Fuel prices are escalating with the passing of time, resulting in it being one of the costliest commodities today. To counter this hike, several financial institutions are extending Fuel credit cards, helping individuals save a significant sum on the fuel purchases. Moreover, these cards help individuals get reward points, cashback, co-branded advantages, etc. The card also offers a fuel surcharge waiver per month.
The card ensures savings, helping individuals stay afloat amidst cost-push inflation. However, to reap the benefits of a fuel credit card, individuals must know how to apply for a credit card online.
Application Procedure for Fuel Credit Cards
Individuals can apply for Fuel credit cards online by following the mentioned steps:
Step 1: Firstly, go to the official website of the preferred financial institution and head to the credit card section.
Step 2: Then compare different ranges of credit cards and browse through the different features.
Step 3: Select the fuel credit card that matches your requirements the best.
Step 4: Provide necessary details like mobile number, email Id, etc.
Step 5: Select ‘Apply’ and then authenticate the details with OTP.
Step 6: Fill out the form and gauge the eligibility for the chosen card.
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Eligibility Criteria and Documents Required for Fuel Credit Card
Before applying for a fuel credit card, applicants must adhere to the eligibility parameters and keep necessary documents at the ready.
It is vital for individuals to have a decent credit score. Moreover, cater to the minimum age and income factor.
Here is the list of documents that one must submit to obtain a fuel credit card:
- Proof of identity (PAN card, driving licence etc.)
- Proof of address (Utility bill, ration card etc.)
- Income proof (Recent salary slips, ITR, Form 16 etc. )
Best Fuel Credit Cards in India
Here are the best fuel credit card that will help individuals cut down the costs that go into buying fuel:
- IndianOil Citibank Credit Card
IndianOil Citibank credit card is among the best fuel credit card that allows individuals to earn reward points and save on fuel purchases. Moreover, individuals can earn turbo points against different expenses. For instance, for every Rs. 150 spent on fuel at Indian Oil outlets in India individuals will earn 4 turbo point. Individuals will get 1 turbo points for spending every Rs. 150 on dinning shopping, etc.
The cardholder can earn up to 71 litres of free fuel per year with this card. The annual fee of the Cardholder will be waived if the spending limit is a minimum amount of Rs. 30,000 per year
- BPCL SBI Credit Card Octane
With BPCL SBI credit card, users will get 6,000 bonus reward points that is almost equivalent to Rs. 1500 on the annual fee payment. Individuals will be able to earn 10 reward points for Rs. 100 spent at groceries, dining, departmental stores, etc. For spending Rs.100 on BPCL fuel, lubricants, etc., individuals will get 25 reward points.
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Moreover, cardholders on crossing the annual spending threshold of Rs. 3 Lakhs will get gift vouchers of Rs. 2000 from partner brands. Even a complimentary fraud liability cover worth Rs. 1 Lakh is also extended.
- IndianOil Axis Bank Credit Card
Customers using the IndianOil Axis Bank credit card will get decent returns on their fuel spends. Individuals can enjoy 100% cashback of up to Rs. 250 for all sort of fuel transaction. For every Rs. 100 spent at IOCL outlet, individuals will get an accelerated 20 reward points which is about 4% of the value back on fuel transactions.
For online shopping, cardholders will get 1% value back by earning 5 reward points. Even for every Rs. 100 spent, 1 edge reward point is offered to them. 1% fuel surcharge waiver is also extended on fuel transactions ranging between Rs. 200 to Rs. 5000.
- IndianOil HDFC Credit Card
On using the IndianOil HDFC credit card, customers can earn fuel points for different spending categories, which can be used at IndianOil fuel stations during fuel purchase. Individuals can earn 50 litres of free fuel annually with the card.
For carrying out fuel transactions at any IndianOil outlets, customers will get 5% value back. 1 fuel point is given for every Rs. 150 spent. Moreover, to a minimum transaction of Rs. 400, customers get 1% fuel surcharge waiver.
In conclusion, the Fuel credit card is extended to customers to help them lower fuel-related expenses and reap multiple advantages while purchasing fuel, like earning reward points, turbo points. One can enjoy an annual fee waiver and discounts on dining using the card. Moreover, individuals can save on movie-ticket bookings and shopping. On the back of fuel cards, individuals can cut down the expenditure of travelling to a large extent. However, one must first apply for a credit card online to reap the benefits of this crafted credit product.
Reference links:
https://www.bajajfinservmarkets.in/credit-card/articles/best-credit-card-for-fuel.html
https://www.wishfin.com/best-credit-cards/best-fuel-credit-cards-india/
