Being an owner-operator can be a rewarding venture. It allows you to make your own schedule, so you get to decide when you’re home and when you’re on the road. You also get to choose your own loads based on the type of cargo and the pay. It gives you the freedom to choose the truck you drive rather than having to rely on one an employer puts you in too. All the while, you get the satisfaction of knowing you’re building a company of your own.
Of course, the experience also comes with certain expenses. Truck payments, maintenance, and insurance coverage are a few of the most significant. Fuel is another, but a fuel card for owner operators can help you manage that one. When used the right way, it can be a very helpful tool. With the following tips, you can maximize the value you get from a fuel card so you get to keep more of your hard-earned money.
Choose the Right Card
One of the most important steps to take is to choose the right fuel card. Not all of them are the same. Some offer discounts at specific truck stops while others cover them all. Certain cards offer additional helpful perks, like discounts on maintenance and toll processing. Those are only a few of the possibilities; there are numerous options out there.
Each option has its own set of benefits. Some providers have a variety of plans to choose from, and certain ones are designed specifically for owner-operators. Be sure to research their coverage, benefits, and other features. From there, choose one that dovetails with where you run, where you like to stop for fuel, and your other needs.
Understand the Transaction Fees
Many fuel cards come with certain transaction fees, and those can eat into not only your rewards but your profits. On the other hand, certain cards may not impose transaction fees at all. Be sure you’re aware of a card’s transaction fees before committing to it. If you choose a card that doesn’t have those types of extra charges, weigh its benefits against those of other options to be sure you’d truly be saving money without making sacrifices.
Be Strategic With Points and Rewards
In all likelihood, the card you choose will come with a points or rewards system. Many truck stop chains offer their own points systems. Combining the two can give you even more savings than you’d get with either one alone. It’s important to use those points strategically, though.
For example, say your card has a cash advance option, and the truck stops you prefer offer points toward free showers, drinks, and snacks. Use your truck stop points toward the items they’re meant for rather than using a cash advance to cover them. Along those same lines, if your fuel card offers discounts on truck-related items like DEF, coolant, and windshield washer fluid, be sure to purchase them with the card rather than using your truck stop rewards for them.
Take Advantage of Expense Tracking and Reporting
Having a fuel card that offers expense tracking and reporting can be a major advantage. It can help you keep track of not only how much you’re spending on fuel but also how much you’re spending on other items. It can show you where you might be wasting money and how you can cut back on unnecessary spending. At the same time, it may help you track your truck’s fuel efficiency, and it’ll provide valuable receipts and information for you to use when tax time rolls around. If you use bookkeeping software, you may even be able to connect the card to it for more accurate tracking and reporting.
Making the Most of Your Fuel Card
Numerous fuel cards are available, but not all of them offer the same benefits. As an owner-operator, choosing the best card for your needs is the best way to get the most out of it. From there, use your rewards strategically, and be sure to take advantage of the card’s tracking and reporting capabilities to further help control your spending and maximize your profits. Fuel cards can help you save a great deal of money on fuel and other expenses, but using them wisely is the key to success.
