Fuel cards, and tips or tricks of the trade.

kempers_gramp · Oct 13, 2004

In regards to using charge cards for fuel purchases, which would be the most widely accepted, the "best" way to go?
A. Personal or Business credit cards.
B. Federal Express.
C. Fuel charge cards, i.e. BP Amoco, Holiday, etc..
D. Other. If so what are they?

Also in considering, which would offer the most perks, rebates, incentives and so forth?
If anybody has any other tips, or tricks of the trade they have run across or been using for years, any newbie, including myself, would love to hear about and take them into concideration.

By the way, a sincere thank you to everyone for their help, opinions,and suggestions on my questions. All of your answers and opinions are truely appreciated.

Kempers_gramp.

louixo · Oct 13, 2004

Cash. I never use fuel cards, and never have except when I worked as a company driver. I used to use com checks, but that was years ago before I saw the error of my ways. I added up the cost, and it was around $1000 per year. For years now I just take my ATM card and draw $600 "expense money" for a trip. Used to be $$400. If I´m going out west I draw $800. Most times my $600 draw will go two trips or close to it. I use direct deposit to my bank, and ATM¨S are easy to find, so there are no accounting costs, and on those rare occasions that I need more money than my draw, I hand over my credit card. My ATM costs are around $50 per year for the ATM fees, and they spit out a reciept for every transaction. You do the math.
Money management on the road is THE biggest most important thing, outside of staying loaded as much as possible. You don´t have to live like a pauper, you just have to pay attention to the day to day expenditures, such as where you buy fuel. For example, if you buy 5 cents cheaper by not using a card, and you buy 100 gallons a day that´s approxamately $1800 per year in your pocket. That´s roughly 6 new tires. Just an example, but the idea is PAY ATTENTION! Those incidental costs you incur everyday will add up to THOUSANDS of dollars over a year, that you will give to some other entity, if you ever bother to add them up. Not HUNDREDS of dollars. It should stay in your pocket. YOU ran the miles for it.

theoldprof · Oct 13, 2004

What is a com card, how does it work, what is the cost to me, what are the advantages/disadvantages to it? I am planning on having a business checking account with direct deposit, an atm card, and credit card separate from my personal banking. What is the good or bad of this plan? :+ :+

Broompilot · Oct 13, 2004

Re: Cash

What type ATMs can you withdraw that large of an amount from? I believe my own personal bank will only allow $300 at a time this is why I did not plan on using at ATM I will now check to see. With gas prices so high now it would cost me five hundred to fill both tanks. I do like your suggestions would like to see your follow up posts.

vernon946 · Oct 14, 2004

Flying J has a pretty good deal here. Get their PDCA mastercard when you open an account. The account accepts direct deposit, pays interest, has free mailers if you don't want direct deposit, the Mastercard works everywhere plus at Flying J gives you cash price, use their ATMs to get cash or cash a check up to $200 at a Flying J (need a letter though).

There are more perks, but these are my major ones. The best thing is I have one account to use for business purposes so my expenditures are easy to track, and I can use the Mastercard any other place I want to buy fuel or anything for the truck. Free and easy!

Vernon in C2197

louixo · Oct 14, 2004

Broompilot. The ATM limit is sometimes a problem, but the easy solution is two draws, but only when necessary. Call your bank and see what they can do for you. These days I draw $500 in most places to avoid the limit, and I do the draw when I´m down to $100 or$200 in my pocket, depending where I´m going. Many places I can draw more, and do, to keep my cash flow at a level I need, and avoid the extra ATM costs as much as possible. Sometimes it´s unavoidable to pay a little more. It´s not difficult to keep your cash flow going, once your out there, as you will find the machines with higher limits. If your bank is limiting you, then change banks. I´ve heard other drivers mention the Flying J program as a positive, but if you use credit cards with your business account, you need to have the discipline to pay your card before the interest accrues to keep your usage interest costs down. Those costs really add up over time.

NoProblem · Oct 15, 2004

I wonder why you cannot use your bank card like you would use a charge card and just give them your card when you go to pay for the purchases like I do.

I have a visa ATM check card and have had NoProblem using it like a credit card anywhere in the country - theres never a fee or interest because, for me, its like writing a check but for the place of purchase, its like a credit card.

louixo · Oct 15, 2004

There probably are a few different programs out there that I need to check out, but I stay away from cards, as you have to review the statement, which I never get on a timely basis. All cards have a hook. I did try the debit card, but again, the record keeping that I had to match up with my statement when I got home, was a pain. For me, I think there is no substitute for cash, and the countless discounts businesses are willing to give when you say "how much if I pay cash"? Not to mention your statement and balance is immediate. Works well for me.

Broompilot · Oct 15, 2004

Thanks for your answers, I have already taken a plan of action from this post. Called my bank who is being bought out by Wachovia, National net work of ATMS is in place, second was able to raise the limits to 1K so that works. I agree on the charges, I am a graduate of Crown Ministries have not carried a balance on anything except my house for the past 10 years. I have counceled truckers in the past they have the cash flow but got so deep when a problem came up and they always do that creditors ate them up with fees. My Banker agreed to waive any fees I will be charged using the ATMS. Thanks for your ideas will probably use Com Data for fuel and cash for anything else. If you have any other suggestions please post.

Broompilot · Oct 16, 2004

Luxo, can you elaberate a little deeper on cash discounts. What is off limits if anything when you ask this. What would estimate is a typical % you save, and what items do you buy the most that this works best with. Any and all items would be appriciated.
You can bet I will incorporate your strategdy for now on.

louixo · Oct 16, 2004

Broompilot. I don´t go overboard, as there are some things that can´t be discounted. Usually it´s the higher priced items for business or personal use. I´d say you can save an average of 10 % on many things just by asking. You´d be surprised what merchants are willing to do if you´re spending some money. Especially cash! For example clothes. I usually do all my clothes shopping at once, a few times a year, and usually spend a few hundred. You´d be surprised the stores that will give you the sales price of an upcoming sale, or a discount if you buy two of an item, just by asking. Gift shopping the same, as many times I buy more than one of the same item to give as gifts. On the business side, any big ticket item. Tires, equipment etc. Motels. I carry all the cards I can get my hands on, and ask the price of a room and what discounts they give. The discount card info is usually available at the front desk. Most times you have to fill out an application. If they are independent motels, or I don´t have thier card, I ask if they give a truckers discount. Most do, if they cater to truckers. They all cut you some slack in one way or another. I don´t go around like a penny pincher. I just pay attention, pick up the coupons, etc. Another example is a Kroger store. Get a card. Big savings. Many other grocery chains have a card program also, and you just hand the card to the cashier before paying, and the discount is substantial, considering. As I said, by paying attention, and being selective where you spend, you save THOUSANDS, not HUNDREDS over a years time. You worked for it, so keep as much as you can, and take a nice winter vacation with the savings.