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Card Review
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The BP Credit Card isn’t just one credit card: In fact, when you apply, you’re applying for both the BP Visa Credit Card and the BP Credit Card. The difference between them: The BP Visa Credit Card works everywhere that accepts Visa, while the BP Credit Card is a store card that works only at BP stations. For simplicity purposes, we’ll give you details on the BP Visa Credit Card, as the BP Credit Card is essentially just a lesser version. Assume all the details are the same as the BP Credit Card, except in the case of spending and rewards at non-BP merchants.
The BP Visa Credit Card helps you save money every time you fill your gas tank. It offers ongoing discounts on gas based on your everyday spending—not just on gas. The rewards rate is hard to value, however, as the amount you save will depend on how much gas you purchase in each transaction. That said, the card has an annual fee of $0, so there’s no particular downside.
For most people, though, a credit card that offers bonus rewards on gas is likely a better choice. It’s probably better to not be tied to a single chain of gas stations. To find the best card for you, try out the CardCruncher tool. It’ll tell you which card offers you the best rewards. But read on to get the full low down on the BP Credit Card.
BP Credit Card Highlights
Here are the highlights of the BP Visa Credit Card:
Annual Fee: $0
APR: 29.99%
Sign-Up Bonus: Earn $0.25 off per gallon for every $100 spent anywhere during the first 90 days with the card
BP Credit Card Benefits:
- Earn $0.25 off per gallon for every $100 spent at BP
- Earn $0.15 off per gallon for every $100 spent on groceries, dining, and travel
- Earn $0.05 cents off per gallon for every $100 spent everywhere else (except non-BP gas stations)
- Rewards are redeemed automatically when you fill up your tank
- You don’t need to spend $100 to get the discount. It will apply in $0.01 increments.
- Discount applies only to one transaction, up to a max of 20 gallons
BP Credit Card Minimum Payment:
The minimum payment is the greater of:
- The statement balance
- $28 (or $39 if you have any late payments in the past six statement periods)
- The sum of:
- All past due amounts
- 1% of your new balance
- Any late payment fees
- Any interest charges
BP Credit Card Fees:
- Up to $39 for late payment
- The greater of $10 or 5% for cash advances
- 3% for foreign transactions
Why Apply for the BP Credit Card
There are a few reasons to consider picking up the BP Visa Credit Card.
Rewards are easy to redeem
With the BP Credit Card, your rewards redeem automatically. Just use your card when you purchase gas and you’ll receive the discount you’re eligible for.
You do not need to meet a $100 spending threshold for the discount to be applied to your purchase. If you spend $100 on gas at BP, you’ll get $0.25 off per gallon the next time you fill up your tank. If you spend just $60, you’ll get $0.13 off per gallon. Rewards redeem automatically in one penny increments, so you’ll always get a discount when you use your card. The discount will apply on only one purchase of up to 20 gallons of gas. That means you should try to fill your whole tank to max out the rewards.
If you’d rather redeem your rewards for a statement credit, you can do that, too. The statement credit will be equal to the discount you’d receive on a 15-gallon purchase. If you’ve earned $1 off per gallon, you’ll get a credit of $15.
Easy approval process
When you apply for the BP Visa Credit Card, you’re actually applying for two separate cards. If you do not qualify for the BP Visa Credit Card, you will automatically be considered for the BP Credit Card, which is a store card that works only at BP locations. This means that you have two chances for a new card, which might appeal to people who’ve had trouble qualifying for a credit card in the past.
BP Credit Card: Drawbacks and Downsides
There are some drawbacks of the BP Credit Card that you should be aware of.
Rewards vary in value
Any purchase at a BP gas station automatically redeems the discount you’ve earned. This is convenient, but it also means the value of your rewards will vary greatly.
For example, if you’ve spent $1,000 at non-BP stores, you’ll have earned $0.50 off per gallon on your next purchase. If your next visit to BP is just a top up and you only buy three gallons of gas, you save $1.50. That translates to a rewards rate of just 0.15%.
If instead, you max out the discount by buying 20 gallons of gas, you’ll save $10. That’s a rewards rate of 1%. Put simply: To maximize rewards, put as close to 20 gallons of gas in your tank at once. It’s easy in theory, but not everyone likes driving around with close to an empty tank.
Poor sign-up bonus
The BP Visa Credit Card’s sign up bonus increases the rewards you earn on regular spending for the first 90 days with the card. This is underwhelming compared to other cards that offer sign-up bonuses of $100, $200, or more for spending just $500 or $1,000 in the first 90 days.
BP Credit Card Alternatives
Here are some alternatives to the BP Credit Card.
Costco Anywhere Visa
If you want to earn more consistent rewards at any gas station, consider applying for the Costco Anywhere Visa. This card offers 4% cash back on the first $7,000 you spend each year at gas stations. That’s almost as good as the 5% cash back the BP Visa Credit Card offers, but without the hassle having to get 20 gallons of gas to redeem at the full 5% rate. It also lets you get gas at other gas stations, and not at just BP.
Citi Double Cash Card
If you want to earn a good rewards rate, regardless of where you shop, consider the Citi Double Cash Card. You’ll earn 2% cash back on every purchase with this card. You’ll earn the first 1% at the time of purchase, and another 1% when you pay it off. That provides great incentive to spend responsibly and pay your bill on time, and gives you a guaranteed cash-back rate that doesn’t require any maximization strategies.
BP Credit Card FAQs
Here are some other things that you should know about the BP Visa Credit Card.
Can I use the BP Credit Card anywhere?
The BP Credit Card works only at BP locations. It’s a store card. If you’re instead approved for the BP Visa Credit Card, your card will work anywhere Visa is accepted.
How can I pay my BP Credit Card bill?
You can pay your bill online, by mail, or over the phone. There is no option to pay your bill when you visit a BP station.
Bottom Line: Should You Apply for the BP Credit Card?
The BP Visa Credit Card offers a good rate of rewards, but the value of those rewards depends on how much gas you purchase at any one time. Another card that offers bonus rewards for gas will offer more consistent rewards without tying you to one chain of gas stations. Test out the CardCruncher tool to find the credit card that’ll give you the best rewards based on your spending—you’re sure to find one that’ll fit the bill.
