There are other options through which you can continue to get discounts on your fuel payments. For instance, personal discounts offered by debit/credit cards and other digital modes of payments would continue for fuel purchases.
After a widespread cash crunch following the demonetization of high value currency notes in circulation in December 2016, the government had asked Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), and Indian Oil Corp (IOC) to give a 0.75 per cent discount on card payments for fuel purchases. This discount on the value of fuel purchases using credit or debit cards along with e-wallets was introduced during late 2016 and continued for around two-and-a-half years.
Starting from October 1 this year, oil companies now have decided to discontinue the discount on all credit card payments. SBI, for instance, recently informed its credit cardholders that starting from October 1, 2019, public sector oil marketing companies will discontinue the 0.75 per cent cashback on fuel transactions.
However, there are other options through which you can continue to get discounts on your fuel payments. For instance, discounts on debit card and other digital modes of payments would continue for fuel purchases. Other than e-wallets offering discounts, the avid spenders on fuel transactions can also opt for fuel-specific credit cards that offer higher discounts.
Find out where all you can still get discounts and offers on fuel purchase:
E-wallet companies like Paytm, PhonePay keep offering discounts and cashbacks to their customers from time to time. Paytm, for instance, has recently introduced a new offer for its customers to purchase petrol or diesel from select fuel pumps. They have offered to give cashbacks of up to Rs 7,500. To avail the offer, you need to make a transaction with a minimum value of Rs 50.
Debit cards will also continue to give discounts. Most big bank debit cards generally offer 1 per cent fuel surcharge waiver, on fuel refill.
ICICI Bank HPCL Coral Credit Card
ICICI Bank HPCL Coral Credit Card reduces fuel bill with 2.5 per cent cashback. For fuel payment with this ICICI card, 1 per cent surcharge is also waived off along with the 2.5 per cent cashback that you get on the fuel bill otherwise. The annual fee charged for this card is Rs 199.
BPCL SBI Card
BPCL SBI Card offers 4.25 per cent value back which is similar to 13x reward points on fuel refill at BPCL petrol pumps. You also get 1 per cent fuel surcharge waiver on every transaction up to Rs 4,000, which is included in the 4.25 per cent value back. The annual fee charged by this card is Rs 499.
Standard Chartered Card
The Standard Chartered Super Value Titanium Credit Card, lets you earn 5 per cent cashback on all your fuel spends, which is not only limited to fuel spends but also includes phone and other utility bills. The annual fee charged for this card is Rs 750.
With Citibank Indian Oil Platinum Credit Card, you can earn 4 turbo points on a fuel purchase worth Rs 150 at authorized Indian Oil retail outlets. The annual fee charged for this card is Rs 1,000. These points can be redeemed for free fuel and surcharge waiver on vehicle refill at more than 1200 authorized Indian Oil retail outlets. The annual fee gets waived off, on spend of minimum Rs 30,000 in a year.
IndianOil HDFC Bank Credit Card
IndianOil HDFC Bank Credit Card offers 5 per cent fuel points at IOCL pumps. It also offers 50 redeemable points which can be redeemed 50 liters of fuel per year. The annual fee charged by this card is Rs 500. The renewal fee is also waived off on spending Rs 50,000 in a year.