The context under which the BP - Citibank MasterCard was first released is probably less relevant today. At the time, we were paying $1.50 per litre for petrol and motorists were cramming to find a way to reduce their fuel bill. In rode the BP Citibank MasterCard, offering 5% cash back on any purchases from BP and 0.5% on all other purchases. Not surprisingly, the uptake of this card was high.
It's still an OK card today, even despite the climate of lower fuel prices. But it's really a mono-functional credit card. If you're planning to use it to buy fuel, get the discount, then pay the balance off in full each month, you'll get great benefit from it, but I wouldn't recommend it as a general card.
Firstly, the interest rate is very high: 20.89% on purchases and 21.39% on cash. It also doesn't come with a rewards program (other than the fuel offer), travel insurance, purchase security or extended warranty protection - all features we've come to expect from mid-to-high-range cards.
It has a medium annual fee of $79 and comes with 55 days interest free.
Citibank also recently announced the card now offers a balance transfer rate of 2.9% for twelve months.
Overall, the BP Citibank MasterCard is a one-trick pony. The fuel offer is great, but its other features mean that's really all it's good for. If you use a lot of fuel, you should get one and use it to complement a more practical credit card for your general purchases.
