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.