As most CREDIT cards exclude fuel spends from earning reward points, consumers with a significantly high petrol or diesel bill should consider those that specifically offer reward points for fuel purchase. The most rewarding fuel credit cards are offered in collaboration with leading oil marketing companies like Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
These cards offer value-back in the form of reward points that can be redeemed against future fuel purchases at partner fuel stations. These also provide fuel surcharge waivers, further enhancing overall savings.
Rohit Chhibbar, chief business officer, Credit Cards, Paisabazaar, says one should evaluate the effective value-back after factoring in monthly caps, redemption value, and annual fees. “Some cards also offer accelerated rewards on everyday categories such as groceries or utilities, which can improve the overall return. Those looking for savings across categories beyond fuel should consider such cards.”
Co-branded fuel cards
Co-branded fuel credit cards, which are linked to specific oil marketing companies, often provide higher reward rates and better redemption value. These are suitable for those who consistently refuel at one brand. Regular fuel credit cards, however, offer broader flexibility and may provide rewards across multiple outlets along with additional benefits on other categories. “If refuelling habits are brand-specific, a co-branded card can maximise returns,” says Adhil Shetty, CEO, BankBazaar.
Accumulated reward pointscan be used directly against fuel purchases at partner outlets or converted into fuel vouchers redeemable at partner fuel stations. As reward points come with expiry timelines, customers should ensure regular redemption to maximise savings.