Fuel prices have risen significantly in the past few years. On 22nd February, 2021, the price of fuel touched INR 97.00 per litre for petrol and INR 88.06 per litre for diesel in Mumbai, INR 91.78 per litre for petrol and INR 84.56 per litre for diesel in Kolkata, and INR 90.58 per litre for petrol and INR 80.97 per litre for diesel in New Delhi. As a result, more and more people are looking for ways in which they can save on fuel expenses. If you are someone who commutes using your vehicle and is looking for a way to cut down on your fuel expenses, you can consider getting yourself a fuel credit card. Such a card is specially designed to cater to your fuel needs. You can enjoy discounts, fuel surcharge waiver, cashback, rewards, offers, co-branded benefits, and so much more, when you use this card for fuel purchases.
Some of the best fuel credit card variants in India are issued by popular banks such as SBI, Axis Bank and Citibank. Here is a list of top cards from these banks along with their benefits-
The IndianOil Citi Platinum Credit Card is a fuel credit card offered by Citibank in partnership with Indian Oil. The card lets you earn reward points and save on all your fuel purchases. Apart from the welcome gift of free turbo points you can use the card to earn turbo points on all purchases and redeem them to purchase fuel. The IndianOil Citi Platinum Credit Card can be used to avail discounts at all IndianOil outlets in the country.
4 Turbo Points against every INR 150 spent at Indian Oil fuel stations in the country
Earn free fuel up to 71 litres annually
250 Turbo Points against the first purchase made within 30 days of card issuance
1% fuel surcharge reversal on the purchase of fuel
2 Turbo Points against every INR 150 spent at supermarkets and for groceries
1 Turbo Points against every INR 150 spent on other purchases
Annual fee of INR 1000 waived off against spends of INR 30,000 on the card in the past year
The IndianOil Axis Bank Credit Card is a fuel cashback credit card that lets you save significantly on your fuel expenses. You can earn decent rewards when you use the card for purchases, which you can then be redeemed easily.
Earn 100 percent cashback, worth up to INR 250, on fuel transactions within 30 days of card issuance
Transact between INR 100 and INR 5,000 every month and get 4% value back benefit or 20 reward points for every INR 100 spent on fuel at Indian Oil fuel stations in the country
Enjoy 1% fuel surcharge waiver against monthly fuel spends between INR 200 and INR 5000
Transact between INR 100 and INR 5000 at online merchant stores to get 1% value back or 5 reward points for every INR 100 spent
Get up to 20% discount at Axis Bank’s partner restaurants
Instant discount on the purchase of movie tickets from BookMyShow
Earn 1 EDGE REWARD points against every INR 100 spent on the card
Annual fee of INR 500 waived off against spends of INR 50,000 on the card in the past year
The BPCL SBI Card offers a great value-back on fuel purchases made at BPCL petrol pumps. The annual fee on the card is low and you can use it to save on fuel while also earning rewards against all purchases.
2000 reward points, worth INR 500, as activation bonus, redeemable at BPCL fuel outlets or used Shop n Smile rewards catalogue
13X reward points, worth 4.25% value back on fuel spends at BPCL fuel outlets
3.25% + 1% fuel surcharge waiver on fuel expenses of up to INR 4,000 at BPCL fuel outlets
5X Reward Points against every INR 100 spent at supermarkets, for groceries, on Movies, or Dining
1 Reward Point against every INR 100 spent on expenses other than fuel
Annual fee of INR 499 waived off against spends of INR 50,000 on the card in the past year
The eligibility parameters that you need to match to apply for a credit card are listed below.
You need to be a minimum of 18 years old to own a fuel credit card
You must be a resident of India
You must be a salaried or a self-employed individual
Your monthly income should be at par with the income requirements against the specific card
You must have a good credit score of 750 or above to apply for the best fuel credit card
You can apply for a fuel credit card both online and offline. The steps you need to follow are mentioned below-
Visit the Finserv MARKETS official website
Go to the credit card section and browse through the range of credit cards
Compare the features and select the best fuel credit card
Enter the details requested for, such as email id, contact number, etc.
Click on ‘Apply’
Validate with the OTP received
Fill in the form and check your eligibility for the chosen card
You can also apply for a fuel credit card offline by visiting the nearest branch of the bank from which you wish to get the card. You would need to carry all relevant documents and request a bank representative to assist you with the fuel credit card application. The representative would then check your eligibility and help you decide on the right credit card for you and apply for the same.
Before selecting the fuel benefit credit card, you need to keep a few things in mind-
Look for a fuel discount credit card that has the best interest rate as it would allow you to repay the borrowed amount at ease
Analyse the monthly fuel charges before getting a credit card so that you can avail maximum benefits
Check the fees and charges levied on the fuel credit card so that the costs you incur on the card are not higher than the benefits you avail
Check the type of fuel offers you can get on the credit card and match them to your needs
Ensure that the fuel credit card offers can be easily redeemed to enjoy the benefits
A fuel credit card lets you manage your fuel expenses by offering you surcharge waivers, cashback, discounts, rewards and offers. It is suitable for people who are looking to save more on their monthly fuel spends.
A fuel surcharge is a fee that is charged as service and transaction tax when you use your credit card to purchase fuel. A fuel surcharge waiver is a benefit offered against certain credit cards whereby you can do away with this additional charge. As a result, you can save more on your fuel purchases when you use such a card.
To choose the best fuel credit card, you need to consider your monthly fuel expenses, the card’s interest rate, fees and charges, rewards and offers as well as the reward point redemption process.
Yes, you can purchase petrol as well as diesel using a fuel credit card at any authorized fuel station.