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Verdict: The BP credit card used to be the absolute best gas rewards card on the market, earning 5% back at BP stations and 1% elsewhere with no annual fee.
The old card was discontinued in 2012, and the new rewards program is utterly lackluster.
The BP card now comes with many tricks, so you should look elsewhere if you want a solid gas rewards program.
There are two versions of the BP card: the Chase BP Visa Card with Pump Rewards and the BP Card with Pump Rewards, which can only be used at BP stations.
The regular BP card earns $0.05 per gallon in rebates for every $100 in BP purchases.
The Chase BP Visa earns $0.25 per gallon in rebates for every $100 in purchases during the first 60 days as a sign-up bonus (on BP purchases). After that, you earn $0.15 per gallon for every $100 in BP purchases, and $0.05 per gallon rebates for every $100 spent elsewhere.
Both cards have no annual fee. But the rewards program has a lot of gotchas that make it impractical and far less spectacular than it sounds.
The BP Pump Rewards Program
The Pump Rewards program sounds good at first. With the Chase BP Visa, you get a $0.15/gallon rebate for every $100 spent at BP and a $0.05/gallon rebate for every $100 spent elsewhere.
To begin with, rebates expire 12 months from the date they’re earned. Rebates can only be applied to a single fill-up, so you’re out of luck if you drive a compact or mid-sized vehicle. Redeeming a $0.30/gallon rebate, for example, would only save you $3 if you fill up with 10 gallons, and you would need to spend anywhere from $600 to $200 for the rebate.
The second gotcha is the fact that the max fill-up with rewards is capped at 20 gallons. Even if you have a vehicle with a big tank, your rebate only applies to the first 20 gallons.
You need to use all rebates at once, too, so you can’t carry over your rebate balance.
The Bottom Line
There are so many better options out there than the BP Visa, so it shouldn’t be a consideration at all. The maximum value the card can offer you is 3% back at BP and 1% elsewhere, assuming your vehicle holds 20 gallons.
- No Annual Fee
- Rebate can be worth as low as 0.01% if you have a small tank
- Rebate only applies to first 20 gallons
- Rebates must be used all at once
- Rewards expire 12 months after they’re earned
A better way to earn rewards for gas spending is the American Express Blue Cash Everyday or Blue Cash Preferred card, which earns you either 2% or 3% back on all gas spending. The Preferred card has an annual fee of $95 but it comes with a $100 signup bonus and you also earn 6% back on groceries and 1% back everywhere else.
If you don’t mind rotating categories, the Chase Freedom card offers 5% back on rotating bonus categories, which always include gasoline at least one quarter of the year. The Discover it also has rotating bonus categories. The first quarter of 2015 gives you 5% back on gas and ground transportation on the first $1,500 in spending.