In recent years, credit cards rose to tremendous popularity in the Indian financial market. These have become the primary choice of cashless financing to an ever-increasing number of people who prefer convenient ways of payments.
Fuel credit cards are one such type of financial tool tailor-made for vehicle owners. The rising costs of petrol and diesel have further made this an attractive option. Moreover, fuel credit cards provide with discounts, cashback, and surcharge waiver whenever you use them to purchase fuel.
What are the other benefits of a fuel credit card?
Fuel expenses can add up significantly to the monthly overhead cost of an urban family. Several financial organizations offer fuel cards to ease up this financial burden. Some of the best credit card for fuel come with features and reward programs that allow you to save up on your monthly expenditure.
1. Redeem points for fuel purchase – Various credit cards come with reward programs that enable you to earn huge points every time you make a purchase. These points can be redeemed for free fuel or other attractive offers.
2. Use it as a lifestyle card – Many financial institutions offer credit cards that bring huge rewards on both fuel and lifestyle purchases. Such credit card benefits include complimentary movie tickets, discounts on online and offline purchases, offers on availing services at partnered restaurants and hotels, etc. It allows you to maximize its use and accumulate rewards on all types of purchases.
3. Enjoy fuel surcharge waiver – Some financial institutions partner with various oil companies to provide fuel surcharge waiver whenever you use the credit card at a petrol pump. For example, Bajaj Finserv RBL Bank SuperCard offers fuel surcharge freedom of up to Rs. 200 every month across any pump. The SuperCard also comes with a host of industry-first features like interest-free cash withdrawal from ATMs, emergency advance, etc.
Bajaj Finserv also provides customized pre-approved offers on credit cards, personal loans, home loans, business loans and a range of other financial products. Such schemes help you save time by simplifying the process of availing finance. You can check your pre-approved offer online by entering only some essential details.
How to choose the best fuel credit card?
Choosing the best credit card for fuel can prove to be a daunting task with so many options available in the market. You should carefully consider some factors before deciding on the one you need.
1. Fuel spending pattern – The most crucial factor that you should consider is your spending pattern. Ideally, you should only consider a fuel card if you spend a significant amount of money on petrol every month. Otherwise, you may end up paying more in annual fees and other charges.
2. Partnered fuel pumps – You should consider how many oil companies have tie-ups with your credit card issuer while choosing a fuel card. It should be accepted at as many petrol pumps as possible to earn the maximum credit card benefits.
3. Fees and charges – Fees and charges levied on a credit card are other important factors to consider. Go for a choice that provides with an ideal balance between the costs and the benefits.
The best credit cards for fuel may also be exempted from the annual fees if you reach a certain spending milestone. Such products can prove beneficial if you spend a lot of money on fuel.
Documents required in applying for a fuel card
An applicant only has to submit some essential documents to apply for a fuel credit card. While these may vary between financial institutions, some common documents include –
- Proof of identity; for example, passport, driving license, Aadhaar, voter ID, PAN, etc.
- Proof of address including electricity and telephone bill, Aadhaar, passport, etc.
- One recent passport sized photograph.
Fuel purchase is an unavoidable expense for most urban residents. Owning and utilizing a fuel credit card can help a car owner save significant amounts on this obligatory expenditure. Choose the best credit card for fuel and enjoy a host of discounts, offers, and benefits against the money spent.
Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. You can find Gaurav on Linkedin.