# Chase BP Rewards 2012 Changes

by Thom

## How much can I make with the Chase BP Rewards Visa Card?

In March 2012, BP changed the terms of their reward card. Instead of a straight percentage off on gas, travel / restaurants, and others. They now offer a cents off per gallon at the pump or a \$15 statement credit for every \$1.00 of savings earned at the pump.

I had two questions when I received the notice. First, is BP getting more money, and second, should I take the statement credit or cents off per gallon.

Below, I will explore these questions and whether these changes were good for BP consumers or good for BP the corporation. Check out the conclusion at the bottom.

### Does BP Make More Money with this Format?

The short answer is Yes.  Let's take a look at what they use to pay out.  5% for gas purchases, 2% for travel and restaurants, and 1% for everything else.  If you spent \$100 on each of these you would earn: \$5 on gas, \$2 on travel and restaurants, and \$1 on everything else.

With the new rewards program for every \$100 you spend you earn cents off at the pump.  15 cents for BP gasoline, 5 cents on everything else.

So let's explore the match a little more on this, To receive \$15 you will need to spend almost \$650 on BP gasoline, and \$2000 on other charges.  Under the old program you needed to spend \$300 in gas to get \$15 and \$750 in travel, and \$1500 on everything else.

Score 1 for BP.

### Should I Choose \$15 statement credit or Cents off per Gallon

What is the better deal, a \$15 statement credit or receiving cents off per gallon.  Again, we must do some math.  Let's say you accumulate \$1.00 in cents off.  That means you have earned a statement credit of \$15.  In order to achieve the \$15 savings at the pump, you will need to put in 15 gallons of gas.  If you put in less during each fill up, you should take the \$15 statement credit.  If you put in more than 15 gallons with each fill up, you should use the cents off per gallon.

Score 2 for BP

### Final Thoughts

My final thoughts are that BP has changed their rewards program to make it more beneficial for them, they actually save more money.  At a time when oil companies are earning billions of dollars in profits from high oil prices, changing the rewards program to benefit the consumer less doesn't seem like a brilliant PR move.  In fact, I think it will backfire.

Updated: 04/14/2012, Thom
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### What do you think of the new BP Rewards program?

Larry Daniels on 04/26/2012

Redemption at the pump within the statement cycle is fantastic. I don't wait for a credit. I have a 20 gallon tank so I earn 3% back when I fill up. Where else can I find that value for a gas card without an annual fee and instant POS redemption?

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