BP Credit Card Offers Fuel Savings but Watch the High Interest Rate
The BPme Rewards Visa® card gives new users 50 cents off per gallon for 60 days, saving on fuel costs. However, a high APR of 32.99% suggests caution for those who can't pay off their balance monthly.
Why it matters: For BP and Amoco consumers, the BPme Rewards Visa® offers significant savings on fuel with an introductory offer of 50 cents off per gallon for new cardholders, making it a cost-effective choice for those who frequently purchase fuel. However, the high APR of 32.99% means it's crucial for cardholders to avoid carrying a balance.
What Happened
The BPme Rewards Visa® card, in partnership with First National Bank of Omaha (FNBO), is offering new cardholders an enticing deal of 50 cents off per gallon for up to 60 days at BP and Amoco stations. This offer is available to those who apply by August 1, 2023, according to BP’s official announcement. Following the introductory period, cardholders will continue to save 15 cents per gallon. Additionally, the card boasts 5% cash back on non-fuel purchases at BP and Amoco stores, 3% cash back on groceries and dining, and 1% cash back on all other qualifying purchases. The card also comes with no annual fee. However, consumers should note the card’s high annual percentage rate (APR) of 32.99%.
BP emphasizes that the BPme Rewards Visa® builds on its existing loyalty program, promising consumers enhanced savings opportunities and enticing cash back offers. This strategic move aims to attract frequent fuel buyers, providing them not only with immediate savings at the pump but also with additional benefits on their everyday purchases.
What This Means for You
For consumers who often find themselves refueling at BP or Amoco, the BPme Rewards Visa® presents a lucrative opportunity to cut fuel costs significantly in the short term. If you manage to spend a lot on fuel during the first 60 days, the introductory offer can lead to considerable savings, effectively reducing the number of dollars spent per gallon.
Nonetheless, the card’s high APR of 32.99% warrants caution. If you regularly carry a balance on your credit card from month to month, the interest could quickly negate any savings garnered from rewards and discounts. Thus, using this card for maximum advantage is contingent upon being able to pay off your balance in full each month to avoid steep interest charges.
Key Takeaways
- New BPme Rewards Visa® users save 50 cents per gallon at BP and Amoco for 60 days.
- After 60 days, the fuel savings drop to 15 cents per gallon but still offer a decent discount.
- Watch out for the card’s high 32.99% APR; pay off balances monthly to avoid high fees.
Source: BP ↗
This article was drafted with AI assistance based on publicly available sources and reviewed for accuracy.