If you prefer traveling by road and use your car/motorbike for daily commuting, you should definitely consider getting a fuel credit card. Most fuel credit cards are co-branded credit cards offered by card issuers in collaboration with fuel companies like IOCL (Indian Oil Corporation Limited), HPCL (Hindustan Petroleum Corporation Limited), or BPCL (Bharat Petroleum Limited).

Indian Oil Credit Cards

These co-branded fuel credit cards either offer a higher reward rate on fuel spends or offer a higher Reward Points redemption rate at filling stations of the partner fuel company. In this article, we will discuss and compare the various Indian Oil co-branded credit cards available in the Indian credit card market. Currently, HDFC Bank, Axis Bank and Citibank are the three card issuers that offer IOCL cobranded credit cards.

Indian Oil Cobranded Credit Cards

Each of the three credit card issuers- HDFC, Axis Bank and Citibank offer one co-branded fuel credit card in collaboration with Indian Oil, therefore there are total three Indian Oil credit cards currently being offered in India- Indian Oil HDFC Credit Card, Indian Oil Axis Bank Credit Card and Indian Oil Citi Credit Card. Before we compare the three IOCL credit cards, let us first have a look at some of the key features they offer-

Indian Oil HDFC Bank Credit Card

Indian Oil HDFC Credit Card is an entry-level fuel credit card by HDFC Bank in partnership with IOCL. The card comes with an annual fee of just Rs. 500 and offers an accelerated reward rate of 5% on fuel, groceries and bill payments categories. Some of the key features of HDFC Indian Oil Credit Card are as under-

  • You get complimentary Indian Oil XTRAREWARDS Program membership with the card as a welcome benefit.
  • You get 5% of the spends on the card on fuel, groceries and bill payments categories as Fuel Points.
  • The card earns 1 Fuel Point per Rs. 150 on all other spend categories.
  • A maximum of 250 Fuel Points per month can be earned on fuel spends for the first 6 months, post which a monthly max cap of 150 Fuel Points is applicable on fuel spends.
  • A maximum of 100 Fuel Points per month can be earned on each of the groceries and bill payments categories.
  • The Fuel Points earned on the card can be redeemed for XTRAREWARDS Points (1 Fuel Point = 3 XRPs = Rs. 0.96 as 1 XRP = Rs. 0.32), cashback (1 Fuel Point = Rs. 0.20) and exclusive products from HDFC’s product catalog (1 Fuel Point = Rs. 0.20).
  • The annual renewal fee of the card is waived off on an expenditure of a minimum of Rs. 50,000 in the previous membership year.

Indian Oil Axis Bank Credit Card

Axis Bank Indian Oil Credit Card is also a cobranded fuel credit card by Axis Bank. The card comes with a membership fee of Rs. 500 per annum (plus GST) and earns a reward rate of 4% on spends at all IOCL filling stations across the country. Some of the key features of the Indian Oil Axis Bank Credit Card are as under-

  • 100% cashback (up to Rs. 250) on all fuel transactions at any Indian Oil fuel station across the country during the first 30 days of card issuance.
  • The card earns 20 Reward Points per Rs. 100 at all Indian Oil filling stations across the country (reward rate = 4% as 1 Reward Point = Rs. 0.20).
  • You earn 5 Reward Points per Rs. 100 on all online spends with the card (reward rate = 1%).
  • You earn 1 Reward Point per Rs. 100 on all other categories of spends with the card (reward rate = 0.2%).
  • As an additional benefit, Axis Bank Indian Oil Credit Card also entitles you to a discount of up to 20% at partner restaurants.
  • Renewal fee on the card is waived off on an expenditure of Rs. 50,000 in the preceding year.

Indian Oil Citi Credit Card

It is an Indian Oil cobranded credit card by Citibank; the card earns Reward Points as Turbo Points which are redeemable against various spends categories, but offer the highest redemption rate against fuel purchases. Citibank Indian Oil Credit Card is also an entry-level card and comes with a membership fee of Rs. 1,000 per annum (higher than other Citibank cards). Some of the key features of Indian Oil Citibank Credit Card are-

  • The card earns Reward Points as Turbo Points which are redeemable against various spends categories but offer the highest redemption rate on redemption against fuel purchases at Indian Oil outlets.
  • You get 250 Turbo Points as a welcome benefit on making the first transaction with the card at an authorized Indian Oil station.
  • You earn 4 Turbo Points per Rs. 150 on fuel spends at Indian Oil stations, 2 Turbo Points per Rs. 150 on groceries and supermarket spends and 1 Turbo Point per Rs. 150 on all other spends.
  • Turbo Points earned on the card are redeemable against fuel at Indian Oil filling stations (1 TP = Re. 1), online travel bookings (1 TP = Rs. 0.25), other online spends (1 TP = Rs. 0.30), in-store shopping at partner brands (1 TP = Rs. 0.30), AirMiles/InterMiles (1 TP = 0.75 AirMile) and cashback (1 TP = Rs. 0.35).
  • The annual fee of the card is waived off on spending a minimum of Rs. 30,000 in the preceding membership year.

Quick Comparision

Now that we have discussed the key features and annual fees of the three Indian Oil credit cards by HDFC, Axis Bank and Citibank, you may refer to the following table for a quick comparison between the three IOCL credit cards available in the Indian credit card market-

Indian Oil HDFC Credit Card Indian Oil Axis Bank Credit Card Indian Oil Citi Credit card
Welcome Benefit Complimentary Indian Oil XTRAREWARDS Program membership. 100% cashback (up to Rs. 250) on all Indian Oil transactions made within 30 days of card issuance. 250 Turbo Points on making the first transaction with the card at an Indian Oil outlet.
Reward Rate 5% of the spends on the card on fuel, groceries and bill payments categories as Fuel Points.

1 Fuel Point per Rs. 150 on all other spend categories.

20 Reward Points per Rs. 100 at all Indian Oill stations.

5 Reward Points per Rs. 100 on all online spends.

1 Reward Point per Rs. 100 on all offline spends.

4 Turbo Points per Rs. 150 on spends at Indian stations, 2 TPs per Rs. 150 on groceries and supermarket spends, and 1 TP per Rs. 150 on all other spends.
Reward Redemption Fuel Points redeemable for XTRAREWARDS Points (1 FP = 3 XRPs = Rs. 0.96), exclusive products (1 FP = Rs. 0.20) and cashback (1 FP = Rs. 0.20). 1 Reward Point = Rs.0.20.

Reward Points redeemable for shopping vouchers and exclusive products.

Turbo Points redeemable for fuel at IOCL stations (1 TP = Re. 1), online travel spends (1 TP = Rs. 0.25), other online spends and in-store shopping (1 TP = Rs. 0.30), AirMiles (1 TP = 0.75 AirMiles) and cashback (1 TP = 0.35).
Milestone Benefits N/A N/A N/A
Additional Benefits N/A Up to 20% discount at partner restaurants. Up to 20% discount at partner restaurants.

Exclusive offrs on MakeMyTrip.

Savings of up to Rs. 1,000 on EaseMyTrip.

15% discount at Vista Rooms and 15% cashback at duty-free stores.

Annual Fee Rs. 500 per annum (plus GST), waived off in expenditure of Rs. 50,000 in the preceding year. Rs. 500 per annum (plus GST) waived off on annual expenditure of Rs. 50,000. Rs. 1,000 per annum (plus GST), waived off on expenditure of Rs. 30,000 in the preceding year.

The Verdict

As you can see, all the three Indian Oil co-branded credit cards are entry-level credit cards, two of which (HDFC and Axis Bank IOCL credit cards) come with an annual fee of Rs. 500, while the Citibank card comes with an annual fee of Rs. 1,000. While HDFC and Axis Bank Indian Oil Credit Cards offer a reward rate of around 4% on Indian Oil spends, the reward rate offered by Citibank Indian Oil Credit Card on fuel spends is just 2.67%. However, Citibank Indian Oil Credit Card also offers some additional benefits like exclusive travel offers by MakeMyTrip and EaseMyTrip and discounts at Vista rooms and duty-free stores.

Considering all the benefits and rewards offered by the three Indian Oil credit cards, Axis Bank Indian Oil Credit Card seems to be the most rewarding of the three as it offers a reward rate of 5% on fuel spends at Indian Oil stations, 1% on other online spends and  0.20% on all offline spends., and also comes with a membership fee of just Rs. 500 per annum.

However, if you are looking for a fuel credit card that also offers some travel benefits, you may also consider the Indian Oil Citi Credit Card that entitles you to exclusive e offers from MMT and EaseMyTrip and discounted rates at hotel rooms and duty-free stores; but the downside is that it comes with an annual fee of Rs. 1,000 which is higher than that of other two Indian Oil credit cards.

Write A Comment

Sign up for the Card Insider Weekly Newsletter!

By providing my email address, I agree to cardinsider.com’s  Privacy Policy

Thanks For Subscribing!

Please confirm the email address

Please verify your email address