A fuel credit card has become necessary for customers in their bid to adjust to the fuel price hike. These cards are issued by various banks with the co-branding of the fuel companies. The best credit cards, in this case, are those that offer discounts and cashback on all kinds of purchases. In other words, you should be able to redeem your reward points earned on the purchase of fuel while you shop for other things. It is best to go for reputed cards like the Bajaj Finserv RBL Bank SuperCard, as you can always count on them.
How Does the Fuel Credit Card Help You Out?
A fuel credit card typically offers you a 1% fuel surcharge waiver on a pre-decided minimum purchase. Make sure that this amount is not too high, and is relevant to the amount you generally spend on fuel every month. Secondly, you must not get carried away by the reward points. Make sure that the offers actually apply to your favourite items or stores before you invest in a fuel credit card. You should check reports for credit.
What Rewards Can You Expect?
These are the rewards that a fuel credit card can offer you.
- Cashback: A percentage of your spending is offered as cashback by the fuel credit card and is sent directly to your bank account. Make sure you understand how many times the cashback is offered, and the maximum cashback amount allowed per month.
- Reward Points: Reward points are offered with every purchase at fuel stations. However, make sure that you utilize the reward points before they expire. Some credit cards offer 4x reward points, meaning that every fuel purchase worth Rs. 1000 will fetch you Rs. 250 off on your next purchase.
- Bonus Points: Credit card issuers offer bonus points when you get a new credit card approved. You can only redeem these points at fuel stations. With the first purchase, your card gets activated and you are eligible for further benefits.
- Rewards on Other Purchases: Major e-commerce sites often provide offers on certain credit cards throughout the year, which also leads to the accumulation of reward points.
- Privileges: There are multiple privileges that fuel credit cards can proffer. These can range from flat discounts at restaurants to free airport lounge access. Depending on the type of card, you can even be eligible for insurance cover. Read the terms and conditions carefully to find out if the card offers you free repairs at roadside garages. It could prove to be beneficial when you are faced with flat tyres or an overheated engine.
Like any other credit card, a fuel credit card has its own eligibility criteria that you must adhere to. First of all, you must be at least 18 (or 21-25, depending on the issuer) years old to own this card. The rule is understandable because it coincides with the legal driving age in India. Furthermore, you should be a citizen of India and furnish proof of it. Your impression of the bank gets better if you are salaried or self-employed, i.e. you have a fixed and reliable source of income. Oftentimes, the best credit cards have an income level that you have to be on par with. Lastly, you must have a good credit score, preferably above 700, so that your financial stability is unquestionable.
How to Apply for a Fuel Credit Card?
Applying for a fuel credit card is easy. You have to visit the issuer’s website and read the terms and conditions. If you find everything desirable, you may proceed to click on the apply button. You will be redirected to a fresh page where you will be prompted to fill out the application form, and provide basic details. After that, a representative will call you on your registered contact number and take the process forward. If you’re looking for the best credit card, you can apply for the Bajaj Finserv RBL Bank SuperCard because it takes care of your all-around savings, apart from ensuring a good savings percentage on fuel.