We’ve reported that the BP credit card is switching over from being issued by Chase to being issued by Synchrony. The new Synchrony-issued card was slated to go live on May 18, 2015, but it’s already available for applications. A few people have already been approved for the card.
They’ve also improved the rewards program of the card. Let’s take a look at the new version.
Overview
There are three versions of the credit card:
- BPÂ VISAÂ CREDIT CARD WITH DRIVER REWARDS
- BPÂ VISAÂ SIGNATURE CREDIT CARD WITH DRIVER REWARDS
- BPÂ CREDIT CARD WITH DRIVER REWARDS
The first and second versions are credit cards which can be used anywhere, the only difference being that one is a Visa Signature and one is an ordinary Visa. The third option will only be able to be used at BP and nowhere else.
BP Visa Card Rewards
- For every $100 spent at BP get 25¢ off per gallon, up to 20 gallons. Value: $5 with 20-gallon fill-up.
- For every $100 spent on groceries, dining, and travel get 15¢ off per gallon, up to 20 gallons. Value: $3 with 20-gallon fill-up.
- For every $100 spent anywhere else (aside from non-BP gas stations) get 5¢ off per gallon, up to 20 gallons. Value: $1 with 20-gallon fill-up.
Signup Bonus: For the first 90 days you’ll get 25¢ off per gallon (up to 20 gallons) for every $100 spent anywhere (aside from non-BP gas stations). Value: $5 with 20-gallon fill-up. The old card had a similar signup bonus but only for 60 days.
BP Credit Card Rewards
- For every $100 spent at BP get 10¢ off per gallon, up to 20 gallons. Value: $2 with 20-gallon fill-up.
Additional Details
- Rewards expire after 1 year.
- 20-gallon max must be done in one fill-up.
- It is possible to redeem rewards for a statement credit at the rate of 15 times the value in cents. For example, if you have a 10¢ discount available, you can get a $1.50 statement credit. This option will give you three-quarters of the total value that you can get by doing a 20-gallon fill-up. By filling up 20-gallons you can get a $2 value, while with the statement credit option you’ll only get a $1.50 value. It could still make sense for someone with a small tank.
- IMPORTANT: The rewards earned at the pump on the credit card replace the regular BP rewards earned without the credit card (see below).
- You’ll always pay a minimum of 10.9 cents per gallon. The remaining rewards will remain for future use.
- When you swipe your BP credit card at the pump, the system will ask you if you want to use your rewards or save them for later.
BP Driver’s Rewards
BP has also improved their non-credit card rewards program. The program now offers 10¢ off 20 gallons, after having made $100 in BP gas purchases.
There’s also a one-time bonus of 15¢ off per gallon (max 20 gallons) which can be earned by spending $300 in a calendar year.
We reported this a while back and the changes are now taking effect. [The old program gave a 5¢ per gallon. We detailed the old program here.]
Our Verdict
The fact that the card is now issued by Synchrony would probably be a positive for most people since they’re usually easy to get approved with. Also, we can leave Chase for other credit card applications.
Let’s take a look at the value we can get from the Visa card option in the gas category, the grocery/travel/dining category and in the everyday category for the first 90 days.
GasÂ
The maximum value possible to get with the BP Visa card is possibly a 5% value on BP gas purchases since you can get $5 back after $100 in purchases.
There are a few things to note, however:
- The most basic thing to make this card worthwhile would be if your local BP stations are competitively priced.
- You may already have a credit card which earns a bonus rate at the pump.
- If your tank doesn’t hold 20 gallons, you won’t be able to maximize the value with this card.
Being that the credit card rewards replace the non-credit card rewards program, you’re really just getting an additional 15¢ per gallon or 3%. There are lots of cards which can get you 3% back on gas without dealing with the confusing BP program.
Verdict: Probably not worthwhile for gas.
Grocery, Travel, DiningÂ
An interesting part of this card is the bonus category for groceries, travel, and dining. This card could possibly be a 3% card in those areas. For every $100 in spend you can get $3 off your next fill-up. Again, this will only work if your BP stations are competitively prices and your tank holds 20 gallons. If you’d redeem for a statement credit you end up losing 25% and it would only be a 2.25% earning rate.
Of course, those categories are heavily bonused categories on other credit cards, but still…
Verdict: Interesting.
Everyday Purchases
We definitely won’t recommend this card for everyday purchases since the max you’ll get here is 1% and you can do much better, see Best Credit Cards For Every Day Purchases.
Verdict: Not recommended.
Signup BonusÂ
The signup bonus of 25¢ per $100 of spend anywhere is also very interesting. If you can max out the value of the gas rewards, this would mean a 5% back card on all purchases for 90 days, aside from non-BP gas stations. Even when redeemed as a statement credit you can end up with 3.75% everywhere for 90 days which is interesting.
Verdict: Very interesting.
Final Thoughts
All-in-all it seems like they actually rolled out a card which is something to think about. It is much more confusing than an ordinary point-earning credit card and there may be other caveats/reasons why the card doesn’t represent a real 3%/5% value on the bonus categories.
Being that there aren’t a whole lot of 5x options remaining, this could be an interesting new way of getting 5% back everywhere for 90 days. You’ll have a year to use up the gas rewards earned in those 90 days.
The card can make sense especially for someone who always uses BP since redeeming rewards won’t be a hassle for such a person.
