IDFC First Bank has launched its first co-branded credit cards in partnership with HPCL. The two variants – Power and Power+ provide savings on HPCL fuel expenses along with other benefits. IDFC First Bank HPCL Power+ credit card is the top variant and is available on the RuPay Select platform with a joining and annual fee of Rs 499+GST. We get a 4% reward rate on fuel with 5% reward rate on utilities and groceries.
Fees and Charges
|Joining Fee||Rs 499+GST|
|Welcome Benefit||Rs 500 cashback on 1st fuel transaction of minimum Rs 500 within first 30 days|
|Annual Fee||Rs 499+GST|
|Annual Fee Waiver||Rs 1.5 Lakh spend in an year|
It seems like IDFC First Bank has realized that there are drawbacks to offering LTF credit cards. While Wealth variant is still LTF, it has set an annual fee against the new Power and Power Plus fuel credit cards.
There are a few other welcome benefits that can be availed within 30 days of card setup:
- 5% cashback up to Rs 1000 on the transaction value of 1st EMI conversion
- Rs 150 Discount on orders above Rs 500 on Swiggy
- Rs 500 Discount on ZoomCar rentals
- Discount up to 50% on Domestic and International Rental Cars with Eco Rent A Car and EuroCard
|Spend Category||Rewards||Spend Cap for Accelerated Rewards|
|HPCL Fuel & LPG||24 RP/Rs 150 ~4%||Rs 10000/calendar month|
|Utilities and Groceries||30 RP/Rs 150 ~5%||Rs 2000/calendar month|
|IDFC FASTag||30 RP/Rs 150 ~5%||Rs 1000/calendar month|
|Other Retail Spends||3 RP/Rs 150 ~0.5%||None|
|Non HPCL Fuel, Insurance, EMI||No Rewards|
- Extra 1.5% cashback (as Payback points) on using HP Pay
- UPI spends get the same reward rate depending the spend category. This is a good value if you can use this card for grocery and utility UPI spends.
4% value-back on HPCL fuel and LPG spends of up to Rs 10000 per month is a good return. While the 5% value-back on utilities and groceries is good, the cap is too low for most of the customers.
HP Pay is a scan-and-pay app through which we can pay for fuel and gas cylinders. This is possible if the fuel pump has an HP Pay QR code. But, there is an extra charge of 1% for using credit cards on HP Pay. So, the 1.5% benefit is not of much use.
Each reward point is equal to 25 paise and can be redeemed as a statement credit. This is one of the best benefits of this card. There is no restriction that we need to redeem the rewards for fuel or vouchers. Statement credit is always better and makes more sense.
But, there is a redemption charge. IDFC First Bank charges Rs 99 +GST for every reward point redemption. So, it is better to accumulate points and then redeem them.
Complimentary Airport Lounge Access
- Domestic Airport Lounge Access: 1 complimentary visit per quarter on minimum monthly spends of Rs 5000. Check this list for eligible airport lounges that you can access with the IDFC First Bank HPCL Power+ Credit Card.
- International Airport Lounge Access: Not Available
Key Benefits & Charges
- Roadside Assistance: Complimentary RSA valid 4 times a year
- Movie Offer: 25% off up to Rs 100 on Paytm movie tickets
- Fuel Surcharge Waiver: 1% waiver up to Rs 200 per statement cycle. This will be applicable on fuel transaction values from Rs 200 to Rs 5000.
The complimentary RSA is one of the unique privileges for a card of this segment. It covers many of the RSA services that we get as a paid cover from the vehicle showroom.
Should you get the IDFC First Bank HPCL Power+ credit card?
The IDFC First Bank HPCL Power+ credit card is a great option if your fuel spends are up to Rs 10000 per month. With many cashback cards not offering rewards on fuel, it has become essential to hold a fuel credit card. We finally have an HPCL equivalent of the BPCL SBI Octane credit card to get good savings on fuel transactions. At the moment, we consider this the easiest way to get good savings on HPCL fuel.
Frequently Asked Questions
IDFC First Bank HPCL Power+ Credit Card