Chase BP Visa - your thoughts?

[Anonymous]

Just curious, what do you guys think about the Chase BP Visa? I've had this card for awhile and think its very under the radar compared to other gas cards like the PenFed. Its rarely discussed and Chase doesn't even advertise it anymore on their website, but the application can be found on the BP website and at their gas stations.

Here are the details: http://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?partner_dir_name=bp_choice&page=cont&mkid=60RT

No annual fee

5% cash back on BP purchases ($500/month cap)

2% on restaurants excluding fast food, hotels, airfare, car rentals (no cap)

1% on everything else (no cap)

2X bonus for first 60 days - 10%, 4%, 2%

Redemption in $25 increments by check

Travel accident insurance

Automatic car rental insurance

Purchase protection

Extended warranty

I was surprised to learn that this card, although not Visa Signature, carries all the enhancement features typical of "better" cards. I called and confirmed with Chase that this card does in fact get purchase protection and extended warranty coverage.

[scientifics]

If you buy most of your gas at BP (and keep under the cap), it seems like a good deal. I think people tend to go for the other gas cards because they allow you to get the cash back at any gas station.

[Anonymous]

Sounds like a quality card with good features, besides the big elephant in the room that you can only use it effectively at BP... I'm one of those people who refuses to go out of my way to get to a certain gas station, and any card that LIMITS my convenience rather than enhances it is not for me.  But if you use BP exclusively for some reason, that's a good rebate, similar to PenFed.

[Revelate]

Out of curiosity what was your rough credit profile when you got that card?

[Anonymous]

Yea I agree with you guys about the convenience thing. Here in the southeast it is not really a problem b/c BP seems to be on every other corner but its not as common up north and doesn't exist out west - not very useful when I'm traveling. Would considering closing it at some point and combining that CL with my Freedom but I like the 2% back on travel-related expenses (hotels, airfare, car rentals). Are there other cards that give 2% back in this area besides the Amex Costco and Chase Sapphire Pref? I am against paying an AF and don't want to dish out for a Costco membership.

[Anonymous]

---

@Revelate wrote:

Out of curiosity what was your rough credit profile when you got that card?

---

I don't remember the exact score but roughly 3 years of perfect payment history and some installment loans in good standing. So maybe 700-730?

Like I said there's not much info out there on this card so I don't know what minimums they are looking for. The downside is that if you apply and don't state you want to be considered only for the BP Visa, you may wind up with the BP store card which is completely useless - something like 2% back on the ultra premium gas lol. Its been awhile but I don't even remember being given a choice to opt out so thankfully I didn't get screwed there 

[LS2982]

---

@Anonymous wrote:

Sounds like a quality card with good features, besides the big elephant in the room that you can only use it effectively at BP... I'm one of those people who refuses to go out of my way to get to a certain gas station, and any card that LIMITS my convenience rather than enhances it is not for me.  But if you use BP exclusively for some reason, that's a good rebate, similar to PenFed.

---

+1

But i do like BP gas!

[Anonymous]

It's a great card, depending on where you live.  I live in Atlanta, where BP follows QuikTrip and RaceTrac in terms of pricing, meaning it's already the cheapest gas around.  So 5% on that is great.  My wife and I get several hundred dollars a year from this card.

It is a Visa Signature if your credit line and spending warrants it. 

One caveat:  it's not 1% on everything.  They specifically exclude discount stores and a few other places, so places like Target, Wal-Mart, etc. will earn you nothing.  We end up using the Target REDcard at Target & another Visa at Wal-Mart.

[Anonymous]

I believe discount/superstores do earn you 1%, the only thing that doesn't are purchases at non-BP gas stations. You can't earn more than 1% at discount/superstores however. I'm trying to think of an example where that might apply - maybe a dining establishment inside Target/Walmart but those would get classified as fast food anyways. I've used my BP card at both stores and do remember getting cash back. Hope that helps!

At any rate, here is the fine print if you're interested:

You will earn a 5% base rebate for each $1 of net purchases made at participating BP locations. You will earn a 2% base rebate for each $1 of net purchases made at retail establishments that classify their merchant location for Visa in any of the following categories: airline, car rental agency, lodging establishment, dining establishment (excluding fast food restaurants). You will earn a 1% base rebate for each $1 of all other net purchases (excluding purchases made at locations where competitive gasoline is sold). For the first 60 days from your enrollment date in the program you will also earn a 5% bonus rebate for each $1 of net purchases made at participating BP locations (10% total), a 2% bonus rebate for each $1 of net purchases in the specified categories (4% total), and a 1% bonus rebate for each $1 of all other net purchases (2% total) (excluding purchases made at locations where competitive gasoline is sold). Purchases not eligible to receive the 2% base or bonus rebate include, but are not limited to, purchases made at specialty stores, superstores, warehouse clubs, discount stores, and their affiliates. Online and catalog purchases are not eligible to receive the 2% base or bonus rebate unless the merchants have correctly identified and billed the transactions. We do not determine whether merchants correctly identify and bill transactions as being made in each category. However, we do reserve the right to determine which purchases qualify for the 2% base or bonus rebate. Maximum rebate accumulation on net purchases earning a 5% base and bonus rebate (10% total) for the first 60 days from your enrollment date in the program is $50 per billing cycle, which equates to $500 in net purchases. Maximum rebate accumulation on net purchases earning a 5% base rebate after the first 60 days from your enrollment date in the program is $25 per billing cycle, which equates to $500 in net purchases. There is no maximum amount of rebates that can be earned on net purchases earning a 2% or 1% base or bonus rebate. See Rewards Program Rules and Regulations, which will be mailed after your account is established.

[Anonymous]

I have this card.  HOWEVER, I got a letter from Chase today saying they are changing the card rewards on 3/3/12.  The rewards system is so confusingly written I cannot understand what I'll earn.  But I have a real strong feeling it is much much less than the 5% I have enjoyed on BP gas all along.  Two phone calls to them got me two different answers. One told me it would take spending $666 in gas to get $15 in rewards.  Currently that would net me $33.30.  Another told me I would get 10 cents back for the bonus period and had no idea what it would be after that.  Both told me I "was being changed" to a Platinum Plus rewards plan.  Some platinum benefit that is !   My gut feeling is they are doing this b/c I pay the bal every month.  I have an inquiry in their online email contact  system now inquiring: 1)  Is this being done to ALL BP Visa card holders?  2) Can I keep my old card (with a flat 5% on BP gas) if I choose to, since I didn't ask for the new Platinum card.  We'll see what they say when its in blackl and white print.