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Chase BP Visa® Rewards Card

• 0% APR for up to 6 months
• No Annual Fee
• Double Rebates for two months
• 5% rebates on all participating BP location purchases
• 2% rebates on all eligible travel and dining purchases
• 1% rebates on all other eligible purchases
• No limit on rebates
• Redeem every $25 rebates for: BP Gift Card, cash, donation to the Conservation Fund

Issuer : Chase Manhattan Bank

APR : 0% fixed APR for purchases and balance transfers

Introductory Period :  Depending on the applicant’s credit history, the introductory period will be either 6 months for purchases and balance transfers or 3 months for balance transfers only.

APR After Introductory Period : 15.24% 

Cash Advance Rate : 24.24% variable rate on cash advances

Annual Fee : $0

Credit Line Possible : The credit limit is to a maximum $100,000 and to a minimum of $5,000.

Insurance included  :  Chase BP Visa Rewards Card includes extended car rental and warranty coverage on services and purchases for up to a year.

Financing Configuration – The finance charges applied employ the "Two Cycles Average Daily Balance" method, which is a more costly method in applying finance charges for those who occasionally carry a balance as compared to the "Average Daily Balance" method used by most card issuers.

Grace Period – You have twenty days after making a purchase with the Chase BP Visa Rewards Card during which you do not have to pay interest on account.

The Best Thing About It – You get fast rewards every time you make a purchase at BP. There is also a 0% APR for six months.

The Worst Thing About It—The way the interest on the Chase BP Visa Rewards Card is calculated in is more expensive than other cards and the interest rate is high once the introductory rate expires.

Credit Rating Needed For Acceptance : Good.

Who Is It For?

The BP Visa Rewards Card, is designed for those who have very good credit and plan to take advantage of the gas reward program as well as the double rebate offered for the first two months that you have the card.

The Benefits

 

The Chase BP Visa Rewards Card has a decent rewards and rebate program. Through the reward program, cardholders earn rebates that can be applied towards free gasoline at BP gas stations. Cardholders earn a 5% rebate on BP gas purchases; a 2% rebate on purchases at dining establishments, airlines, lodging facilities, and on car rentals; and a 1% rebate on all other purchases. Plus, during the first two billing cycles, all the rebates are doubled. Every time the cardholder earns $25 in rebates, they will have their choice of receiving a BP gift card, a cash back check, or of making a donation to The Conservation Fund.

You get a cash gift your first purchase. You are awarded ten dollars when you make your first purchase with your card.

The points have no limits. You can garner as many points as you like with this unique Visa card.

The Chase BP Visa Rewards Card also earns points at any retailer. You earn one point for every dollar charged.

Rebates do not expire. You do not have to worry about using the points up within a time limit.

You can request expense reports. Expense reports are available on a quarterly basis if you don’t want to keep track of things online.

Keep track of all of your business expenses online. You are also able to monitor what goes on in your account with full access to an online account report.  A full expense report can be requested at the end of the year.

You have theft or card loss protection. Emergency card and cash replacement is part of your credit card agreement.

You have plenty of travel insurance. The card comes with auto rental insurance, roadside assistance and a car rental damage waiver.

You can benefit from extended warranty protection. If a product fails you have warranty protection up to $300 as long as you apply for this within a year of purchase.

The Chase BP Visa Rewards Card has zero liability for fraud.  If you claim someone has stolen your card then you do not have to be liable for the usual $50 that is usually deducted.

The Drawbacks

 

The Chase BP Visa Rewards Card has a short grace period. Many credit cards don’t begin to garner interest on purchases until thirty days after purchase. This card only gives you twenty days.

The introductory rate is not guaranteed.  If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the costly prime rate. The bank also reserves the right to shorten the term of you introductory period if you do not make a timely or full payment.

No APR is guaranteed. APRs may change to higher APRs, fixed APRs may change to variable APRs, or variable APRs may change to fixed APRs with a month’s notice.

All payments you make to your account will be applied to lower rate balances first. This makes it easy to get into debt.

The introductory rate can be cancelled at the discretion of the Chase Manhattan Bank. You will lose your introductory rate if you exceed your credit limit or are late with a payment or if there is a negative comment on your credit report.

It could be expensive to carry a balance on this card. The way the interest is calculated it could be a very expensive card if you did not pay it off in total each month.

Chase BP Visa Rewards Card has hidden fees.  See the Fees to Watch Out For section below.  The fees charged for your every little financial transaction can really add up and make it seem like you are paying an annual fee.

Fees To Watch Out For

 

Late payment fee : $15 if balance is less than $250; $39 if balance is $250 or more

Additional cardholder fee :  $0

Over The Limit fee : $39

Cash advance Fee : 3%, $10 minimum

Balance Transfers : 3%. $5 minimum, $75 maximum

To Summarize :

Chase BP Visa Rewards Card has no annual fee, a generous credit limit and a reasonable APR for purchases (for those who qualify). There is also an attractive 0% introductory rate however there is no assurance you will qualify for any introductory rate at all if you apply.  This is not a card that you would want to carry a balance on or take out cash advances with

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%	6 months	15.24%	None	Yes	Good Credit