IndianOil HDFC Bank Credit Card – Benefits, Fees & Eligibility

IndianOil HDFC Bank Credit Card

Introduction

The IndianOil HDFC Bank Credit Card is a co-branded credit card issued by HDFC Bank in collaboration with IndianOil. This card primarily rewards users in the form of Fuel Points, which can be utilized for purchasing fuel at IndianOil Petrol pumps, allowing cardholders to earn up to 50 litres of free fuel annually. It operates on the RuPay network, enabling convenient linking to UPI applications for mobile payments. Cardholders also receive a complimentary membership to the IndianOil XTRAREWARDS Program (IXRP), facilitating Fuel Point redemption at a highly favourable rate of 1 Fuel Point = ₹0.96 for fuel purchases. The card carries a nominal joining fee of ₹500 plus applicable taxes, which can be waived by meeting specific spending criteria.

Fees

• Joining Fee: ₹500 + Applicable Taxes
• Renewal Fee: ₹500 + Applicable Taxes
• Spend-Based Waiver:
  • The renewal membership fee can be waived if you spend ₹50,000 and above in the first year or preceding year.
  • The joining fee can be waived if you spend ₹20,000 in the first 90 days of card issuance.
• Rewards Redemption Fee: ₹99 + GST
• Foreign Currency Markup: 3.5% will be applicable on all International / Cross currency transactions.
• Interest Rates: 3.75% per month (45% per annum)
• Fuel Surcharge: 1% Fuel Surcharge waiver at all fuel stations across India.
  • Applicable on a minimum transaction of ₹400.
  • Maximum waiver of ₹250 per statement cycle.
• Cash Advance Charges: 2.5% of the amount withdrawn, subject to a minimum charge of ₹500.
• Rental Transactions Fee: 1% fee on transaction amount will be levied on rental transactions done on any applicable merchant for the month, capped at ₹3,000 per transaction, effective 1st August 2024.

Rewards

• Reward Type: Fuel Points
• Annual Fuel Savings: Earn up to 50 Litres of Free fuel annually.
• Accelerated Fuel Points on IndianOil Outlets:
  • Earn 5% of your spends as Fuel Points at IndianOil outlets (applicable on card swipes).
  • Maximum 250 Fuel Points per month in the first 6 months from card issuance.
  • Maximum 150 Fuel Points per month post 6 months from card issuance.
• Accelerated Fuel Points on Groceries and Bill Payments:
  • Earn 5% of your spends as Fuel Points on Groceries and Bill Payments (applicable on POS and E-commerce transactions).
  • Maximum 100 Fuel Points per month on each category (Groceries and Bill Payments).
• Fuel Points on Other Purchases: Earn 1 Fuel Point for every ₹150 spent on all other purchases, including UPI transactions.
• Complimentary Membership: Complimentary IndianOil XTRAREWARDS™ Program (IXRP) membership.
• UPI Linkage: The card is on the RuPay network and can be linked to UPI applications for convenient and fast mobile payments.
• Reward Point Accrual Exclusions: No Fuel Points shall be earned for wallet reloading, government transactions, EMI transactions, rental payments, and gold purchases.

Rewards Redemption Guide

• Fuel Point Accrual:
  • Fuel Point is an exclusive rewards metric system for IndianOil HDFC Bank Credit Card holders.
  • Earn Fuel Points on retail spends.
  • Earn accelerated 5% Fuel Points on spends at IndianOil outlets, Groceries and Bill payments (the accelerated 5% Fuel Points benefit will be given only for fuel transactions on IndianOil Retail Outlets).
• Fuel Point Redemption:
  • For Free Fuel (IndianOil XTRAREWARDS™ Program - IXRP):
    • Redeem Fuel Points for free fuel using the complimentary IndianOil XTRAREWARDS™ Program (IXRP) membership.
    • Redemption is available at participating IndianOil Petrol Outlets by converting Fuel Points into XRP.
    • 1 Fuel Point = ₹0.96. (This is derived from: 1 Fuel Point = 3 XtraRewards Point (XRP) and 1 XRP = ₹0.32, thus 1 Fuel Point = ₹0.96).
  • Through NetBanking (Product Catalogue):
    • Redeem Fuel Points through NetBanking towards catalogue products.
    • 1 Fuel Point = upto ₹0.20.
  • As CashBack:
    • Redeem Fuel Points as CashBack on your IndianOil HDFC Bank Credit Card against the statement balance.
    • 1 Fuel Point = ₹0.20.
• Fuel Points Validity: Fuel Points are valid for a period of 2 years from the date of accumulation.
• Redemption Caps: Redemption of Reward Points to Cashback and Travel categories will be capped at 50,000 points per month per customer.
• Accrual Caps: Accrual of Reward Points on Grocery Spends will be capped at 100 points per month per customer.
• Points + Pay: A maximum of 70% of the payment can be made using Reward Points, and the remaining 30% must be paid via other payment modes (Cash/Cards/UPI etc.).

Card Eligibility Criteria

For Salaried Indian Nationals

• Age: Minimum 21 years to Maximum 60 years.
• Net Monthly Income: Minimum ₹12,000 (or Minimum ₹1,44,000 per annum).

For Self-Employed Indian Nationals

• Age: Minimum 21 years to Maximum 65 years.
• Annual Income: ITR > ₹6 Lakhs per annum.

Card Review

The IndianOil HDFC Bank Credit Card is ideally suited for individuals with significant fuel spending, particularly at IndianOil outlets. It offers a strong value proposition with accelerated 5% Fuel Points on fuel purchases, utility bill payments, and grocery shopping. The card's standout feature is the high reward rate of ₹0.96 per Fuel Point when redeemed for free fuel through the IndianOil XTRAREWARDS Program (IXRP), which is a significant benefit for fuel-heavy users. Additionally, its RuPay network integration allows for seamless UPI payments, enhancing convenience. The ability to waive both joining and renewal fees by meeting reasonable spending thresholds (₹20,000 for joining fee in 90 days and ₹50,000 annually for renewal fee) makes it a potentially free-to-own card, adding to its overall value.

Pros

• Available on the RuPay network, enabling linkage to UPI applications for convenient and fast mobile payments.
• High reward rate for fuel redemption through IXRP (1 FP = ₹0.96).
• Potential for fee waivers based on annual spending.
• Up to 50 litres of free fuel annually.

Cons

• Initial reward earning on fuel spends at IndianOil outlets is capped at 250 Fuel Points per month for the first six months, which then reduces to 150 Fuel Points per month thereafter. This limits the maximum accelerated benefit for high spenders in this category after the initial period.
• Reward accrual on grocery and bill payments is capped at 100 Fuel Points per month for each category, which may be low for heavy spenders.

Important Product Details

• Complimentary IndianOil XTRAREWARDS Program (IXRP) membership.
• Renewal fee waiver on annual spends of ₹50,000 and above in the previous year.
• Joining fee waiver on spending ₹20,000 in the first 90 days of card issuance.
• Earn 5% of spends as Fuel Points at IndianOil outlets, groceries, and bill payments.
• Earn 1 Fuel Point on every ₹150 spent on all other purchases, including UPI transactions.
• Earn up to 50 litres of free fuel annually.
• A 1% fuel surcharge is waived on all fuel transactions at all fuel stations across India, on a minimum transaction of ₹400, with a maximum waiver of ₹250 per statement cycle.
• The reward earning on fuel spends at IndianOil outlets is capped at 250 Fuel Points per month in the first 6 months and 150 Fuel Points per month post 6 months from card issuance.
• Reward earning on grocery and bill payments is capped at 100 Fuel Points per month for each category.

Other Details

• Revolving Credit: Enjoy Revolving Credit on your IndianOil HDFC Bank Credit Card at a nominal interest rate (refer to the Fees and Charges section for details).
• Zero Lost Card Liability: In the event of losing your IndianOil HDFC Bank Credit Card, report it immediately to the 24-hour call centre to incur zero liability on any fraudulent transactions made on the card after reporting the loss.
• Interest Free Credit Period: Up to 50 days of interest-free period from the date of purchase (subject to the submission of the charge by the Merchant).
• Smart EMI: The IndianOil HDFC Bank Credit Card offers an option to convert big spends into EMI after purchase.
• Contactless Payment: The card is enabled for contactless payments, facilitating fast, convenient, and secure transactions at retail outlets. Look for the contactless network symbol on your card. In India, contactless payments are allowed for a maximum of ₹5,000 for a single transaction without a PIN. For amounts higher than or equal to ₹5,000, the cardholder must enter the Credit Card PIN for security reasons.
• Card Cancellation Policy: 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 to the registered email address, phone number, and/or communication address.
• How to Apply:
  • Offline Mode: Visit the nearest bank branch, fill out the application form, and attach the required documents.
  • Online Mode: Apply via the bank's website by filling in personal details such as name and PAN Card, and submitting the application for approval.