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The Best Fuel Credit Cards in India


The Best Fuel Credit Cards in India

  • By Saral Credit
  • January 15, 2022

Every week you visit the petrol pump to refuel your car or motorbike. With the increased awareness of digitization, more people prefer paying through plastic money to ensure safety and ease. Interestingly, you don’t own multiple cards for fuel payment that brings an interesting fact to the limelight, i.e., the availability of different credit cards that can benefit you when fueling your vehicle. Yes! Numerous fuel credit cards are available in the market that gives you additional benefits every time you refuel using the credit card.

But, for first-time readers, there are multiple queries related to fuel credit cards, i.e., what is this card, how it benefits you, and who is eligible to take this card?

Today’s article will contain all aspects of a fuel credit card that gives you a clear picture of these cards and whether you should take it or not.

What is a Fuel Credit Card?

Multiple banks offer a fuel credit card that comes with maximum benefits while using the card for fueling your vehicle. This card is specially made for those who buy fuel more often and have significant expenses on fuel. Apart from fuel benefits, these cards provide other non-fuel benefits that can save you money on other purchases.

What are the Benefits of Using a Fuel Credit Card?

The prime purpose of getting a fuel credit card is to save on your monthly fuel expenses. Furthermore, it provides you many other rewards, points, and benefits that you are listed as below:

  • Eligible for Telecom benefits
  • Eligible for Surcharge Waiver
  • Get Reward Points
  • Dining offers
  • BookMyShow Offer
  • Concierge Service
  • Eligible for Cashback
  • Waiver of Annual Fees
  • Can make utility bill payments
  • Eligible for Turbo Points
  • Points Redemption

What Cashback Offers a Fuel Credit Card Gives?

Cashback is one of the best benefits of a fuel credit card. The increasing petrol and diesel prices have made it tough for the middleman to manage their fuel expenses and simultaneously save for their future. Hence, it's essential to find a way to save on fuel expenses and save the rest amount wisely.

You get a cashback every time you pay for the fuel with a fuel credit card. Moreover, the fuel credit card also rewards you points for making online transactions. You can further redeem those points for various other purposes like online shopping, utility bill payment, and many more.

Who is Eligible for a Fuel Credit Card?

The eligibility for a fuel credit card entirely varies from one bank to another. However, the basic requirements for a fuel-saving credit card include a high credit score and minimum age & income bracket as prescribed by the bank. Remember, the income bracket can vary from bank to bank. Hence, you should ask your bank for the eligibility criteria before applying.

How to Apply for a Fuel Credit Card?

If you are willing to get a fuel credit card, you need to visit the nearest branch to apply for a fuel credit card. You need to carry a few documents and fill the application form to get the credit card and cut your monthly fuel expenses.

Nowadays, the entire process has become online, and you can choose the fuel credit card and apply online. You will get a call from their representative that will assist you further to get your card in a short duration.

Tips to Choose the Best Fuel Credit Card

This is the most crucial section that can help you find the right and best-suited fuel credit card for your significant savings. Below are some points that you should consider.

Credit Card Payment Pattern: Most banks provide you with handsome benefits on fuel, but it's equally important to check the interest rates. You should always look for a credit card that benefits you on fuel bills and has low-interest rates.

Fuel Spending Limit: When your prime motive is to save money on your monthly fuel expenses, you should select a credit card that has an equivalent or higher fuel spending limit. In short, your purpose of getting a fuel credit card must be fulfilled.

Check Saving Limit: Before selecting any credit card, you should check the limit of saving you can make with the card. The surcharge waiver and cashback varies from one bank to another. Always prefer a card that gives you the maximum saving limit. It includes cashback, rewards, and the surcharge waiver on fuel outlets.

Participating Oil Companies: Not all oil companies provide cashback and surcharge waivers with every credit card you own. Hence, it's important to look for a fuel credit card that has tie-ups with maximum oil companies and gives you handsome cashback. Interestingly, most fuel credit cards include all major fuel outlets offering you to take advantage of savings across the country.

Spend Limit: Apart from the fuel spend limit, you should also check the maximum credit limit you get with the card. This gives you a clear picture of how much you can spend on fuel and other daily purpose transactions. The credit limit on your card primarily depends upon your CIBIL score. So, if you have a good credit score (above 750), you can easily get a high credit limit on your card. It's important to note that some banks charge you to redeem your points.

Additional Fees & Charges: There are multiple charges associated with every credit card. You should know these charges before applying. Further, check the annual fees that you have to pay for card maintenance. Remember, if you are paying high fees and making fewer discounts on the fuel bill, there is no purpose in putting your efforts and money on such a card.

NOTE: Many banks provide you with specific offers that can waive off your annual fees. You can select these offers to take extra benefit, simultaneously saving on your annual charges.

Check Redeem Process: With every transaction you make, points are earned that you can redeem later and get other benefits like discounts, cashback, and many more. Hence you should check the entire points redemption process to ensure you are putting your efforts for the right credit card.

Features of Common Fuel Credit Cards in India

Various banks provide you with a fuel credit card, which you should know before selecting the one. Below are the benefits/features of various fuel credit cards available in India.

  • HDFC Bharat Cashback Credit Card: You get a 5% cashback every time you purchase fuel. Here, you don't have any minimum transaction limit. However, you can get a maximum cashback of Rs.150 per month.
  • HDFC Bharat Credit Card: With every fuel purchase, you get 5% cashback with no minimum transaction required. However, the maximum cashback is Rs.150 per month.
  • IndianOil Axis Bank Credit Card: This credit card gives you up to 100% cashback on your fuel expenses. However, you can get a maximum of Rs.250 cashback on all fuel transactions & a 1% fuel surcharge waiver.
  • Standard Chartered Titanium Credit Card: This card gives you 5% cashback on fuel spending. However, you have to maintain a minimum transaction of Rs.750. Moreover, you can get a maximum discount of Rs.250 every month.
  • BPCL SBI Credit Card: With this card, you can get 4.25 % Valueback including 1% fuel surcharge waiver on every transaction of upto Rs. 4,000. However, you will get a maximum surcharge waiver of Rs. 100 in a month, which is equivalent to an Annual Savings of Rs.1200.
  • IOC CitiBank Card: Here you get 4 Turbo points or Rs. 150 spent & 1% fuel surcharge reversal on fuel purchase at authorized Indian Oil outlets. It means with every Turbo Point you are saving Rs. 1 of free fuel.

These are the benefits of getting a fuel credit card. These are a few of many credit cards that offer you handsome savings on fuel expenses. Almost every bank has a fuel credit card that entails different benefits for you. However, this doesn't mean the card has no cons.

Cons of Using a Fuel Credit Card

High-Interest Rates: The fuel credit cards have a bit high-interest rates compared to other cards. Hence, if your only motive is to save a significant sum on your fuel expenses, it's good to opt. Else, you should look for other credit cards that come with numerous other benefits. Other credit cards can bestow more offers compared to the fuel credit card.

Difficult To Budget Your Fuel Purchase: Until you are not aware of the maximum cashback/reward on your fuel purchase, you won't be able to manage your fuel expenses. This may result in overspending, causing a significant impact on your monthly expenses.

No High Savings: If you evaluate all the fuel credit cards available across the country, no card gives you a greater amount of cashback. Instead, many of them will provide you with a maximum of Rs. 1500 saving isn’t a great idea when you are spending thousands on your fuel expenses.

With that said, you now have sound knowledge about the fuel credit card and at what level you can leverage it for your monthly fuel expenses. It's always recommended to research thoroughly before making a selection, as it will take your efforts to get a card and then surrender it.