SBI Card has joined hands with Bharat Petroleum Corporation Limited (BPCL) and NCPI, to launch BPCL SBI RuPay co-branded Credit Card. SBI Card is already offering two BPCL co-branded credit cards on the Visa platform- BPCL SBI Card and BPCL SBI Card Octane. Both RuaPay and the Visa variants are very much similar in terms of the benefits they offer.
Just like Visa BPCL Credit Card, BPCL SBI Credit Card RuPay also earns you 13X reward points of fuel spends with a total value back of 4.25% on fuel transactions (3.25% reward rate and 1% surcharge waiver). Apart from the accelerated reward rate on fuel transactions, you earn 5X reward points on groceries, departmental stores, movies and dining (reward rate of 1.25%). On all other spends, you earn 1 reward point per Rs. 100 spent with the card (reward rate of 0.25%). You also get 2,000 bonus reward points worth Rs. 500 on card activation as a welcome benefit.
This is the third credit card launched by SBI on the NCPI powered RuPay platform (Shaurya SBI RuPay Card and Shaurya Select SBI RuPay Card being the other two). NCPI Chief Operation Officer, Praveena Rai regarded this collaboration a milestone for RuPay contactless credit cards. She added, “We believe that this card is a step ahead in the journey of RuPay contactless to provide a smart, rewarding and delightful shopping experience to RuPay users”.
It’ll be interesting to see how India-based payment network, RuPay competes against the globally renowned Visa, MasterCard and American Express platforms. It is worth noting that RuPay Credit Cards can also be used for international payments as NCPI has partnered with Discover and Diners Club payment networks for processing international transactions. With MasterCard and American Express banned from issuing new credit cards and Rupay and Visa being the only payment networks currently allowed to onboard new domestic customers, we might see more banks partnering with NCPI to launch credit cards on the RuPay platform.