Summary: Factors like fees, reward point validity, and partner outlet presence define the best credit card for fuel. Let's take a closer look at such factors and understand how to save money on fuel costs.
31 Mar 2023 by IDFC FIRST Bank
Owning a vehicle can be expensive, especially when fuel prices take off. But savvy commuters know that finding the best credit card for fuel is key to keeping costs down - provided you check all of the fine details like accepted fuel stations, rewards and redeemable points, plus fees or charges. Factoring these considerations when choosing a fuel credit card will make sure you hit up those pumps without breaking your budget!
What to look for in thebest credit card for fuel expenses
- Rewards and cashbackIf you're looking for ways to make your fuel purchases pay off, a credit card that offers attractive rewards points is an ideal choice. Plus, every time you use it to fill up (or even on other expenses) there's the chance of getting some cashback - that's like free money in the bank!
For instance, with the HPCL-backed IDFC FIRST Power+ Credit Cards, you earn up to 4% value back (max ₹400 per month) on fuel recharges. Furthermore, any grocery or utility payments made with these cards fetch 5% value back (max ₹100 per month). *Value back is given in the form of reward points(Video) best credit card for fuel cashback | Best Credit Card For Fuel in India 2022 | Best Fuel Credit Card
- Co-branded fuel credit cardsCo-branded fuel credit cards, such as HPCL-backed IDFC FIRST Power Credit Cards, offer more fuel savings. A co-branded credit card can offer fuel surcharge waivers at partner outlets allowing regular car users to save a lot over time. Cardholders can also earn additional reward points on fuel purchases if they are made throughfuel co-branded credit cards.
With the IDFC FIRST Power and FIRST Power+ Credit Cards, you earn 1% fuel surcharge waivers up to ₹100 and ₹200 respectively, in addition to 15x and 24x reward points on fuel and LPG spends. This makes it one of thebest credit cards for fuel.
- Additional features for vehicle ownersCheck if your chosen credit card offers any unique benefits when it comes to fuelling up – like the auto-debit from the card so you don't have worry about paying, or possibly a price lock that'll guarantee a fixed price for a while.
For example, IDFC FIRST Power and FIRST Power+ Credit Cards offer 5% cashback up to ₹50 per month on FASTag top-ups.
- Non-fuel benefits
Having a fuel credit card shouldn't mean you have to compromise on the regular benefits of a credit card. Sure, reward points are great for fuelling up but don’t forget they can also be accumulated and spent elsewhere too. With the best fuel credit card, you can unlock more savings with discounts and offers that go beyond just filling your tank.
With the FIRST Power and FIRST Power+ Credit Cards, customers get over 50 in-app online discount offers on merchants such as Milkbasket, Eros now, Vedantu, and Health Kart. In addition, they can avail dining discounts up to 20% across more than 1500 restaurants and get up to 15% discount at 3000+ health and wellness outlets like Apollo pharmacy, VLCC, and O2 Spa.
That’s not all. With the FIRST Power and the FIRST Power+ Credit Cards, you get 15x and 30X reward points respectively on IDFC FASTag top-ups and utility and grocery payments.
Other factors to consider when applying for a fuel credit card
When shopping for the best credit card for your fuel needs, features and benefits alone won't cut it. Think about these elements too - is this a good tool for my individual utility? Is it within my budget? Once you've narrowed down some top contenders in terms of affordability and practicality, then give those cards an even closer look based on the following factors:
- Ease of redeeming reward pointsDepending on the issuer of your fuel credit card, you could have a range options for redeeming your reward points. From redeeming them at partner fuel depots or while shopping with non-fuel retailers online – even trading them for some gift vouchers. The key is picking the best credit card that works with what’s important to you and how often spend.
As with any other IDFC FIRST Bank Credit Card, FIRST Power Credit Cards let you use your accumulated reward points seamlessly while shopping at physical stores or online.
- Usability of benefitsTo be truly effective, it’s important to ensure that the credit card’s offers make sense for you and are easy to utilise. Fuel credit cards are usually affiliated with major oil marketing companies. So look for one that has a number of partner outlets across the country and in your locality.
With over 19,000 HPCL fuel stations nationwide, you can ensure convenient access to partner outlets with the FIRST Power and FIRST Power+ Credit Card.
- Reward points validityYou may earn many reward points, but their longevity also matters. If you do not redeem your points for a long period of time they will eventually expire. That’s why, choosing a fuel credit card without an expiry date on reward points is definitely a bonus. That way you won’t miss out on savings, ensuring greater flexibility and increased value with your credit card.
As with all IDFC FIRST Bank Credit Cards, the reward points earned with the FIRST Power and FIRST Power+ Credit Card never expire.(Video) Top 5 Best Fuel Credit Card | 50 liters free fuel | lifetime free credit card |benefits and features
- Fees/chargesTo get a waiver of the membership or annual maintenance charge, credit cards often set a milestone spending target. It is important to check whether you can meet such spending targets and save on the annual fee. Having a card with no or a minimal joining fee is also a big plus.
The FIRST Power Credit Card has an annual maintenance charge of ₹199 per annum, waived off on annual spends of ₹50,000 in year. The FIRST Power+ Credit Card is priced at ₹499 per annum, which gets waived off on annual spends of ₹1,50,000.
Ultimately, the benefits of the credit card must outweigh its fees. So when choosing the best credit card for fuel, look for one whose joining bonus, welcome bonus, renewal benefit, etc., exceeds the annual fee.
- Finance chargesWhile using your credit card, there may be instances where you pay less than the due amount and end up paying interest on the outstanding amount. This interest rate is generally higher than many loan products. It can become an additional financial burden if you take some time to pay off your outstanding credit card due.
The annual percentage rate in HPCL-backed IDFC FIRST Power and FIRST Power+ Credit Cards can be as low as 9% per annum. During an emergency, you can exceed the credit limit for a small fee of 2.5% of the overlimit amount.
To sum it up
Experience a world of rewards when you buy fuel with IDFC FIRST Power and FIRST Power+ Credit Cards! Enjoy 15x accelerated reward points on fuel, LPG, FASTag, utility bills and groceries along with 2X and 3X reward points, respectively for all other purchases. That’s not all – get ₹250 cashback with FIRST Power on your first fuel transaction above ₹250 and ₹500 cashback with FIRST Power+ on your first fuel transaction above ₹500 at any at HPCL station. Additionally, get 5% cashback bonus when activating EMI options within 30 days of card set up - making this truly the best fuel credit card!
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.