If you are in a dilemma whether you should apply or not for a BP Visa credit card then this article will take away all your worries and apprehensions.
To start with, it can be said that ideally, a BP Visa card is a decent credit card for those people who not only spend a lot of money in buying gas throughout the month in a BP station and otherwise.
Apart from that, it is also very useful to those people who have a fair bit of amount allocated in their monthly budget to spend on groceries, travel or dining out.
If you go through different review websites and read about these BP Visa credit cards you will see that almost every site rates these on the higher side of 4 on a scale of 5. This shows the overall popularity and usefulness of this card.
Apart from its beneficial features, the BP Visa credit card is a gas card that provides with a lot of rewards and points even on everyday purchases of grocery, dining, travelling and other purchases of products and services. That means it is as good as any traditional credit card that you may get from a bank that you sue to make your day-to-day expenses.
The most significant thing about this card is that it will provide you with a return of anything between 2.25% and 3% on groceries, dining out and travel. In addition to that, whenever you use it in a BP gas station you will get a reward of anything between 3.75% and 5%.
However, you cannot use these cards in a non-BP station and expect to win any cash back. Moreover, these rewards though high may be outdone by other credit cards that offer cash back but the entire concept depends on your spending habits as an individual.
All these means that this card is good for those consumers who are looking for a good bonus on early spend. It is also good for those people who want a bonuson a widerange of categories.
The rewards details
When you use Your BP Visa credit card it will provide you with fair rewards on groceries, travel, and dining out that you can redeem at any BP gas stations. The rewards rates are varied and are as follows:
It can be between 3% and 5% respectively when you purchase gas up to 20 gallons at a BP station
You may also use the points to get the statement credit back but this will however result in your returns to drop a little bit to 2.25% on travel, dining and groceries and 3.75% on purchase of gas at a BP stations.
No matter whichever way you use our BP Visa credit card it will always provide you with high value even if you compare with any top class cash back credit cards.
However, just like a coin, the BP Visa credit card has a weakest part on its flip side. It is the bonus factor. The BP Visa credit card usually and effectively gives the users around 5% back on all purchases made within the first 90 days. However, on the contrary, most decent cash back credit cards will provide you with a $100 bonus at least for spending $500 within the same timeframe.
This means you will need to spend at least $2,000 with your BP Visa credit card so that you can match with the traditional credit card. Though the BP Visa credit card will provide you with unbounded potential, you will have to spend a fair bit of money so that you can really make it worthy. Depending on the initial credit line of yours, this may not be possible always and every time.
Even with this sole weakness in it the bottom line is that the BPO Visa credit card will provide you with discounts in any form such as statement credits or gas discounts at BP stations that will result in a decent saving. Moreover, if you are a frequent BP customer having this card will be a very good choice.
The working process
The BP Visa credit card works in a simple process and as follows:
You will get a specific amount of money off on each gallon of gas purchased and for every $100 you spend
This discount usually applies 20 gallon an at the rate of $0.15 off per gallon for every $100 you spend in case you earn reward points spending on eligible groceries, dining and travel.
You can redeem your points in a pumpor use it as a statement credit though the former is more profitable as compared to the latter
The total accumulated rewards are multiplied by 15 and not by maximum of 20 at the gas station and
The rates of rewards of statement credit can vary and is3.75%, 2.25% or 0.75% and will depend on the specific type of shop you use.
However, like it is said earlier when you compare the benefits and rewards offered by your BP Visa credit card with any traditional cash back credit card, everything will primarily depend on your spending behavior. It is for this reason experts say that you should always make changes in your spending habits if you seriously want to keep your credit card debts in within your manageable limit and your BP credit card is no exception.
If you want to make an idea about how you spend and how to relate it with your rewards obtained from your BO Visa credit card you can take the help of a calculator for this matter. Available online these calculators will help you to automatically calculate your rewards and quickly estimate your earnings.
This model will help you to apply your spending profile and compare it with the reward structure and various offers made by your BP credit card and balance the two. In the end you will come to know precisely where you stand and how you will fair if you apply for a BP Visa credit card.