Annual Fee
One of the common fees associated with a business gas card is the annual fee. This is a recurring charge that cardholders need to pay each year for the privilege of using the card. The amount of the annual fee can vary depending on the card issuer and the specific terms of the card agreement. Some business gas cards may offer a waiver of the annual fee for the first year or for certain spending thresholds. It's important to review the terms and conditions of the card to understand if there are any fee waivers available.
Transaction Fees
Another fee to consider is the transaction fee. This fee is charged for each transaction made with the business gas card. It can be a flat fee or a percentage of the transaction amount. Transaction fees can add up quickly, especially for businesses that make a large number of purchases or have high fuel consumption. Therefore, it's important to evaluate the transaction fee structure when choosing a business gas card.
Late Payment Fees
Late payment fees are another type of fee that businesses may encounter with a business gas card. If the cardholder fails to make the minimum payment by the due date, a late payment fee will be assessed. Late payment fees can be quite high and can have a negative impact on a company's finances. It is important to make timely payments to avoid incurring these fees.
Foreign Transaction Fees
For businesses that operate internationally or make purchases from foreign suppliers, foreign transaction fees can be a concern. These fees are charged when a transaction is processed in a currency other than the card's native currency. Foreign transaction fees can vary from card to card and can significantly increase the cost of using a business gas card for international transactions. It is advisable to check the foreign transaction fee structure before using the card for such purchases.