IndianOil HDFC Bank Credit Card – Benefits, Fees & Eligibility

Introduction

The IndianOil HDFC Bank Credit Card is a co-branded fuel credit card issued by HDFC Bank in collaboration with IndianOil. Operating on the RuPay network, this card is specifically designed for individuals with high fuel spending, offering significant savings on fuel purchases and utility bills. It differentiates itself by providing up to 50 liters of free fuel annually, accelerated 5% Fuel Points on spends at IndianOil outlets, groceries, and bill payments, and the convenience of UPI linking.

Welcome Benefits

• Voucher worth ₹250 upon card activation and completion of at least one transaction within 37 days from card issuance date.
• Complimentary IndianOil XTRAREWARDS Program (IXRP) membership.

Fees & Charges Breakdown

• Joining Fee: ₹500 plus Applicable Taxes.
• Renewal Fee: ₹500 plus Applicable Taxes.
• Spend-Based Waiver: Renewal Fee is waived on annual spends of ₹50,000 or above in the previous year/card anniversary year.
• Reward Redemption Fee: ₹99 + GST.
• Foreign Currency Markup: 3.5% of the transaction amount on all International / Cross currency transactions.
• Interest Rates: 3.75% per month (45% per annum). Overdue interest charges are up to 3.49% per month (41.88% annually) on the outstanding amount. Interest is calculated daily on the balance due from the transaction date and compounded on a monthly basis.
• Fuel Surcharge Waiver: 1% waiver across all petrol pumps on a minimum transaction of ₹400. Maximum waiver of ₹250 each statement cycle.
• Cash Advance Charges: 2.5% of the amount withdrawn, subject to a minimum charge of ₹500.
• Reissue Charges (Lost/Damaged Card): ₹100.
• Duplicate Statement Fee: ₹10 (for physical statements).
• Rental Transaction Fee: 1% fee on the transaction amount, capped at ₹3,000 per transaction, applicable on any applicable merchant, effective from August 1, 2024.
• Minimum Amount Due: Either 5% of the total outstanding balance or ₹200, whichever is higher.

Rewards & Cashback Structure

• Earning Rate:
  • Earn 5% of your purchases as Fuel Points (FPs) on spends at IndianOil outlets, groceries, and bill payments.
  • Capping on 5% Fuel Points:
    • For spends at IndianOil Outlets: Maximum 250 Fuel Points per month in the first 6 months from card issuance, and maximum 150 Fuel Points per month post 6 months. This accelerated benefit is given only for non-UPI fuel transactions at IndianOil Retail Outlets.
    • For grocery spends: Capped at 100 Fuel Points per month.
    • For utility bill payments: Capped at 100 Fuel Points per month.
  • Earn 1 Fuel Point on every ₹150 spent on all other purchases, including UPI transactions.
  • Fuel Points are not earned for wallet reloading, government transactions, EMI transactions, rental payments, gold purchases, or fuel transactions at other petrol pumps.
  • Fuel Points accrued on all eligible transactions posted within the calendar month will be added and credited on the 1st of the next calendar month, after applying maximum capping.
  • Eligibility for Fuel Points on transactions is based on the Merchant Category Code (MCC).
• Reward Redemption:
  • Fuel Points are redeemable for Free Fuel using the complimentary IndianOil XTRAREWARDS Program (IXRP) membership at participating IndianOil outlets. The redemption rate is 1 Fuel Point = 3 XTRAREWARD Points (XRP) = ₹0.96.
  • Redeem Fuel Points through NetBanking towards catalog products at a value of 1 Fuel Point = ₹0.20.
  • Redeem Fuel Points as cashback on your credit card statement balance at a value of 1 Fuel Point = ₹0.20.
  • Redemption against cashback and travel categories is capped at 50,000 Fuel Points per month per customer.
  • Points plus Pay: A maximum of 70% of a payment can be made using Reward Points, with the remaining 30% paid via other payment modes (Cash/Cards/UPI etc.).
• Point Expiry Rules: Fuel Points are valid for a period of 2 years from the date of accumulation and expire thereafter.

Travel, Lounge & Lifestyle Perks

• Lounge Access: Not applicable for domestic or international lounge access.
• Golf Benefits: Not applicable.
• Dining Discounts: Not applicable.
• Movie Offers: Not applicable.
• Insurance Benefits: Zero Cost Card Liability is available on any fraudulent transactions made on your Credit Card if reported immediately to HDFC Bank’s 24-hour Call Centre.

Card Eligibility Criteria & Income Requirements

• Nationality: Indian.
• Minimum Age: 21 years for both salaried and self-employed individuals.
• Maximum Age: 60 years for salaried employees, 65 years for self-employed individuals.
• Salaried Monthly Income Threshold: Minimum Net Monthly Income of ₹12,000 (equivalent to ₹1,44,000 per annum).
• Self-Employed Annual ITR Threshold: Minimum Income Tax Return (ITR) of ₹6,00,000 per annum.
• Credit Score (CIBIL) Preference: Applicants are required to have a good credit score, above 750, to demonstrate financial responsibility and repayment capacity.
• Other Credit Card Debts: Customers with outstanding debts on other credit cards can qualify, subject to meeting the income and age criteria.
• Students: Not eligible.
• Foreign Nationals: Not eligible.
• IndianOil Customer Requirement: The applicant does not need to be a customer of IndianOil to apply for this credit card.
• Required Documents:
  • Identity Proof: Passport, Aadhaar card, Voter ID, Driver's licence, PAN card, Passport size photos.
  • Address Proof: Aadhaar card, Passport, Utility bills (electricity, water, gas), Rental agreement, Bank statement.
  • Income Proof: Salary slips (recent), Form 16, Income Tax Returns (ITR), Bank statements.

Credit Card Review

The IndianOil HDFC Bank Credit Card is best suited for individuals with high fuel spending. It offers accelerated 5% Fuel Points on spends at IndianOil outlets, utility bill payments, and grocery shopping, providing significant savings. The card provides multiple redemption options, including fuel purchases, shopping, and cashback, with a notable reward rate of ₹0.96 per Fuel Point when redeemed for fuel via the XTRAREWARDS Program (IXRP). Furthermore, the card's joining and renewal fees can be waived by spending ₹50,000 in a card anniversary year, making it potentially free.

Pros

• Being on the RuPay network, the card can be linked to UPI applications for convenient and fast mobile payments.

Cons

• Cardholders face a monthly capping on reward earning: 250 Fuel Points within the first six months of card issuance, which is then reduced to 150 Fuel Points after this period for IndianOil outlet spends.

Important Product Details

• Complimentary IndianOil XTRAREWARDS Program (IXRP) membership is provided.
• Offers the potential to earn up to 50 liters of free fuel annually.
• The card is on the RuPay network, enabling UPI linking for mobile payments.
• Provides Zero Cost Card Liability for fraudulent transactions if reported immediately.
• Revolving credit facility is available at a nominal interest rate.
• Cardholders can enjoy up to 50 days of interest-free credit from the date of purchase (subject to the merchant's submission of the charge).
• Smart EMI option allows conversion of big spends into EMIs after purchase.
• The card is enabled for Contactless Payments at retail outlets, allowing transactions up to ₹5,000 without a PIN; a PIN is required for transactions equal to or higher than ₹5,000.

Other Details

• Application Process:
  • Online: Apply via the HDFC Bank website by filling in details like name, PAN Card, etc., and submitting the application.
  • NetBanking: Existing HDFC Bank customers can log in to NetBanking and apply from the ‘Cards’ section.
  • Offline: Visit the nearest HDFC Bank branch, fill out the application form, and attach required documents.
  • In certain cases, uploading documents and completing video KYC might be required.
• Card Management & Controls: Card controls (e.g., enabling/disabling online, contactless, international usage, setting limits) can be managed through:
  • NetBanking: Log in, go to Cards Tab > Select card > Manage card > Manage Domestic and International Limits.
  • Mobile Banking App: Log in, go to ‘Cards’ section > Select card > Click ‘Manage Limits’.
  • MyCards Portal: Visit mycards.hdfc.bank.in, log in with registered mobile number and OTP.
  • PayZapp App: Open PayZapp, tap ‘MyCards’ tab > Select ‘Go to MyCards’.
  • WhatsApp Banking: Send "Credit Card" to 7070022222, choose "Manage My Card" option.
  • IVR: Contact HDFC Bank's toll-free numbers (1800 1600 or 1800 2600 from 8 am to 8 pm, or 022-61606160 for overseas travel assistance).
• IndianOil XTRAREWARDS Program (IXRP):
  • This is an exclusive Loyalty Rewards Program owned and run by Indian Oil Corporation Ltd.
  • It rewards enrolled customers with XTRAREWARD Points (XRP) on every transaction at any IndianOil Retail Outlet, allowing redemption for free fuel.
  • IndianOil HDFC Bank Credit Cardholders are automatically and mandatorily registered with IXRP during credit card issuance.
  • Customers will receive an SMS confirmation with their XTRAREWARD Customer ID (XR CID) upon successful account creation.
  • Existing IXRP Customer IDs can be merged with the program; ensure the mobile number registered with the bank is the same as with IXRP.
  • If XTRAREWARD Points are not credited to the IXRP account within 72 hours, Fuel Points will be credited back to the Credit Card account within 7-10 business days.
  • XRP balance can be tracked on xtrarewards.com, from the POS Terminal at participating IndianOil Retail Outlets, or via the IndianOil ONE app.
  • Partial payments using XTRAREWARD Points are possible at participating IndianOil Retail Outlets.
  • Cancelling IXRP membership is not recommended as it prevents conversion of Fuel Points into XTRAREWARD Points for free fuel redemption.
• Interest-Free Credit Period: Get up to 50 days of interest-free credit from the date of purchase, subject to the submission of the charge by the merchant.
• Card Inactivity: The bank reserves the right to cancel the card if it remains inactive and is not used for any transaction for a continuous period of 6 months, after prior written notice.
• Legal Disclaimers: Most Important Terms and Conditions (MITC) and product-specific Terms & Conditions are available via links on the bank's website and should be reviewed thoroughly.