BPCL SBI Octane Credit Card – Benefits, Fees & Eligibility

BPCL SBI Card Octane

Introduction

The BPCL SBI Card Octane, launched in late 2020, is an upgraded version of the BPCL SBI Credit Card, designed to offer enhanced benefits, particularly for fuel expenses. While it carries an annual fee of ₹1,499 plus GST, it provides a significant 7.25% value back on fuel purchases at Bharat Petroleum fuel stations, which includes a 6.25% reward point earning rate (25X reward points) and a 1% fuel surcharge waiver. Beyond fuel, the card offers accelerated 10X reward points on dining and movie ticket expenditures. For frequent travelers, it provides 4 complimentary domestic airport lounge accesses annually, making it a unique offering among SBI cards in this price segment. This card is highly recommended for individuals who frequently travel by car or motorbike and prioritize fuel savings, though it also extends benefits to other lifestyle categories.

Welcome Benefits

• Get 6,000 bonus reward points equivalent to ₹1,500 on payment of the annual fees.
• These reward points will be credited to the cardholder's account within 30 days of the annual fee payment.
• This welcome benefit of 6,000 bonus reward points is awarded every time the annual membership fee is paid (not waived off).

Fees

• Joining Fee (one-time): ₹1,499 + GST / Taxes
• Renewal Fee (per annum): ₹1,499 + GST / Taxes, applicable from the second year onwards.
• Spend-Based Waiver: The renewal fee for the next year can be waived off if annual spends for the preceding year are ₹2,00,000 or more.
• Add-on Card Fee (per annum): Nil
• Rewards Redemption Fee: ₹99 plus applicable taxes per redemption request (this fee is not charged for instant redemption at BPCL fuel stations).
• Foreign Currency Markup: 3.5% of the transaction amount.
• Interest Rates: 3.75% per month (equivalent to 45% per annum).
• Fuel Surcharge: 1% fuel surcharge is applicable, but a waiver is provided up to a maximum of ₹100 per statement cycle on transactions up to ₹4,000.
• Cash Advance Charges: 2.5% of the withdrawn amount, subject to a minimum charge of ₹500.
• All taxes will be charged as applicable on all fees, interest, and other charges.

Rewards

• Fuel Benefits:
  • Enjoy 7.25% value back on fuel purchases at BPCL petrol pumps, which includes 25X Reward Points.
  • Earn 25 Reward Points on every ₹100 spent at BPCL Fuel, Lubricants, and Bharat Gas (website and app only) spends.
  • Reward points earned on Bharat Gas (website and app only) spends are capped at 500 Reward Points per billing cycle.
  • Benefit from a 1% fuel surcharge waiver across all BPCL petrol pumps in India, on transactions up to ₹4,000 (exclusive of GST and other charges). The maximum fuel surcharge waiver is ₹100 per statement cycle, equivalent to an annual saving of ₹1,200.
  • Reward points are not earned on fuel purchases at non-BPCL stations.
• Accelerated Rewards:
  • Earn 10 Reward Points on every ₹100 spent on Dining, Departmental Stores, Grocery, and Movies.
  • This accelerated earning is capped at 7,500 Reward Points per month for these categories.
• General Spends:
  • Earn 1 Reward Point per ₹100 spent on all other retail purchases.
  • Reward points are not earned on mobile wallet uploads.
• Lounge Access:
  • Get 4 complimentary visits per calendar year to Domestic VISA lounges in India.
  • Access is limited to a maximum of 1 visit per quarter.
• Milestone Privileges:
  • Receive e-Gift Vouchers worth ₹2,000 from popular brands such as Aditya Birla Fashion, Yatra, Bata, or Hush Puppies on achieving annual spends of ₹3 Lakhs.
• Insurance:
  • Receive a complimentary Fraud Liability Cover of ₹1 Lakh.

Rewards Redemption Guide

• Value of Reward Points: 4 Reward Points are equivalent to ₹1, meaning each reward point has a value of ₹0.25.
• Redemption Channels:
  • Instant Redemption at BPCL Fuel Stations: You can instantly redeem your Reward Points at select BPCL petrol pumps. Simply inform the attendant you wish to pay with points when swiping your credit card. No redemption fee is charged for this method.
  • Shop & Smile Rewards Catalogue: Redeem your Reward Points for a variety of products and gift vouchers available through SBI Card’s online Shop & Smile Rewards Catalogue or mobile app.
  • Statement Credit: Reward points can be converted into cash credit against your card's statement bill by contacting SBI Card's customer care via email or phone.
• Milestone Voucher Redemption:
  • An SMS will be sent to you within 20 days of achieving the eligible annual spending (₹3 Lakhs), allowing you to choose from various e-voucher options.
  • Once an option is chosen, the e-voucher will be dispatched to your registered mobile number or email ID within 5 working days.
  • Aditya Birla Fashion vouchers are redeemable at specific brand stores including Louis Philippe, Van Heusen, Allen Solly, Peter England, Planet Fashion, and Simon Carter.
• Expiry: Reward points are valid for a period of 2 years (24 months) from the date of accumulation.

Card Eligibility Criteria

• Age: The applicant must be 18 years of age or older.
• Income: The applicant should have a stable monthly income of ₹30,000 or above.
• Credit Score: Applicants are generally expected to have a good credit history/score, typically above 750.

Card Review

The BPCL SBI Card Octane is a highly competitive fuel credit card, offering substantial rewards for fuel purchases at Bharat Petroleum outlets. Its 7.25% value back on fuel, coupled with a 1% surcharge waiver, makes it a compelling choice for individuals who prioritize savings on their transportation costs. Beyond fuel, the card extends its benefits to lifestyle categories with accelerated reward points on dining, departmental store, grocery, and movie expenditures. A notable advantage is the provision of 4 complimentary domestic airport lounge visits annually, a rare feature for a card in this segment, adding value for moderate air travelers. While the annual fee is ₹1,499 plus GST, it is mitigated by a welcome bonus of 6,000 reward points (worth ₹1,500) and a waiver for the subsequent year's fee on reaching an annual spend of ₹2 lakhs. The primary drawback identified is the ₹99 reward redemption fee for redemptions made outside of instant fuel point usage at BPCL stations. This card is an excellent choice for those who frequently refuel at BPCL and appreciate additional perks in everyday spending and domestic travel.

Important Product Details

• Welcome Bonus: 6,000 bonus reward points (worth ₹1,500) upon payment of annual fees.
• Fuel Savings: Enjoy 7.25% value back on BPCL fuel purchases, including 25X reward points and a 1% fuel surcharge waiver (maximum ₹100 waiver per month).
• Accelerated Rewards: Earn 10 Reward Points per ₹100 spent on Dining, Departmental Stores, Groceries, and Movies (up to 7,500 RPs/month).
• Milestone Benefit: Receive e-Gift Vouchers worth ₹2,000 from select brands on annual spends of ₹3 Lakhs.
• Annual Fee Waiver: Renewal fee can be waived for the next year if annual spends reach ₹2 Lakhs.
• Lounge Access: 4 complimentary domestic airport lounge visits per calendar year (maximum 1 per quarter).
• Fraud Protection: Complimentary Fraud Liability Cover of ₹1 Lakh.
• Reward Point Value: 4 Reward Points are equivalent to ₹1.
• Redemption Options: Instant redemption at BPCL stations (no fee), redemption via Shop & Smile catalogue, or statement credit (₹99 fee applies).
• Reward Point Expiry: Reward points expire after 2 years (24 months) from the date of accumulation.
• Key Charges: Joining and Renewal Fee of ₹1,499 + GST; Foreign currency markup of 3.5%; Interest Rate of 3.75% per month (45% per annum).

Other Details

• Contactless Payments: The card features contactless payment technology, allowing for fast, convenient, and secure transactions by simply waving the card at a compatible reader. This enhances security by ensuring the card never leaves your hand during a transaction.
• Worldwide Acceptance: The BPCL SBI Card Octane is an international credit card accepted at over 24 million outlets worldwide, including 3,25,000 outlets in India, wherever Visa or MasterCard are accepted.
• Add-on Cards: Cardholders can apply for add-on cards for their parents, spouse, children, or siblings who are above 18 years of age, with no annual fee.
• Utility Bill Payment: Utilize the Easy Bill Pay facility to conveniently pay electricity, telephone, mobile, and other utility bills using your card.
• Balance Transfer on EMI: Cardholders can transfer outstanding balances from other bank credit cards to their BPCL SBI Card Octane, benefiting from a lower interest rate and the option to pay back in EMIs. This service is accessible via sbicard.com.
• Flexipay: Convert any single purchase of ₹2,500 or more into easy monthly installments (Flexipay) by logging into sbicard.com within 30 days of the purchase.
• Fraud Liability Cover Details: The complimentary Fraud Liability Cover of ₹1 Lakh is valid for a period of 3 days prior to reporting the loss, up to 7 days post reporting the loss. To report a lost card, contact the SBI Card helpline at 1800 180 1295 or 39 02 12 12 (prefix local STD code).
• Payment Acceptance: Cheques payable outside clearing zones are not accepted; only local cheques or drafts payable in Delhi are accepted.
• Co-brand Product Information: The value proposition of this co-brand product may be funded jointly by SBI Card and BPCL, and there may be fee and revenue sharing arrangements between the two parties.
• Policy on Amendments: Continued use of the card will be deemed as acceptance of any amendments to the terms and conditions.
• Customer Assistance: For any assistance, cardholders can call the SBI Card helpline at 39 02 02 02 (prefix local STD code) or 1860 180 1290.
• Application Process: Interested applicants can apply online by visiting the SBI Card website, clicking 'Apply Now', filling out the required personal details, and submitting their application.
• Upgrade Policy: It is not possible to directly upgrade from the basic BPCL SBI Card to the BPCL SBI Card Octane. Customers would need to apply for the superior Octane card separately, potentially after closing their basic BPCL SBI Card.
• Corporate Information: SBI Cards and Payment Services Limited is located at Unit 401 & 402, 04th Floor, Aggarwal Millennium Tower, E-1,2,3 Netaji Subhash Place, Wazirpur, New Delhi 110034, CIN: L65999DL1998PLC093849.