Magazine article American Banker

Bank of America, Sun Co. to Launch MasterCard with Rebates

Magazine article American Banker

Bank of America, Sun Co. to Launch MasterCard with Rebates

Article excerpt

Another wedding of the credit card and gasoline industries was announced on Thursday bringing the total of such alliances to six.

Bank of America and Sun Co. of Philadelphia, which markets gasoline under the Sunoco brand, will introduce a new MasterCard in November that gives customers rebates on Sunoco and all other kinds of purchases.

The partners are touting their card as the most competitive gasoline card to date, because it offers a combined 5% rebate - 3% on Sunoco purchases and 2% on all other purchases. The 2% rebate is capped at $70 a year.

Other gas cards offer up to 4% in combined rebates.

For example, the British Petroleum-Bank One card gives customers a 3% rebate on BP gas and a 1% rebate on other purchases, capping free gas at $300 a year.

The highest-profile gasoline card, the Shell Oil-Chemical Bank card, offers a combined rebate of 3%, capping 2% of the rebate at $70 a year.

Additional perks of the Sunoco card include no annual fee, and an initial interest rate of 9. …

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