Is the Citi BP MasterCard a Good Credit Card?

When the price of petrol increases, consumers tend to rush to lenders across the country in search of fuel credit cards. Fuel credit cards are a great idea because almost everyone who uses fuel would love to save money on their fuel bills. There is no doubt that fuel credit cards are a great concept, however, before any driver decides to acquire one they must realize that the same rules which apply to traditional credit cards are applicable with fuel cards. There are costs, such as fees and interest so card users must be sure that the card also suits their specific spending habits, otherwise they will spend more in costs than they will gain in savings, rendering the card unbeneficial.

Petrol credit cards are usually affiliated with a specific brand of petrol, such as the Citibank BP Credit Card. As the name suggests, users will save much more using the card at BP petrol stations, specifically 5% on the first $600 worth of purchases.

Whilst this offer does sound tantalizing, the $600 cap is a drawback. The greatest beneficiaries of this card would be customers who are constantly on the road and spend hundreds each month in petrol expenses. A $600 cap limits the value of the reward to $30, whereas an annual fee of $79 accompanies the card. To recoup the additional $49 cost, users would have to spend over $980 in petrol.

Furthermore, the card does have other drawbacks. Users anticipating to recoup their annual fee via the use of the rewards program should think again because this card is not affiliated with any major reward program. Rather, users have access to Citi World Privilege, which is limited to restaurants in Australia. So unless card users have an exceptional appetite or are very frequent travellers, the Citibank BP card may not be the best suited card for them.

Instead, users may consider a card which offers cash rewards on all purchases. A card offering customers 1% back can keep a large chuck of change in shopper’s pockets, which can, of course, be used for any spending.

Fuel credit cards are definitely a great idea in theory, especially if consumers already spend a substantial amount on petrol costs each month.  The concept alone has led to thousands of applicants seeking the card. A card like the Citi BP Credit Card, which offers a petrol ceiling, does not, however, save customers any money unless they purchase more than $1,580 ($600 +$1580) worth of petrol each year.  Instead users should find a card that better suits them and compensates them for each and every purchase without imposing any limitations.