IndianOil co-branded credit cards are an easy way to get rewards on IOCL fuel spends. The IndianOil HDFC Bank credit card launched in 2019 continues to be one such good option. HDFC Bank used to restrict customers to one credit card but has now changed its policy to allow floater cards if you have a good credit limit. So, if you already have some other card like Regalia Gold then you can this one as a 2nd card. The annual fee for the IndianOil HDFC Bank credit card is Rs 500 but you can get this as LTF through your savings account branch.
Fees and Charges
| Joining Fee | Rs 500+GST ~Rs 590 or LTF |
| Welcome Benefit | None |
| Annual Fee | Rs 500+GST ~Rs 590 or LTF |
| Annual Fee Waiver | On spends of Rs 50,000 in a membership year |
| Renewal Benefit | None |
Rewards
| Category | Fuel Points | Cap |
|---|---|---|
| Indian Oil outlets | 5% | 250/month for the first 6 months and 150/month thereafter |
| Groceries and Bill Payments | 5% | 100/month |
| All other purchases | 0.67% | None |
We get ‘Fuel Points’ for spends on the IndianOil HDFC Bank credit card. These fuel points can be redeemed for IOCL fuel or statement credit. These options are covered in the rewards redemption section.
You are automatically enrolled into the IOCL loyalty program ‘Indian Oil XTRAREWARDS‘ which saves you another 0.4% on fuel spends.
Benefits
- 1% fuel surcharge waiver (minimum transaction of Rs 400 and maximum cashback of Rs 250 per statement cycle)
Smartbuy Rewards
IndianOil HDFC Bank credit card is also eligible for Smartbuy platform cashback. The cap for Smartbuy cashback is Rs 1000 per calendar month.
| Shopping Category | Cashback |
|---|---|
| IGP.com | 10% |
| Amazon | 5% |
| Flights (Cleartrip and Yatra) | 5% |
| Hotels (Cleartrip) | 5% |
| MakeMyTrip (Hotels) | 5% |
| IRCTC | 5% |
| Redbus | 5% |
| Instant Voucher | 5% |
| Apple Tresor | 5% |
| Flipkart | 1% |
Rewards Redemption
The Fuel Points can be redeemed for free fuel with the Indian Oil XTRAREWARDS program. Each Fuel Point is worth 3 XTRAREWARDS points. 1 XTRAREWARD point = 32 paise which makes the value for 1 Fuel Point equal to 96 paise.
We can also redeem the Fuel Points for cashback but it is not worth much. Fuel Points are valid for 2 years from credit.
| Redemption Option | Value |
|---|---|
| XTRAREWARDS | 1 Fuel Point = 96 paise |
| Statement Credit/Product Catalog | 1 Fuel Point = 20 paise |
Final Thoughts
We will keep it short for this card. As we said in the beginning, fuel cards are not suitable for most of us. The other point to consider is HDFC Bank mostly issues one credit card per customer. In this case, no point in getting this card over the far better Millennia/Regalia/Diners Club Privilege/Infinia/DCB cards.
If you are looking for a good fuel card and have fuel spends of around Rs 10000 per month check out the BPCL SBI Card – Octane.
IndianOil HDFC Bank Credit Card
