The BP Visa® Rewards Card, issued by Chase, is designed for those who have very good credit and plan to take advantage of the gas reward program.
Through the reward program, cardholders earn rebates that can be applied towards free gasoline at BP gas stations. Cardholders earn a 5% rebate on BP gas purchases; a 2% rebate on purchases at dining establishments, airlines, lodging facilities, and on car rentals; and a 1% rebate on all other purchases. Plus, during the first two billing cycles, all the rebates are doubled. Every time the cardholder earns $25 in rebates, they will have their choice of receiving a BP gift card, a cash back check, or of making a donation to The Conservation Fund.
The card has no annual fee, it offers a 0% introductory rate on both purchases and balance transfers for the first six months, and the APR for purchases and balance transfers is reasonable after the introductory rate expires. It is important to note the card applies the "Two Cycles Average Daily Balance" method for carried balances, which ends up costing more to maintain an occasional balance as compared to the "Average Daily Balance" method used by many credit card issuers.
Aside from the reward program, the card also offers common platinum benefits such as up to $100,000 in travel accident insurance, auto rental insurance, and various travel and emergency assistance services.
Therefore, those who can afford to pay in full each month (to avoid finance charges) and plan to use the credit card at BP gas stations (to earn the standard non-promotional 5% rebate) will benefit most from what the BP Visa® Rewards Card has to offer.
Most Attractive Feature(s) : Double rewards for purchases within the first two billing cycles; high 5% rebate for BP-related purchases; reasonable APR for purchases (for those who qualify).
Least Attractive Feature(s) : Rebates are not earned on purchases made at merchants that sell non-BP or non-Amoco fuel; uses "Two Cycles Average Daily Balance" method when determining finance charges.
Updated: June 29, 2006
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