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Recently, Indian Oil and Kotak Mahindra Bank joined forces to launch their co-branded fuel credit card. The IndianOil Kotak credit card is a nice entry-level card perfect for those who are new to the credit scene and want great fuel-based benefits and other rewards.
Indian Oil has more than 34,000 outlets across the country and cardholders will be rewarded every time they refuel their vehicle at an Indian Oil fuel station. The card also offers reward points on grocery, dining, and other payments. These reward points can be redeemed for free fuel, cashback, or other products and vouchers at kotakrewards.com.

The IndianOil Kotak credit card can reward you with up to 60 litres free fuel every year along with a host of other benefits. Those who travel a lot can reduce the effect of high fuel prices through this card and can have a highly rewarding experience if they prefer IndianOil petrol pumps over other countries.

Keep on reading to know more about this newly launched fuel credit card by Kotak Mahindra Bank and IndianOil.

IndianOil Kotak Credit Card
(4.5/5)

Fees

Joining Fee

Rs. 449 + GST

Renewal Fee

Rs. 449 + GST

Best Suited For

Fuel |

Reward Type

Reward Points

Welcome Benefits

Get 1000 Reward Points on spending Rs. 500 or more within 30 days of getting the card

Movie & Dining

Get 12 Reward Points on spending Rs. 150 on dining. You get 2% back as reward points on your dining spends.

Rewards Rate

Get 24 Reward Points on every Rs. 150 spent on fuel. Get 12 Reward Points on every Rs. 150 spent on grocery and dining. Get 3 Reward Points on every Rs. 150 spent on other transactions.

Reward Redemption

Reward Points can be redeemed as cashback or to buy merchandise, products, and vouchers on kotakrewards.com. You can redeem your Reward Points for IndianOil XTRAREWARDS as well.

Travel

NA

Golf

NA

Domestic Lounge Access

NA

International Lounge Access

NA

Insurance Benefits

Insurance cover worth Rs. 2 Lakhs for personal accident

Zero Liability Protection

Cardholder will not be liable for fraudulent transaction on reporting the loss of his card in a timely manner to the bank

Spend Based Waiver

Annual fee is waived on spends of Rs. 50,000 or above

Rewards Redemption Fee

Nil

Rewards Redemption Fee

Nil

Foreign Currency Markup

3.5%

Interest Rates

3.5% per month or 42% per annum

Fuel Surcharge

1% fuel surcharge waiver on transactions between Rs. 100 to Rs. 5000

Cash Advance Charges

Rs. 300 per Rs. 10,000 withdrawn

Add-on Card Fee

Nil

  • Welcome Benefit of 1000 Reward Points on spending Rs. 500 inside 30 days
  • 24 Reward Points on spending Rs. 150 on fuel at IndianOil outlets
  • 12 Reward Points on spending Rs. 150 on dining and grocery
  • 3 Reward Points on spending Rs. 150 on everything else
  • Annual fee waiver on spends of Rs. 50,000 or more in the previous year
  • 1% fuel surcharge waiver with a maximum of Rs. 100 per month
  • Insurance cover of Rs. 2 Lakhs for personal accident
  • Rupay Contactless payment up to transactions of Rs. 5000

IndianOil Kotak Bank Credit Card Features and Benefits

As discussed above, the IndianOil Kotak Bank credit card is a co-branded fuel card offering a nice reward rate on fuel as well as other transactions. Let’s know more about the card’s benefits and features in detail –

Welcome Benefits

  • You can get a welcome benefit of 1000 Reward Points on spending Rs. 500 or more within 30 days of getting the card.
  • The benefit is only available to those who pay the joining fee for the credit card.

Annual Fee Waiver

You can get the annual fee of the credit card waived on making spends of Rs. 50,000 or more in the card anniversary year.

Reward Accrual

  • Get 4% back as reward points on your fuel spends. You can earn 24 reward points on spending every Rs. 150 on fuel, and you can earn a maximum of 1200 reward points per month.
  • Get 2% as reward points on dining and grocery spends. You can earn 12 reward points on spending every Rs. 150 on dining and grocery, and you can earn a maximum of 800 reward points every month.
  • Get 0.5% as reward points on other spends. You will earn 3 reward points on spending every Rs. 150, and there is no maximum monthly capping on this.
  • Also, you get 1000 reward points as your welcome benefit.

Reward Redemption

  • As a limited-period introductory offer, you can redeem your Reward Points as cashback at the rate of 1 RP = Rs. 0.25. You must have a minimum of 300 reward points for this and can redeem against cashback only in multiple of 300.
  • You can redeem your reward points at Rs 0.25 against Kotak’s exclusive catalog at kotakrewards.com. You can purchase merchandise, products, travel and gift vouchers, mobile recharge, etc.
  • You can convert your reward points into IndianOil XTRAREWARDS points only in multiples of 300 through Net or Mobile Banking. 300 RPs = 250 XTRAREWARDS points, where 1 XTRAREWARD point is worth Rs. 0.30. These points can be used to pay for fuel at IndianOil outlets.

Concierge Services

  • You get personal concierge services and assistance for gift delivery, restaurant bookings, flower delivery, car rental, limousine reservation, movie ticket booking, golf reservations, and much more.
  • You can call 1800-26-78729 to avail of these concierge services.

Add-on Card

  • You can get an add-on card for free that has all the benefits of your primary card.
  • You can set the spending limit on the add-on card as you wish.
  • You can separately track the spending on every add-on card.

Insurance Benefits

You get an insurance cover worth Rs. 2 Lakhs for personal accidents

Fuel Surcharge Waiver

You get a 1% fuel surcharge waiver on fuel transactions between Rs. 100 and Rs. 5000, with a maximum benefit of Rs. 100 every month.

Contactless Payment

With Rupay Contactless technology, you can make transactions of up to Rs. 5,000 with your credit card without entering your PIN.

IndianOil Kotak Bank Credit Card Fees and Charges

Here are the several fees and charges associated with the IndianOil Kotak Bank credit card–

  • The joining and renewal fee of the credit card is Rs. 449 plus taxes, which can be waived on spending Rs. 50,000 or more in the previous year.
  • The interest rate charged by the card is 3.5% per month and 42% per annum.
  • The foreign currency markup fee on this credit card is 3.5%.
  • There are no charges for getting an add-on card, but you have to pay Rs. 100 for a replacement card.
  • The cash advance charges are Rs. 300 on every Rs. 10,000 withdrawn with the credit card.

IndianOil Kotak Bank Credit Card Eligibility Criteria

You have to pass certain eligibility requirements in order to get approved for the credit card–

  • Individuals must be a resident of India.
  • Individuals must be between 18 and 65 years of age.
  • Individuals must have a stable source of income and other necessary documents.

Documents Required

You have to submit your ID, address, and income proof when applying for the credit card. Here is a list of essential documents that are required –

  • ID Proof – PAN Card
  • Address Proof – Aadhar Card, Electricity/Water Bills, Ration Card, Passport, etc.
  • Income Proof – Latest salary slips, Form 16, latest bank statements, audited ITR.

Comparison with Other Co-Branded Fuel Credit Cards

Let’s compare the IndianOil Kotak Bank credit card with two similar co-branded fuel cards – IndianOil HDFC and IndianOil Axis Bank Credit Card.

Features IndianOil Kotak Credit Card IndianOil Axis Bank Credit Card IndianOil HDFC Bank Credit Card
Joining/Annual Fee Rs. 449 plus taxes Rs. 500 plus taxes Rs. 500 plus taxes
Annual Fee Waiver On spending Rs. 50,000 or more in the year On spending Rs. 50,000 or more in the year On spending Rs. 50,000 or more in the year
Reward Type 1000 reward points on spending Rs. 500 within 30 days of getting the card 100% cashback up to Rs. 250 on fuel spends within 30 days of card activation NA
Rewards on Fuel Spends 24 reward points on every spend of Rs. 150 20 Edge points on every Rs. 100 spent 5% of purchases as fuel points. You get a maximum of 250 fuel points in the first 6 months and max 150 fuel points after 6 months.
Rewards on Other Spends 12 Reward points on Rs. 150 spent on grocery and dining. 3 reward points on every Rs. 150 spent on other categories 5 Edge points on every Rs. 100 spent on online shopping 1 Edge point on Rs. 100 spent on other categories 5% as fuel points on bills and grocery payments up to max 100 points per month. 1 fuel point on every Rs. 150 spent on other categories
Other Benefits Concierge service and assistance Personal accident insurance worth Rs. 2 Lakhs IndianOil XTRAREWARDS membership 10% discount on BookMyShow movie tickets and a 15% discount at partner restaurants with the Dining Delights Program through EazyDiner

IndianOil Kotak Bank Credit Card Review

For those who love to travel with their vehicle and refuel it regularly, the IndianOil Kotak Bank credit card is a great choice. You get a nice welcome benefit and accelerated reward points on fuel spends at IndianOil outlets. The reward points can be redeemed as cashback on Kotak Rewards or converted to IndianOil XTRAREWARDS points.

The card even offers insurance cover and concierge services to the cardholder. The maximum capping on reward points is a downside, but still, the card has many positive points that outweigh this. You should surely consider applying for the IndianOil Kotak Bank Credit Card if you are new to credit and want a fuel-based card. You have a chance to earn 60 litres of free fuel every year with the card.

FAQs:

You can earn 1000 Reward Points as a welcome benefit upon spending Rs. 500 or above within 30 days of card issuance. The welcome benefit is available only to cardholders who pay the joining fee.
The annual fee of this credit card is Rs. 449 plus taxes. However, you can get the annual fee waived off on spending Rs. 50,000 or more in the previous year.
  • Cardholders get 24 reward points on every Rs. 150 spent on fuel at IndianOil outlets capped at 1200 reward points every month.
  • You get 12 reward points on every Rs. 150 spent on dining and grocery capped at 800 reward points every month.
  • You get 3 reward points on every Rs. 150 spent on other transactions.
Yes, you can withdraw cash using your IndianOil Kotak Credit Card. The cash advance fee on the card is Rs. 300 for every withdrawal of Rs. 10,000.
No, you do not complimentary airport or railway lounge access with the IndianOil Kotak Credit Card.
IndianOil Kotak Credit Card

IndianOil Kotak Credit Card

(4.5/5)

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