BP Business Solutions Mastercard Business Gas Card Review

Andrew Reyes  | 
  • Annual percentage rate (APR): Not applicable;
  • Purchase intro APR: Not applicable;
  • Rewards: 6 cents per gallon rebate on fuel;
  • Annual fee: $10 per month;
  • Late fee: $75 or 7.25% to 12.25% of the late balance;
  • Credit score: Good to Excellent (700-850).
  • Compare cards here.

Benefits

  • Rebates on fuel purchases: Depending on the size of your business, the amount of fuel your company spends money on could be one of your most significant expenses. The BP Business Solutions Mastercard is designed for small-to-medium-sized business fleets looking for convenience and savings from a business card. Your business may earn a rebate of up to six cents per gallon, based on your company’s level of spending on fuel. The rebate could be significant for companies that purchase thousands of gallons of fuel per month.
  • Can be used anywhere Mastercard is accepted: Although the credit card is labeled as a BP-brand card, your team can use it at any of the more than 175,000 fueling stations that accept Mastercard. The card issuer encourages fuel purchases at BP and Amoco to save on the $2 card transaction fee you’ll pay at all other stations.
  • Link the card to a driver or a vehicle: Your bookkeeping department will appreciate the reduction in paper receipts and the ease of tracking your fleet’s fuel expenditures. Each card can be assigned to a driver or vehicle. The flexibility to track fuel consumption via vehicle or employee can help your accounting department manage fuel purchases precisely. In addition, spending reports can be generated according to vehicle, exception, mile per gallon consumption, driver and more.

Drawbacks

  • Many fees: The BP Business Solutions Mastercard is more complex than the average business credit card. There are a variety of fees your company will need to watch out for. Instead of an annual fee, there’s a $10 monthly fee, unless your fleet purchases 5,000 gallons of fuel per month. Other fees include a $2 transaction fee for fueling up at stations other than BP and Amoco, a 2% monthly high-credit-risk fee and a $15 per-account monthly paper report. If you plan on having several card accounts, you may want to opt for online access to avoid the multiple $15 per-month statement charges.
  • Lack of rewards: If your company makes a large number of purchases on credit cards, leveraging your business spending is a smart choice. Doing so will earn your business cash back or travel rewards you and your key employees may redeem for travel and other perks. The BP Business Solutions Mastercard doesn’t provide any opportunities to accrue rewards points or miles, although you could earn rebates on fuel purchases.
  • Limited to fuel purchases: The card is solely focused on fuel for your fleet. There are other versatile business and corporate cards that don’t restrict spending to fuel, though more general cards don’t often offer a 6% rebate.

What Can You Expect From the BP Business Solutions Mastercard?

The BP Business Solutions Mastercard is designed to better track your company’s fleet expenditures on fuel. It offers a competitive rebate program on this purchase category. The card’s robust reporting options make it simple to run reports for tax purposes or to analyze fuel spend based on the driver or vehicle. In addition, your company can create usage limits by setting card prompts to reduce the chances of misuse.

The card is accepted at all stations that take Mastercard. However, it’s best used at BP and Amoco stations. Otherwise, a $2 transaction fee for every fuel transaction will be assessed for topping off at non-partner gas stations. The fee may be a minimal cost in the name of convenience when there is not an Amoco or BP station in the area, but should be monitored to reduce unnecessary spending on credit card fees.

Who Should Get the BP Business Solutions Mastercard?

The BP Business Solutions Mastercard truly provides service or transportation-oriented companies with solutions in a very important category — fleet fuel spending. This card is ideal for more established small businesses with a fleet of vehicles they manage.

If your company is growing (and managing fuel expenses and drivers is getting more complex), having a dedicated business card just for gas could simplify the tracking and management of your company’s transportation-related spending.

Compare other business credit cards and learn more here.


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