The Chevron and Texaco Visa is a rewards credit card marketed towards people who regularly purchase their fuel products at Chevron and Texaco stations. It features benefits which differentiate it from the Chevron and Texaco Premium Card and the Chevron and Texaco Personal Credit Card. Foremost is the fact that it is affiliated with Visa. This means it can be used for payment at any merchant or retailer that accepts Visa credit cards (unlike the Premium and Personal Cards which can only be used at Chevron and Texaco stations). It is issued by Synchrony Bank.
New cardholders are currently being offered a 10 cents per gallon Fuel Credit for the first 60 days that your account is active (beginning on the date of approval). This offer is valid at all Chevron and Texaco stations located in the U.S. This promotion expires on March 31, 2015.
Card members have the opportunity to earn Fuel Credits in various ways. You must meet the required spending threshold in every billing cycle to be eligible for Fuel Credits. Fuel purchases at Chevron and Texaco stations earn a 10 cents per gallon Fuel Credit once the $300 spending threshold has been reached. If you spend more than $1000 in eligible transactions in a billing cycle, you will earn a 20 cents per gallon Fuel Credit. Spending thresholds do not include any purchases made at Chevron and Texaco stations or purchases made at other fuel merchants.
Cardholders can earn a maximum of $300 in Fuel Credits per year. Fuel Credits expire six months from the date they are earned if no other fuel purchases are made.
The Chevron and Texaco Visa charges a high annual percentage rate of 26.99% on all purchases. Costly interest charges can be avoided by paying off your balance each month.
This card does not require a high credit score to qualify. A fair to excellent FICO score (650+) is generally acceptable but your full credit report is evaluated when you apply.
This card has no annual fee.
The Facts
Below we have broken down the details of the Chevron and Texaco Visa to help you decide if it’s worth signing up.
The Good:
Signup bonus Fuel Credits:
New account holders can earn a 10 cents per gallon Fuel Credit on all fuel purchases made on the card during the first 60 days your account is active. A maximum of $300 in Fuel Credits can be earned during this 60-day promotional period. This offer ends on March 31, 2015.
Card can be used anywhere Visa is accepted:
The Chevron and Texaco Visa is associated with the Visa payment network and can be used for payment at all merchants that accept Visa. Compare to the Chevron and Texaco Personal and Premium Cards which can only be used for purchases at Chevron and Texaco stations.
Ability to earn Fuel Credits:
To earn Fuel Credits, card members must meet eligible spending thresholds in each billing cycle. Eligible spending is defined as net purchases that are made on your card but excludes purchases made at Chevron and Texaco stations and purchases from other fuel merchants. These spending thresholds are as follows:
- More than $300 earns a 10 cent per gallon Fuel Credit for every gallon of Chevron or Texaco fuel purchased during that billing cycle
- More than $1000 earns a 20 cent per gallon Fuel Credit for every gallon of Chevron or Texaco fuel purchased during that billing cycle
Fair credit may qualify:
Unlike many other reward credit cards, the Chevron and Texaco Visa does not require excellent credit to qualify. A FICO credit score of 650+ may be considered acceptable for approval (depending on other factors in your credit history).
No annual fee:
There is no annual fee for this card.
The Bad:
Limited rewards:
Card members can use the Chevron and Texaco Visa to make purchases anywhere that Visa is accepted. However, the only rewards are Fuel Credits- no cash back to redeem for travel, merchandise, or a statement credit.
High spending thresholds:
The minimum spending threshold to be eligible to earn Fuel Credits (10 cents per gallon) is $300. The next level (20 cents per gallon) is $1000.
Fuel Credits capped:
Card members can earn a maximum of $300 in Fuel Credits during one calendar year. This includes any Fuel Credits earned during the introductory 60-day bonus period offered to new account holders.
The Ugly:
High annual percentage rate on purchases:
The Chevron and Texaco Visa charges card members a high APR of 26.99% on purchases. Anyone considering this card should plan to pay off the full balance each month to avoid costly interest charges.
May qualify for a lesser card:
People with borderline FICO credit scores may apply for this card only to be told they are approved for a Chevron and Texaco Personal or Premium Card. Each card has different rewards and benefits (and costs). You should be aware of these differences before accepting another card, if offered.