid in full monthly, and minimum $2.00 finance charge 
• Rewards: Unknown

4. Comdata Universal Mastercard 

• Terms: Revolve, pay-in-full, or prepaid 
• Rates: Up to Prime +23.99% variable APR, up to $10 per month service fee, and up to $50 one-time setup fee
• Rewards: Save up to 6¢ per gallon of fuel purchases, an additional 6¢ per gallon for the first six months, 5% on maintenance at participating Firestone® and Tires Plus® retail locations, and up to 3¢ per gallon rebate with participating merchants within the Retail Savings Network

5. Lukoil Commercial Fueling Card

• Terms: Pay-in-full
• Rates: 2.99% monthly percentage rate with a minimum $75 finance charge
• Rewards: Save up to 6¢ per gallon of fuel purchases

6. Chevron and Texaco Business Card

• Terms: Revolve or pay-in-full
• Rates: 9.99% monthly percentage rate with up to $10 service fee
• Rewards: Save up to 10¢ per gallon on fuel purchases in the first six months

7. BP Business Solutions Plus

• Terms: Revolve or pay-in-full
• Rates: 14.99% to 23.99% variable APR (revolving) or 1.95% monthly percentage rate (non-revolving) and up to $10 service fee
• Rewards: Save up to 6¢ per gallon on fuel purchases

8. Sunoco Universal Fleet Card

• Terms: Pay-in-full
• Rates: 6.99% monthly percentage rate, $2 monthly service fee, and $40 account setup fee
• Rewards: Save up to 6¢ per gallon on fuel purchases and up to 25¢ per gallon through the promotional period

9. Valero Commercial Credit Card

• Terms: Revolve or pay-in-full
• Rates: 16% to 24% variable APR (revolving) 1.33% to 2% monthly percentage rate (non-revolving) with no minimum interest
• Rewards: No discounts (To save up to 8¢ per gallon on fuel purchases, large fleets might look into the Valero Fleet Credit Card)

10. Speedway Business Fleet Card

• Terms: Pay-in-full
• Rates: 7.99% monthly percentage rate and a $75 minimum service fee
• Rewards: Save up to 5¢ per gallon on fuel purchases

11. Wex Small Business Fuel Cards

Use Wex to help you make the right card selection for your operations. Choose between credit or charge cards, select your state, and your preferred brand to compare the best available options for you. 

• Terms: Variable
• Rates: Variable
• Rewards: Variable

Bonus: Business Fuel Card Advice 

The first key to building business credit starts before you obtain your card. When you apply for business gas cards, if you have 5 or more employees and have done business for two or more years, it will usually eliminate your personal guarantee. So, apply as a business using your EIN or DUNS™ number instead of your social.  

Next, the number of employees you have and the amount of time you’ve been in business are stronger indicators of eligibility than the number of vehicles you use. So, if you only have one vehicle, only list one fleet car. The more honest you are, the more relevant terms you will receive.

Finally, you may need to make a tough decision about how to pay on your account. For most gas cards, even with revolving credit, you can avoid periodic interest rates by paying your account in full each period. If you’re looking for the highest possible savings, this is a good idea. 

However, as with most revolving credit, some bureaus consider a small balance under 30% of your limit ideal. So, when you qualify for revolving terms on your preferred gas card, carefully weigh the pros and cons before you determine whether to pay a portion or to pay your entire balance each month. 

Final Thoughts 

If you’ve made it here, congratulations — you are officially one step closer to boosting your business credit score. You have the information you need to fully-leverage business gas cards, so go put it to use. In the meantime, discover the #1 technique to get no-doc lines of credit up to $100K in 30 days. 

If this post has helped you, please comment and let me know!