Boycotting BP? Three Great Credit Cards You Can Get Instead | CreditShout

Boycotting BP? Three Great Credit Cards You Can Get Instead

By Dawn Allcot / August 4, 2010
Boycotting BP? Three Great Credit Cards You Can Get Instead

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BP, the oil company behind the Gulf of Mexico oil spill, offers a rewards credit card rated “Best Gasoline Credit Card” three years in a row by Kiplinger’s Personal Finance.

As a result of the spill, however, many people are boycotting BP oil — and presumably the credit card along with it. Without diving into politics, we’d like to go over three alternatives to the BP Visa Rewards Card. Here are the key features of the current BP card:

  • Double rebates for the first 60 days
  • 5% rebate on all eligible purchases at BP locations
  • 2% rebate on eligible travel and dining
  • 1% rebate on most other purchases

These may seem like big shoes to fill, but you can get good credit card rewards AND stay true to your ideals with cards like:

Discover Open Road Card

This card doesn’t quite offer 5% cashback, but it offers a double Cashback bonus at ANY gas station or restaurant on your first $250 in purchases each month. Your travels may not always bring you near your gas station of choice, so this adds convenience and flexibility to the rewards program.

Cash rewards are unlimited, there’s no annual fee, and you’ll enjoy a 0 % APR on balance transfers for the first year, and on purchases for the first 9 months.

Best of all, you can enjoy shopping through ShopDiscover.com and redeem your rewards at the company’s newly revamped CashBack Bonus website. Choose from merchandise and gift cards from more than 100 retailers, enjoy special bonuses only for cardmembers, and earn 5% to 20% CashBack bonuses through ShopDiscover.com.

Citi Diamond Preferred Card

Not only is the Citi Diamond Preferred Card a great credit card that rival the BP Visa in its generous rewards structure, it is also one of the cards offering a 0% intro APR for 12 months right now.

The BP card has a high APR of 15.24% or 19.24%, depending on your credit history, with no introductory rate. That alone makes it easy to walk away from BP and never look back.

But what about the Citi Diamond Preferred rewards? I said they rival the BP card, and they do. How does 5 Thank You points for every $1 spent on purchases at supermarkets, drug stores and gas stations for the first 12 months sound? You’ll get one point per dollar after that, but the broad purchase categories make this card well worth while, as you’ll spend money in these places even when you’re not traveling.

TrueEarnings Card from Costco and American Express

Any number of rewards credit cards, including the CapitalOne No Hassle Cash Rewards card and the Chase Freedom card, which is offering 5% cash back on gasoline purchases this quarter, could have made our #3 pick for best gas rewards credit card.
But the honor goes to the TrueEarnings card from Costco for its generous rewards structure, the American Express reputation for customer service, and the additional benefits that come with being an American Express CardMember.

The TrueEarnings Card has no annual fee with a Costco membership (your Costco membership doubles as the annual fee.) The card offers a 0% intro APR for the first 6 months, and 15.24% variable after that — this is not an American Express charge card, which requires you to pay it off at the end of every month. It is a regular revolving credit card account.

The rewards structure works as follows:

  • Earn a $25 statement credit after your first purchase with the card.
  • Earn 3% cash back for gasoline purchases up to $3,000 annually (1% after that)
  • Earn 3% for restaurants
  • Earn 2% for travel
  • Earn 1% on all other eligible purchases, including Costco.

You can also use the TrueEarnings Card as your Costco membership card, which means one less card in your wallet to carry. And that’s always a good thing, right?

The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone.Additionally, the opinions of the commenters are not necessarily the opinions of this site

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