Fuel refil is a huge expense for many of us, particularly if we commute everyday. What if we told you that you can save while spending on fuel? Well, now you can! All you need is a fuel credit card. These cards are focused on helping you make the most of your fuel spends. Keep reading to know more about fuel credit cards and how you can get your hands on one!
We’ve compiled a list of some of the best fuel credit cards in India to help you compare, contrast, and find the right card for you!
Joining/Annual Fees: ₹500 + GST
What You’ll Love About this Card
5% of total spends at IndianOil outlets as fuel points
1 fuel point for every ₹150 spent on categories other than groceries and bill payments
1% fuel surcharge waiver on all fuel transactions irrespective of the outlet
Joining/Annual Fees: ₹1000 + GST
What You’ll Love About this Card
250 Turbo points on the first transaction made within 30 days of card activation
4 Turbo points for every ₹150 spent at IndianOil outlets
2 Turbo points for every ₹150 spent on groceries and supermarkets
1% fuel surcharge waiver on all fuel transactions at IndianOil outlets
Annual Fees: ₹500 + GST (second year onwards)
What You’ll Love About this Card
100% cashback (up to ₹250) on the first fuel transaction made within 30 days of card issuance
20 reward points for every ₹100 spent at IndianOil outlets
5 reward points for every ₹100 spent on online shopping
Joining/Annual Fees: ₹500 + GST
What You’ll Love About this Card
₹100 cashback on using the HP Pay application to make payments
2,000 reward points on card activation
5% cashback on fuel transactions made at HPCL outlets
1.5% additional cashback on fuel transactions paid through the HP Pay app
Joining/Annual Fees: ₹750 + GST
What You’ll Love About this Card
5% cashback on all fuel transactions irrespective of the outlet (up to a maximum of ₹200 per month)
5% cashback on utility and phone bill payments (up to a maximum of ₹200 per month)
1 reward point for every ₹100 spent on all other categories of transactions
Joining/Annual Fees: ₹499 + GST
What You’ll Love About this Card
2,000 reward points on payment of joining fees
13X reward points for every ₹100 spent on fuel at BPCL outlets
3.25% value back + 1% fuel surcharge waiver on all BPCL transactions up to ₹4,000
Let’s take a look at the key benefits and features that some of the best fuel credit cards typically offer.
Most fuel credit cards in India are co-branded. Co-branded fuel cards are the product of a partnership between the card issuer and an Oil Marketing Company (OMC). The BPCL SBI Card, for instance, is a co-branded card offered by SBI Card in partnership with Bharat Petroleum Corporation Limited.
Fuel cards often provide accelerated rewards and cash back whenever you use them to pay for transactions made at partner OMC’s fuel outlets. For instance, the IndianOil Axis Bank Credit Card offers 20 reward points for every ₹100 spent at IndianOil outlets. So, if you frequently visit IndianOil outlets, using an IndianOil co-branded fuel card to pay for your transactions can help you accumulate rewards faster.
In addition to reward points, you may get discounts in the form of value backs or cash backs on fuel transactions. However, the amount of value back or cash back is dependent on the type of fuel card you own.
When you pay for fuel using a credit card, a charge known as the fuel surcharge is levied. It usually ranges from 1% to 3% of the total transaction value. Most fuel cards offer a fuel surcharge waiver of about 1%.
Applying for a fuel credit card is very simple. All you need to do is visit the website of the bank whose fuel card you wish to get and fill out and submit the online credit card application form. Remember to choose the right fuel card that you wish to apply for and attach all the necessary documentation before submitting the application.
Once the application is submitted, the bank will check your eligibility and approve your application if satisfied. At this point, you will receive an intimation from the bank via an SMS or an e-mail. And within a few days, you will receive the card at the registered address mentioned by you in the credit card application.
To apply for a fuel card, you need to first satisfy certain eligibility criteria. This criterion varies from one card issuer to another.
You must be a resident Indian
You must have a regular source of income
You must be above 18 years of age
Note: Some card issuers may have strict minimum income requirements that you might need to meet to apply for fuel cards. Therefore, make sure to check the eligibility criteria first before proceeding to apply for the best credit card for fuel.
Here’s a quick overview of some of the basic documentation that you might need to submit.
A copy of your PAN card
A copy of your identity proof - Voter’s ID, Aadhaar, Driving Licence or Passport
A copy of your address proof - Aadhaar, Voter’s ID, Passport or Driving Licence
Note: Apart from the list mentioned above, the card issuing bank may require you to submit additional documentation.
There are a few factors that you need to consider if you wish to get the best credit card for fuel in India. Let’s take a quick look at some of them.
Your usage is a major factor that you need to consider when choosing a fuel credit card. For instance, if most of your fuel purchases are from BPCL outlets, a BPCL co-branded fuel card may be the best option for you.
Some fuel cards offer cash back, while others offer reward points. Therefore, it is important to choose a fuel card that offers just the kind of benefits that you wish to enjoy.
Most of the best fuel credit cards in the country offer accelerated rewards when you purchase fuel from partner OMCs. The higher the rewards are, the more you get to save. So, make sure to choose a card that offers the largest rewards.
Many fuel credit cards offer fuel surcharge waivers of about 1% of the total transaction value. However, there are a few cards that don’t offer such waivers. Therefore, when choosing a fuel card, ensure that it comes with a fuel surcharge waiver.
Card issuers generally impose an upper limit on the total amount of cash back or points that you can accumulate during a billing cycle. If you purchase fuel frequently, you might want to consider getting a fuel card with higher upper limits. This will allow you to maximise the benefits offered by the card.
Some of the best fuel credit cards you can opt for include the BPCL SBI credit card, ICICI Bank HPCL Platinum credit card, Indian Oil HDFC credit card, and IndianOil Axis Bank credit card.
When selecting the best credit card for fuel, look for one with a low-interest rate but with many benefits such as discounts, cashback, etc. Also, the type of fuel-related offers you get on the card should match your needs.
A fuel credit card helps reduce fuel charges to a certain extent by providing surcharge waivers.
To choose the best fuel credit card, consider factors such as the rewards program, fuel surcharge waiver, annual fees, and eligibility criteria. Look for a card that offers the highest rewards rate on fuel purchases and other benefits like discounts on dining or shopping.
Compare multiple options and read the fine print to ensure you understand the terms and conditions of each card before making a decision.
Yes, using a credit card for petrol can be a good idea, as it can offer rewards and benefits like cashback or reward points on fuel purchases. However, using credit responsibly and paying off the balance in full each month is important to avoid accruing high-interest charges.
A fuel credit card is a special type of credit card that helps cardholders get more out of their fuel spends. This could mean fuel surcharge waivers, accelerated reward points on fuel transactions at partner fuel stations, cashback, etc. These cards are often offered by leading card issuers like SBI Card, Axis Bank, ICICI Bank, etc. in association with fuel companies.