Review: BP Credit Cards

bp-credit-cardsBP Oil, in partnership with Synchrony Bank, offers 2 gas credit cards for consumers as well as 2 business credit cards. Our overview / review of the consumer cards is below, along with a quick synopsis of the business card choices.

Before talking about the specifics of each BP consumer credit card, it’s important to explain how the reward on these cards works. Instead of getting a cash rebate or reward points, the BP credit cards let you earn a per-gallon discount that you can use whenever you want. The amount of your discount is saved on the card, and you will see a message on the pump that tells you the amount of your rebate and asks whether you want to use it on that visit. (If your local grocery or warehouse store has a gas savings program based on your purchases, you might already be aware of this type of system.)

That said, here are the discounts you earn:

  • The BP Visa: A 25-cent-per-gallon discount for every $100 in purchases at BP, a 15-cent-per-gallon discount for every $100 in groceries, dining and travel purchases, and a 5-cent-per-gallon discount per gallon for every $100 in purchases outside BP (except no discount if you use the card to buy non-BP gas).
  • BP Credit Card: A 10-cent-per-gallon discount for every $100 charged to the card. Note that this card can only be used at BP gas stations and convenience stores.

Obviously the BP Visa is a better offer than the BP credit card, which might make you wonder why you would ever choose the BP-only card over the Visa. Well, you wouldn’t. It works like this: you fill out an application for the BP Visa, and if your credit history is good enough, you’ll be approved for it. If your credit history is not good enough, you’ll then be considered for the BP-only credit card. So, you don’t make the choice of which card you get — BP and Synchrony Bank make that decision for you.

One final note: The interest rate on both BP credit cards is ridiculously high at 28.49%. You should only get a BP Card if you ALWAYS pay off your credit card balances each month, otherwise the interest you pay will essentially negate any gas discounts you earn.

You can apply online for the BP credit card via this online application.

If you are a business customer, BP offers 2 fleet gas credit cards that might interest you, each offering up to 6 cents off per gallon of gas purchased. Go here for details.