Depending on the type of area a person lives and the length of their daily commute, paying for gas can be a significant chunk of a family’s monthly budget. There are special credit cards offered through gas companies that can help offset the cost of gas and special cash back credit cards that let the cardholder earn more cash back for gas purchases.
What is the BP Visa credit card?
BP is a gas company that is recognized worldwide. In the United States, BP offers loyal customers a BP Visa credit card through Chase. This card lets the cardholder earn money back that can be spent on gas. For the first sixty days the card is active the cardholder will earn 10% back on all BP purchases up to $500. Any other travel or dining purchases will earn 4% cash back and all other purchases will earn two percent.
After the first 60 days is over the cardholder, will earn half of the introductory rates percentages. So all BP related purchases will earn 5%, all other travel and dining purchases will earn 2%, and any other purchase will earn 1% cash back.
Every time the cardholder earns $25 cash back, they get a choice on how that money is used. They can either get a check to use any way they want, a $25 BP gift card that can be used on gas, or have the money given to the Conservation Fund. The Conservation Fund is an environmental charity.
What are the terms of the BP Visa credit card?
Like most cash back credit cards, the BP Visa has an interest rate on the high side. This card has an annual percentage rate for balance transfers and purchases of 19.24%. If the cardholder writes a credit card check, they will be charged 23.24% in interest for cash advances. This same rate applies to overdraft advances.
Like all Chase credit cards, the BP Visa has a penalty interest rate of 29.99%. This interest rate will be permanent if the cardholder makes a payment late, has a payment retuned, or charges the credit card over the credit limit offered. The penalty interest rate will also be applied if the cardholder does any of these things on any other account or loan they have with Chase.
There is no annual fee for the BP Visa. There is a 3% transaction fee for balance transfers and foreign transactions and a 5% fee for cash advances. There is a $35 fee for going over the credit limit, having a credit card check returned, and having a payment returned.
If the cardholder is late with a payment, their penalty fee amount will be based on their credit card balance. If their balance is less than $100, the fee will be $15, if the balance is between $100 and $250 the fee will be $25, and if their credit card balance is more than $250 their fee will be $35.
Can a rewards credit card from a regular credit card provider help pay for gas?
You do not have to go through a gas company to find the best gas credit cards. The PenFed Platinum Cash Rewards credit card is a great cash rewards credit card that lets the cardholder earn 5% back on all gas purchases. All other purchases will earn the cardholder 1% cash back.
This card has a credit limit of up to $50,000 and no annual fee. Many rewards credit cards make the cardholder wait until they have earned a certain amount before issuing their cash reward. This card applies their earned cash as a credit to their account every month on their credit card statement.
This card has an annual percentage rate of 13.99%, which is low for a cash rewards credit card. There is a special 4.99% interest rate for balance transfers for the first two years of the account. After those two years, the credit card balance transfer rate will be the same as the purchase interest rate. There is a 17.99% interest rate for cash advances and no penalty interest rate.
There is a 3% fee for balance transfers. There is no transaction fee at all for cash advances or foreign transactions.
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