Depending on the card, fuel transactions may not be eligible for rewards, while others may be subject to a surcharge. There are a few fuel credit cards that provide us with good savings on fuel expenses. The BPCL SBI credit card OCTANE is one of the best options if you use Bharat Petroleum fuel pumps for your vehicles. With the BPCL SBI credit card OCTANE card, you can get 6.25% back on fuel purchases, and 2.5% back on department store and grocery purchases. Furthermore, it waives a 1% fuel surcharge so we don’t have to pay extra at the pump if we use a credit card.
Unlike other issuers, SBI Card always charge a joining fee for its credit cards. But, this is offset by the welcome gift. The annual fee waiver is relatively less at Rs 2L spends for the rewards it provides.
|Rs 1499+GST ~Rs 1769
|6000 Reward Points ~Rs 1500 Value
|Rs 1499+GST ~Rs 1769
|Annual Fee Waiver
|On spends of Rs 2 Lakh in a year
The BPCL SBI credit card OCTANE has a 6.25% reward rate for all BPCL spends including Bharat Gas spends. Other than this, it also gives good rewards for Dining, Departmental Stores, Grocery & Movies category spends. This makes it easy to achieve the required spends for an annual fee waiver.
|Type of Spend
|BPCL Fuel, Lubricants & Bharat Gas Spends
|25 RP per Rs 100
*Maximum 2500 RP per billing cycle
* Rs 4000 Max transaction value for rewards
* 1% fuel surcharge waiver
|Dining, Departmental Stores, Grocery & Movies
|10 RP per Rs 100
*Maximum 7500 RP per month
|Other spends (Except Non-BPCL Fuel and Wallets)
|1 reward point per Rs 100
The monthly transaction value to hit the max cap of accelerated fuel rewards would be Rs 10,000. This should be more than enough for most people. We can also spend on other categories like Departmental Stores and Grocery to reach the annual fee waiver. The 2.5% value back on these is also pretty good.
We would not recommend aiming for this milestone reward. We can just spend Rs 2 Lakhs to get the annual fee waiver and get maximum rewards on fuel transactions.
- Rs 2000 gift voucher on Rs 3 Lakhs spend in a membership year (0.67% Return)
- Gift voucher options: Aditya Birla Fashion, Yatra, Urban Ladder, Hush Puppies, and Bata
BPCL SBI Credit Card OCTANE Rewards Redemption
Each reward point for BPCL SBI credit card OCTANE is worth 25p. We can redeem the reward points for either fuel or from the reward catalogue. Fuel redemption makes more sense as it is instant redemption at the listed outlets.
Complimentary Airport Lounge Access
- Domestic Airport Lounge Access: 4 complimentary visits per year with VISA card. The list of eligible lounges is available here.
- International Airport Lounge Access: Not Available
Key Benefits and Charges
- Fuel Surcharge Waiver: 1% waiver on fuel transactions up to Rs 4000. Maximum surcharge waiver of Rs 100 in a statement cycle.
- Rent Payment Charges: Rs 199+GST for each transaction
- Foreign Currency Markup: 3.5%+GST ~4.13%
- Interest Rate: 3.5% per month or 42% annually
Pros and Cons
Fuel credit cards are generally not a good fit as they offer good rewards only for fuel transactions. Plus in most cases, the reward rates are not good with lesser caps.
BPCL SBI Credit Card OCTANE addresses these limitations to a large extent. With a generous rewards rate on fuel and good rewards on other spend categories, this card can be a good addition to our wallet. Consider this card if:
- Monthly spends on fuel spends are around Rs 10,000 to hit the max cap of accelerated fuel rewards.
- You are able to spend the required amounts for a fee waiver, spend milestones on the other credit cards you hold.
- You can spend Rs 2 Lakhs on this card to get the annual fee waiver.
- Last but obvious one – There is a BPCL outlet nearby to use this card. 🙂
If you are looking out for a fuel credit card, do check out this post on the best fuel credit cards in India.
Frequently Asked Questions
BPCL SBI Credit Card OCTANE