It’s been a rough start to the year and lucrative points/miles/cashback opportunities are few and far between. Which is why today I’m writing about the BP Visa, a credit card that hasn’t been covered too much but which has an interesting sign-up promotion.
I first wrote about this card a few years ago back when it was issued by Chase. The good news is that this card is no longer issued by Chase, so no worries about Chase’s stringent new credit policy. The better news is that the sign-up promotion is actually a little bit better than when I first wrote about it.
So what’s this sign-up promotion? It’s not bad, but it’s not amazing, either. It’s along the lines of the Marathon credit card deal: a good deal for some of you, not worth the effort for the rest. BP is offering a 25 cents per gallon rebate per $100 spent on all spending during the first 90 days that you have the card (it used to be 60 days). That works out to be 5% in gas rewards… but only if you have a tank that holds 20 gallons or more, since that’s what you need to maximize the value from gas discounts.
I don’t have a car with a 20-gallon gas tank, but there’s one other redemption option available: statement credits. We need to read the terms and conditions for an explanation of how this works:
You can choose to redeem your Rewards in the form of a statement credit on your Card Account. If you choose this option, the total amount of your earned Rewards will be multiplied by 15 and the product will be applied as a credit to your Card Account. For example, if you have earned $0.10 (ten cents) off per gallon in Rewards, you can choose to have $1.50 applied as a credit.
So if you multiply that 25 cents per gallon rebate by 15, you get $3.75 per hundred dollars spent, or 3.75%. And that’s on all spending (except for competing gas stations) for 90 days.
One downside: this card is now issued by Synchrony, which is not known for generous credit lines. They’ve always started out my wife and me with a line of around $1,000 or so. On the positive side, we were recently able to get a respectable credit line increase on another Synchrony card. Would this be possible as a new applicant? I have no idea.
Synchrony offers easy and generous credit limit increases on the Walmart and Lowes cards. They will often bump from 1500 to 5k to 15k and even 30k. Good to call every few months.I don’t know how generous they are with other cards.
The Sportsmans Guide visa issued by comenity bank often has 4x or 5x promos.I can remember at least 3 in the last year and a half. I think one in November was unlimited. Their store has a far wider variety of products than Banana.I wonder if their Gander Mountain card has similiar promos.
It is a good second card for those building credit, before moving on to premium cards.Also, comenity pulls Equifax, unlike other major issuers usually do. Don’t know if pulls would be combined if you apped for say Virgin,Orbitz,Mypoints or Total Rewards(caesar’s) at the same time. Would be nice, given weak bonuses for those cards
Interesting comment, thanks for the info!
Synchrony Bank has 24 credit cards that I’m aware of, however, credit card CONSUMER BEWARE before you open a CC with this bank do your research such as:
they will decrease your credit limit without the legal notification required by the Truth in Lending Act of 2010, they will report you to the credit bureau if you are even 1 day late on your payment, on 3/3/2014 the Consumer Financial Protection Bureau sent law violations of discrimination regarding race & deceptive practices relating to the marketing/sale of their CC add on products to the Attorney General’s office of Civil Rights Division of the DOJ, if you have a shopping network CC (example, EVINE) they do not allow the reps that are taking orders to let consumers know if they are at their credit limit regarding taking orders, especially regarding their pay out system which in turn means the consumers unknowingly can be several hundreds of dollars over their limit, which, by the way they will demand payment in full regardless of the amount. I myself have refused to do business with them on many CC’s they offer such as through Amazon. I do suggest if you, like me, love Amazon DO NOT GET ONE WITH SYNCHRONY. There are other CC cards through Amazon that are reputable, honest and consumer driven, unlike Synchrony or whatever they will be called tomorrow, as this is their 3rd name in a matter of a few short years. SO…… before you take that credit offer ask the entity (Walmart, Lowe’s, etc.) if there is another CC you can sign up with. I DO NOT use my Lowe’s CC because of Synchrony Bank. We use another CC or cash. If everyone would use another CC instead of anything linked to this bank the stores, retailers, shopping networks, etc., would, at some point either stop doing business with them or at the least as some have already found out andhave began to offer another CC to choose from. Also, if you dispute anything with this bank they refuse to freeze that amount you owe while it’s being investigated and if you don’t pay it they WILL send it to your credit bureau as a charge off and the amount will be different than what you actually owe even if you have a letter stating that your account has a zero balance they will refuse to correct the information on your credit bureau, which stays on your credit for 7 years. I personally would join a class action suit against this bank for their underhanded practices.
I am having problems with synchrony on a questionable charge. They say I have a zero balance but sent a letter saying they informed 4 credit bureaus that I had a delinquent balance, This after they immediately cancelled my card when I simply inquired to question what a charge was for. Yes they issued a new card, but it was not necessary and they did not investigate timely and then did not handle on the new card as they said they would. I did all the leg work, solved the issue, and then they reported me to the credit bureaus (per their letter to me). Their employees repeatedly apologize and I still have to now contact the credit bureaus to dispute. I am looking for a new card which is not handled by synchrony. They gave me incorrect information when I called that they had NOT pulled back the payment. Incorrect information saying it was paid on the new card when it was not. I am very disappointed. The latest rep. said she didn’t think the credit bureau was notified although the letter listed 4 bureaus. I now have to investigate and handle this as their company will not. I think I need a card that does not use Synchrony.