Well, finally got around to canceling my BP card today. I got it a few years ago when BP replaced a local Speedway station. The big deal was .15 off a gallon and they indicated that their additive package was equal to or exceeded Toptier. Anyway, did some research and read some analysis of actual detergents present, turns out, not so much. Additionally, only one BP station in my area and they are ALWAYS the highest price. Exxon locally with my .10 cents/gallon off nets out at $2.799, BP nets out at $3.249. I give up. Just not worth it. I'm sticking with ExxonMobil, Shell or Sunoco, lower prices and a Toptier stickers on the pumps.
Canceled my BP credit card
- Thread starter Speedy3861
- Start date
90% of the time in my area BP is cheaper than Murphy and Sheetz with the 15 cents off per gallon with my BP card. My last fill up it was 2.44 a gallon, 10 cents cheaper than the Sheetz a half mile away. As far as detergents IDK, but in 15 years I’ve never had a problem with BP gas.
No fuel makes my BMW motorcycle run as good as Amoco Ultimate. . The Beemer lists 91 octane as minimum. Recommends 93. I either use Phillips 93 or BP 93 and they both work well. Top Tier IMO is highly overhyped. The Phillips is Top Tier, so it's at least 8% ethanol, and it does not smell as good as BP, which smells like gas from before ethanol. Around here the Amoco Ultimate is sent to KC area on separate tankers and stops at all BP station in the KC area. It's good fuel that I have used for several decades, since I bought my 1991 R100gs, 34 years ago. At that time I lived in a small town, and it was either no name premium or BP.
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Some recent discussion about BP and Top Tier+ status in this recent BITOG thread.
I had one of those, although it was probably a different bank (was it Bank One?). Back then it was credit back towards buying gas at BP stations. But it made less sense to use it once BP stations in my area dried up. Once I hadn’t bought BP gas in a while and for some reason they cashed out $20 prepaid card for BP. I ended up sending it to family in Southern California since they still had BP stations. Eventually cancelled it.
And if there's no use on it, the account becomes dormant, which is equally as detrimental to new credit applications as cancelling the account. Lenders want to see you use the credit you're extended rather than it just be available to you.
Better to just close the account entirely since 1) there's multiple better gas credit cards, 2) don't have to receive statements, and 3) the account will remain on OP's credit report for several years before falling off.
All you have to do is use the card a couple times during the year to keep it active. Unless there's a fee involved with a card, it's never a good idea to cancel a card because your FICO score will be affected.
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Its one more card to keep track of, one more bill to pay. What's the risk of using it randomly then missing the bill Pay?
If 1 canceled card is the make or break on your fico, you have bigger problems!
Certainly a fine idea if it helps someone simplify their finances and manage their credit accounts. Their FICO score is only of concern if they're 1-2 months out from having their credit pulled for some reason...i.e., it's not a "permanent" unfixable hit.
While this is getting off-topic, the only thing closing the card hurts is a) total # of revolving accounts (if # of current accounts is low) and b) Average Age of Accounts (AAoA). Again, the account stays on the report/file for several years before being removed, which is plenty of time to open more useful credit cards.
FICO score fluctuates more than you think from day-to-day, and one can optimize their FICO score 1-2 months out before applying for something by having what's called "All Zero Except One", which as it sounds like, is having all revolving credit lines have $0 balance except one with a small (<5% of line) balance.
Insurance costs are largely based on your credit score.
My understanding is canceling a card affects your FICO score as a percentage of utilization of available credit. For example, if the BP card had a $1k limit, you have available credit of $100k, and you have low utilization, this cancelation will have minimal effect.
There are many different flavors of FICO scores, as well as models by different credit reporting companies, e.g. Experian, Equifax, and TransUnion. If you're looking to make a large purchase like a car or home, it's helpful to know which score the underwriters use. If you keep your credit frozen, and you should, knowing which score is used allows you to thaw only that one. Ask the underwriters how many days they'll need to pull your credit in order to minimize the number of days your account is thawed. If buying a car on credit, it may only be a matter of minutes.
There are many different flavors of FICO scores, as well as models by different credit reporting companies, e.g. Experian, Equifax, and TransUnion. If you're looking to make a large purchase like a car or home, it's helpful to know which score the underwriters use. If you keep your credit frozen, and you should, knowing which score is used allows you to thaw only that one. Ask the underwriters how many days they'll need to pull your credit in order to minimize the number of days your account is thawed. If buying a car on credit, it may only be a matter of minutes.
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He may be in the same position as many of us, IE don't need a credit score. I laugh at speed camera tickets
Go ahead, ruin the credit I won't need for the rest of my life 
That doesn't seem wise.
Exactly, BPs board sits around a few times a year to chew the fat. If customers are leaving in droves that's something they'll actually be concerned about, maybe they'll start asking questions like "why do we suck?"Give yourself a pat...
Vote with your dollar!
When I've walked into banks to close accounts, something that's happened a few times, their response is universally "OMG NOOOOOOOO" and they get a manager to try to talk me out of it.
As for credit ratings, I pay my bills and stay under 25% of available credit, so I have a good credit rating. Never needed to manipulate it.
With a credit score of 840 (last time I checked) and multiple other cards in active use, I don't think it will matter much. BP asked why I was canceling, just told them not usable in my area as lack of stations, uncompetitive prices and not Toptier. I'll probably upgrade my Shell card for better discounts.
Not in Washington State. They called it racist and stopped the practice a few years ago.
I pay for gas with a Visa card that gives me 3% off at service stations, and am also enrolled in the discount programs of Shell and ExxonMobil. That gives me an effective discount from pump prices of over 10 cents a gallon, pretty much.
I use my Visa attached to ernify and prime to get 10 cents off per gallon at BP. Usually, that is cheaper than Costco; not always but most of the time. Sometimes I will go to Shell because I can get more than 3 cents off but more often than not, unless I get an email saying fill up on XX date and get $25 cents off, it still costs more than BP or Costco. I was filled yesterday at BP but I didn't look to see if there was a TT or TT+ sign.
