IndianOil HDFC Bank Credit Card
The IndianOil HDFC Credit Card is a special card from HDFC Bank and IndianOil, designed to help you save on fuel expenses. When you use this card at IndianOil petrol pumps, you earn fuel points that can later be redeemed for free fuel. You can earn up to 50 liters of free fuel each year through these points. Additionally, since this card works on the RuPay network, it can be linked to UPI for seamless digital payments. Axis Bank offers a similar card called the IndianOil Axis Bank Credit Card, providing another option for fuel rewards.
A big benefit of this card is the free membership to the IndianOil XTRAREWARDS Program (IXRP), where each fuel point equals Rs. 0.96, giving you great value. You can use these points not just for fuel but also for products, vouchers, and more. The card has a joining fee of Rs. 500, but this fee is waived if you spend Rs. 20,000 within the first 90 days. You also earn 5% extra points on fuel, utility bill payments, and groceries. Plus, if you spend Rs. 50,000 in a year, both the joining and renewal fees are waived, making it a smart choice for frequent spenders.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
What benefits does the IndianOil HDFC credit card offer?
This card lets you earn Fuel Points when you pay for fuel at IndianOil petrol pumps. You also get rewards on other purchases, making it great for regular fuel users.
What is the spending limit for the IndianOil HDFC credit card?
The spending limit depends on your credit score, income, and repayment history. The bank will decide your specific credit limit after reviewing your application.
Can I get this credit card without having an HDFC bank account?
Yes, you can apply for this card even if you don’t have an account with HDFC Bank. To be eligible, you need to be between 21 and 60 years old and have a minimum monthly income of Rs. 10,000.
What interest rate does this card charge?
If you don’t pay your full outstanding balance on time, the bank will charge interest at 3.49% per month, which adds up to 41.88% annually.
Is there a fuel surcharge waiver with this card?
Yes, the card offers a 1% waiver on fuel surcharges for transactions above Rs. 400. There’s no upper limit on the fuel purchase amount to get this benefit.
How much free fuel can I get with this card in a year?
By earning and redeeming Fuel Points, you can enjoy up to 50 liters of free fuel every year if you maximize the benefits.
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