Where Can I Find Details of BP Credit Card New Reduced Rewards Terms?
by Mr Credit CardHere’s a recent email from a reader.
Sir:
Can you find out when CHASE BP Visa credit card changed its cap on 5% rebates. It used to be unlimited, but my recent statement would not pay more than $25 (and I had several hundred dollars charged in BP heating oil). The Credit card won’t reimburse me more than $25 in rebate in a billing cycle. I thought the policy changed June 1, 2009, but I can’t find the exact policy change written anywhere (I can not find my hard copy info about this).
Thank you.Mr. Marshall Stacy
Answer – Well, Stacy, you can find the details on this old FirstUSA website here:
http://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?partner_dir_name=bp_may07_choice&page=cont
Just to save you the hassle, I’ll cut and paste the reward terms and conditions.
This is the rebate formula:
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)
To summarize it :
Here is the summary of the restrictions you were talking about:
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.
So yes, they have capped the amount you can earn on gasoline rebates. But it looks like you can earn unlimited rebates on “non gasoline” purchases.
Hope that clarifies things.