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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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The convenience of commuting by their own vehicle is indispensable for most and allows to keep away from all the hassles that come with public transport. Public transport, while economically and environment-friendly, is not the most convenient option for many. However, we cannot overlook the constant rise in the fuel prices across the country. This cost can eat into a major chunk of your monthly budget. The good news is that you can save on fuel costs using your credit card.
Effectively using a credit card will not only let enjoy driving your vehicle worry-free, but also avail several offers on your fuel refill.
What Are Fuel Credit Cards?
Fuel credit cards are co-branded with retailers like Indian Oil Corporation Ltd. These credit cards provide certain privileges when you use them to refuel vehicles. But such benefits are provided when you use the card at the partner stations or fuel pumps. Such credit cards are best suited for those who use vehicles for daily commuting. With a fuel crest card, they can save a significant amount on fuel expenses. Most credit card for fuel provide benefits with the concept of a rewards model, wherein the cardholder earns points every time they refuel. Later they can redeem the accumulated points to get a certain quantity of fuel for free.
How Does A Fuel Credit Card Help To Save Fuel Cost?
Cashback offers
Cashback offers bring you some great value on spending your money. When you make a certain transaction using your credit card, you earn back a fixed amount. This fixed amount may be refunded to you in your bank account or added as part of your credit card limit. The amount can be directed towards making fuel purchases.
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Reward points
As the name suggest, reward points let you enjoy rewards in the form of points. Each time you make spends at given fuel stations, you earn a set of reward points. You may also earn points through different spends including on airplane tickets, groceries, appliances and more. Post accumulating a significant amount of points, you can use the same to pay for your daily fuel refill.
Surcharge waiver on fuel credit cards
Banks also offer the benefits of surcharge waiver with credit cards. Most credit cards include a transaction fee. This fee is also popularly known as a surcharge. When you use a credit card that waives of the surcharge, it reduces a part of total costs on your expenditure. Making use of this benefit can aid in significantly bringing down the budget blow caused by high fuel prices.
Now that you know the different ways to save on fuel costs using your credit card, you must make use of it smartly. If you don’t have your fuel credit card yet, it is the perfect time to apply for one. Evaluate the benefits and features to ensure that you get the best of your credit card shopping experience.
Milestone Benefit
Banks provide milestone benefits to the cardholder. In this reward program, the user gets the chance to earn bonus points. These points will be credited to your account when you reach a certain spending limit. And the same is redeemable against the bank’s reward catalogue. The claiming period for such benefits is limited usually three months following the date of their accrual. So by using your credit card for fuel refilling, you can earn daily reward points plus can meet the milestone program criteria and be eligible for bonus points.
Also Read: What is the difference between a credit card surcharge and a convenience fee?
Best Credit Card for Fuel
Credit cards are financial instruments that make payments easy in our day to day life. It helps you get additional benefits like rewards and bonuses. But each credit card is different in terms of annual fees, interest charges, joining fees. So while considering a credit card for fuel purchase, do check these beforehand. Because only the Best Credit Card for Fuel helps you save on your fuel expenditures.
Final Word
As fuel prices constantly increase in the country, you must take measures to save on fuel purchases. And fuel credit cards from banks are a viable option. Such credit cards for fuel get you - reward points, cashback and a surcharge waiver. You can save a lot on fuel expenditures with all these savings benefits. And the best credit card for fuel offers savings on fuel and other expenditures.
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