Wednesday, November 5, 2008

Good Credit Cards: BP Citibank Credit Card

One credit card I recently applied for and think is one of the best on the market is the BP CitiBank MasterCard. This card has an annual fee of $79 but you get:

  • 5% off your petrol and everything else you buy at BP

  • To save 1% off all other purchases

  • A low rate on all credit card balances transferred

  • Generous credit limit up to $25,000

The one thing that stood out about this card was the very generous cashback offer. 5% off anything purchased at BP and 1% off everything else. Basically this means as long as you spend over $7,900 on the card every year (which I would eaisly do) you'll be saving money.

Lets look at how this card stacks up compared to some of the others in the marketplace:

  • You pay your bills on time every month

  • You spend $5000/month

  • If CC utilises petrol savings let's assume $400/month in petrol expenses.

  • If CC utilises supermarket savings let's assume $400/month in supermarket expenses.

  • If CC utilises frequent flyer points, let's assume Melbourne-Sydney one way costs: $80-Virgin Blue,$95-Qantas

As you can see, this card makes sense. It's got some of the best rewards currently availaible.

Labels: ,