The Benefits of Using Fuel Credit Cards

Vehicles are no longer a luxury. Almost every Indian family has a means of transportation suited for their accommodation. And while having a vehicle can ensure you save time, and travel as per your comfort, the rising cost of fuel can have adverse effects on your monthly budgets.

This can put you in a fix, compromising your ability to use your vehicle at your convenience. So what’s the solution? A fuel credit card! Buying a fuel credit card in India has become a timely solution. 

Understanding Your Fuel Credit Card
 

A fuel credit comes with many benefits, being a dedicated financial tool to mitigate your fuel expenses. So how does a fuel credit card in India work and what is the best fuel credit card for you?

A solution to the rising fuel prices, fuel credit cards are specific types of credit cards offered by several financial institutions. These credit cards can be used when you are refueling at the credit card’s partner outlets across the country.

A major benefit from these cards is that not only do you get a cashless experience but also with every refueling, the user gets monetary benefits.

Choosing the Right Fuel Credit Card In India
 

With several financial institutions offering their fuel credit card services, it can be confusing for you to choose the best fuel credit card for yourself. So here’s a quick guide for you to make a smart decision about your fuel credit card:

Low interest should interest you
 

Fuel credit cards are regularly going to be used by you. As a result, it is necessary for you to choose one that comes with low-interest rates and is favourable for your payment pattern.

Consider carefully, the charges
 

Like every credit card, a fuel credit card also comes with annual card charges as well as some fees for the best services. Therefore, make a decision based on a card that does not levy high charges.

Redeeming rewards should be rewarding
 

It can be very easy for you to get stuck in a complex redemption process. And so, while looking for the best fuel credit card in India, make sure you have carefully checked the terms and conditions.

Alongside, be mindful of the credit limit that will be allotted to you for a seamless experience.

The FIRST Power and FIRST Power+ Credit Cards by IDFC FIRST Bank can be a very lucrative option for the best fuel credit card for you. Not only does it offer multiple benefits at the joining fee of just ₹199 but also allows you to save up to ₹7,000 annually with this credit card.

Strategies for Maximizing Rewards
 

Make the most out of your spends on the card: Fuel credit cards typically offer higher reward points per rupee spent on fuel purchases. Try to ensure you make the most out of your fuel expenditure on the card to accumulate more points.

Look for the bonus offerings: Some fuel credit cards not only provide fuel benefits but also bonus reward points on specific categories like groceries, dining, or bill payments. Utilize them for additional reward points.

Pay bills on time and in full: Avoid late payment fees and potential credit score impact by paying your credit card bill on time and in full. This will also help you maintain a good credit history.

Smart Credit Card Usage
 

Keep in mind your usage: While using your fuel credit card, be mindful of your needs. A credit fuel card can be useful for credit, however, your expenses should neither exceed nor feel too much for your card.

Always keep your credit clean: Make sure your payments are done on time and you maintain a regular usage pattern. Good credit is key to smart usage of your fuel credit card.

Make a mental note of partner stations: You must know which stations/partners provide their services to your fuel credit card. This way, you won’t miss out on rewards.

Common Pitfalls to Avoid

 

Don’t overspend:

Surely, having a lucrative fuel credit card can be tempting to use. But you must restrict your usage to essential items only. Avoid convenience purchases that don't qualify for bonus rewards.

Don’t miss out on rewards:

Your fuel credit card rewards need to be redeemed for your best experience. Be sure you know what categories qualify for bonus points and how to redeem them.

High-interest rates:

Fuel credit cards often have higher interest rates than regular credit cards. Pay your balance in full each month to avoid outstanding interest charges that can quickly eat away at your rewards. Luckily, you can enjoy dynamic interest rates with the IDFC FIRST Power and FIRST Power+ Credit Cards that start at just 9% p.a.

Make The Most Out of Your Fuel Credit Card
 

A fuel credit card can be a powerful tool to save on gas expenses. However, that can only happen if you strategically use it and make the most out of it. By maximizing your spending on the card, and taking advantage of bonus categories and station deals, you can fill up your tank and your rewards wallet.

The FIRST Power and FIRST Power+ Credit Cards by IDFC FIRST Bank can get you started with its exciting joining offers, promising rewards, and exciting merchant offers. So, choose the best fuel credit card for you today.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.