Since quite some time, IOCL co-branded credit cards have offered 4% cashback on fuel purchases. With the launch of the IndianOil RBL Bank XTRA credit card, that’s set to change. With a value back rate of 7.5% on IndianOil fuel purchases, it is the best co-branded credit card available for IOCL.
Our detailed review of the new IndianOil RBL XTRA credit card explains why this is the card you should have for your IOCL fuel spending.
Fees
| Joining Fee | Rs 1500+GST ~Rs 1770 |
| Welcome Benefit | 3000 Fuel Points on making a transaction of Rs 500 in first 30 days ~Rs 1500 Value |
| Annual Fee | Rs 1500+GST ~Rs 1770 |
| Annual Fee Waiver | On spends of Rs 2.75 Lakh in a membership year |
| Renewal Benefit | None |
Rewards
| IOCL Fuel Spends | 15 Fuel Points/Rs 100 ~7.5% return Maximum 2000 Fuel Points/month |
| Other Spends | 2 Fuel Points/Rs 100 ~1% return |
| UPI Spends of less than Rs 2000 for RuPay cards | No Fuel Points |
| Utilities, Insurance, Railways, Real Estate/Rental, Education, Wallets/Service Providers, Government Services, Contracted Services, Cash, EMI conversion of retail transactions | No Fuel Points |
With the max cap on accelerated rewards, we will get 7.5% return on IOCL fuel spends of Rs 13,333 in a calendar month.
Milestone Benefit
- 1000 fuel points on crossing the quarterly milestone spends of Rs 75,000
- Spends not eligible for milestone benefit: Utilities, Insurance, Railways, Real Estate/Rental, Education, Wallets/Service Providers, Government Services, Contracted Services, Cash, EMI conversion of retail transactions
The milestone benefit does not add much of an extra return. So, we would not suggest targeting this benefit.
Airport Lounge Access
This is a miss for a card that has an annual fee of Rs 1500.
- Domestic Airport Lounge Access: Not Available
- International Airport Lounge Access: Not Available
Fuel Surcharge Waiver
- 1% fuel surcharge waiver up to Rs 200 per calendar month
- Valid for transactions from Rs 500 to Rs 4000
Rewards Redemption
The fuel points can be redeemed for XTRA reward points. Each fuel point is worth 50 paise worth of XTRA reward points. The ‘IndianOil XTRAREWARDS’ program is the loyalty program of IndianOil.
The XTRA reward points can be redeemed on the POS machines at most IOCL fuel outlets. So do check if your preferred IOCL fuel pump has this option. We wish there was a statement credit option to redeem rewards too!
Final Thoughts
The IndianOil RBL Bank XTRA credit card is one of the best options among IOCL co-branded cards. If you prefer IOCL fuel pumps, you get 7.5% value back on fuel spends of up to Rs 13,333 every calendar month. This is much higher than what other cards like IOCL Axis and IOCL Kotak cards offer.
The only con of this card is you cannot achieve the annual fee waiver spends with only fuel. So, you need to use this card for non-fuel spends which will bring down your return.
IndianOil RBL Bank XTRA Credit Card Review
