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.
Read Also Related News
The Consumer Financial Protection Bureau (CFPB) recently released its biennial in-depth report on the state of credit in the United States. The report sheds light on many aspects of the credit card industry, including how many people are...
Discover cardholders will be able to contact customer service more easily with the advent of in-app messaging, which allows customers to communicate with Discover customer service agents without having to stop and restart their...
Citi’s mobile app has been updated to allow cardmembers to scan their credit cards, allowing them to skip the burdensome step of entering all 16 digits manually when they want to buy something with their Citi card. Customers will be...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
Avoiding your credit card bill will do a lot of damage on your credit and you will need a good deal of time and effort to undo it. When you miss a payment, you get slapped with late fees. If you do not make a payment for an entire billing cycle, you’ll be considered 30 days past due and this will be reported to the...
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...
If your security code is rubbed out, contact your credit card issuer and explain them your situation. Most likely you will be offered a replacement card. Your credit card issuer will not provide you with the security code over the phone or via email. That's for your own protection.