As fuel prices soar in India, fuel credit cards offer a practical way to save on petrol and diesel expenses. These cards, provided by leading banks like SBI, HDFC, and Axis Bank, often partner with major fuel companies such as Indian Oil, HPCL, and BPCL to offer cashbacks and rewards on fuel purchases. They enable convenient, cashless payments and help users track and manage their fuel spending efficiently. This guide highlights the top fuel credit cards in India, helping you find the best one to maximize your savings.
Benefits of Fuel Credit Cards
Fuel credit cards provide numerous benefits that can reduce fuel expenses and enrich your credit card experience. Here are the main advantages of using a fuel credit card:
- Fuel Discounts and Cashbacks: Save on fuel expenses through discounts, cashbacks, or reward points on fuel purchases.
- Fuel Surcharge Waiver: Avoid extra fees typically charged on credit card fuel transactions.
- Reward Points: Earn points on purchases that can be redeemed for fuel vouchers, gift cards, and more.
- Additional Perks: Access benefits such as airport lounge entry, dining discounts, travel insurance, and concierge services.
- Welcome Offers: Enjoy introductory bonuses like reduced surcharges or extra rewards initially.
- Safety and Convenience: Experience a secure and convenient payment method over carrying cash.
- Emergency Assistance: Benefit from services like roadside help and lost card replacement.
Best 5 Fuel Credit Cards in India 2024
BPCL SBI Credit Card
The BPCL SBI Card is a co-branded fuel credit card created through a partnership between SBI Card and Bharat Petroleum Corporation Ltd (BPCL), designed to optimize savings across multiple spending categories. Priced with a joining fee of Rs.499, this card offers extensive rewards on fuel, groceries, dining, and entertainment. Despite its complex terms and conditions, this introduction aims to clarify and highlight the key benefits and features of the card.
Features and Benefits
| Feature | Description |
| Welcome & Renewal | 2,000 bonus points on paying the annual fee; annual fee waiver for spending Rs. 50,000 in a year. |
| Surcharge and Savings | Waiver of up to Rs. 100/month on fuel surcharges at BPCL pumps, 4.25% value back on fuel, and up to 1300 reward points per cycle. |
| Reward Points | 5x reward points on groceries, dining, and entertainment; 1 point per Rs.100 on other non-fuel purchases. |
Fees and Charges
| Type of Fee | Amount |
| Annual/Renewal Fee | Rs. 499 |
| Finance Charges | 3.50% per month (42% per annum) |
| Late Payment Fee | Rs. 400 – Rs. 1,300 based on the outstanding amount |
| Foreign Currency Transaction | 3.50% |
| Rewards Redemption Fee | Rs. 99 |
IndianOil HDFC Credit Card
The IndianOil HDFC Bank Card is a co-branded credit card, a strategic partnership between HDFC Bank and Indian Oil Corporation, tailored for frequent private transport users. With an annual fee of Rs. 500 and a 3.49% monthly interest rate, this card offers a 5% value back on expenditures like fuel, groceries, and bill payments. Designed to maximize savings on fuel and other essential categories, the card also allows the conversion of accumulated fuel points into cash or more fuel, enhancing its utility for everyday spenders.
Features and Benefits
| Feature | Description |
| Fuel Benefits | Earn 5% back as Fuel Points on fuel spends; up to 250 points/month for the first 6 months, then 150/month. 1% fuel surcharge waiver on transactions over Rs. 400. |
| Reward Point Accumulation | 1 Fuel Point for every Rs. 150 spent on non-fuel purchases; 5% of spends as Fuel Points on bill payments and groceries. |
| Milestone Benefits | Annual renewal fee of Rs. 500 waived if yearly spends exceed Rs. 50,000. |
| Fee Waiver | First-year fee waiver for spending Rs. 20,000 within the first 90 days of card issuance. |
Fees and Charges
| Type of Fee | Amount |
| Annual/Joining Fee | Rs. 500 (Reversible if annual spends exceed Rs. 50,000) |
| Finance Charges | 3.49% per month |
| Late Payment Charges | Ranges from Rs. 100 to Rs. 750 based on the total amount due |
| Foreign Currency Transaction | 3.5% |
| Rewards Redemption Fee | Rs. 99 |
IndianOil Axis Bank Credit Card
The IndianOil Axis Bank Credit Card, a co-branded offering with Indian Oil Corporation Ltd and powered by Visa, is tailored to maximize savings on fuel and other varied expenses. This card delivers substantial returns on fuel purchases with benefits such as accelerated reward points and surcharge waivers. It also enhances savings on online spends, making it a versatile choice for both fuel and digital shoppers. The wide-ranging advantages make it an ideal option for those looking to economize on gasoline bills and more.
Features and Benefits
|
Feature |
Description |
| Welcome Offer | Receive up to Rs.250 cashback on fuel transactions within the first 30 days of card issuance. |
| Fuel Rewards | Earn 4% value back on fuel purchases at IOCL outlets, with 20 reward points per Rs.100 spent (up to Rs.5,000 monthly). |
| Online Shopping | Get 1% value back on e-commerce transactions, receiving five reward points for every Rs.100 spent (up to Rs.5,000 monthly). |
| Milestone and Surcharge Waivers | Annual fee waived on spending Rs.50,000 annually; 1% fuel surcharge waiver on transactions between Rs.200 and Rs.5,000. |
Fees and Charges
| Type of Fee | Amount |
| Joining Fee | Rs. 500 |
| Annual Fee | Rs. 500 (waived if annual spends exceed Rs. 50,000) |
| Finance Charge | 3.4% per month |
| Late Payment Fee | Rs. 500 for Rs. 501-Rs. 5,000; Rs. 750 for Rs. 5,001-Rs. 10,000; Rs. 1,200 for >Rs. 10,000 |
| Foreign Currency Transaction Fee | 3.5% of the transaction value |
Indian Oil Kotak Credit Card
The IndianOil Kotak Credit Card, a partnership between Kotak Mahindra Bank and Indian Oil, offers a substantial 4% value back on fuel purchases at IndianOil stations, dining, groceries, and more, for an annual fee of Rs. 449. This entry-level card is especially rewarding for frequent IOCL customers, making it an ideal choice for first-time credit card users looking for fuel benefits.
Features and Benefits
| Feature | Details |
| Welcome Benefits | 1,000 reward points for every Rs. 500 spent within 30 days. |
| Reward Points | 24 per Rs. 150 on fuel at IndianOil, 12 per Rs. 150 on dining/groceries, 3 per Rs. 150 on other purchases. |
| Fuel Benefits | 5% value back at IndianOil, including 4% in rewards and 1% surcharge waiver (up to Rs. 100/month). |
| Annual Fee Waiver | Fee waived for annual spends over Rs. 50,000. |
Fees and Charges
| Type of Fee | Amount |
| Annual Fee & Joining Fee | Rs. 449 |
| Foreign Currency Markup | 3.5% |
| Card Replacement/Reissue Fee | Rs. 100 |
| Railway Ticket Booking Surcharge | 1.8% to 2.5% depending on transaction |
ICICI Bank HPCL Super Saver Credit Card
The ICICI Bank HPCL Super Saver Credit Card is designed for shoppers who want to maximize cashbacks on utility, fuel, and departmental store purchases. This card, in collaboration with HPCL and available on both Visa and Amex, offers unlimited cashbacks and additional rewards when using the HP Pay app, despite lacking a surcharge waiver. For those focused on fuel savings, the IndianOil Kotak Credit Card, with an annual fee of Rs. 449, also provides up to 4% value back on fuel, dining, groceries, and other retail spends at IndianOil stations.
Features and Benefits
|
Feature |
Details |
| Welcome Benefits | 2,000 reward points on Rs. 5,000 spend within 45 days; Rs. 100 cashback on first HP Pay app recharge. |
| Cashback and Reward Points | Up to Rs. 200/month at 4% cashback on HPCL fuel; 5% back on groceries and utilities (up to 400 points/month); Additional 1.5% on fuel via HP Pay. |
| Fuel Surcharge Benefits | 1% cashback on fuel surcharge up to Rs. 4,000. |
| Exclusive Benefits | Dining discounts under ICICI Bank Culinary Treats Programme; 5% cashback on departmental purchases. |
Fees and Charges
| Type of Fee | Amount |
| Joining Fee | Rs 500 + GST |
| Annual Fee (second year onwards) | Rs 500 + GST (waiver on annual spends of Rs 1,50,000) |
| Supplementary Card Fee | Rs 100 |
| Overdue Interest | 3.50% per month (42% annualised) on extended credit and cash advances |
Factors to Consider While Selecting the Best Fuel Credit Card
Selecting the ideal fuel credit card requires an assessment of your specific spending patterns, preferences, and financial objectives. Here are guidelines to help you choose a fuel credit card that best suits your requirements:
- Savings on Fuel: Evaluate how much you’ll save on fuel transactions and ensure the savings outweigh the costs.
- Participating Oil Companies: Check if the card benefits are restricted to certain petrol pumps or are applicable across various stations nationwide.
- Surcharge Waiver: Determine if the card offers a fuel surcharge waiver to maximize savings on every fuel purchase.
- Spend Limits: Review the spending thresholds required to avail card benefits; prefer cards with attainable limits.
- Annual Fee: Consider the annual fee and any waivers available based on your yearly spending.
Redemption Process: Ensure the card allows for easy and instant redemption of rewards at petrol pumps. - Additional Benefits: Look for extra perks beyond fuel, like dining discounts or airport lounge access, to enhance overall value.
- Fee Structure and Terms: Understand all associated fees and read the terms carefully, focusing on surcharge waivers, reward expiration, and other critical clauses.
- Customer Service: Quality customer support is essential for handling any card-related issues effectively.
This streamlined guide helps focus on the most impactful features and benefits to consider when selecting a fuel credit card, aligning with your personal usage and financial goals.
How to Apply for a Fuel Credit Card?
Here’s Here’s a simplified step-by-step guide to applying for a fuel credit card in India:
- Check Eligibility: Ensure you meet the card’s age, income, and credit criteria.
- Gather Documents: Collect ID, address proof, income evidence, and photos.
- Visit Issuer’s Website: Go to the bank’s official site
- Access Credit Card Section: Locate and review the credit card options.
- Fill Out Application: Complete the online form with your details.
- Upload Documents: Attach required document scans.
- Submit Application: Review and submit your form.
- Await Approval: The bank will review and verify your application.
- Receive and Activate Card: Activate your card upon receipt.
- Use Your Card: Start using your card to make purchases and earn rewards.
This concise list outlines the necessary actions to apply for a fuel credit card, guiding you smoothly through each step.
Read more
Conclusion
Selecting the best fuel credit card in India depends on matching the card’s benefits with your specific spending habits and lifestyle needs. These cards not only provide savings through fuel discounts and surcharge waivers but also offer additional perks such as cashback, rewards points, dining discounts, and airport lounge access. It’s crucial to consider the card’s annual fee, rewards structure, and station acceptance to maximize your benefits. The ideal fuel credit card will effectively reduce your fuel costs and enhance your overall spending efficiency.
