Save money on fuel and more
With Melbourne petrol prices creeping up to $1.30/litre and after Safeway got rid of its credit card, I was in search of a better credit card. The best contender looked like the BP Citibank card but it wasn’t until I stumbled upon a deal posted on Ozbargain, which gave me the features of the BP Citibank card and in addition no annual fee for the first year plus a $50 petrol card.
This card would only be beneficial if you drive and have a BP station near you.
- 1% cash back on all purchases
- 5% cash back on BP purchases
- $50 BP fuel voucher
- No annual fee for the first year ($79 annual fee regularly)
So say $180 on fuel a month and $2000 on other purchases would give you:
$9 (fuel) + $20 (other purchases) = $29/month * 12 = $348 + $50 (fuel voucher) = $398 in your pocket.
Even in year 2 you are up $269. I’ve compared most credit cards on the market (ANZ, Virgin, NAB, Credit Unions, Coles) and this one seems to be the best.
BP Citibank Card [via Ozbargain]
Technorati Tags: Melbourne, Australia, BP, Credit Card, OZbargain
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Yes but their interest rate is 17.95%p.a.which is VERY high. Of course if you pay off your balance monthly then that would not be a problem. What credit card companies want is you to max it and only pay the minimum each month. This is where the 17.95% kicks in and makes all the freebies look like a joke. Also this is effectively a loyalty card as it will persuade you to buy fuel only from BP. BP is happy to sell you slightly cheap fuel if you only buy it from them.
Virgin is 12.95% with no annual fee and no other gimmicks.
If you don’t pay your credit card on time then you should not get a credit card. No matter what card you choose, you lose.
Yes but you can see how people get sucked into high interest credit cards by being blinded by all the “perks”.
A low interest credit card is useful for spreading the cost of large purchases over a couple of months. Of course one should really save up for these purchases.
I agree that high interest credit cards can be very dangerous if you use it as “credit cards”, i.e. you always buy things on credit and gradually pay off the debt + interests.
On the other hand I usually use credit cards because they are convenient (no need to bring cash around), they give you rewards, and the interest-free period means your cash can stay in high-interest saving account or mortgage offset account up to 55 days longer. It is easy to pay off the balance at the end of interest-free period (so far), because I don’t spend what I do not have in the first place. My wife used to work in Westpac, and she said the banks hate credit card customers like me :)
However I do understand that it is not always achievable by everyone, and sometimes when you REALLY need to spend on something important (pay for dental surgery for example?) you really need it! Maybe getting two cards is the way to go — a high reward card for everyday use that you can always pay off, and a low interest, non-interest free period and no annual fee card for emergency.