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BP and Synchrony Financial Form Credit Agreement
19 Feb
Oil and gas energy company BP has entered into an agreement with Synchrony Financial, which will run the brand’s private label credit card and co-branded cards across the country for many years to come.

The programs are due to launch during the second quarter of 2015. A BP private-label credit card and co-branded cards will be available to qualifying consumers. BP has over 7,000 locations in the U.S. and is one of the largest gas chains in the country.

Private-label BP cards will only be able to be used at BP stations and convenience stores, but co-branded cards can also be used at other retailers that accept credit cards.

Helen Fitzpatrick, marketing director at BP, said the company was excited to offer rewards with the new line of credit cards. “We’re pleased to partner with an experiences team to bring our customers valuable rewards and the convenience of a dedicated line of credit to use for all their fuel, service, and convenience store purchases.”

Meanwhile, Tom Quindlen of Synchrony Financial said they would work with BP to “provide drivers with credit and rewards options that maximize their savings.”

Gas credit cards provide savings and rewards

Many gasoline brands offer co-branded or private label credit cards to help folks save on gas. Fueling up at the pump is a big expense for many people, making gas credit cards a popular option.

However, there is some debate about which is better: gas credit cards or regular rewards credit cards. Depending on whether you fill up at the same station on a regular basis, sometimes it’s more economical to have a cash back or rewards credit card that offers rewards no matter which pump you stop at. Some cash back cards consistently give 2%, 3%, or even 5% back on gas purchases.

On the other hand, for loyal customers, cards such as Shell, BP, or Exxon cards provide great savings on fuel. Even when gas prices are low, as they are currently, saving a few cents per gallon adds up.

Co-branded cards increase the potential for racking up rewards, as they can be used at places other than the gas station. Customers may get points or a percentage of cash back with every purchase, not just fuel. Therefore, the rewards add up faster.

Depending on the terms and conditions of the particular gas credit card, rewards may be used only toward gas savings, or they may be used for other things such as merchandise, statement credits, gift cards, and other types of rewards.

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