Daily hikes in fuel prices have reached historic levels. As a result, it significantly affects consumers’ purchasing power. Credit cards for fuel can help alleviate the stress of high fuel prices. Several financial institutions and NBFCs provide these credit cards, which can be used at partner stations all around the nation while refueling.
The customer receives financial benefits on each fuel transaction made with these fuel credit cards. The Indian oil credit card offers additional savings not only on fuel bills but also on other expenses. You may save money on every fuel purchase and get accelerated reward points and surcharge waivers with the fuel credit card.
The card also offers advantages in other categories apart from this. You will get fuel benefits, shopping benefits, milestone benefits, reward point benefits, dining benefits, and entertainment benefits. Customers can earn gift cards and reward points by using these cards to make purchases. They can be used or redeemed at particular websites or shops.
Indian oil credit card is among the best fuel credit cards in India. It provides several credit card features, discounts, and benefits to customers. You can get this card with a simple step-by-step process. You need to be eligible for the card first. Then you need to have all the related documents. Only then you can apply for this credit card.
Eligibility Criteria
- 18 years is the minimum age requirement for applicants.
- Regular revenue from a job or self-employment is required.
- Additionally, you need to meet the income requirements that lenders set.
- The person must have a good credit rating, preferably over 750.
Documents Needed
- Aadhaar card, ration card, passport, voter ID, and driving license are needed as your address proof and identity proof.
- Salary slips, IT returns, and form 16 are needed as income proof.
How to Get an Indian Oil Credit Card?
Both online and offline applications for fuel credit cards are accepted. You may choose any method.
Online Process
The official website of the financial institution can be accessed by those who are interested in obtaining a fuel credit card. They can search for the card based on their requirements. After that, customers must finish the registration process, make the necessary payments, and apply for the card.
Offline Process
Another way to apply is in person by going to any branch of the financial institution. The applicant should carry out all of the paperwork needed for the application process. The financial institution representative will help you through the entire application process.
Features and Benefits
In this, you will get some unique credit card features and offers attractive benefits.
Here are the Credit Card Features and Benefits
Welcome Benefits
- You will get a welcome bonus of 100% cashback on all of your fuel purchases with the credit card. The cashback limit is up to Rs. 250.
- The transactions must be completed within 30 days after the card’s issuance.
Fuel Benefit:
- All fuel purchases you make at Indian Oil Corporation Limited fuel pumps around the nation will earn you accelerated reward points.
- You will gain 20 reward points for every Rs. 100 you spend on fuel.
- Accelerated reward point purchases must be made for a minimum of Rs. 100. Additionally, the top limit is Rs. 5,000.
- If you use this card, you will not be charged the 1% fuel surcharge on any monthly transactions between Rs. 200 and Rs. 5,000.
Shopping Benefit
- You will receive a 1% value back on all of your shopping purchases in the form of accelerated reward points.
- You will gain 5 reward points on your credit card for every Rs. 100 you spend.
- The minimum and maximum purchase amount to qualify for the accelerated reward points are Rs. 100 and Rs. 5,000, respectively.
Milestone Benefits
- Spending Rs. 50,000 in a year waives the annual fee for the following year.
Reward Point Benefits
- 1 EDGE reward point will be awarded for each Rs. 100 you spend using the card.
- These reward points can be used to buy a variety of goods.
Dining Benefits
- You are eligible for the Dining Delights program with the Indian Oil Credit Card. This program offers discounts at partner restaurants of up to 20%.
Entertainment Benefits
- Additionally, the credit card offers entertainment incentives, including an immediate discount on cinema tickets purchased through several online platforms.
Conclusion
Consumers may find fuel credit cards useful in the context of increased fuel prices. Getting this credit card is not very difficult. Those choosing such a card should manage their money wisely and stick to the payback schedule to avoid damaging their credit score. Use your fuel credit card wisely to avoid any extra charges.
