The BPme Rewards Visa Signature Card, issued by First National Bank of Omaha, stands out among other ho-hum co-branded gas station credit cards.
Yes, the card can help you save money at hundreds of BP and Amoco gas stations across the United States, but it’s more than just a “cents-off-per-gallon” companion for brand loyalists. Unlike many other cards in this class, the BP credit card also earns competitive, flexible rewards on spending outside of the BP brand — namely on groceries and dining, two other major line items in household budgets.
It’s hard to find a $0-annual-fee credit card that earns good rewards across all three of those popular categories. The BP credit card is the rare case of a co-branded gas credit card that could also be a legitimate top-of-wallet option for everyday use.
Here’s what else to know about the BPme Rewards Visa Signature Card.
1. Expect discounts and rewards at BP and Amoco locations …
Since the BP credit card is a co-branded gas card, let’s start by talking about its fuel-related benefits, which are entwined with BP’s “BPme Rewards” loyalty program. You can join that program with or without the BPme credit card, but holding the card makes the loyalty program more valuable. Here’s how:
BPme Rewards members can save 5 cents per gallon at BP and Amoco stations if they spend $100 on gas at eligible branded stations each month.
But members who also have the BPme credit card can save 15 cents per gallon at BP or Amoco stations — 5 cents from the loyalty program, plus 10 cents from the BP credit card — and can do so without having to meet that $100 spending threshold.
New cardholders are also eligible for the following offer: Earn 30 cents off every gallon of BP and Amoco fuel purchases in the first 60 days after account opening.
The BPme Rewards Visa card also earns 5% cash back on non-fuel purchases at BP and Amoco stores (including convenience store and car wash purchases). Terms apply. For instance, BP fuel purchased with a mobile wallet like Apple Pay may not receive the cardholder discount, depending on the payment system.
2. … plus hearty rewards on food and more
Beyond gas and convenience store purchases, the BP credit card also earns rewards in the following categories:
3% cash back on grocery purchases.
1% cash back on all other qualifying purchases outside of the discounts on eligible fuel purchases. (That is, you can’t combine this 1% rate with the 15-cents-per-gallon discount at BP and Amoco stations.)
Since heavy spending in these everyday categories is likely, you can amass rewards quickly. And better yet, unlike other cards, the BP credit card doesn’t impose spending caps on rewards.
3. Reward redemptions are flexible
Technically, the BPme Rewards Visa Signature Card earns “points,” but those points are worth the industry standard of a penny each. And unlike other co-branded credit cards, you’ll have various redemption options, including cash back.
You can get that cash back through a statement credit, a deposit into an eligible bank account, or a mailed check. (For cash back, there is a minimum required redemption of 2,500 points, or $25).
Other redemption options include gift cards, merchandise and travel experiences.
Note that points will expire on or after the fifth anniversary of their award or if the account is closed for any reason.
4. The APR for purchases is sky-high…
With an annual percentage rate of 29.99% (as of August 2022), it’s critical to avoid carrying an ongoing balance on this card. If possible, pay the balance in full monthly to avoid these charges.
By comparison, the average credit card APR for accounts assessed interest in 2021 was 16.45%, according to Federal Reserve data.
If you’re in the habit of carrying a balance, look to a low-interest credit card instead. It’s worth the savings you’ll get in the form of interest versus rewards.
5. … and so is the APR for balance transfers
While the BPme Rewards Visa Signature Card features a balance transfer option, it’s lousy. In fact, the steep 29.99% APR it charges on transferred balances may make matters worse.
You might qualify for better offers with good credit (a FICO score of 690 or higher). For example, a credit card like the Blue Cash Everyday® Card from American Express offers a 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 16.24%-27.24% Variable APR. It, too, features rewards on everyday spending, including at U.S. gas stations and U.S. supermarkets. However, those rewards wouldn’t necessarily be ideal to pursue until you’ve paid off your transferred debt. Terms apply; see rates and fees.
For a longer interest-free window, consider the Wells Fargo Reflect® Card. It doesn’t offer rewards, but you can get a 0% intro APR on Purchases for up to 21 months and 0% intro APR on Balance Transfers up to 21 months from account opening on qualifying balance transfers, and then the ongoing APR of 15.24%-27.24% Variable APR. For transfer requests made 120 days from opening the account, a balance transfer intro fee of $5 or 3% of the amount of each balance transfer, whichever is greater, applies. After that, the card charges up to 5% of each transfer amount, with a minimum of $5.
To view rates and fees of the Blue Cash Everyday® Card from American Express, see this page.