Fuel Cards – What are they and how do they work?
Minibus Leasing Fuel Cards are used by many businesses today as they are a very efficient, secure and cost-effective way for an employer to enable his employees who drive company vehicles to easily obtain fuel when they need it.
What are Fuel Cards?
A Fuel Card is a payment card used for the purchase of petrol, diesel and other fuel related products at filling stations. It is not a credit card, as accounts are settled in full on a weekly or monthly basis.
Why use a Minibus Leasing Fuel Card?
There are a number of benefits of using Fuel Cards:-
- Eliminates the need to carry cash for the purpose of purchasing fuel
- A business fuel card offers better fraud prevention than using a credit card
- You usually have a choice of many brands of fuel that you can purchase
- A fleet fuel card is widely accepted at filling stations throughout the UK
- You may be able to obtain a discount on the fuel you purchase
- Company fuel cards can be attributed to individual drivers or vehicles
- A single invoice for all purchases minimises administration
- An employee does not need to lay out his own money and then claim it back
- An employer improves cashflow by paying for fuel in arrears
- Fuel Card services include extensive reporting on driver usage, mileage travelled per driver, fuel prices paid, etc., leading to more efficient driver/vehicle management and cost savings.
Remember, if your employer allows you to purchase fuel for private use using your business fuel card and does not charge you for this, you may be liable for the Benefit In Kind Company Car Fuel Tax.