Fuel Credit Cards in India with Best Reward Programs
Does your work require you to travel a lot on road to make money? You must be spending a lot of your hard-earned money on fuelling your vehicle especially now that the fuel price is increasing almost every day. This cost can be tactfully handled if you use a fuel credit card.
These cards are normal credit cards with an additional reward related to fuel expenses. The rewards you get are in the form of discounts or cashbacks which can help you save money.
What Is a Fuel Credit Card?
A credit card with the sole objective of giving discounts on every transaction related to fuel expenses or petroleum products is a fuel credit card. Generally, national oil goliaths like Indian Oil Company Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited co-brand fuel credit cards.
What Are the Credit Cards with Best Reward Programs?
Given below is a list of fuel credit cards giving the best rewards and discounts. The ranking is done randomly not on the basis of benefits.
- IndianOil HDFC Bank Credit Card
This credit card is a collaboration between IndianOil and HDFC Bank. You earn rewards as FP or Fuel Points. You can earn 1 FP for every ₹150 spent on any purchase.
This card has a joining or renewal fee of ₹500 but it is waived on expenditures above ₹50,000 in the first year. The rate of interest is 3.49% per month.
- You can get up to 38L of free fuel annually.
- You can earn 5% of your expenditure as fuel points at every Indian Oil outlet. For the first six months, you can get a maximum of 250 FP per month and for the next six months, you can get a maximum of 150 FP per month.
- You can get a complimentary Indian Oil XTRAREWARDS Program (IXRP) membership with this card.
- 1% fuel surcharge waiver at all fuel stations across India but the minimum transaction should be of INR 400.
- You can also earn 5% as fuel points on grocery purchase, utilities expenses and payment of bills.
- There is an initial 50 days no-interest period.
For salaried Indians, the age of the applicant must be between 21-60 years and the net monthly income must be greater than ₹10,000. For self-employed Indians, the age of the applicant must be 21-65 years with an annual income of more than ₹6,00,000 per annum.
- IndianOil Citibank Platinum Credit Card
This card is formed with the tie-up between IndianOil and Citibank. The rewards are collected in the form of Turbo Points which can be redeemed for fuel at selected IndianOil outlets. A single Turbo Point equals one rupee worth of free fuel.
No annual card fee is needed to apply for it. There is a joining fee of ₹1000 which is waived on annual purchases of more than ₹30,000. The rate of interest is 3.25% per month.
- You can get a full waiver of a 2.5% fuel surcharge and ₹250 worth of free fuel the first time you use the card.
- You can earn 4 Turbo Points for every ₹150 spent (2.67%)
- You will get 2 Turbo Points for every ₹150 spent at groceries and supermarkets.
- You can earn 1 Turbo Point on every ₹150 spent on shopping, dining, etc.
- You can earn 200 Turbo Points for every extra card that you take.
- ICICI Bank HPCL Coral Credit Card
This card is formed with the tie-up between Hindustan Petroleum and ICICI bank. The rewards are collected in the form of cashback and Payback points.
There is a joining fee of ₹199 excluding taxes. The annual fee is free for the first year but amounts to ₹199 excluding taxes from the next year. The rate of interest is 3.40% per month.
- You can earn 2 Payback Points on every ₹100 spent on retail purchases except fuel. You can also redeem 2000 Payback Points for fuel worth ₹500.
- You can get 2.5% cash back and savings of a 1% fuel surcharge on fuel purchases at HPCL pumps.
- There is a 25% discount on movie ticket bookings up to ₹100 per transaction through Book My Show.
- There are also exclusive dining offers through ICICI Bank Culinary Treats Program.
- Standard Chartered Super Value Titanium Credit Card
This service is provided single-handedly by Standard Chartered bank.
There is an annual fee of ₹750 for the first year and there is a renewal fee of ₹750 from the next year. The rate of interest is 3.49% per month.
- You are eligible for a 5% cashback of up to ₹200 per month and a maximum cashback of ₹100 per transaction on fuel spent at all fuel stations. All transactions of ₹2,000 or below get cash backs.
- You can also get 5% cash back on your utility bills. You can get a maximum cashback of ₹100 per month.
- You can get 5% cash back on your telephone bills above ₹750.
- For every ₹150 you spend on all other expenses using this credit card, you earn 1 reward point.
Applicant’s age should be between 21 and 65 years, with a minimum monthly income of ₹55,000.
- BPCL SBI Card OCTANE
This service is a joint venture between Bharat Petroleum Corporation Limited and the State Bank of India. The bonus is collected in the form of reward points.
There is a joining fee of ₹1499 + GST and a renewal fee of ₹1499 + GST from the second year. Renewal fee is waived on annual spends of ₹2,00,000. The interest rate is 3.5% per month.
- You can get 6000 bonus reward points which is equivalent to ₹1500 on payment of annual fees. It will be credited to your account within 30 days of the annual fee payment.
- You can enjoy 7.25% value back equivalent to 25X reward points on fuel purchases at BPCL petrol pumps. A maximum of 2500 Reward Points can be collected per billing cycle.
- You can also get a 6.25% + 1% fuel surcharge waiver on every transaction at BPCL up to ₹ 4000.
- You receive 25 reward points on every ₹100 spent on BPCL products and Bharat Gas.
- You can also enjoy 10 reward points for every ₹100 spent at groceries, movies, dining and other entertainment purposes.
- You get a maximum fuel surcharge waiver of ₹100 per statement cycle per credit card account, which is almost equal to an Annual Savings of ₹1200.
- You can also relish 4 airport lounge visits in India and complimentary insurance against fraudulent activities up to ₹1,00,000.
- IndianOil Axis Bank Credit Card
This is a joint initiative of Axis Bank and IndianOil Corporation Ltd.
There is a joining fee of ₹500 and a renewal fee of ₹500 from the second year onwards which can be waived off with a minimum purchase of ₹50,000 last year. The rate of interest is 3.6% per month.
- You can get cashback of up to ₹250 on fuel transactions in the first month as a welcome benefit.
- You can also enjoy a 4% value back on fuel transactions earning 20 reward points per ₹100 spent on any IOCL outlet in India. You can also have a 1% value back on online shopping and earn 5 reward points per ₹100 spent.
- There is a fuel surcharge waiver of 1%; maximum waiver of ₹50 given on spending between ₹200- ₹5,000.
- You can also get discounts on purchasing movie tickets from Book My Show and dining discounts on selected restaurants.
The applicant must be an Indian or an NRI between 18-70 years of age with valid ID proofs required during the KYC and application process.
Mentioned above are a few of the best fuel credit cards available in India. By using any of these credit cards, you can save a considerable amount on your fuel expenses and can also get exciting features and benefits as an add-on.
Frequently Asked Questions
What is a fuel surcharge on credit cards?
A fuel surcharge is an extra cost that you bear while purchasing petrol or petroleum products through credit cards. The surcharge is typically a percentage of the transaction amount and is added to the total cost of the fuel purchase. The purpose of the fuel surcharge is to cover the costs incurred by the credit card company for processing fuel transactions.
Who are eligible for a fuel credit card?
The applicant must be an Indian, above the age of 18, with a good credit score and with a minimum earning requirement which varies from lender to lender.
Can I get an add-on card with a separate credit card limit?
Yes, you can get an add-on card. The credit limit won’t be separate; it would remain the same as the previous one.
What is VKYC?
Video KYC provides the facility of doing your KYC from your home through a video. Some lenders allow it for their customers to apply for a home loan or a credit card.