Nowadays, it is certainly not enough to just get a credit card. Fuel credit cards have dedicated purposes that best serve customers who have a specific pattern of spending. This implies that there are different credit cards that serve customers based on their spending habits, patterns, and lifestyles.
Fuel credit cards are therefore excellent options to choose if you spend a considerable amount of money on purchasing fuel. Most renowned banks have their own fuel credit cards. HDFC Bank has its HDFC Bharat Credit Card that offers 5% cashback on all fuel purchases. Bajaj Finserv also has its Bajaj Finserv RBL Bank Credit Card that can help one to save up on fuel expenses.
Let us take a closer look at fuel credit cards, and what they hold for us.
Features of Fuel Credit Cards
Fuel credit cards can be a great way to save money on fuel expenses. Most fuel cards can be used online and offline. Although, most of these cards partner with specific oil companies like IndianOil and HPCL to give you extra benefits. Fuel credit cards also have a very nominal joining and annual fee.
Benefits of Fuel Credit Cards
One of the primary benefits of getting a fuel credit card is that it helps you save a lot of money on fuel purchases. With the price of fuel showing no signs of abatement, this can be key to help you save money on your fuel expenses. Most fuel credit cards have surcharge waivers, which means that you forgo a certain amount of the surcharge fees.
They also have cashback that can help people save even more. That is not all; a fuel credit card not only gives you cashbacks and waivers, but also helps you earn some extra money through the reward points. Here are some good fuel credit cards and the benefits they offer.
- BPCL SBI Credit Card: This credit card assures you a 1% surcharge waiver on purchasing petrol or diesel with it. It also offers 2,000 welcome reward points that can amount to Rs. 500 when redeemed.
- IndianOil HDFC Bank Credit Card: This credit card translates 5% of your fuel transactions at IndianOil pumps into reward points that can be redeemed later. But the benefits are not just exclusive to fuel purchase; one can get 1 fuel point for every time they spend Rs. 150 using the card.
- Bank of Baroda Prime Credit Card: Another premium fuel credit card, the Bank of Baroda Prime Credit Card offers a 1% fuel surcharge waiver on any purchase between Rs. 400 and Rs. 5,000. It also has no joining or renewal fee, which makes it a great entry-level card.
- Standard Chartered Super Value Titanium Credit Card: This particular card provides 2.5% fuel surcharge waiver on purchasing fuel at any IndianOil outlet across the country. It also gives huge amounts of cashback and reward points that can help cardholders save more.
- ICICI Bank HPCL Coral American Express Credit Card: As the name suggests, this credit card offers benefits for any purchase made at an HPCL outlet. This includes 2x reward points for every Rs. 100 spent at an HPCL outlet, and 2.5% cashback on fuel transactions as well.
Eligibility for Fuel Credit Cards
To get a credit card, there are some basic eligibility criteria that one needs to fulfil.
- One needs to be above the age of 18 for credit card companies to approve their application.
- Most credit card companies decide the applicant’s eligibility by their credit scores. Anything above 700 is usually considered good for a fuel credit card.
- Credit card companies also look at one’s debt-to-income (DTI) ratio to determine if they are fit to repay their dues on time. Usually, anything below 30% is a good number to have. This number denotes that not a lot of your monthly income goes into paying back debts, and you’re not financially overburdened.
- One must also produce a verifiable source of income to be considered for a fuel credit card.
