A first world problem you’ll occasionally hear mentioned in points-n-miles circles: “I’ve already signed up for every single good Chase bonus and there aren’t any good credit card offers left!” Maybe… and maybe not.
It’s not a frequent topic of discussion, but those of you into manufactured spending may be interested in the BP Visa, and this has nothing to do with gas rebates.
Take a look at the promotional spending offer:
A 25-cents per gallon rebate for every $100 spent: is that any good? It’s a maximum of 20 gallons per fill-up, so you can get $5 back in gas on $100 in spending–if you get 20 gallons in a fill-up and if you use BP.
But take a look at the “additional benefits” page:
Take a look at that second option: get a $15 statement credit for every $1 in per-gallon rebates. It takes $400 in spending during the promo period to get $1 in per-gallon rebates, so a $15 statement credit would be a 3.75% spending rebate. As far as I can tell, that rebate is for all spending in the first 60 days.
If you do happen to be interested in maxing out the free gas benefit, here’s an interesting sentence from the terms and conditions: “Any fractional Rebates, and any excess Rebates that were not eligible to be redeemed due to the 10.9¢ minimum price per gallon will be carried forward.” So as far as I can tell, anybody who is so inclined could put a bunch of spending on this thing and then slowly harvest the free gas until the rebates were used up.
I don’t have this card, so I can’t vouch for how well any of this would work, and I’m not heavily enough into manufactured spending that a 60-day promotion would be worth the effort for me, especially since I’m not maxed out on the other Chase credit card bonuses yet. But I would think there’s a small number of folks who could put this offer to good use.
The one thing I can’t figure out for sure is whether there’s a cap on rewards. I called customer service to ask, and the rep told me there’s no cap, but keep in mind it’s possible to get conflicting answers from customer service when delving into credit card minutiae. The rep did inform me that gas rebates and statement credits expire one year after being earned, so that’s good to know.
The marketing material does not use the term “unlimited”, but on the other hand I can’t find any mention of a cap in the T&Cs. There is one sentence on the “Offer Details” tab which may be applicable: “See Rewards Program Rules and Regulations, which will be mailed after your account is established.” So maybe they’ll let you know for certain after you get the card… or maybe not.