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Fuel CardA fuel card is used as the payment card of petrol, diesel and other fuels at fuelling stations. Account balances are generally cleared when they are due and payment terms are decided by the supplier. It can be paid on a weekly to monthly basis. There are both upsides and downsides in this form of payment.The advantages are the fuel can be purchased at discount prices since only the wholesale price is calculated. There is no need to carry cash and so more security. There is no need for the concern about money loss. The pattern of fuel filling can be adjusted according to the smart chip technology. The administration through various management tools is also limited. The most impressive feature of all in this fuel card system is points or reward schemes. On the other hand, cancellation of the card is a lengthy process. There are increased chances for fraudulent transactions. Above all, the credit periods are also shorter. More Glossary Terms Explained here |
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