BP Credit Card Review

BP Credit Card Review
Lauren Ward
on March 18, 2020
Read in 2 min

A BP credit card is a great option for frequent drivers who prefer to fill up at a BP gas station.

You’ll earn gas rewards on most purchases made with the card.

With several perks and not too many fees or limitations, it could be the perfect rewards card for you.

BP Credit Card Account Basics

BP makes it easy to apply for a credit card directly online.

The typical variable APR is around 28.24%.

The credit card also comes with strong fraud protection, with $0 liability.

That means you’re not on the hook if your card gets stolen or compromised.

Fees with BP Credit Card

There are no application fees or annual fees with this credit card.

Once you get approved, it’s a low-cost credit card to take advantage of.

You may, however, encounter a few fees in certain situations.

To avoid late fees, be sure to pay at least your statement minimum on time each month.

Otherwise, you’ll be charged a late fee of $38.

There’s also a fee and different rate for cash advances.

You’ll be charged 29.99% interest plus a 5% cash advance fee.

Rewards Program

When you use your credit card regularly for purchases, you can begin to accrue rewards based on where you spend and how much, such as:

  • 10-cents off per gallon for every $100 spent at BP

If you get the BP Visa card, you can enjoy these additional reward perks:

  • 25-cents off per gallon for every $100 spent at BP
  • 15-cents off per gallon for every $100 spent on groceries, travel, and dining
  • 5-cents off per gallon for every $100 spent elsewhere

If you prefer a statement credit redemption, you’ll receive a credit based on a 15-gallon fill up.

In a scenario where you earned 10-cent off your fill up, you’d get a $1.50 credit on your statement.

Over time, this can amount to some serious savings each year.

Plus, you may qualify for an introductory sign-on bonus when you first open your account.

Check with BP to see what type of promotions are available when you apply for a card.

Account Limitations

This type of credit card does come with a few limitations.

There are no balance transfers allowed and there typically isn’t an introductory APR.

Additionally, you should use your rewards within 12 months of earning them to avoid losing them completely.

Also know that rewards redemptions are only for BP gas.

If you prefer broader rewards that let you shop in a variety of places or offer a cash back option, another credit card may be the best option vs a BP credit card.

Conclusion

A card from BP could be a great option, particularly if you frequently find yourself filling up at a BP gas station.

Analyze your daily spending habits to make sure you take advantage of the most lucrative rewards card with the lowest interest rates.

If, however, you use a variety of gas stations or don’t even drive that much, you may want to look at other credit cards or personal loan options.

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Lauren Ward Finance Journalist

Lauren Ward is a freelance content writer focusing on personal finance, real estate, and lending.

Her work has been featured on Huffington Post, CBS News, and Kiplinger.

She previously worked at the Federal Reserve Bank of Richmond as well as several national non-profit organizations.
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