To save on your daily fuel expenses, you can opt for a dedicated fuel credit card. Many credit cards offer fuel surcharge waivers. This article lists the 10 best credit cards for fuel that banks provide to help their customers make substantial savings on fuel charges. These cards usually have an annual fee that ranges between Rs.0 and Rs.1,000. The interest rates charged against these cards usually vary between 3.25% per month and 3.40% per month. Here are the 10 best credit cards for fuel in India that offer additional benefits like cashback, co-branded benefits and reward points. Read on!
Banks offer credit cards for fuel to provide their customers with savings benefits on fuel expenses. Typically, fuel credit cards are co-branded with national oil giants such as Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited. Most fuel cards in India work on reward points where you can earn points every time you refuel your vehicle(s). Later you can redeem these accumulated reward points.
This SBI card is in partnership with Bharat Petroleum Corporation Limited and is extremely accessible. An individual needs to have an annual income of Rs. 20,000 per month to qualify for this card. The annual fee is also affordable, making the card extremely popular for fuel purchases.
Joining Fee: Rs. 499
Annual Fee: Rs. 499
Features & Benefits:
The BPCL SBI Card Octane is the premium version of the previous card. However, it has many additional advantages that the BPCL SBI Credit Card does not offer. For example, you can get a 7.25% value back on BharatGas if you pay online or through some mobile application.
Joining Fee: Rs. 1,499
Annual Fee: Rs. 1,499
Features & Benefits:
Indian Oil and Citi Bank partnered for this platinum card where you can earn 4 turbo points (TP) for every Rs. 150 you spend on buying fuel from Indian Oil outlets. The USP for this credit card is that you can gain up to 267 points on a single transaction.
Joining Fee: Bank will communicate at the time of sourcing
Annual Fee: Rs. 1,000 + taxes
Features & Benefits:
This fuel credit card allows users to earn PAYBACK and cashback points. It is highly accessible and easy to maintain as the joining and annual fees are extremely low. Individuals who purchase fuel from HP petrol pumps can often benefit greatly from this card.
Joining Fee: Rs 199
Annual Fee: Rs 199 (exempted after spending Rs 50,000 in a year)
Features & Benefits:
Indian Oil HDFC credit card is one of the best credit cards for fuel purchasers residing in non-metro cities. Further, it comes in both VISA and RuPay variants. You can use this card to earn ‘fuel points’ by spending on any category. Later you can use these points to buy fuel from Indian Oil petrol stations.
Joining Fee: Rs. 500
Annual Fee: Rs. 500 (waived off on an expenditure of Rs. 50,000 using this card)
Features & Benefits:
This card gives you decent returns on both fuel and online expenditures. Moreover, it rewards users with 4% returns on fuel expenses in the form of Edge rewards. The card is designed specifically to waive the annual fee.
Joining Fee: Rs. 500
Annual Fee: Rs. 500 (waived when you spend Rs. 50,000 in the previous year)
Features & Benefits:
As the name suggests, you can earn cashback with this credit card. Moreover, this is a beginner-level credit card for petrol expenses. Therefore, you can save a lot from using PayZapp/EasyEMI/ SmartBUY for online payments. Additionally, you can save up to Rs. 3,600 with this credit card.
Joining Fee: Rs. 500
Annual Fee: Rs. 500 (waived off with Rs. 20,000 expenditure)
Features & Benefits:
With this card, You will get 5% cashback on fuel transactions at all petrol pumps in India with this credit card from Standard Chartered Bank. Further, the bank will exempt the renewal fee if the annual expenditure increases by Rs 60,000.
Joining Fee: Rs. 499
Annual Fee: Rs. 750
Features & Benefits:
This is easy to avail of, and cardholders get various offers that help them earn points and cashback that they can redeem during fuel transactions. Moreover, this card waives off the first year’s annual fee for all its users.
Joining Fee: Rs. 199 + GST
Annual Fee: Rs 199 + GST
Features & Benefits:
This card is an all-rounder credit card where you can earn extra points every time you purchase fuel. One should be above the age of 18 to avail this card and also have a high credit score.
Joining Fee: Rs. 2,000
Annual Fee: Rs. 2,000
Features & Benefits:
Also Read: 10 Best Credit Cards For Online Shopping
Here’s what you should keep in mind while choosing the best card for fuel purchases are:
Also Read: What Are The Advantages And Disadvantages Of Credit Card
This list of best fuel credit cards will help you find a suitable fuel credit card that will let you save money on annual fuel expenses. You can choose from co-branded credit cards or cards from banks where you have been loyal customers. However, before applying for a credit card, you must do thorough research to check what fits your needs and which card will fetch you maximum cashback and savings. And always consider the annual fee and other charges like interest rates before signing up for a fuel credit card.
Ans: Typically, the fuel surcharge in India is 2.5%. Additionally, taxes are also levied on it. For instance, an individual must fill up Rs. 1000 petrol on their vehicle. So, the credit card company will add fuel surcharge and service tax to this amount.
Ans: Individuals paying with credit cards for their fuel transactions will have to pay a service tax and transaction fee. Generally, this fee ranges between 1% and 3% of the total fuel cost that the individual has purchased.
Ans: A fuel surcharge waiver does not reduce the total cost of the petrol or diesel you need to pay during purchase. It simply means that it reduces the transaction fee that the card levies on the transaction.
Ans: To apply for an SBI BPCL Credit Card, you have to fulfil these requirements
– You have to be more than 21 years and less than 70 years of age
– Income proofs such as your bank statement and salary slips are essential
– You have to furnish self-attested copies of address proof, identity proof, income proof, PAN along with your photographs
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This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.