In India fuel credit cards are specialized financial instruments meticulously crafted to provide users with unique rewards and benefits tailored specifically for fuel purchases. As fuel prices continue to rise in India, utilizing a fuel credit card has become an astute financial move for individuals who frequently commute or rely on vehicles for daily transport. These cards help mitigate fuel costs and offer enticing rewards on various other everyday purchases. Below, we delve into an in-depth review of India’s leading fuel credit cards in India as of September 2024.
What is a Fuel Credit Card?
Kotak Mahindra Bank defines a fuel credit card as “a credit card that is specifically designed to benefit customers when used at Fuel Pumps.” These cards typically present a plethora of rewards and incentives for fuel expenditures, including Reward Points, cashback, and more. Below is a compilation of premier credit cards that major financial institutions offer lucrative fuel benefits.
HDFC Bank Fuel Credit Card – Indian Oil Credit Card
Annual Fuel Savings: Enjoy up to 50 litres of free fuel annually, making it an excellent choice for regular drivers.
Rewards Structure: Earn 5% of your spending as Fuel Points at IndianOil outlets. Note that the maximum cap is 250 Fuel Points per month during the first six months, which reduces to 150 Fuel Points in subsequent months.
Additional Rewards: In addition to fuel, you can earn 5% back on groceries and bill payments, up to a maximum of 100 Fuel Points monthly.
General Purchases: You can Accumulate 1 Fuel Point for every Rs 150 spent on all other purchases, allowing you to earn points even when refueling is not the primary activity.
Surcharge Waiver: You will benefit from a 1% fuel surcharge waiver at IOCL stations on transactions of Rs 400 or more, with a maximum cashback of Rs 250 per statement cycle.
Fees: The card carries a joining fee of Rs 500 and an annual fee of Rs 500, which is waived if you spend Rs 1,00,000 or more in the previous year.
BPCL SBI Card Octane
Surcharge Waiver: For transactions up to Rs. 4,000, Enjoy a complete waiver of the 1% fuel surcharge across all BPCL petrol pumps, offering immediate savings at the pump.
Reward Points: Earn 25 Reward Points for every Rs. 100 spent on BPCL fuel, lubricants, and Bharat Gas purchases made online.
Dining & Shopping Rewards: This card also rewards you with 10 Reward Points for every Rs. 100 spent on dining at departmental stores, grocery shopping, and movie tickets, with a limit of up to 7500 points per month.
Fees: The card has a joining fee and renewal fee of Rs. 1499 each, positioning it as a premium offering.
BPCL SBI Card
Valueback: This card provides a robust 4.25% Valueback, which translates to 13X Reward Points equivalent to 3.25% in value. In addition, it waives a 1% fuel surcharge at BPCL petrol pumps.
Reward Points Cap: You can earn a maximum of 1300 Rewards per billing cycle, ensuring frequent spenders make the most of their transactions.
Surcharge Waiver: A Rs 100 waiver applies to transactions up to Rs 4,000, further enhancing savings.
Fees: The joining fee is Rs. 499, and the renewal fee is the same. The card includes a welcome gift valued at Rs. 500, adding significant initial value.
ICICI Bank HPCL Coral American Express Credit Card
Fuel Rewards: This card allows you to earn 6 ICICI Bank Rewards Points for every Rs 100 spent on fuel at HPCL outlets.
Cashback Benefits: You can also enjoy a significant 2.5% cashback on fuel purchases and a zero surcharge on these transactions, making it a financially savvy option for fuel expenses.
Redeem Points: For those looking to redeem rewards, 2000 ICICI Bank Rewards Points can be obtained for fuel worth Rs 500.
Fees: There is a joining fee of Rs 199 (+ GST), and there is no annual fee for the first year. The annual fee is Rs 199 (+ GST) from the second year onwards.
ICICI Bank HPCL Super Saver Credit Card
Joining Benefits: Upon activation, you’ll receive 2,000 ICICI Rewards points and a Rs. 100 cashback through the HP Pay App, which encourages you to start using the card immediately.
Rewards for Utilities: Enjoy a generous 5% back in reward points on utility, grocery, and departmental store purchases, providing widespread benefits beyond fuel.
Cashback on Fuel: Secure 5% cash back on purchases at HPCL fuel stations and an additional 1.5% cashback through the HP Pay app, amplifying the savings.
Fees: This card has a joining fee of Rs 500 (+ GST), and the annual fee from the second year onwards is also Rs 500 (+ GST). The fee is waived if your annual spend reaches Rs 1,50,000.
HPCL Coral Credit Card
Reward Points on Retail Purchases: With the HPCL Coral Credit Card, you can earn an impressive 2 ICICI Bank Reward Points for every Rs 100 spent on retail purchases, excluding fuel. This feature lets you accumulate points quickly on everyday shopping, enhancing your spending experience.
Fuel Savings: This card takes fuel efficiency to the next level, offering 2.5% cashback on all HPCL fuel purchases. Additionally, you benefit from a 1% waiver on fuel surcharge, making it an excellent choice for frequent drivers.
Movie Discounts: Enjoy your nights out with a generous 25% discount on movie ticket bookings, capped at Rs 100. This benefit makes your entertainment outings more budget-friendly.
Fees: The financial commitment begins with a one-time joining fee of Rs 199 plus GST. The first year’s annual fee is waived, but from the second year onward, you’ll incur a fee of Rs 199 plus GST.
IndianOil Axis Bank Credit Card
Value Back on Fuel: The IndianOil Axis Bank Credit Card provides a remarkable 4% value back on fuel transactions for those who prioritize fuel savings. You’ll earn 20 reward points for every transaction, ensuring fuel expenditures effectively contribute to savings.
Surcharge Waiver: Enjoy an added benefit with a 1% waiver on fuel surcharges for transactions ranging from Rs 400 to Rs 4000. This waiver can save up to Rs 50 per statement cycle, reducing fuel costs.
Fees: Initial costs include a joining fee of Rs 500. The first year’s annual fee is waived, but from the second year, a fee of Rs 500 applies, which you can avoid entirely by spending Rs 50,000 during the year.
IndianOil Kotak Credit Card
Rewards on Fuel Purchases: This card stands out by offering 4% as Reward Points on fuel purchases made at IndianOil. It provides 24 Reward Points for every Rs 100 spent, with a monthly cap of 1200 points. This structure allows loyal customers to maximize their savings.
Additional Rewards: In addition to fuel, you can earn an impressive 12 Reward Points for every Rs 100 spent on groceries and dining, capped at 800 points monthly. This feature lets you benefit from everyday purchases, broadening your rewards potential.
Surcharge Waiver: You also receive a 1% waiver on fuel surcharges for transactions ranging from Rs 100 to Rs 5050, capped at Rs 100 per statement cycle, specifically at IndianOil locations, enhancing overall savings.
Fees: This card has a Rs 449 joining fee and an annual fee of Rs 449. However, spending Rs 50,000 within the previous year will waive the annual fee, making it more accessible.
ICICI Bank HPCL Signature Credit Card
Rewards on Fuel Spends: The ICICI Bank HPCL Signature Credit Card is tailored for fuel enthusiasts, granting 5 ICICI Rewards Points per Rs 100 spent on fuel purchases. This high reward rate makes it an attractive option for regular fuel users.
Annual Benefits: In addition to fuel rewards, cardholders enjoy exclusive lifestyle discounts and benefits that enhance overall spending experiences. These additional perks range from lifestyle products to merchant discounts tailored to premium users.
Fees: The card comes with a joining fee of Rs 750, which is matched by the annual fee. However, if your total spending reaches Rs 1,50,000 a year, the yearly fee can be waived, providing a financial incentive for higher spenders.
Conclusion
Maximize fuel rewards with top credit cards in India. Petrol, diesel, and cashback offers. Selecting the appropriate fuel credit cards can lead to substantial savings and valuable benefits, particularly for individuals who commute regularly in India. The cards mentioned above provide diverse options in rewards, cashback incentives, and waivers on fuel surcharges, catering to various spending habits. It’s essential to assess your fees, the structure of rewards, and the benefits available to you to fully maximize the advantages associated with your chosen fuel credit card.
FAQs
Q. What is a fuel credit card’s main benefit?
A. Fuel credit cards primarily offer rewards and cashback for fuel purchases, providing significant savings on fuel expenses over time.
Q. Are there any fees associated with fuel credit cards
A. Yes, most fuel credit cards come with joining and continuous annual fees. However, these fees can often be waived based on your spending levels, making it more cost-effective for frequent users.
Q. Can I earn rewards on other purchases with fuel credit cards?
A. Absolutely! Many fuel credit cards offer rewards on additional categories such as groceries, dining, and utilities, enhancing the overall value of your card.
Q. How can I redeem my reward points?
A. Depending on your card issuer’s specific policies, reward points can generally be redeemed for fuel vouchers, cashback, or discounts on future purchases.
Q. Is there a limit to the rewards I can earn?
A. Yes, each credit card has specific limits on the number of reward points you can earn, either per month or transaction, ensuring fair usage and a structured rewards framework.
