Can a fuel credit card benefit you in the current scenario where gasoline and diesel costs are high? If you are loyal to the company and a significant portion of your monthly costs are in fuel, you can.
Most fuel-focused credit cards are co-branded cards. Take the Indian Oil HDFC Bank credit card as an example. According to the bank’s website, users can earn up to 50 liters of free oil per year. Earn higher points each time you swipe a card at the Indian Oil Outlet.There is also a 1% fuel surcharge exemption at all gas stations with a minimum transaction value across India ￡400 (maximum cashback is limited to ￡250 per statement cycle).
However, like any other affiliated card, you only have to stick to one company each time you refuel to get the most out of this benefit. The more frequently you refuel, the higher the benefits. On some cards, users can use points to pay for fuel.
Most co-branded fuel cards have an entry fee and an annual fee. If the user spends more than the specified limit, the issuer will provide a fee exemption. With cards like the BPCL SBI Card Octane, the user has to spend ￡According to data from Paisabazaar.com, Rs 20,000 a year to get a fee exemption.
However, this is a premium card and also offers benefits such as four free lounge access at domestic airports and higher points for costs.Users can earn 25 points each time ￡Spent 100 on BPCL fuel, lubricants and burrat gas.
Therefore, if you choose a co-branded fuel card, make sure your fuel costs are high and stick to one company for maximum profit.
(Do you have any personal financial questions? Send to email@example.com for answers from industry experts)
Will co-branded fuel cards help overcome rising fuel prices?
Source link Will co-branded fuel cards help overcome rising fuel prices?