ICICI Bank launched another co-branded credit card in partnership with Hindustan Petroleum Corporation Limited (HPCL) on Tuesday, the ICICI Bank HPCL Super Saver Credit Card. The card is powered by Visa and comes with a joining fee of Rs. 500, and offers accelerated benefits on fuel purchases and spends on utility and grocery at departmental stores. Unlike other co-branded credit cards that offer accelerated rewards on spends on only one particular category, this one by ICICI and HPCL saves your money not only on fuel spends at HPCL stations, but across all categories of spends with accelerated reward points on mobile recharges, electricity bill payments, and everyday purchases from departmental stores like BigBazaar and D-Mart. The reward points are credited as PAYBACK points to your PAYBACK account, which is created automatically (if you don’t have one already) once you enroll for the card.
Following are some of the key features of the ICICI bank HPCL Super Saver credit card-
- Joining benefit of 2,000 PAYBACK points provided the membership fee is paid within 2 months of card setup and a minimum amount of Rs. 5,000 is spent within 45 days of card issuance.
- Cashback of Rs. 100 on HP Pay app wallet on the first transaction of a minimum of Rs. 1,000 made using the app.
- 4% cashback on fuel purchases at all HPCL stations. Maximum cashback is capped at Rs. 200 per month.
- 1% fuel surcharge waiver is applicable over and above the aforementioned cashback. Thus you get a total benefit of 5% (4+1) on fuel purchases at HPCL pumps.
- 5% cashback as PAYBACK points on utility and departmental store purchases. Maximum PAYBACK benefit is capped at 400 PAYBACK points per payment cycle.
- 2 PAYBACK points per Rs. 100 spent for all other domestic and international transactions.
- Complimentary 24×7 Road Assistance Service (RAS) including over-the-phone assistance, onsite vehicle repair, replacement/locked or lost keys, flat tyre support, etc.
- Complimentary domestic airport lounge access.
- 25% discount (max Rs. 100 per transaction) on movie tickets booked on BookMyShow and Inox movies individually. The benefit can be availed not more than twice a month.
- Exclusive dining benefits under the ICICI Bank Culinary Treats Programme.
- Annual fee waiver (second year onwards) on the expenditure of Rs. 1.5 lakh in the preceding year.
Considering the low annual fee of just Rs. 500 and the benefits, whether as cashback or as PAYBACK points, that it offers across all categories of spends, this brand new offering by ICICI certainly seems very lucrative, particularly if you use your credit card for everyday purchases. Apart from the regular cashback and reward points benefits, you also get complimentary domestic lounge access and dining benefits with this credit card, which most other entry-level cards don’t offer. Overall, we can safely conclude that it is one of the best options in the Indian credit card market, at least as far as entry-level cards are concerned.