5 Things to Know About the BP Credit Card

The BP credit card, issued by First National Bank of Omaha, stands out among other ho-hum co-branded gas station credit cards.

Yes, it can save you 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, it 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 (gas, supermarkets and restaurants). This 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 BP Rewards Visa credit card.

» MORE: See NerdWallet's best credit cards for gas

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 "Earnify" loyalty program. You can join that program with or without the BP Rewards Visa, but holding the card makes the loyalty program more valuable. An account for the loyalty program is automatically created for you upon approval for the credit card. All you have to do is set the password.

Here's what to expect:

• Earnify members can save 5 cents per gallon at BP and Amoco stations.

• But members who also have the BP Rewards Visa can save 15 cents per gallon at BP or Amoco stations — 5 cents from the loyalty program, plus 10 cents from the credit card.

• As an Earnify member, you can also earn additional points for fuel and convenience store purchases.

As of this writing, new cardholders are also eligible for the following offer: Earn 15 cents off every gallon of BP and Amoco fuel purchases in the first 60 days after account opening.

The BP 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 Rewards Visa also earns rewards in the following categories:

• 3% cash back on grocery purchases.

• 3% cash back on dining purchases (including restaurants, takeout and food delivery services).

• 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 Rewards Visa doesn't impose spending caps on rewards.

» RELATED: The rise and hard fall of gas station credit cards

3. Reward redemptions are flexible

Technically, the BP Rewards Visa 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…

Given the card's annual percentage rate of nearly 32% (as of October 2024), it's critical to avoid carrying an ongoing balance on it. If possible, pay the balance in full monthly to avoid these charges.

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.

» MORE: What is a good APR for a credit card?

5. ... And so is the APR for balance transfers

While the BP Rewards Visa features a balance transfer option, it's lousy. In fact, the steep 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 18.49%-29.49% 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 for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 17.49%, 23.99%, or 29.24% Variable APR.

That's one of the longest balance transfer offers on the market.

» NEXT: How to choose a gas credit card