BP Gas Credit Card Review
The BP gas card used to be one of the best on the market, but not anymore…
Ever since that BP oil spill fiasco in the Gulf, Americans have given an extra dose of scrutiny to just about anything related to BP. Some people even go so far as to avoid anything related to this oil company… and now they have yet another reason to avoid them.
Comparing the old vs. new rewards program…
The old BP Visa card (discontinued 3/2/2012)
There have been a few years where it was rated by Kiplinger’s Personal Finance as the best gas credit card. And guess what? I agreed! If you came to this page before you would have seen my unbiased BP credit card review (I never advertised them but gave rave reviews nonetheless). Here’s why…
Obviously rewards are the most important thing when it comes to choosing a gas station credit card. The BP gas rewards program was:
- 5% rebate at BP gas stations – All BP gas stations earned a 5% rebate. Think about it… on $3 gas that’s a savings of 15 cents per gallon. On $4 gas that’s 20 cents per gallon.
- 2% rebate on eligible dining & travel – I had went to the BP website and read the fine print on their credit card application very closely; for travel this included airlines, lodging establishments, and car rental agencies. For dining it included all restaurants with the exception of fast food.
- 1% rebate on virtually all other purchases – A straight-up 1% on everything else.
- Unlimited – The fine print said “There is no maximum number of rebates that you can accumulate in the program.”
- 10% cash back promotion – During the first 60 days it gave 10% on spending at BP. In terms of a dollar value, the additional 5% wouldn’t total out to be all that much (unless you bought a crapload of fuel) but this offer was still some nice icing on the cake.
Being that the Chase BP gas card had no annual fee, you can see why it was one of the most lucrative given those rewards.
The new BP Pump Rewards program explained
The contrast between the old and new version is like night and day. It went from being the best to one of the worst. Be warned, it’s quite convoluted…
The new program is called “Pump Rewards” but it’s hardly rewarding:
- For every $100 spent at BP you earn a 15 cents/gallon rebate
- For every $100 spent elsewhere you earn a 5 cents/gallon rebate
At first this actually sounds pretty good, right? Well I pulled up the BP credit card application and combed over the fine print. Here are the caveats that come with it.
Trick #1: Rebates can only be applied to one fill-up
This is where people with compact to mid-sized cars are really getting the short end of the stick. Why? Because when you choose to use your accumulated rebates, you can only apply them to one fill-up.
So let’s say your credit card account had:
Earned (1) 15 cents/gal rebate at BP (by spending $100)
Earned (3) 5 cents/gal rebates elsewhere (by spending $300)
Total = 30 cents/gal rebate
If you drive a small hybrid, you’ll be lucky to squeeze 10 gallons in the tank. Redeeming the above (30 cents/gal) would only equal a $3 savings on a 10 gallon fillup.
Based on the above scenario, you would have spent $400 but only earned $3, which is a 0.0075% rebate. Not very impressive, is it?
Trick #2: Max fill-up with rewards is 20 gallons
Okay so I’ve laid out why the BP credit card doesn’t make sense if you have a small car. But what about if you’re driving a gas-guzzler? Then it must make sense, right?
Sadly, no.
When you cash out your rebate, it will only apply to the first 20 gallons. So that means even if you have a gigantic fuel tank, you may not get the discount on your entire fill-up.
Trick #3: Typically must redeem all rebates at once
The only good thing about the new BP Visa is that you can choose when to take the rebates. When you swipe you credit card at the BP gas pump, it will say:
“Use $xx.xx/G Y/N?”
If you select “Y” then it will apply your “pump rewards” to that purchase. Unfortunately there’s no option to only use some of them – it’s either all or nothing.
The only time your rebate balance will carry-over is when it is more than the current price of fuel minus 10.9 cents (so 10.9 cents per gal. must always be paid).
Verdict?
The Chase BP rewards change is not a good thing. Get out your calculator and play with the above numbers and you will see that even in the best case scenario, the maximum value you can get is the equivalent of 3% at BP and 1% elsewhere (and that’s assuming your tank holds 20 gallons).
There is a statement credit option that is an alternative to rebates at the pump. However if you go this route, the max value you can get is 25% less (2.25% from BP spending and 0.75% for other spending).
Conclusion? The Chase BP Visa credit card is no longer worth getting.
Best Alternative?
- *Top Pick* Blue Cash Everyday or Preferred – Pays you a straight up 2% or 3% (depending on which version you choose) at all gas stations
- American Express Costco credit card – 3% rebate on the first $3,000 spent at gas stations per year. Must be a Costco member to get this card.
- Discover Open Road – 2% rebate at gas stations and restaurants, but capped at $250 per month in these categories combined
If you need to pump more than 20 gal. you have to waste time doing a second transaction as the limit on the rebate is 20 gal and the pump will stop just like if you are in an area where they have a $$ value limit on how much you can pump on one transaction. If you pump less than 20 gal it appear the rebate disappears. It’s a pain in the ***. While the credit card company is responsible for all the fine print it’s still a BP brand card and if they didn’t like it they could negotiate a change that was more customer friendly! Thumbs down on the new program.
Just want to say that I wish I knew how it all works. The cents off per gallon SEEMS to adjust to small tanks, i.e if you don’t use up a lot of the rebate on the first fill up, it will offer you a high value again at the next fill up. It appears that you get the same value from the program whether you take the cents off at the pump OR the $15 off your bill. I’m not sure, it just seems that way.
Not for me. After I hung up the pump, the rebate started over at zero.
I’m both confused and disapointed in Chase BP’s rewards program because its done alot of good for my wife and i over the years but what good is it now.
I understand more from this forum than i did back in March when BP sent out it’s new rewards notice, what a screwed up mess the rewards are cut in half just at a time when we the consumers could use a little help. I’m not sure wich card i’ll be useing but i have a Discover card and thats a start, the quarter beginning June 1′st has a %5 percent discount on gas so i am putting my BP card in my safe while i decide what to do with it, hopefuly they will wake up and make useing their card worthwile again.
I also think this new program STINKS. We have a pick-up that takes 30 gals., so 20 gals is nothing! Have already appiled and gotten a new credit card. Liked the old program better when you got money back for using “their” credit card. Also you only get .5cent back on spending a 100.00, that’s nothing! Even Winn-Dixie gives you .5 cent back by spending $50.00. Not planning on using this credit card, not worth it.
Both my husband and I scratched our heads and said, this is the most confusing rebate program ever.
We would rather have the 5% back with our gas bills being well over $600 per month (and that is with one of us car pooling!), but we did the math and at least we have a gas guzzler to get the full 3% back which is 1% more than any of the other cards we have.
To my dismay, I paid at the pump the first time we used the rebates and the discount came off of the credit price – not the cash price. The clerk told me that you have to go inside in order to get the cash price and the rebate at the same time.
Seriously? Is this BP’s way of getting people in the store? How can BP sell the new rebate program as more convenient as an at the pump discount when you can’t pay at the pump? Because the clerk could not do anything for me, I called the credit card customer service and he was nice enough to add 10 cents per gallon in rewards to my card to make up for the loss of the cash price. Yes, I was annoyed and angry and it was a matter of principle over the $2.
I just hope enough people call and complain about this to fix it. BP should not be pocketing this benefit now that they are now probably making at least 2% more on every purchase as it is.
I just received a new flyer from BP and it states in fine print: The rewards you earn in this program are called cents per gallon Rebates (“Rebates”). You will earn Rebates at a rate of $.0015 for each $1 (which equates to 15c in Rebates for each $100) of Net Purchases made at participating BP locations…
Loved receiving $.05 for each $1 spent. Ten gallon tank means we are ending our use of card.
Like everything else BP, resorting to smoke (thick), & mirrors, they figure if they can fool half the people? Well SWEET ..
Last march I opened a BP card and didn’t go anywhere but BP to get gas until they changed the program. The part that makes me the most mad is that I used to get the cash price PLUS the 5% back, now it’s the credit price. So basically I have to use rewards just to get the cash price. If they still gave me that I would keep using it despite the lowered rewards but alas, they got me so I haven’t gone to a bp since March 3rd and will avoid them like the plague. I should mention that I deliver pizzas for a living while I finish school so I buy a considerable amount of gas. I think that anyone that already had the card should’ve been grandfathered in to the original rewards program and future cardholders would start the new program.
Switching Back to AMEX Simplycash. I’ll keep the BP Signature Open, but just b/c its a signature card with no annual fee. AMEX and every other cheaper gas station out there will welcome my business. And once again, I’ll enjoy my 3% no fuss AMEX rebate at the end of every month. Bad move on BP’s part. Grocery stores have better gas rebate programs.
I received the mailings and the stuffers, and was confused at the pump. Then I read the paperwork again. I made my living as a tax specialist, and finally called BP this morning. The credit card rep explained it well, and all that confirmed what some have said below:
From a simple, generous plan, to a complex, far less generous plan. The one plus is that the rewards are quickly realized, but it doesn’t work well when the cents off go against the credit card price rather than the cash/BP credit card price.
Like others, we will looking elsewhere, I believe I had read that Exxon/Mobil is one of the better ones, and with gas prices almost the same at all outlets here, the math become simple.
Give BP boos for obvioiusly not making comparisons between the old and new programs and none of it in everyday English.
Also a loyal user for the past 4 years. I pulled in over $900 in rebates last year filling our 4 gas guzzlers. Over $30,000 in charges last year. Someone said they don’t like deadbeats like me who pay off my card every month. I disagree. I bought a helluva a lot of gas, exclusively at BP and they made 1-2% off of all of my other purchases via merchant charges.
Those charges, plus profit off the gas, surely equates to at least the money they gave me. They now have lost my gas business and the money from merchant charges. I guess it’s a drop in the bucket to a multi-billion dollar corporation, but $900 buck is not a drop to me – it’s real money.
I will now use Discover for 6 months a year and am applying for PenFed 5% off gas at the pump. None of that will be spent at BP. By the way, I e-mailed Customer Service about their “deceptive” description of the program. Who the heck understands “cents in cents per gallon rebates”? Is that even proper English? They were ambivalent at best. Now I am ambivalent about using their card. Adios!
snip snip! What a joke of a “rewards” card.
I love the redemption at the pump. It’s easy and I don’t have to wait 2 months for a $25 check. I get my rewards instantly.
Compared to other gas cards this still has the most value as I make sure to redeem for 20 gallons. I can see all of my transactions online and how much is available anytime.
Yes it is less valuable than 5% but the fact is 5% is gone from many programs. Freedom is 5% for 1 or 2 quarters a year and the earnings are capped. BOA is 3% but their customer service and online experience is terrible. Stop kicking it and just give it a try.
Yes, but 5% for half the year and 0% the rest of the year is still 2.5% average, which is higher than the 2.25% (at best) that you will get at BP. Factor in that BP gas is almost always higher in price around here, and you are losing money to continue using this card. Yes it’s easy – that’s what they want people to do – take the easy route so they get to keep more of your money. Also, it takes me 2 minutes to redeem my rewards online. Not that it matters. I’m going elsewhere so I can keep lots of free dollars coming into my wallet.
Right, and when you aren’t getting 5% on gas it is 5% on other things as opposed to 1% on other things all year so as long as you use it for more than gas it’s much better than BP’s new program. And it isn’t 0% the rest of the year, it’s 1%. So, I agree that Chase Freedom is the best bet right now.
I have been giving it a try. However, you cannot redeem the points at just any BP station. In the Columbus, Ohio metro area, there are only 6 stations where I can redeem my points, which I’d like to do as the hubby as a huge truck. However, where’s the payoff when I have to use 2 gallons just to get there and back?
Chase did not do this…BP did this card change after BP has made huge profits!!! I have gone to Chase Freedom which offers cash back with quarterly variances. Chase contracts for these credit cards BP is the one who made the stinky change.
I dropped my BP gas card into the drawer. So, I used to enjoy the $25 checks every 2-3 months. Now, I have switched to Pentagon Federal Cash Rewards which is at 5% and can use at any gas station. I’ll stop by BP when I have to but will consider all other gas stations first going forward. BP sure knows how to blow away their loyal customers.
Just closed my Chase BP Card account that I used since 1973. Hope the brains behind the changes are happy. By By BP forever.
I also have used this card for 4 or 5 years for everything. I knew the great rebates wouldn’t last. Too many of us (they call us “deadbeats”) who pay off the card at the end of the month and pay them no interest. It was good while it lasted, but I will not be going to my local BP anymore. I have other stations closer and they don’t have the attitude of my local station.
As to the “new” rebate credit card, BP can raise the price of gas to whatever they want, so what’s a few cents to them. They’re screwing us at the pump and on their “rewards” program. Bye, bye BP.
I was highly upset about when I got my notice in the mail that they were switching to pump rewards.
I was using my BP card for almost 2 years and really liked the rewards. It took some algebra to figure out how much less money I would be getting back with this program (they should have explained that better).
With the previous program, I opted to receive reward checks which I could put into a savings account and add interest on that money. You can’t earn interest on pump rewards. And with only being able to put 15 gallons in my tank it isn’t worth it. I suppose I will just stop using the card (let many people have decided on this site) and wait to see if the program sticks around.
Does anybody know where I can formally launch a complaint with BP? Until then, I have a Chase Freedom card and the American Express Costco card which provide better rewards for gas. The only thing I don’t like about the Costco Rewards is that you only get a rebate once a year. I liked being able to cash in monthly with my BP card. *sigh*
no discount, you pay full prices, not the same as cash. see ya
Right! Even if I didn’t get any rewards but got the cash price still I’d stick around. How inconvienent.
This is not all true – The top 5% of card holders will see no change.
However it is true that 95% will no longer get the reward cards.
I am also very disappointwed at the new Chase BP card program.
These are my reasons for not liking the program:
1) I drive a hybrid car with a 9 gallon tank, and the one-time up to 20 gallons rule (with no carry over) means that I give up over half of the benefit every time I use the reward for gas.
I know BP is a gas company but should they really be penalizing those of us that drive economical cars?
2) The reward is over stated. In the Tampa area if you don’t have a gas card for a particular gas company (e.g. BP) you will pay 4 cents per gallon extra for the privilege of using someone elses card. Using my BP card at a BP station has ALWAYS prevented me from paying this premium.
Now that premium (usually 4 cents) is being counted in my benefits. For example it will show I have 7 cents in benefits, when really I see that as being only 3 cents.
3) Too complex – it’s almost impossible to relate my usages of the card to my benefits.
True, if I made only one $100 purchase a month I could work out that this is worth 15 cents (I believe), But if you make many purchases a month like I do its almost impossible to track spending to rewards. And (see #1) I know I will get less than half of the benefit of someone driving a gas guzzler!
So I am now looking for a better card that has gas rewards, and apparently that isn’t Chase BP anymore!
Dave S
To be fair, they do sell gas. They wouldn’t want to encourage gas saving.
Used the BP card for last four years and it was good. Did not price shop for gas, as I knew it was a good deal just to charge.
Now put card in draw in case they change their ways.
Now using Discover with 5% off gas 6 months of year with special promotion. Applying for Chase Freedom which claims 5% gas promotions through year.
Liked BP gas, but consistently higher in New Jersey than other gas stations. Like to be Loyal, but Loyal is two way street.
Suggestion to BP – Convert back before you loose all your loyal credit card customers.
Card will stay in Drawer I guess until 2015, when it expires.
Did my own calculations before finding this website. Everything the writer said is true. I can only fill up to 15 gallons in my car. It’s only on the 3rd fill up that I receive a rebate (have to spend $100 first). Then my rebate on BP gas purchases is only $2.25 on $100. or 2.25%, but on other purchases it’s less than 1%. I was referred to this card 4 years ago by a good friend. I just warned him off. After showing him the new calcs. he’s leaving too.
BP has an image problem due to the Gulf disaster. But I stayed loyal with them. Now they don’t care about the loyal customers. I don’t know who they worked with on this program, but clearly they don’t know anything about people and how to fix an image problem.
I have been a loyal user for four years. Just tore up my card and applied for EXXON card, they claim $.15 per gallon, that’s almost 5% in TN!
The new card (Pump Rewards) is not valid at the pump in either NJ or Alabama.
That is in the fine print. Thus only option is reduce your bill – call in monthly.
No comparison. The old card was the best, and now BP has one of the worst. Searching for other Visa options.
This explains a lot rather than BP’s explanation. I am putting up 25k-30k a year with this card but I will say good bye soon after I get my new card from other merchant.
I just received my first bill after the conversion. Using the pump rewards, I calculated that my rebate would be about 0.3%. Most of the charges were for dining, previously rebated at a 2% rate. Since the charges were prior to 3/2/12, I had hoped to get a statement credit equal to about the 2% I had expected. However, they have been “processing” my request for more than 5 minutes now (I must have reverted to dial-up).
I had hoped to continue to use the BP card for dining, but any card that gives 1% on all purchases appears to be better. My Chase Freedom MC will give 5% for dining in the third quarter of this year and my BofA Visa gives 3% on all gas purchases. I have been a loyal BP credit card customer for 10+ years, but it appears that BP will join my Shell MC in the sock drawer. Folks, it has now been over 10 minutes; it appears that I will not actually receive the statement credit.
I have been using the BP gas card exclusively for years. The rewards were a large part of the reason but also, when I used it at a BP gas station, I was charged the cash price and not the credit price which is almost always 10 cents higher. It’s more convenient for me to use a credit card every time than carry the cash. On top of the cash price, I also received the 5% rebate. I have $108.00 in rebates at this time but BP will no longer allow me to receive a gas credit card for $100.00.
The gas stations no longer give you the cash price either. So now, when I went to use it and answered “Y” to apply my pump awards, the pump price was .06 cents less than the credit price (.04 cents more than it used to cost me). It’s a joke and BP has lost a customer. I didn’t even get gas that day from them. I hung the nozzle back up and went to a different gas station and used a different credit card. I will be shredding my BP rewards card up and mailing it back to them.
The BP application is a joke
Oh well, guess I’ll put everything on another card with a 1% rebate. Don’t forget to apply your old card rebates to your statement balance to keep from losing them. Originally I used cards to pay everything to earn interest on my cash longer. That’s nothing any more. Using a credit card does still serve to protect your bank balance from fraud.
I already switched to BankAmericard, it’s the best option with 3% on gas all year long. Or discover card that gives you 5% 6 months/year.
The Amoco new reward procedures are very complicated. Your explanation is clear. I agreed and followed by a cancellation of the credit card which I had been used many years on their first day March 3 2012.
Also, if a station offers a discount for using Cash/BP Credit card, you CANNOT stack the BP credit card discount with the Loyalty program.
I was a charter member of this card – since the mid 80′s I believe – and I’ve suspended use of this card permanently on March 2, 2012.
They could have at least sent a letter of apology for getting rid of their rewards program and replacing it with, well, basically nothing. Instead, they insult us with a rewards program that throws a few cents at you at the gas pump. I can get a better deal by driving to the Shell or Exxon station a block away.
I agree, this used to be the best gas rewards card out there, but not any longer. For other rewards, to those who think that the credit card company somehow pays those, that is a lie. Credit card companies charge the rewards back to the MERCHANT, and merchants have no choice but to pay them or not accept the card. BP subsidized part of the 5% for their gas purchases, but all other rewards were paid 100% by the merchants where you made the original purchase. That’s how all rewards cards work.
I’m in agreement with all of you writers – this new BP rewards programs STINKS! Like most of you, I also did the math and could not get the numbers anywhere near what the rewards were under the old system. What blows my mind is that if you go to the Chase/BP website, they are STILL advertising the old rewards program on their homepage, which will expire in about a week. With 4 cars & 2 motorcycles in the family, I loved the $25 rebate checks.
However, none of our vehicles has a 20 gallon tank, with the exception of my Grand Cherokee, and I NEVER run it that low prior to filling. Why could Chase/BP not be honest with us and simply state that they are reducing the rebate, instead of this confusing fluff packaged to appear to be the Second Coming?
With fuel prices about to explode, we need all the help we can get. Chase/BP, ARE YOU LISTENING TO YOUR CUSTOMERS? Your card is toast, and will collect dust in my wallet if you don’t fix this sham. Your local BP merchants are about to take a bath, and your competitors will reap the benefit of the mass exodus. Fire the idiot who thought up this program. You make billions of $, and can easily afford to keep the old rebate program. Do the right thing!
So long to a card I’ve charged over 20k a year on since 2006 – hello BOA.
The new rewards program blows! What a complete mess. Chase is basically saying forget the rewards. I’ve been charging $500 to $1000 per month on this card for years and enjoying the $25 gift cards several times per year. I won’t cut this card up (although this new farce of a rewards program makes me mad enough to) but I will start charging with my other cards now. I guess Bank of America (I know, don’t say it) and Discover will both appreciate Chase/BP’s gesture.
And one more thing — they should have just said, “Hey look, we’re reducing the rewards from 5% to 3%.” I would have been mad about that too, but at least I could have respected it, and I probably wouldn’t have changed my gas and purchasing habits. But like somebody said below, this is just smoke and mirrors to cover up a drop in rebates. Very smarmy, Chase.
I’m out. For all those saying they are going to Chase Freedom, why do you want to continue to support Chase after they crapped out on this card.
Yep, I am out as well…my parents are too
BP & Chase took a perfectly simple rebate program & made it confusing, confusing in order to cover up the cut in rebates. They don’t have the —– to tell you up front so they apply smoke & mirrors hoping you don’t get it. Take a look at Discover, they give straight forward rebates and are doing 5% the 1st & 3rd quarter of 2012.
Looks like everyone agrees this card has turned into a POS. What’s the best alternative?
Look at Discover.
the new card is not very rewarding….in any way,at the pump or with a statement credit.the pump price at bp is high,not much coming back any more=cut the card
Pump this, BP. Your revised rewards program looks awful. Convoluted, confusing. And why would that be? Because it’s much less generous than the old program! Do you think we’re stupid? Shame on you.
I love the insert included in BP’s mailing: “Important account updates”
Your acct # has not changed…
Your card exp. date has changed….
Your credit & Int. rates are the same.
Wonder why they didn’t say: Your rebates have been significantly reduced..
The fact is that as of March 1, 2012, BP is reducing their reward from 5% to 2.25% on BP gas purchases and from 1% to .75% on all other purchases. Do they think we are stupid?
I’ve used the BP Visa card for many years – only because of the reward program. Well…not any more. This is the worst reward program ever! I will be switching to a new reward card as soon as I can find a decent replacement. I already have a Capital One card – and right now that looks like a good candidate to replace the BP Card.
Do the math. Currently $200 of gas at 5% equals a $10 reward. The new program gives you $.30 off of 20 gallons. That is $6.00, and only if you pump 20 gallons. My Honda Civic might take 10 gallons and that is $3.00. This is a one time pump at $.30 with no roll over. Time to ditch the high priced gas at BP and go to Quicktrip.
I’ve been a happy user of this card for several years until the recently announced change in rewards. Today I applied for PenFed’s Platinum Cash Rewards Card. 5% back on gas purchases at any station.
Just received the new info on the Chase BP card. Very confusing. I really liked receiving the $25.00 check every so often. I probably going to look for something new.
I am certainly open to correction… my suspicion is that new rules governing banks now in effect by the recently signed “Consumer Protection” legislation is going to limit all sorts of income received up til now by banks from fees, etc. If there income is drying up, there is no way to keep such great rebate programs going.
I am with everyone… I have already called Chase and told them I don’t think the new program is worthwhile to me at all. I use the Chase Freedom card… at least for now they have a straight 1% all the time on everything and revolving quarterly categories for 5% rebates. (That’s better than Discover) If I remember right, last year, Chase Freedom had 5% off all gas stations for two quarters of the year! I wouldn’t be surprised that that goes the way of the dinosaur too.
Just got a letter from Chase. They are going to a convoluted new rewards programs. The rebates are really being slashed beginning Mar 3, 2012
The bottom line math reveals the following about the new card & rebates.
2.26% rebate for gas
1.5% rebate for dining & travel
0.75% rebate for all other.
What a bummer……………
At current gas prices, whether you take the discount at the pump, or take the statement credit, you’re only getting 2.25% back. And with the discount that’s only if you can pump 20 gallons at once. I’m out.
Just received the brochure in the mail and am very disappointed, for several reasons. First, the materials are poorly written and the new “benefits” are difficult to understand. Second, in essence they are gutting a good program and replacing it with a confusing and much less attractive mess.
No thanks. I’m looking for a new card. I have had the BP gas card for years too.
Been using this BP card for years. Probably over 15K yer year. The new reward program is worthless. I will be using something else from now on.
Go to their website and use the calculator option. I’ve been running numbers, and they have basically cut the rewards program in half (assuming you don’t use the ‘at-the pump’ option which is even worse. To get the credit, you’ll have to spend 666.67 on gas, and you’ll have to log into their website and apply it to your statement. A lot more work for half the reward. They make it sound like a good deal, but it’s just a clever way to fool people. I’ve used this card for over 15 years, but it looks like its time to find something else.
I calculated the new program…after you spend $666.00 on BP gas, you will receive $1.00 per gallon off up to maximum 20 gallons…so let’s say you max out at the 20 gallons…you will get $20.00 off on that tankful…that’s 3% on the nose. If you instead take the “credit” on your monthly bill for the rewards, it comes out to 2.2%. Better to use the credits at the pump. All other purchases are about 1/2 those amounts…1.5% redeemed at the pump…1.1% taking the credit on your billing. It is very confusing at first, but I am quite sure I got it.
I think if you can find a card that offers 2% on everything, you will have a better deal, if there are no “maximums” (like the 20-gallon maximum)…the fine print has me convinced that in the above example, if you only took 15 gallons, you then lose the $1.00 per gallon on the 5 gallons you couldn’t fit into your tank. No carryover the fine print says.
I just received the new program description. After you spend $100 on gas, you get a ONE-TIME discount of 15 cents a gallon. If your car takes 8 gallons per fill-up, you save $1.20. Spread over the $100 you spent for the ONE-TIME discount, that’s a 1.2% rebate! What a joke! I can save more by just going to a different gas station.
For non-gas purchases, it’s 5 cents a gallon for $100 dollars, which comes out to 0.4%!
It seems the thing to do is use one of the cards that still pays 5% on gas during certain times, and use another card that pays 2% when those offers aren’t available, and that pays 1% on everything else.
It’s a pain having to juggle 2 different rebate programs, but it may be worth it.
One thing not mentioned yet is that the end reward will be based on the size of car you drive. It’s a one time discount of up to 20 gallons. If you can’t pump 20 gallons (and how many of us can) you won’t receive the full value of your reward.
It’s one thing to lower the value of the program. It’s another to base the end reward on the size of car you drive!
I just received the “new” rewards program. It is confusing – I enjoy receiving the $25.00 increments back to me – this new program is too complicated & I don’t feel it benefits the consumer as much as it does BP – I, too, will be looking for a new card. Does anyone have suggestions on a new type of card with good benefits? Thanks…….
I’ve been loyal to the Chase BP card for many years. I’ll be switching, maybe to the Chase Freedom card.
The new ‘rewards’ program is a joke. And read the Fine Print, folks…you will see that the Legal description of what they offer is totally Different than what the brochure says. Check out the legal – they say they will pay 15 cents per $100. (The brochure states 15 cents per gallon.) I envision Chase & BP claiming a misprint — but of the brochure – not the legal agreement.
Even without the discrepancy you’d have to have a spreadsheet to figure out if you were actually better off cashing in the rewards or accumulating them at any given time. What a BAD Joke – they shouldn’t even be able to call it “Rewards”!!
I read the confusing “new” rewards info several times. If I understand it correctly you get a maximum $0.15/gal for a one-time fill up to 20 gallons per $100 of previous BP purchases. If the fill is 20 gallons you save $3 (.15 x 20) which amounts to 3% ($3/$100), 15 gallon fill you save $2.25 (.15 x 15) which amounts to 2.25% ($2.25/$100), 10 gallon fill you save $1.50(.15 x 10) which amounts to 1.50% ($1.50/$100).
If the fill is less than 20 gallons you still lose the credits that you use. If you take a $15 statement credit for $1 in cents/gal credits that is equivalent to 2.25% on previous BP gas purchases. It takes $667 in BP gas purchases to accumulate $1/gal credit ($15/$667 = 2.25%. The percentages are based on BP purchases only and would be less if you factor in non BP purchases.
BP probably believes that most people will briefly look at the “new” rewards and be happy to receive instant discounts at the pump without doing the math. Is this not similar to the way the Gulf Oil Spill was handled? BP could not tell its credit card customers that we are reducing your rewards to save the company money.
I agree with MARK and will be cutting my card and looking out for one that is more beneficial for the consumer.
I am another one who is going to tear up the card in March. The new rewards program is worse than getting 2% back which is what other cards are offering. I shall be simplifying my life in March.
I’m on the lookout for a new card as of a couple days ago. The new rewards program is worthless!!
The new reward program stinks!! I liked getting 2% cash back on travel purchases (I travel by air frequently) and being able to access my accumulated cash back on a monthly basis. I do not want to be limited to a statement credit or a few pennies off at the pump. Chase, you turned an attractive award program into a crappy one. I won’t be using this credit card in the future.
i just got a brochure which says that from March 2012 onwards only 15c/gal rebate will be applied. I guess this means that for $4/gal you pay 3.85/gal instead of 3.80/gal (5%).
Only if the price is $3/gal then 15c/gal (rebate from march) and 5% (current rebate) would be equal.
I guess big companies like BP are also feeling the pain of soaring gas prices!!!!
well this would suck now and I would rather start filling shell or chevron which are better than BP in quality in my opinion
The “new” BP Pump Rewards Plan, beginning 3-3-2012, is a confusing game, at best. It’s all stacked in favor of Chase, and the bottom line is, you lose considerable amounts of money, because now there is a minimum quota to earn .15 per gallon in return, and you have to spend it within so much time (see the brochure for the confusing details as well as the tiny-print legalese, as if you weren’t confused enough.).
I’m cutting my card up in March, because this once-simple plan is being blown up, as Chase execs laugh in our faces, knowing most of us will be suckered into the big numbers, which, bottom line, many won’t qualify to receive.
This card is changing it reward on march 3 new rewards program SUCKS! (Im not happy about it) Dont waste ur time with this card.
In a day when gas is so pricey, this card is great if only used for the 5% cash back. Instead of paying $4 per gallon, it’d be 3.80 after using your rebate. Fairly good savings at BP compared to not receiving a discount at other stations.
FYI….I’ve been a Chase BP cardholder for years. Two years ago, they started limiting the rebate on gas purchases to $500 per month, or $25 (5%) in gas rebates per month. I believe all other rebates are unlimited. Just a word to the wise.
I got the card for my wife who is a homemaker. I used my income, no company phone, no company address, added myself as an authorized user and she had the BP Cards in 10- days. I have a Speedway gas card. You’ll be tempted to purchase items on the BP card since it can be used at any retailer.
Would like to re-apply for a BP Card Consumer Credit Card. My last card just got cancelled for lack of use. I Will be traveling a lot the next few years and I need a gas card.
The card is misleading. If you go to BP’s website, and use their station finder, it’ll list Arco. They should specify that it DOES NOT work for Arco stations, (which only take ATM) making it pretty much useless on the westcoast.
BC,
you are 100% correct. I just received my card only to find out it’s worthless on the West coast. No Arco station will accept the card. BP consumer relations were of no help at all on this issue. Live and learn