How to choose the best credit card for fuel in India

Owning a vehicle can be expensive, especially when fuel prices take off. But savvy commuters know that finding the best credit card for fuel is key to keeping costs down - provided you check all of the fine details like accepted fuel stations, rewards and redeemable points, plus fees and charges. Factoring in these considerations when choosing a fuel credit card will make sure you hit those pumps without breaking your budget!

What to look for in the best credit card for fuel expenses?
 

· Rewards and cashback

If you're looking for ways to make your fuel purchases pay off, a credit card that offers attractive rewards points is an ideal choice. Plus, every time you use it to fill up (or even on other expenses) there's the chance of getting some cashback - that's like free money in the bank!

For instance, with the HPCL-backed IDFC FIRST Power+ Credit Cards, you can earn up to 5% valueback on fuel recharges. Furthermore, any grocery or utility payments made with these cards fetch 5% value back.

*Valueback is in the form of reward points

· Co-branded fuel credit cards

Co-branded fuel credit cards, such as HPCL-backed IDFC FIRST Power Credit Cards, offer more fuel savings. A co-branded credit card can offer fuel surcharge waivers at partner outlets allowing regular car users to save a lot over time. Cardholders can also earn additional reward points on fuel purchases if they are made through fuel co-branded credit cards.

Fuel purchases made at HPCL stations across India will earn you 21X and 30X reward points, respectively, with the IDFC FIRST Power and FIRST Power+ Credit Cards. HPCL's credit card is one of the best fuel cards in the country because it has access to a large number of petrol pumps and retail outlets.

· Additional features for vehicle owners

Check if your chosen credit card offers any additional benefits for other vehicle-related expenses, as they can reduce the overall burden of vehicle ownership.

For example, IDFC FIRST Power and FIRST Power+ Credit Cards offer 5% valueback up to ₹50 per month on FASTag top-ups.

· Non-fuel benefits

Having a fuel credit card shouldn't mean you have to compromise on the regular benefits of a credit card. Sure, reward points are great for fueling up but don’t forget they can also be accumulated and spent elsewhere too. With the best fuel credit card, you can unlock more savings with discounts and offers that go beyond just filling up your tank.

With the FIRST Power+ Credit Card, you enjoy 3X Reward Points on UPI spends, up to 50X Bonus Reward Points on travel bookings via the IDFC FIRST Bank app, complimentary domestic airport lounge access, and 25% off on movie tickets up to ₹100 every month.

That’s not all. With the FIRST Power and the FIRST Power+ Credit Cards, you get 15X and 30X reward points respectively on IDFC FASTag top-ups and utility and grocery payments.

Other factors to consider when applying for a fuel credit card
 

When shopping for the best credit card for your fuel needs, features and benefits alone won't cut it. Think about these elements too - is this a good tool for my individual utility? Is it within my budget? Once you've narrowed down some top contenders in terms of affordability and practicality, then give those cards an even closer look based on the following factors:

· Ease of redeeming reward points

Depending on the issuer of your fuel credit card, you could have a range of options for redeeming your reward points. From redeeming them at partnered fuel depots or while shopping with non-fuel retailers online or even trading them for gift vouchers. The key is picking the best credit card that works for what’s important to you and how often you spend.

As with any other IDFC FIRST Bank Credit Card, FIRST Power Credit Cards let you use your accumulated reward points seamlessly while shopping at physical stores or online.

· Usability of the benefits

To be truly effective, it’s important to ensure that credit card offers make sense for you and are easy to utilise. Fuel credit cards are usually affiliated with major oil marketing companies. So look for one that has a number of partner outlets across the country and in your locality.

With over 19,000 HPCL fuel stations nationwide, you can ensure convenient access to partner outlets with the FIRST Power and FIRST Power+ Credit Card.

· Reward points validity

You may earn many reward points, but their longevity also matters. If you do not redeem your points for a long period of time they will eventually expire. That’s why, choosing a fuel credit card without an expiry date on reward points is definitely a bonus. That way you won’t miss out on savings, ensuring greater flexibility and increased value with your credit card.

As with all IDFC FIRST Bank Credit Cards, the reward points earned with the FIRST Power and FIRST Power+ Credit Card never expire.

· Fees/charges

To get a waiver of the membership or annual maintenance charge, credit cards often set a milestone spending target. It is important to check whether you can meet such spending targets and save on the annual fee. Having a card with no or minimal joining fee is also a big plus.

The FIRST Power Credit Card has an annual maintenance charge of ₹199 per annum, waived off on annual spends of ₹50,000 in year. The FIRST Power+ Credit Card is priced at ₹499 per annum, which gets waived off on annual spends of ₹1,50,000.

Ultimately, the benefits of the credit card must outweigh its fees. So when choosing the best credit card for fuel, look for one whose joining bonus, welcome bonus, renewal benefit, etc., exceeds the annual fee.

·  Finance charges

While using your credit card, there may be instances where you pay less than the due amount and end up paying interest on the outstanding amount. This interest rate is generally higher than many loan products. It can become an additional financial burden if you take some time to pay off your outstanding credit card due.

The annual percentage rate on HPCL-backed IDFC FIRST Power and FIRST Power+ Credit Cards can be as low as 9% per annum. During an emergency, you can exceed the credit limit for a small fee of 2.5% of the overlimit amount.

To sum it up

Experience a world of rewards when you buy fuel with IDFC FIRST Power and FIRST Power+ Credit Cards! Enjoy 21X accelerated reward points on fuel, LPG, FASTag, utility bills and groceries along with 2X and 3X reward points, respectively for all UPI and other purchases.

That’s not all – get a ₹250 gift voucher with the FIRST Power Credit Card on your first fuel transaction above ₹250 and a ₹500 gift voucher with the FIRST Power+ Credit Card on your first fuel transaction above ₹500 at any HPCL station. Additionally, get a 5% cashback bonus when activating EMI options within 30 days of card set up - making this truly one of the best fuel credit cards available in India!