Best fleet cards for small businesses: Should you get one?

Any small business that deploys a fleet of vehicles faces a unique set of challenges. According to AAA, the average cost of operating just one sedan is $8,558 per year. When you multiply that over a fleet of two or more vehicles, those costs add up quickly, especially when you don’t have the right business cards or spend management tools to track your spending.

This is why small businesses that provide employees with company cars turn to fleet cards (or fleet fuel cards), which enable them to pay for fuel and other vehicle-related expenses. In this guide, we’ll walk you through everything you need to know about fleet cards—and more importantly, we’ll help you know if a fleet fuel card is right for your small business.

What is a fleet card?

A fleet card, also known as a fleet fuel card, is a charge card designed specifically to pay for gasoline at a gas station. Each card is tied to an individual vehicle or employee, and the cardholder is required to enter a driver ID number before completing a purchase.

Fleet cards vs. gas cards

Fleet cards and gas credit cards are both designed to pay for fuel, but fleet cards are used by businesses to manage expenses across multiple vehicles and often include features for tracking maintenance and usage.

Gas credit cards, meanwhile, are typically aimed at individual consumers, offering gas rewards or discounts at specific fuel stations.

How do fleet cards work?

Fleet cards are used by companies with extensive fuel costs, whose employees operate corporate vehicles. Examples include trucking companies, delivery services, and sales fleets.

Employees can use fuel cards just like they would use any charge card. They can swipe them at fueling locations to pay for gas and any additional purchases that the company has approved. This eliminates the need to reimburse employees for fuel expenses on their personal cards. Unlike traditional business credit cards, fuel cards require full balance payments at the end of each billing cycle.

Some fleet cards also offer fuel discounts, which can fluctuate depending on agreements in place with the fueling location and card provider.

Examples of fleet cards

Oil and gas companies like Chevron, Shell, ExxonMobil, and Texaco offer most fleet cards. These cards are typically restricted to the card issuer's specified locations. There are also some companies that specialize in fuel cards, like Wex, Fuelman, and FleetCards USA.

However, modern corporate cards like Ramp now offer more flexible fleet cards. These cards provide detailed reports on fuel spending and allow businesses to set customizable controls for their fleets. Unlike traditional fleet cards, they can be used at any gas station without sacrificing rewards.

What are the benefits of a fleet card?

Automate fuel spend tracking

Fleet cards typically offer reporting and tracking tools that give business owners visibility into the spending habits of each employee, which eliminates the need to require employees to manually track their spend at the pump and submit expense reports each month.

These real-time reports also enable administrators to remediate quickly whenever an employee attempts to use their fuel card on an unapproved purchase or is re-fueling more often than the other cars in the fleet. This data also makes it easier for administrators to analyze spending trends and identify cost-saving opportunities.

More streamlined back-end operations

Since small business fuel cards can only be used on approved purchases, administrators can track vehicle-related spending in a single platform. Fuel cards also enable business operators to set parameters that prevent cardholders from inadvertently making unapproved purchases.

Some of the most common automated controls on a fuel card include:

• Only approving gasoline purchases at the pump
• Approving at-pump and in-store purchases
• Limiting purchases to specific fuel stations
• Varying spending limits depending on the fueling needs of each vehicle

Fraud protection

Fuel cards come with various security features designed to protect small businesses from unauthorized usage and fraudulent activities. These may include:

• Purchase restrictions: Small businesses can set limits on what types of products or services can be purchased with fleet cards, such as restricting it solely for fuel purchases.
• Daily/weekly spending limits: Establishing spending caps per day or week helps prevent excessive expenditures and potential misuse by employees.
• Fraud monitoring and alerts: Many providers offer real-time fraud detection systems that monitor unusual activity patterns and send notifications if suspicious transactions are detected.

Typical fuel card fees

The fees associated with owning a fleet credit card vary across providers. For instance, Wex fleet card fees typically range from $0 to $2 per month per card, but can cost more depending on the card program.

Some common fleet card fees include:

• Monthly or annual card fees
• Transaction fees for using the card at non-participating gas stations
• Late payment fees if your account balance is not paid in full by the due date
• Foreign transaction fees when making purchases outside of your home country‍

To minimize these costs, it's essential to choose a fuel card provider that offers competitive pricing and features tailored to your business needs. For instance, Ramp’s fuel card solution has no recurring domestic transfer fees.

So, is a fleet card right for your small business?

A fleet card can be a valuable asset for small businesses, especially those with even a small fleet of vehicles. They offer potential cost savings through fuel discounts and negotiated rates, improve cash flow, and provide valuable data for tracking expenses and controlling costs.

That said, fleet cards, by design, have a narrow application. That’s why many small businesses are pursuing modern corporate charge cards in lieu of traditional fleet cards. These cards offer more versatility to spenders. For instance, Ramp cards aren't just for fuel. They can be used for all business expenses, offering greater flexibility and simplifying spending management.

Plus, they might include enhanced features to streamline financial operations like AI-powered expense categorization, real-time spending controls, and robust integrations with accounting software.

Best fleet fuel cards for small businesses to choose from

When sorting through your fleet card comparison, take note of each offering’s unique benefits. Here’s a quick list of the best feel fuel cards for small businesses to choose from:

• Ramp business credit card: Offers robust expense management tools, flat cashback on all purchases (including fuel), fleet-level reporting by truck/driver/date, and odometer and VIN tracking. It charges no fees, requires no personal guarantee, and integrates seamlessly with accounting software. It's ideal for companies looking to manage fuel alongside other business expenses.
• Coast: Takes a software-forward approach on the Visa network with broad retail acceptance, merchant and category rules, real-time alerts, and clean dashboards with automated exports. It's designed for small teams wanting fast rollout and modern controls without heavy complexity.
• WEX Fleet Card: WEX provides acceptance at 180,000+ locations covering approximately 95% of U.S. gas stations, with potential savings of up to 15¢ per gallon in-network and up to 3¢ per gallon elsewhere. It offers spend controls with real-time monitoring and automated accounting.
• Fuelman: Fuelman offers fuel rebates on the Fuelman Network, including 8¢ per gallon savings at 40,000+ Discount Network locations. It provides driver and vehicle-level reporting with detailed fuel and tax reporting, plus customizable fuel controls and real-time fraud alerts.
• Voyager (U.S. Bank Voyager Mastercard): Operates on dual networks (Voyager + Mastercard) giving broad acceptance across the U.S. and in Canada and Mexico. It supports fuel, maintenance, and unplanned expenses through a single platform for card administration and detailed data capture.
• Shell Card Business/Business Flex: Shell provides up to 6¢ per gallon savings at Shell with the Business Card, or up to 5¢ per gallon at Shell with approximately 95% U.S. station coverage through Business Flex. Both cards offer broad acceptance and spending controls.
• Chevron and Texaco Business Cards: Chevron and Texaco offers volume-based rebates up to 6¢ per gallon with dual verification security through driver ID numbers and odometer readings. The standard Business Card has no fees, while options include expanded network access and credit flexibility.

When choosing a fuel card, it's important to consider network coverage in addition to savings. A card with high discounts is less useful if you can't find locations to use it. With numerous options available, research cards with fueling locations that align with your regular driving routes.

How to build small business credit with fuel cards

Using your fuel card can be a highly effective way to build your small business credit since it operates just like a charge card. Here are two ways you can use your fuel card to build your business credit score.

1. Choose the right fuel card: Not all fuel cards report your payment history to business credit bureaus like Dun & Bradstreet or Experian. Ensure the card you choose does.
2. Maintain on-time payments: Simply paying your bills on time is a great way to build business credit with a fuel card. As the major credit bureaus see that you consistently make on-time payments, they’ll be more inclined to increase your credit score.
3. Keep your credit utilization low: Resist the temptation to use every dollar available on your credit card each month. Creditors typically like to see a credit utilization ratio of under 30%.

How to get a fuel card

To get and use a fuel card, start by researching providers to find one that matches your business size, fueling habits, and reporting needs. Apply online or through a sales rep, providing basic business and financial information.

Once approved, you’ll receive your cards in the mail—activate them and assign each to a driver or vehicle. Set controls such as spending limits, allowed fuel types, and usage times to help manage costs. Drivers can then use the card at approved fuel stations, often entering a PIN or odometer reading during each transaction.

You can track spending, monitor activity, and generate reports through an online dashboard, making it easier to manage your fuel expenses.

Using a Ramp card to streamline fleet management

Ramp’s corporate card is designed to help small businesses streamline their fuel management process while providing cost savings and valuable insights into spending patterns. By combining the convenience of a fuel card with the benefits of a corporate card, our solution offers an all-in-one tool for managing your company’s vehicle-related expenses.

Benefits of Ramp’s fuel card include:

• Universal cards: Unlike most fuel cards from other card companies, Ramp doesn’t penalize you for using our card at an out-of-network fueling station. Cardholders can use the Ramp fuel card at any gas station that accepts Visa.
• Comprehensive expense tracking and reporting: Track your fuel spend by driver, vehicle type, date, or everything all at once. You can also build reports with custom fields such as VIN numbers and odometer readings.
• Cashback on every fuel purchase: With every transaction, you receive cash back as a statement credit.
• Custom fleet controls: Ramp enables you or your fleet managers to set controls that are automatically enforced when drivers use their fleet cards. You can create cards that can’t be used in certain categories, with certain merchants, or on any purchases that aren’t fuel or gas.

Ramp's fleet card provides a comprehensive and cost-effective way to manage fleet expenses, while helping businesses build their credit score. Plus, there's no annual fee or personal guarantee required.

Ready to get started? Read more about how Ramp’s is the easiest fleet fuel card for small businesses.

Information about third-party card providers is based on publicly available sources and may change over time. Details have not been independently verified or endorsed by the providers themselves.