Home Finance What are the Advantages of Petrol Credit Cards in India?

What are the Advantages of Petrol Credit Cards in India?

The gas and the oil sector is one of the 8 core industries of India, playing a significant role in its GDP. While India’s economic prowess continues, this demand of the oil industry has a substantial contribution to its unhindered stride. This sector accounts for at least 15% of the nation’s GDP.

However, this particular sector is kept outside the purview of Goods and Services Tax (GST). Subsequently, the price of petrol is decided by the Central and State Governments, and the taxes added on to it makes it an expensive affair.

Considering that the taxes on diesel and petrol are a revenue generator for the Government, the chances that its prices will be slashed down considerably – are bleak. Hence, in an attempt to ease the purchase of petrol, multiple reputed card issuers offer their petrol card variant. Such variants are particularly beneficial for those who are daily commuters with personal vehicles.

These credit card variants are launched by multiple financial institutions taking into account the spending habits of individuals and are hence equipped with the best possible features and advantages. Here are a few of its beneficial features that shows how a credit card can help you save on fuel costs –

  1. Cashback 

Certain petrol card offers its holders with the lucrative cashback upon transactions of fuel purchase through the cards. It means that this card not only yields its stipulated reward points that can later be redeemed against surcharge waiver, free refuelling, etc. but also ensures that a certain amount is refunded or added to a card’s credit limit.

  1. Surcharge waiver 

Fuel purchase is often followed by a surcharge on the same. This piles up on the price of fuel and hence makes it a costly affair. With credit cards from reputed lenders, one can enjoy this benefit of fuel surcharge waiver by a certain percentage.

Under such circumstances, approaching leading financial institutions like Bajaj Finserv and availing their 4-in-1 RBL Bank World Plus SuperCard is the preferred option. It ensures that the cardholders enjoy the benefit of not just fuel surcharge freedom, but also add-ons like –

  • Interest-free cash withdrawal for a grace period of 50 days.

  • Easy EMI financing.

  • Welcome gift of up to 20,000 reward points.

  • Annual milestone spends.

  • Nominal fees and charges on the credit card.

  • Annual savings of up to Rs. 55,000.

  • Interest-free loan against the outstanding credit limit for a grace period of 90 days.

  • Movie ticket offers.

  • Complimentary access to an airport lounge.

Such cards come loaded with the power of 4 cards in one – credit card, loan card, EMI card, and cash card. Potential cardholders can easily apply for a credit card online in 3 quick steps.

This reputed financial institution offers its borrowers with the convenience of nominal documentation to avail credit cards and brings them with pre-approved offers that ease the application process to avail financial assistance. These offers are available on numerous financial products that include credit cards, home loans, personal advances, business loans, etc. You can take a look at your pre-approved offers by providing a couple of essential details that include your name and contact number.

  1. Accelerated reward points 

Leading credit card companies maintain tie-ups with specific fuel outlets. Purchasing fuel at these stations ensures that you earn accelerated reward points, i.e., twice or thrice the standard number of reward points commonly yielded. These reward points can later be redeemed to avail discounts on fuel purchases. Additionally, among other things to do with your credit card reward points, you can also redeem it against cash backs, vouchers, etc.

Taking into account these advantages of credit cards, multiple individuals, especially those who frequent the road, prefer this variant. Keeping in mind the convenience of the potential applicants, the eligibility criteria to avail credit cards are kept to a bare minimum –

  • He/she must be in the age bracket of 25 to 65 years.

  • The residential address must be within the serviceable range of the lender in question.

  • The applicant must be in possession of a credit score of 750+.

  • He/she must have an EMI card.

  • He/she must not be a defaulter.

Additionally, choosing the right petrol card that caters to your requirements and making timely payments has a significant impact on the CIBIL score of an individual. It ensures that the cardholder is a befitting candidate to apply for financial assistance with the lender in question.

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