CHICAGO -- Unveiling its version of price rollbacks at the pump, BP Products North America Inc. has officially launched "Pump Rewards," a new payment technology that lets customers earn cents-per-gallon rebates and redeem them through an instant rollback of gasoline prices at the pump (see Related Content below for exclusive CSP Daily News coverage).
Customers can earn or acquire rebates in a variety of ways, including credit card rewards programs available now, and through one-time-use promotional cards and digital codes launching later this year.
The Pump Rewards launch is the first of many programs BP is unveiling "as part of a broader commitment to create a more compelling customer offer."
"The launch of Pump Rewards creates an entirely new purchase experience and adds an exciting new offer for consumers by delivering instant compensation on available rewards earned through their loyalty to BP," Corey Correnti, senior vice president of sales, supply and marketing at BP, said in a statement.
The Pump Rewards technology has been launched along with the new BP Visa and BP Card with Pump Rewards from Chase program (click here for details). The new rewards platform lets card members earn cents-per-gallon rebates on card purchases and then redeem available rebates instantly at the pump when fueling at participating BP gas stations.
Unlike most credit cards, the BP Visa and BP Card with Pump Rewards do not require card members to wait for monthly statements or to reach specific spending thresholds before redeeming rewards. Card members swipe their card at the pump and use the pump's keypad to redeem rewards and immediately lower the price any of BP's three grades of gasoline with "Invigorate."
BP Visa with Pump Rewards card members will earn 15-cents-per-gallon rebates for every $100 spent at a BP station and five-cents-per-gallon rebates on virtually all other purchases. Card members who use BP's proprietary gasoline card with Pump Rewards will earn five-cents-per-gallon rebates for every $100 spent at BP.
"BP's Pump Rewards introduces a unique and flexible new reward currency with a point-of- sale reward redemption feature," said Ralph Pinto, senior director, Chase Card Services, New York. "With this technology, card members have the ability to redeem their available rewards and save in real time right at the gas pump."
Once a purchase is posted to their account, card members can redeem their available rebates as of 8 a.m. eastern time the next morning via the following options:
*Paying at the pump by swiping their card at participating BP stations and watching their per-gallon price lower instantly.
*Redeeming a $15 statement credit for every $1 in cents-per-gallon rebates earned with the BP Visa with Pump Rewards and a $3 statement credit for every 20 cents in rebates earned with the BP Card with Pump Rewards.
The BP Visa and BP Card with Pump Rewards charge no annual fee to card members.
Other recent branding efforts include BP's latest fuel-advertising campaign, improvements in retail site experience and its exclusive energy sponsorship of the U.S. Olympic Committee and Team USA.
BP markets more than 15 billion gallons of gasoline every year to U.S. consumers through more than 11,000 BP and ARCO branded retail outlets and supplies more than four billion gallons of fuel annually to fleets, industrial users, auto and truck manufacturers, railroads and utilities.
BP is the single, global brand formed by the combination of the former British Petroleum, Amoco, Atlantic Richfield (ARCO) and Burmah Castrol. BP is a global producer, manufacturer and marketer of oil, gas, chemicals and renewable energy sources.
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