Credit History
One of the key requirements to qualify for a fuel card is having a good credit history. Many fuel card providers will check your credit score to assess your financial reliability. A positive credit history demonstrates that you have a history of making timely payments and managing your finances responsibly. If you have a poor credit history or low credit score, it may be difficult to qualify for a fuel card. In some cases, fuel card providers may require a security deposit or impose lower credit limits for individuals with less-than-ideal credit scores.
Business Entity
For businesses seeking a fuel card, the legal entity of the business is an important factor in qualifying for a fuel card. Most fuel card providers require businesses to be registered entities, such as corporations, partnerships, or sole proprietorships. Sole proprietorships may face additional scrutiny when applying for a fuel card, as the owner's personal credit may be evaluated along with the business's financial standing. Larger corporations with established financial histories may find it easier to qualify for fuel cards with higher credit limits and more favorable terms.
Fuel Usage
Another requirement to qualify for a fuel card is the volume of fuel usage. Fuel card providers may have minimum fuel consumption requirements to ensure that the cardholder will use the card for its intended purpose – purchasing fuel. Businesses that have a high volume of fuel consumption are more likely to qualify for fuel cards with rewards programs or discounts on fuel purchases. Individuals with lower fuel usage may still be eligible for basic fuel cards but may not qualify for additional perks.