With the fluctuating prices of fuel in the world, it is necessary to save whenever possible. Many top banks and lenders in the country are offering fuel credit cards which help you save more on all your fuel purchases. The annual fee of these credit cards ranges from zero to Rs.1,000 along with an interest rate ranging from 3.25% per month to 3.40% per month. Apart from offers and benefits on your fuel expenses, these cards also provide a wide range of offers in other categories such as entertainment, dining and shopping as well.
|Credit Card Variant||Joining Fee|
|Indian Oil Citi Credit Card||NIL|
|Bank of Baroda Prime Credit Card||NIL|
|BPCL SBI Credit Card||Rs.499|
|HDFC Bharat CashBack Credit Card||Rs.500|
|IndianOil HDFC Bank Credit Card||Rs.500|
|IndianOil Axis Bank Credit Card||Rs.500|
|Standard Chartered Super Value Titanium Credit Card||Rs.750|
|Air India SBI Signature Credit Card||Rs.4,999|
|YES First Preferred Credit Card||Rs.2,499|
A Fuel Credit card is being offered by banks to customers in a bid to provide them with maximum benefit while purchasing fuel. Having this card enables those who constantly buy fuel for various purposes to lower the expenditure on fuel. Apart from that, it enables the users of Fuel Credit card to use it for other benefits with regards to lifestyle.
All About Fuel Credit Cards
An individual can apply for a Fuel Credit card by visiting the nearest branch of the bank from which he/she wants to avail the card or apply online. The applicant needs to fill the application form and provide the documents asked for to get himself/herself the Fuel Credit card and cut down on the fuel expenses.
The eligibility to apply for a fuel credit card seems to vary from bank to bank. However, some of the common eligibility norms that an applicant needs to fulfill are:
|Credit card payment pattern||While choosing the best fuel credit card, the most important thing is to identify the pattern of payment. The individual must look for a card that offers fuel benefits as well as best interest rates.|
|Fuel spending pattern||The individual needs analyze his/her expenses and decide on the monthly budget that would be spent on fuel. This is quite important as availing a fuel credit card without analyzing this would not serve the purpose.|
|Fees and charges||Considering the fees and charges associated with the fuel credit card that one intends to get also needs to be assessed prior to availing the card. If this is not done, the benefits and discounts that come with fuel credit cards may be negated by virtue of paying high fees and charges that are associated with the card.|
|Check the redemption process of the card||It is better to check the redemption process of the fuel credit card. It is better to get those cards which offer instant redemption of points.|
With many banks and financial institutions offering credit cards, the benefits that come with Fuel Credit cards differ. Apart from lowering the expenses with regards to purchasing fuel, some other benefits that come with Fuel Credit cards are as follows:
Also Know Fuel credit cards with Cashback offers
Cashback is one of the attractive and rewarding offers provided on fuel credit cards. In the time of rising petrol and diesel prices, having one fuel credit card with cashback feature is a saviour. You can receive the hiked petrol or diesel price as cashback by using a fuel credit card with cashback feature. Fuel credit cards also offer fuel surcharge waiver and accelerated reward points on fuel purchase which can be exchanged for both rewards and fuel purchases. One fuel credit card multiple savings, isn’t it sounds amazing? Of course, yes.
Just like other credit cards, Fuel Credit cards also come with a lot of features. Some of the features that come with Fuel Credit cards which banks provide are as follows:
|Fuel Credit Card||Features|
|HDFC Bharat Cashback Credit Card||5% cashback on fuel purchases. No minimum transaction required but the maximum cashback is capped at Rs.150 per month.|
|HDFC Bharat Credit Card||5% cashback on fuel purchases. No minimum transaction required but the maximum cashback is capped at Rs.150 per month.|
|IndianOil Axis Bank Credit Card||Get 100% cashback up to Rs.250 on all fuel transactions & 1% fuel surcharge waiver.|
|Standard Chartered Titanium Credit Card||5% cashback on fuel spends at all petrol pumps. The minimum transaction should be Rs.750 and maximum discount is capped at Rs.250 per month|
When most credit cards that are existing in the market offer fuel benefits to individuals, the question emerges as to why one should opt for a Fuel Credit card. The answer to this question is that Fuel Credit cards are specially designed to save money every time an individual refills his vehicle with fuel. With petrol and diesel prices on the rise, Fuel Credit card can enable an individual to cut down on the expenses that go into buying fuel.
|Savings||When you look for a fuel credit card, you should see how much you will end up saving on your fuel transactions.|
|Participating Oil Companies||This is one of the most important things that you should look at when you are looking for a fuel credit card. You should check if the benefits are offered at particular petrol pumps owned by a certain Oil Company or at all the petrol pumps across the country.|
|Surcharge Waiver||Figure out if you will receive fuel surcharge waiver on your fuel spends or not.|
|Spend Limits||Make sure the spend limit to avail benefits is not very high.|
|Annual Fee||Check the annual fee of the credit card that you plan to purchase. Some cards offer you an annual fee waiver when you spend a certain amount of money using your card in a year.|
|Redemption Process||Check out the redemption process of the credit card you plan to purchase. See if it offers instant redemption or not. Most cards offer instant redemption of points at petrol pumps.|
This Indian Oil Citi Credit Card helps customers earn a maximum of 71 litres of free fuel. It comes with an amazing rewards program that helps customers save a lot of money on their fuel transactions.
This Standard Chartered Super Value Titanium Credit Card offers a cashback of 5% on the fuel transactions that you make at any petrol pump in India.
|Annual Retail Spend||Bonus Reward Points||Cumulative Bonus Reward Points|
The factors to be considered are:
Yes, use your credit card like your debit card and you have to charge only what you can pay at the end of the month. You will not want to pay an extra 20% in interest for petrol.
You will have to apply for a Fuel Credit card by visiting your bank branch from which you want to avail a card. You will have to fill the application form and then give documents required for verification.
A fuel card is a payment card which can be used for the purchase of petrol and diesel at pumps.
A fuel card can be used for expenses and maintenance of vehicles. This card will come in handy as they allow you to manage and regulate your fuel expenses which are incurred, and you can stay informed about your business and personal related expenses.
You can get 100% cashback up to Rs.250 on your all fuel transactions with the IndianOil Axis Bank Credit Card.
The primary eligibility criteria to apply for the card is that the applicant must be a citizen of India and must be above the age of 18. Along with this, the credit score of the applicant plays a major role and should have a stable income.
Indian Oil in partnership with HDFB Bank has launched a new fuel card that is available on the Visa and RuPay platforms. This is exclusively for users in non-metro cities and small towns. It will offer benefits and rewards on fuel purchases. Fuel points can be earned at more than 27,000 Indian Oil outlets across India. Up to 50 liters of fuel can be redeemed from points in one year with this card. Card applications can be done through the website of HDFC Bank or directly through the branch. More than 98% of Indian Oil accepts debit/credit card payments. More than 75% of the company’s petrol pumps are in the non-metro cities. Both HDFC Bank and IOC aim to facilitate digital payments and cashless transactions across India with this card.
15 March 2022
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