BP Card: Is it worth filling out the application?

The BP card offers solid rewards on daily purchases. It can give you a return between 2.25% and 3% on purchases, dinners and trips. Also, every time you use it on a BP station pump, you get between 3.75% and 5% return in rewards. Please note that you will not earn any cash back when you use the card at non-BP stations.

Although high, these rewards may be outperformed by other cash back credit cards.

Having said all of the above, it is worth asking: Is it worth filling out the application? Will it really be useful to you? It all depends on your individual spending habits.

The BP Visa® Credit Card is good for:

  • People looking for a solid credit card to pay for dinners, food, travel and gas.
  • Anyone who buys gasoline, mainly at BP

The BP Visa® Credit Card is not good for:

  • Consumers looking for a good early-spend bonus.
  • Those who want rewards in a wider range of categories.
BP credit card

BP Card: Is it worth filling out the application?

Let’s talk first about the BP Visa® credit card, this card provides its holders with acceptable rewards on groceries, travel, restaurants and gasoline purchased at BP stations. Reward rates can reach 3% and 5% respectively, when you buy up to 20 gallons of gas at a BP station. You can also use your points for statement credit, though this will cause your rebates to drop slightly to 2.25% on travel/meals/groceries and 3.75% on BP gas.

Regardless of how you use your rewards, the BP Visa® credit card continues to offer very good value, even when compared to leading cash-back credit cards like the Chase Freedom®.

The weakest part of the BP Visa® Credit Card is its bonus. The card gives users 5% back on all purchases during the first 90 days. Most cash back credit cards give you a $100 bonus for spending $500 over a similar period. You would need to spend at least $2,000 with the BP Visa® Credit Card to match that reward. While the bonus this card gives you has unlimited potential, you need to spend an extremely high amount of money to make it really worth it. This is something that could be impossible, depending on what your initial line of credit is.

Bottom line: No matter what form your rewards take – gas discounts at BP stations or credit on statements – the BP Visa® Credit Card can give you significant savings. If you are a frequent BP customer, this is a very good option for you. However, as always, you should keep all options open as other cards may offer you even bigger discounts.

Benefits and characteristics of the BP Visa Card

The BP Visa® Credit Card rewards its users with discounts on gasoline purchased at BP stations. Users earn a 5% reward rate when using the card at the pump (BP stations only), 3% when used for dining, travel and grocery shopping, and 1% everywhere else where Visa is accepted. Please note that you do not earn any rewards when the card is used at non-BP stations.

Plus, there are two bonus ways to earn rewards with the BP Visa® Credit Card. During the first 90 days of opening your account, you earn $0.25 per gallon for every $100 you spend. That effectively translates to a 5% reward rate on all purchases. You’ll need to spend approximately $2,000 during those first 90 days for this bonus to be comparable to an average cash back bonus with other credit cards. At the same time, bonuses on other cards typically require much less spending to achieve the same rewards.

Right now this card comes with a limited time offer. If you sign up for the BP Visa® Credit Card before January 31, 2017, and use it to make a purchase at a BP location within 60 days of the account opening date, you can earn a credit of 20 dollars in the account statement.

How do BP Visa® credit card rewards work?

Here’s how the BP Visa® Credit Card rewards work: You get a dollar amount for every gallon of gas, for every $100 you spend.

For example, you get $0.15 off a gallon for every $100 you spend on eligible groceries, dining and travel. That discount applies up to 20 gallons. So if you spend that $100 on travel, the most you can get (in terms of rewards) is $0.15 x 20 = $3.

Rewards can be redeemed at the pump, or used as statement credit. However, using them as a statement credit is not as profitable. Your total accumulated rewards are multiplied by 15, instead of the maximum of 20 on the pump. This means that when used for statement credit, the rewards rate can be 3.75%, 2.25%, or 0.75%, depending on where it is purchased.

How does the BP Visa® Credit Card compare to other credit cards?

We compare the BP Visa® Credit Card to others that also give you savings on gas, groceries and dining out.

BP Visa® Credit Card vs. Chase Freedom®

The Chase Freedom® is one of the credit cards with excellent conditions. It can provide great rewards in different categories, including gas, restaurants, and Amazon.com.

The Chase Freedom® offers the following rewards rate: Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

There are good and bad things about changing categories. On the one hand, not being locked into a fixed reward structure gives you more opportunities to earn cash back -this can be great for people who shop at many different places. On the other hand, this requires you to keep an eye on categories, if you ever hope to optimize your cashback rates. Depending on your comfort level with this ambiguity, the Chase Freedom® may or may not be better than the BP Visa® credit card.

BP Visa® Credit Card vs. Blue Cash Preferred® Card from American Express

The Blue Cash Preferred® Card from American Express is a good credit card for those who buy at supermarkets, gas stations and streaming services. The card gives users an unmatched 6% cash back in US supermarkets on up to $6,000 a year in purchases (then 1%), 6% cash back on US streaming subscriptions and 1% cash back on other purchases.

The BP Visa® Credit Card beats the Blue Cash Preferred® Card from American Express when it comes to dining out rewards (2% vs. 1%). One of the benefits is that you are not limited to a particular gas station, as is the case with the BP Visa® Credit Card.

One drawback to the Blue Cash Preferred® Card from American Express is its annual fee. The card costs $95 per year (See Rates and Charges). So you want to make sure you’re getting enough out of it to justify that price, especially since there are plenty of credit cards with no annual fee, including the BP Visa® Credit Card.

For rates and fees for the American Express Blue Cash Preferred® Card, please Click here.

BP Visa® Credit Card vs. Costco Anywhere Visa® Card from Citi

The Costco Anywhere Visa® Card from Citi is one of the best credit cards for gas, as long as you shop at Costco. Offers users 4% cash back on eligible gas for the first $7,000 a year and 1% thereafter, 3% dining and travel, 2% Costco & Costco.com, 1% on all other purchases.

The Costco card allows users to receive their rewards in the form of a certificate that is mailed to them once a year. For those who don’t mind waiting, this can be much more convenient than trading rewards for gas discounts.

The Citi Costco Anywhere Visa® Card is only available to people with a Costco membership.

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