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This card is designed for users who will spend a lot of their money at gas stations. With specific reference to BP, the card offers a rebate of 5% on every purchase at BP locations, 2% on purchases made at restaurants, airlines, hotels and car rentals and 1% back on every other purchase made. The rebates may be redeemed in batches of $25 that may be made into a rebate check, a BP gift certificate or a donation to the Conservation Fund. There are no annual fees on this credit card, however there are other standard related fees that you must become familiar with before using the account: late fees, overlimit spending fees, cash advance fees and APR and balance transfer fees. Late fees are calculated according to the amount you owe: for anything up to $250 the fee is $15; for anything over that amount you will be charged $39. If you spend more than you have been allocated in credit you will be charged a flat fee of $35. Cash advances on this card are more expensive than most because of the minimum payment of $10; technically each cash advance will cost you 3% of the amount taken out. Cash advances are charged APR at 20.99%. If you spend in a foreign currency, the conversion fee is 3% of the amount once it has been converted to American dollars. If you wish to make a balance transfer from one or more of your existing credit card accounts to this one, there is a 3% transfer fee for each transaction. There is a minimum payment of $5 and a maximum payment of $99. After a six month no-APR grace period on balance transfers, the balance is subject to standard purchase APR. For this particular account, the purchase APR is dependent on your own credit history and annual income. You may be offered a purchase APR of 13.99%, or variable, however if you fail to make payments on time each month this introductory offer will shoot up to the default APR of up to 28.99% variable. You will also stand to lose the introductory twenty day no-purchase-APR grace period. If you are a heavy spender when it comes to gas, and if you spend an awful lot of that gas money at BP locations, this may be a good option for you. The purchase APR is not particularly low, however depending on your habits you might make up for it in rebates. |
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