About Oil Company Credit Cards

Oil company credit cards are ubiquitous nowadays, with all major brands, and even most regional ones, quickly hopping on the bandwagon. If you do a lot of driving for your job or you are simply an avid road warrior, you may want to consider getting one.

History

Though they've only gained prominence in recent years, oil company credit cards are definitely not a new concept. In fact, oil companies began issuing credit to automobile owners as far back as the 1920s. These first credit cards were one-time-use paper cards they sent out every few months to keep drivers frequenting their service stations. Consumers could pay off their cards at the end of the month instead of having to use cash at the time of purchase. Bank credit cards didn't make an appearance until the mid-1960s.

Types

Most modern-day oil company credit cards are affiliated with major banks. Some of the most popular ones are the Marathon MasterCard and Hess Visa Platinum Card, both by Chase Bank; and the Shell MasterCard and ExxonMobil MasterCard by Citibank. Types include business cards, which owners can use to monitor and restrict employees' purchases; personal cards, for anyone's use; and universal cards, which are good at more than one brand of gas station--usually reserved for businesses with a large number of vehicles across the country. In addition, unaffiliated cards, like Blue from American Express, offer their customers rebates on gasoline purchases.

Significance

Oil-company gas cards are important because they help consumers and business owners save money on fuel and track their expenses. They're important to oil companies since they can help to build brand loyalty.

Features

Most oil-company gas cards rely on two features to garner customers: cost savings and convenience. Users get a discount or rebate when they purchase gas from the company that sponsors their card and they don't have to leave the pump to pay for their purchase. A feature added in 1997, called SpeedPass or easyPAy, lets customers import their card information to an electronic key fob. Then they simply swipe it across a designated terminal on the pump without having to press any buttons. This also lets business owners keep their credit card numbers private since employees don't need the physical card.

Considerations

Some gas stations don't accept credit cards since they have to pay a fee for their use. So even if you have one it's still important to keep some cash on hand when traveling.

Resources

• More about credit cards