IndianOil HDFC Bank Credit Card – Benefits, Fees & Eligibility

Introduction

The IndianOil HDFC Bank Credit Card is a co-branded credit card issued by HDFC Bank in collaboration with IndianOil, primarily positioned for individuals with high fuel spending. This card offers significant savings by rewarding users with Fuel Points, which can be redeemed for free fuel at IndianOil petrol pumps. Key differentiating benefits include earning 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 payments as it operates on the RuPay network.

Welcome Benefits

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

Fees

• Joining Fee: ₹500 plus applicable taxes.
• Renewal Fee: ₹500 plus applicable taxes.
• Spend-Based Waiver:
  • Joining Fee can be waived if you spend ₹20,000 in the first 90 days of card issuance.
  • Renewal Fee can be waived on annual spends of ₹50,000 or above in the previous year/card anniversary year.
• Rewards Redemption Fee: ₹99 plus GST for redemption through net-banking towards catalog products or as cashback.
• Foreign Currency Markup: 3.5% of the transaction amount.
• Interest Rates:
  • Revolving Credit Interest Rate: 3.75% per month (45% per annum).
  • Overdue Interest Charges: 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 monthly.
• 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• Cash Advance Charges: 2.5% of the amount withdrawn, subject to a minimum charge of ₹500.
• Card Reissue Charges (Lost/Damaged): ₹100.
• Duplicate Statement Fee: ₹10 (for physical statements).
• Rental Transaction Fee: 1% of the transaction amount, capped at ₹3,000 per transaction, applicable on any applicable merchant (effective August 1, 2024).
• Minimum Amount Due: 5% of the total outstanding balance or ₹200, whichever is higher.

Rewards

• The card earns Reward Points as Fuel Points (FP).
• Accelerated 5% Fuel Points on spends at IndianOil outlets, groceries, and bill payments.
  • Capping on 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.
  • Capping on Groceries: Maximum 100 Fuel Points per month.
  • Capping on Utility Bill Payments: Maximum 100 Fuel Points per month.
  • The accelerated 5% Fuel Points benefit for fuel transactions is given only for non-UPI transactions done at IndianOil Retail Outlets.
• 1 Fuel Point on every ₹150 spent on all other purchases, including UPI transactions.
• Up to 50 liters of free fuel annually using the IndianOil HDFC Bank Credit Card.
• Fuel Points Validity: Fuel Points are valid for a period of 2 years from the date of accumulation.
• No Fuel Points shall be earned for:
  • Fuel transactions at other petrol pumps.
  • Any kind of wallet-loading.
  • Returned purchases, disputed or unauthorized/fraudulent transactions.
  • EMI transactions.
  • Account Fees and Payment.
  • Purchase of jewellery/gold coins or its equivalents.
  • Rental and Government category payments.
• UPI Payments: The card is on the RuPay network, allowing it to be linked to UPI applications for convenient mobile payments.
• Interest-Free Credit Period: Get up to 50 days of interest-free credit from the date of purchase (subject to submission of the charge by the merchant).
• Smart EMI: Option to convert big spends into EMI after purchase.
• Contactless Payment: The card is enabled for contactless payments at retail outlets. Payments up to ₹5,000 do not require a PIN, while transactions equal to or higher than ₹5,000 require a PIN for security reasons.
• Zero Cost Card Liability: Available on any fraudulent transactions made on your Credit Card if reported immediately to HDFC Bank’s 24-hour Call Centre.

Rewards Redemption Guide

• Fuel Points are redeemable for Free Fuel using the complimentary IndianOil XTRAREWARDS Program (IXRP) membership at participating IndianOil outlets.
  • Redemption Value for Fuel: 1 Fuel Point = 3 XTRAREWARDSTM Points (XRP) = ₹0.96.
  • To redeem for free fuel, convert your accrued Fuel Points into XRP and then use XRP at participating IndianOil Outlets.
  • Partial payments using XRP are possible.
• Fuel Points can be redeemed through NetBanking towards catalog products.
  • Redemption Value for Catalog Products: 1 Fuel Point = up to ₹0.20.
• Fuel Points can be redeemed as cashback on your IndianOil HDFC Bank Credit Card (against statement balance).
  • Redemption Value for Cashback: 1 Fuel Point = ₹0.20.
• Redemption Cap: Redemption of Reward Points to CashBack and Travel categories is capped at 50,000 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 by other payment modes (Cash/Cards/UPI etc.).
• Fuel Point Accrual and Checking:
  • Fuel Points accrued for the previous calendar month’s eligible transactions will be added and credited on the 1st of the next calendar month (after applying maximum capping).
  • You can check accrued Fuel Points on your monthly statement (physical or e-statement) or by logging into NetBanking (Cards Tab -> Enquiry -> Reward Points Redemption -> Choose your IndianOil HDFC Bank Credit Card Number -> View total Fuel Points accrued).

Card Eligibility Criteria

Salaried Employees

• Nationality: Indian
• Age: Minimum 21 years, Maximum 60 years
• Income: Net Monthly Income greater than ₹12,000 (or Minimum ₹1,44,000 Per Annum)

Self-Employed Individuals

• Nationality: Indian
• Age: Minimum 21 years, Maximum 65 years
• Income: Income Tax Return (ITR) greater than ₹6 lakh per annum

General Eligibility

• Applicants are generally required to have a good credit score, typically above 750, to demonstrate financial responsibility and repayment capacity.
• Applicants must be Indian residents.
• Students are generally not eligible as the card requires a stable income and creditworthiness.
• Applicants are not required to be existing customers of IndianOil.
• Foreign nationals are not eligible.

Documents Required

• 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: Recent Salary slips, Form 16, Income Tax Returns (ITR), Bank statements.

Card Review

The IndianOil HDFC Bank Credit Card is best suited for individuals who frequently spend on fuel, especially at IndianOil outlets, and also on groceries and utility bill payments. Its co-branded nature with IndianOil ensures significant savings on fuel.

Pros

• High Reward Rate on Fuel: Offers an accelerated 5% Fuel Points on IndianOil outlets, with a high redemption value of ₹0.96 per Fuel Point for free fuel via IXRP.
• Broad Reward Categories: Also provides 5% Fuel Points on grocery and utility bill payments, making it useful for everyday expenses beyond just fuel.
• UPI Integration: Being on the RuPay network, it can be linked to UPI applications for convenient mobile payments.
• Fee Waiver: Both joining and renewal fees can be waived based on spending, making it potentially a free-for-life card.
• Additional Benefits: Includes a 1% fuel surcharge waiver, up to 50 days of interest-free credit, and zero lost card liability.

Cons

• Monthly Capping on Fuel Points: There are monthly caps on Fuel Points earned in accelerated categories (250 FP for IndianOil fuel in the first 6 months, then 150 FP; 100 FP each for groceries and utilities), which might limit benefits for very high spenders.
• No Rewards on Certain Spends: Fuel Points are not earned on specific transaction types like wallet loading, government transactions, EMI, rental payments, gold purchases, or fuel purchases at non-IndianOil pumps.
• Reward Redemption Fee: A fee of ₹99 + GST is applicable for redeeming Fuel Points as cashback or against catalog products, though not for fuel redemption via IXRP.

Important Product Details

• Complimentary IndianOil XTRAREWARDS Program (IXRP) membership.
• Renewal fee waiver on annual spends of ₹50,000 and above in the previous year.
• 5% of spends as Fuel Points at IndianOil outlets, groceries, and bill payments (subject to monthly caps).
• 1 Fuel Point on every ₹150 spent on all other purchases, including UPI spends.
• Potential to earn up to 50 liters of free fuel annually.
• 1% fuel surcharge waiver on transactions of ₹400 or more, with a maximum waiver of ₹250 per statement cycle.
• RuPay network compatibility for UPI payments.
• Zero Cost Card Liability for fraudulent transactions reported immediately.
• Revolving Credit facility available at a nominal interest rate.
• Up to 50 days of interest-free credit from the date of purchase.
• Smart EMI option to convert large spends into EMIs.
• Contactless payment enabled for quick transactions.
• Fuel Points are valid for 2 years from the date of accumulation.
• Monthly maximum caps apply to Fuel Points accrued on IndianOil Outlets, Groceries, and Utilities.
• No Fuel Points are earned on specific categories like wallet loading, government transactions, EMI, rental payments, and gold purchases.

Other Details

• Card Management & Controls: Cardholders can manage their credit card controls (e.g., enable/disable online, contactless, international usage, set transaction limits) through various channels:
  • NetBanking
  • Mobile Banking App
  • MyCards portal (mycards.hdfc.bank.in)
  • PayZapp app
  • WhatsApp Banking (by sending "Credit Card" to 7070022222)
  • IVR (toll-free numbers: 1800 1600 or 1800 2600; for overseas travel assistance: 022-61606160)
• Application Process:
  • Online: Click "Apply Now," fill in details (name, PAN Card, etc.), and submit the application. Document upload and video KYC might be required in some cases.
  • Offline: Visit the nearest HDFC Bank branch, fill out the application form, and attach required documents.
• IndianOil XTRAREWARDS Program (IXRP): This is an exclusive Loyalty Rewards Program owned and run by Indian Oil Corporation Ltd. IndianOil HDFC Bank Credit Cardholders are automatically and mandatorily registered with IXRP during card issuance.
  • An SMS confirmation with an XTRAREWARDSTM Customer ID (XR CID) will be sent to the registered mobile number.
  • It is crucial that the mobile number registered with the bank is the same as the one registered with IXRP for successful redemption.
  • If XRPs are not credited within 72 hours of conversion, 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.
  • Having an XR CID is necessary to convert Fuel Points into XRP and use them for free fuel redemption.
• Merchant Category Code (MCC): Eligibility for Fuel Points on transactions is based on the Merchant Category Code (MCC) captured for the transaction. Only MCCs recognized by Partner Networks (Visa/RuPay) for specific categories will accrue Fuel Points.
• Legal Disclaimers: Credit Card approvals are at the sole discretion of HDFC Bank Limited, subject to documentation and verification. Interest rates are subject to change. Terms and conditions apply to all banking offerings.