What the BP Credit Card is and who offers it
The BP credit card is a co-branded card issued by a bank in partnership with BP, the oil and gas company. The card is designed primarily for people who buy fuel at BP stations and want rewards on those purchases. Like any credit card, it charges interest on balances you don't pay in full each month, and it reports your payment history to credit bureaus.
BP has partnered with different banks over time to issue its credit card. The specific bank partner, card features, and rewards structure can change, so the details of any BP card available today may differ from cards offered in the past. Before you consider one, you need to know which bank currently issues it and what that particular version offers.
This card is not a fuel discount card or a prepaid account — it's a standard credit card that happens to have BP branding. That means you're borrowing money from the issuing bank, not prepaying for fuel or getting an automatic discount at the pump.
Key Takeaways
- The BP credit card is issued by a bank partner and earns rewards on fuel purchases, but the specific rewards rate and features depend on which bank currently offers it.
- Like all credit cards, it charges interest on unpaid balances and requires you to make monthly payments, so carrying a balance costs you money.
- Your payment history on the card is reported to credit bureaus and affects your credit score, so late or missed payments can harm your credit.
- The card's value depends on how much you spend on fuel and whether the rewards rate beats the interest cost if you carry a balance.
How rewards work on a BP card
Most BP credit cards offer points or cash back on fuel purchases made at BP stations. The exact reward — whether it's a flat rate per dollar spent, bonus points for certain spending categories, or tiered rewards — varies by which bank issues the card and when you opened the account. Some versions offer bonus points in the first few months, while others offer a flat earning rate year-round.
Rewards are only valuable if you actually use them. Points typically expire after a set period if not redeemed, and redemption options may be limited to BP fuel, gift cards, or travel bookings depending on the card. Before opening the card, check what rewards you can actually redeem and whether those options are worth the effort of tracking and redeeming them.
Rewards do not offset interest charges. If you carry a balance on the card and pay interest, the interest cost will almost always exceed the value of the rewards you earn. A card that earns 2% cash back is not a good deal if you're paying 18% interest on an unpaid balance.
Interest rates and fees you need to know
The BP credit card charges a variable interest rate (called an APR, or annual percentage rate) on any balance you don't pay in full by the due date. The exact rate depends on your credit score and the bank's current pricing — two people with different credit histories will be offered different rates. The card issuer will tell you the APR range before you open the account, but your actual rate depends on your creditworthiness.
Most versions of the BP card have an annual fee, though some offer a waived first-year fee or no annual fee at all. Check the specific card's terms to see whether you'll pay a yearly fee and how much it is. An annual fee of $95 or $120 is common on rewards cards, but it only makes sense if your rewards earnings exceed that cost.
The card may also charge late fees if you miss a payment, foreign transaction fees if you use it outside the United States, and balance transfer fees if you move a balance from another card. Read the full fee schedule before opening the account so you know what costs you could face.
How the card affects your credit score
Opening a BP credit card creates a new account on your credit report. This lowers your credit score slightly in the short term because it reduces your average account age and triggers a hard inquiry. Over time, if you use the card responsibly, it can help your score by adding to your mix of credit types and giving you a longer payment history.
Your payment history is the single largest factor in your credit score. Late or missed payments on the BP card will be reported to credit bureaus and will damage your score. Even one missed payment can lower your score by dozens of points and stay on your report for seven years. If you open the card, you must be able to make at least the minimum payment on time every month.
Your credit utilization — the percentage of your available credit that you're using — also affects your score. If you max out the BP card or carry a high balance relative to its credit limit, your score will drop. Keeping your balance low relative to your limit helps your score and saves you money on interest.
When a BP card makes financial sense
A BP credit card is worth considering only if you meet specific conditions: you spend a significant amount on fuel each month, you can pay the full balance every month without carrying interest, and the rewards you earn exceed any annual fee the card charges.
For example, if you spend $200 per month on fuel and the card earns 3% cash back, you'd earn $72 per year in rewards. If the card has a $95 annual fee, you'd lose money. But if the card has no annual fee or a waived first-year fee, the rewards would be pure gain. The math changes if you spend more on fuel — someone spending $500 monthly would earn $180 per year at 3% back.
The card makes no sense if you carry a balance. Interest charges will dwarf any rewards you earn. It also makes no sense if you rarely buy fuel at BP stations specifically, because rewards only explore to BP purchases, not fuel at other stations or other spending categories.
Comparing the BP card to other options
Before opening a BP card, compare it to other fuel rewards cards and general cash back cards. Some gas station chains offer their own branded cards with similar rewards. Some general cash back cards earn 1% to 2% on all purchases, including fuel, which may beat a BP card's rewards if you don't spend heavily at BP specifically.
If you don't want a credit card at all, some BP stations accept fuel discount programs or loyalty programs that don't require credit — you pay cash or debit and earn points or discounts. These avoid the interest risk and credit score impact of a credit card.
The best card for you depends on where you actually buy fuel, how much you spend, and whether you can pay the balance in full each month. A card that works well for someone who fills up at BP twice a week may be worthless for someone who buys fuel once a month at whatever station is convenient.
Steps to take before opening a BP card
First, find out which bank currently issues the BP card and what the current terms are. The card's features and rewards change over time, so information from a few years ago may not be accurate. Visit BP's website or call their customer service line to find the current issuer and get a link to the card's full terms and conditions.
Second, read the full terms document, not just the marketing summary. Look for the APR range, annual fee, other fees, rewards rate, how long rewards last, and what you can redeem them for. Write down the numbers so you can do the math on whether the rewards will exceed the fees and interest costs in your situation.
Third, check your credit score before you open the account. If your score is low, you'll be offered a higher interest rate, which makes the card less valuable. You can check your score free through your bank, through a credit monitoring service, or through AnnualCreditReport.com, which is the federally authorized source for free credit reports.
Fourth, only open the card if you're confident you can pay the full balance every month. If you're carrying balances on other cards or have irregular income, the interest cost will outweigh any rewards.
Frequently Asked Questions
Does the BP card give me a discount on fuel prices at the pump?
No. The card earns rewards points or cash back that you redeem later — it does not lower the price you pay at the pump. Some BP stations may have separate fuel discount programs, but those are different from the credit card.
What happens if I miss a payment on the BP card?
A missed payment will be reported to credit bureaus and will damage your credit score. You'll also be charged a late fee. If you miss a payment by more than 30 days, the damage to your score is more severe. If you can't pay, contact the card issuer when ready to discuss options.
Can I use the BP card at gas stations other than BP?
You can use the card anywhere that accepts the card's network (Visa, Mastercard, or American Express, depending on the card), but rewards typically only explore to purchases at BP stations. Purchases elsewhere earn no rewards or earn a lower rate.
How do I know if the rewards are worth the annual fee?
Multiply your average monthly fuel spending by the rewards rate (for example, $300 per month × 3% = $9 per month, or $108 per year). If that total exceeds the annual fee, the card pays for itself in rewards. If not, the fee costs you money.
Will opening a BP card hurt my credit score?
Opening the card will lower your score slightly in the short term due to the hard inquiry and new account. Over time, if you pay on time and keep your balance low, the card will help your score by building a longer payment history. Late payments or high balances will hurt your score significantly.