| With the cost of petrol constantly increasing, we're all | | | | $1,000 in purchases last month, with the first $300 at a |
| looking for ways to reduce the amount we spend on | | | | BP station, you'll receive a $22 credit to your |
| petrol. It's easy to say "drive less," but that's not always | | | | statement next month. |
| possible. Signing up for a petrol rewards credit card | | | | Low Interest Rate on Balance Transfers |
| may be the best option to offset the expensive price | | | | The Citibank BP MasterCard gives an incentive for |
| of gas. | | | | transferring your other credit card balances. When you |
| Citibank, international financial services company, has | | | | transfer your balance to the Citibank BP MasterCard, |
| partnered with BP, one of the world's largest energy | | | | you'll receive a low interest rate of 2.9% p.a. for 12 |
| companies, to offer the Citibank BP MasterCard, a | | | | months. Balance transfers are not eligible for cash |
| petrol rewards credit card that gives incentives for | | | | back rewards. |
| petrol and other purchases. | | | | Keep in mind any balances transferred will use up your |
| Cash Back Rewards on Petrol Purchases | | | | available credit, making it more difficult to max out your |
| The best thing about the Citibank BP MasterCard is | | | | rewards earnings. |
| the 5% cash back given on gas and purchases made | | | | Payments are credited to balance transfer balances |
| at BP. However, if you read the fine print of the | | | | first. If you have a purchases balance, it will rack up |
| reward credit card's terms and conditions, you'll find the | | | | interest charges until the balance transfer is paid off, |
| 5% cash back is limited to the first $300 in BP | | | | making the card more expensive to have. So, if you |
| purchases made with the card. This ends up being $15, | | | | have a balance transfer, it's best to pay it off as soon |
| which is still good considering the alternative of $0. | | | | as possible. Avoid making purchases on the credit |
| The rewards earning potential doesn't stop there. You | | | | card until the balance transfer is paid off. |
| can continue earning rewards on your purchases, but | | | | Insurance and Fraud Protection |
| at a much lower 1% cash back rate. This includes | | | | Outside reward benefits and low balance transfer |
| purchases made at BP in addition to other purchases | | | | interest rates, the Citibank offer purchase and fraud |
| you make with the card. | | | | protection and credit insurance. |
| Rewards Caps | | | | The 90-day purchase protection allows you to receive |
| Like many other rewards credit cards, the Citibank BP | | | | a replacement or refund for items that are damaged |
| MasterCard has a cap on the amount of cash back | | | | or stolen within 90 days of their purchase. |
| you can receive in a year. You'll only earn 1% cash | | | | If Citibank notices any "irregular" activity on your |
| back on the first $60,000 purchased on your card | | | | account, they will automatically notify you, given you |
| each year. If you manage to max out your rewards, | | | | have provided them with your contact information. |
| you'll end up earning $600 during the year. | | | | Credit insurance will make your minimum payments in |
| Qualified applicants can receive a credit limit of up to | | | | the event of a job loss or pay off your entire balance |
| $25,000. Since the credit limit is significantly lower than | | | | (up to $20,000) if you become totally disabled. |
| the rewards cap, cardholders must repay their | | | | Other Features |
| balances if they want to max out the cash back | | | | Nearly all rewards credit cards come with an annual |
| rewards. Of course, paying off the balance in full each | | | | fee, the Citibank BP MasterCard has a $79 annual fee, |
| month is ideal since the interest rate is 19.89% p.a. | | | | and a $30 fee for each additional card. You'll have to |
| Keeping a balance on your card will cause you to pay | | | | charge at least $8,000 on your card just to offset the |
| high interest charges each month. | | | | annual fee. |
| Though the Citibank BP MasterCard promotes the | | | | These are the minimum requirements for the Citibank |
| rewards as "cash back," cardholders won't actually | | | | BP MasterCard: |
| receive any physical cash. Instead, any rewards | | | | - You must be 18 years old, |
| earned are automatically credited to the account at | | | | - have a good credit rating, |
| the beginning of the statement period. So, if you made | | | | - earn at least $20,000 p.a. |