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Home > Business > Business Headline > Report

Drive smart with fuel cards

Anita Bhoir in Mumbai | May 31, 2005 13:17 IST

Troubled with rising fuel bills? Using plastic money could just be one way of reducing your outgo.

In the recent past, ICICI Bank, HDFC Bank, Citibank, Standard Chartered Bank and HSBC have launched fuel cards with a host of discounts, including fuel surcharge waiver.

ICICI Bank, HDFC Bank and Citibank are, however, constrained by their tie-up with specific oil companies and select outlets. Compared with others, HSBC and Standard Chartered credit cards offer fuel surcharge waiver (2.5 per cent) across all fuel stations.

HSBC credit cardholders get a refund of surcharge on fuel purchases between Rs 400 and Rs 3,000 per transaction. On a StanChart card, a customer can get 5 per cent cash-back, which involves a reversal of 2.5 per cent fuel surcharge plus 2.5 per cent cash back. Thus the card owner saves 5 per cent on his fuel purchases.

ICICI Bank and HPCL co-branded card users can buy fuel at any HPCL outlet without having to pay the 2.5 per cent surcharge. The cardholder can also redeem reward points earned at HPCL outlets or through any other transactions made on the card, for free fuel at HPCL outlets.

In addition, the customer can also get attractive discounts on a range of vehicle accessories, tyres, batteries, PUC checks as well as servicing facilities available at HPCL outlets.

HDFC Bank gold credit and debit card and its My Value City Card offer fuel surcharge waiver across all BPCL outlets.

The Citibank Indian Oil card offers its customers no transaction fee at IOC retail outlets, and free TeleOptima international calling card. The card offers rewards point for every Rs 125 spent on the card.

Every purchase of Indian Oil product at IOC retail outlets earns double Turbo points. The accumulated points can be exchanged for free petrol.

Customers can start redeeming their Turbo Points after accumulating at least 500 points and in multiples of 50 thereafter. Upon redemption, one has to exchange the petro coupons for free petrol / Servo lubricants at select Indian Oil outlets.

A Citibank Indian oil card customer is also entitled for an additional card at Rs 350 for any family member, over 18 years of age.

The card also offers 5 per cent discount on Exide batteries, 10 per cent discount on JK Radials and 7.5 per cent discount on BIAS Tyres from JK Tyres at select Steel Wheels outlets.

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