With the rising price of fuel daily, this card can be a go-to choice for you. The HDFC Bank has partnered with Indian Oil and brings you this credit card. Today I will share with you a detailed review of HDFC Bank Indian Oil credit card.
With this credit card, you can earn on every shopping. Also, this comes with different features and benefits, especially in the fuel sector. So without further wasting any time, let’s start the review.
Let’s check out the rewards which you can enjoy using a credit card.
- You earn up to 5% as fuel points on spending on fuel. This offer is available on IndianOil Outlets. You can earn a maximum of 250 fuel points in the first 6 months. And a maximum of 150 fuel points in the next 6 months.
- You can earn up to 5% as fuel points on Bill payments and Groceries. You can earn a maximum of 100 fuel points per month in each category.
- You can earn 1 fuel point for every Rs. 150 spent on other transactions.
What Makes This Credit Card Better Than Others ?
Let’s take a look at the key points that make this credit card better than others.
- The joining fee for the credit card is quite low, while others don’t have such a low joining fee.
- Also, you get a fuel point for your transactions. This is one of the unique features of a credit card. At the same time, other credit cards in the market don’t give you fuel points, and it generally gives you reward points for your transactions.
- It offers you up to 50 litres of free petrol. This is essential with rising petroleum prices every day, and no other credit card in the market offers such a massive amount of complimentary fuel.
- The revolving credit is also one of the unique features offered by this credit card. The interest rates charge is very nominal. While other credit cards generally don’t have revolving credit features, and even if they have, the interest rate is high.
Who Should Opt For The Credit Card?
This credit card is best suited for people who:
- Spends a lot on fuel.
- Looking for a credit card that offers complimentary fuel.
- Are frequent travellers of private transport.
- Have their private car and bike.
- Uses their private vehicle regularly.
- Uses their private car and vehicle for office transportation.
- Refills their vehicles at an Indian Oil petrol pump.
Features And Benefits
Let’s take a look at some of the key features and benefits which credit card offers.
1. You can earn up to 50 litres of complimentary free petrol. This is an excellent offer in today’s world with the price of petrol in India.
2. You will get free membership in the IndianOil XTRA REWARDS Program (IXRP).
3. The credit card also allows you to revolve your credit to the next month. The interest rates for this feature are nominal.
4. In the unfortunate event of losing your credit card, you shall report to the bank immediately. After reporting the loss, you have zero liability for any transaction from your credit card.
5. You get a fuel surcharge waiver of 1% on all petrol pumps across the country. You get a minimum amount of Rs. 400 per transaction.
6. You get an interest-free period of 50days on the credit card.
7. With a credit card, you can convert your big spending into small EMIs.
8. You also get the benefits of contactless payment with a credit card. So you don’t have to enter any PIN for making payment using the credit card. This is only available for payment up to Rs. 5,000.
9. Milestone Benefits.
- When you spend Rs. 20,000 or more using the credit card in the first 90 days. The membership fee for the first year will be waived.
- When you spend Rs. 50,000 or more in the first year. The renewal fee for the second year will be waived off.
Now let’s take a look at the fees which you are liable to pay while using the credit card,
- You have to pay a joining fee of Rs. 500 with applicable taxes.
- You have to pay a renewal fee of Rs. 500. This is applicable from the second year.
- You have to pay a prepayment fee of 5% of the total amount. Or a minimum of Rs. 200
- You have to pay a cash advance fee of 2.5% of the total amount withdrawn. Applicable for a minimum of Rs. 500. Whichever is greater.
- You have to pay a revolving credit fee of 3.49% per month, and it is around 41.88% per annum.
- There is no charge for an add-on credit card.
- You have to pay an over-limit charge of 2.5% on the over-limit amount. It applies to a minimum of Rs. 500, and whichever is greater.
- You have to pay a payment return fee of 2% of the total amount. It is subject to a minimum of Rs. 450
- Cash Processing Fee of Rs. 100 is applied on the credit card. This is applicable for making all payments in HDFC bank and ATM.
- You have to pay a reward redemption fee of Rs. 99 for each redemption.
- You have to pay a balance transfer processing fee of 1% on the total amount.
- You have to pay a duplicate statement fee of Rs. 10 per statement.
- A railway ticket purchase fee of 1% on the transaction amount + GST.
- If in an unfortunate event you lose your credit card or damage it. You have to pay a duplicate card fee of Rs. 100
- You have to pay a foreign currency transaction fee of 3.5% on the total transaction amount.
- You have to pay a late payment fee which goes as follows;-
- If the amount due is less than Rs 100, there is no charge.
- If the amount due is between Rs. 101-500, then the charge payable is Rs. 100
- If the amount due is between Rs. 501-5,000, then the charge payable is Rs. 500
- If the amount due is between Rs. 5,001-10,000, the charge payable is Rs. 600
- If the amount due is between Rs. 10,001-25,000, the charge payable is Rs. 800
- If the amount due is between Rs. 25,001-50,000, the charge payable is Rs. 950
- If the amount due is more than Rs. 50,000, then the charge payable, is Rs. 950
Eligibility And Documents Required
To be eligible for a credit card, a person needs to fulfil the below criteria.
- Must be an Indian Citizen.
- Must be more than 21 years of age.
- Must be less than 60 years of age for working professionals.
- Must be less than 65 years of age for Self-employed.
- If the person is a working professional, his monthly income shall be Rs. 10,000 or more.
- If the person is self-employed, his annual income shall be Rs. 6lakhs per annum or more.
The below documents are required to be submitted during the application process.
- A recent self-attested photograph of yourself.
- Identity Proof. Aadhaar Card, Driving License, PAN Card, etc. The copy of your ID proof shall be self-attested.
- Address Proof. Utility Bill, Ration Card, Driving License, Aadhaar Card, etc. The copy of the Address proof shall be self-attested.
- Income Proof. Bank Statement, Salary Slip (latest), etc.
- A declaration form signed by you.
How To Apply For Credit Card?
You can apply for the credit card by following the below steps,
- First, go to the official website of HDFC Bank
- Click on the payment option from the menu.
- Now select the credit card option.
- A new tab will open. Click on the fuel option.
- You will find the IndianOil Credit Card.
- Now click on Apply Now.
- Follow the steps as shown on the screen.
How To Redeem My Fuel Points?
You can redeem your reward points through the following methods,
i. You can redeem the accumulated fuel points with free fuel. You can go to any Indian Oil petrol pump in India. Go to the petrol pump and convert your fuel point into XRP. This offer is given under the Complimentary IndianOil XtraRewards Programs (IXRP). Here 1 fuel point is equal to 96 paise.
ii. You can redeem the fuel points through Net Banking. Here 1 fuel point is approximately equal to 20 paise.
iii. You can also redeem the fuel point as a cashback on your shopping through a credit card. Here 1 fuel point is equal to 20 paise.
Let’s check out what are the drawbacks you can face with the credit card,
- If you use this credit card on other petrol pumps, the fuel point earned is shallow.
- The redemption process is very complicated. First, you have to convert points into XRP (XtraReward Point). Then you have to convert the point into fuel.
- There is no benefit on Travel, shopping, and dining.
- The fuel surcharge waiver, which is offered by the credit card, is very low. For a fuel credit card like this, it is unacceptable.
- The redemption period for the accumulated points is 2 years, and this means you have to keep on redeeming the points at regular intervals. Hence, the chance of getting good rewards decreases considerably.
Similar Credit Cards
1. What is the expiry date of the fuel points I accumulated?
The fuel points you have achieved through various transactions using the credit card are valid for 2 years.
2. Does the HDFC Bank IndianOil Credit Card come with a contactless facility?
The credit card thus offers its users a contactless payment facility. Using this facility, you can easily make payments without entering the PIN.
3. How do I know if my Credit Card has a contactless payment facility?
To check if your credit card has a contactless payment facility. You are advised to look for a contactless network symbol for your credit card.
4. What is the limit to which I can make contactless payments using my credit card?
You can make contactless payments for a maximum transaction amount of Rs. 4,999 or less. For transactions equal to Rs. 5,000 or more, you have to enter your PIN.
5. What is the interest-free credit period that I can get with the credit card?
You get an interest-free credit period of up to 50 days. This starts from the date of making the purchase using the HDFC Bank IndianOil Credit Card.
6. What are the monthly interest rates I have to pay while using the Credit Card?
You have to pay an interest rate of 3.49% per month, which is equal to 41.88% per annum.
This credit card is best for those who spend a lot on their fuel. However, the max cashback earned per month is very low. Also, the redemption process is a bit complex. So if you have a nearby IndianOil outlet that offers easy redemption, I will recommend you to go for this card.