Indian Oil and Kotak Mahindra Bank joined forces to launch their co-branded fuel credit card. The IndianOil Kotak credit card is a nice entry-level card perfect for those who are new to the credit scene and want great fuel-based benefits and other rewards.
Indian Oil has more than 34,000 outlets across the country and cardholders will be rewarded every time they refuel their vehicle at an Indian Oil fuel station. The card also offers reward points on grocery, dining, and other payments. These reward points can be redeemed for free fuel, cashback, or other products and vouchers at kotakrewards.com.
The IndianOil Kotak credit card can reward you with up to 60 litres free fuel every year along with a host of other benefits. Those who travel a lot can reduce the effect of high fuel prices through this card and can have a highly rewarding experience if they prefer IndianOil petrol pumps over other countries.
Keep on reading to know more about this newly launched fuel credit card by Kotak Mahindra Bank and IndianOil.
- Joining Fee- Rs. 449 plus taxes
- Renewal Fee- Rs. 449 plus taxes
- Best Suited For- Fuel
- Reward Type- Reward Points
- Welcome Benefits- Get 1000 Reward Points on spending Rs. 500 or more within 30 days of getting the card
Rewards and Benefits
- Movie & Dining- Get 12 Reward Points on spending Rs. 150 on dining. You get 2% back as reward points on your dining spends.
- Rewards Rate- Get 24 Reward Points on every Rs. 150 spent on fuel. Get 12 Reward Points on every Rs. 150 spent on grocery and dining. Get 3 Reward Points on every Rs. 150 spent on other transactions.
- Reward Redemption- Reward Points can be redeemed as cashback or to buy merchandise, products, and vouchers on kotakrewards.com. You can redeem your Reward Points for IndianOil XTRAREWARDS as well.
- Travel- NA
- Golf- NA
- Domestic Lounge Access- NA
- International Lounge Access- NA
- Insurance Benefits- Insurance cover worth Rs. 2 Lakhs for personal accident
- Zero Liability Protection- Cardholder will not be liable for fraudulent transaction on reporting the loss of his card in a timely manner to the bank
Fees & Charges
- Spend based Waiver- Annual fee is waived on spends of Rs. 50,000 or above
- Rewards Redemption Fee- Nil
- Foreign Currency Markup- 3.5%
- Interest Rates- 3.5% per month or 42% per annum
- Fuel Surcharge- 1% fuel surcharge waiver on transactions between Rs. 100 to Rs. 5000
- Cash Advance Charge- Rs. 300 per Rs. 10,000 withdrawn
- Add-on Card Fee- Nil
Product Details
- Welcome Benefit of 1000 Reward Points on spending Rs. 500 inside 30 days
- 24 Reward Points on spending Rs. 150 on fuel at IndianOil outlets
- 12 Reward Points on spending Rs. 150 on dining and grocery
- 3 Reward Points on spending Rs. 150 on everything else
- Annual fee waiver on spends of Rs. 50,000 or more in the previous year
- 1% fuel surcharge waiver with a maximum of Rs. 100 per month
- Insurance cover of Rs. 2 Lakhs for personal accident
- Rupay Contactless payment up to transactions of Rs. 5000
IndianOil Kotak Bank Credit Card Features and Benefits
- As discussed above, the IndianOil Kotak Bank credit card is a co-branded fuel card offering a nice reward rate on fuel as well as other transactions. Let’s know more about the card’s benefits and features in detail –
Welcome Benefits
- You can get a welcome benefit of 1000 Reward Points on spending Rs. 500 or more inside 30 days of getting the card.
- The benefit is only available to those who pay the joining fee for the credit card.
Annual Fee Waiver
- You can get the annual fee of the credit card waived off on making spends of Rs. 50,000 or more in the card anniversary year.
Reward Accrual
- Get 4% back as reward points on your fuel spends. You can earn 24 reward points on spending every Rs. 150 on fuel and you can earn a maximum of 1200 reward points per month.
- Get 2% as reward points on dining and grocery spends. You can earn 12 reward points on spending every Rs. 150 on dining and grocery and you can earn a maximum of 800 reward points every month.
- Get 0.5% as reward points on other spends. You will earn 3 reward points on spending every Rs. 150 and there is no maximum monthly capping on this.
- Also, you get 1000 reward points as your welcome benefit.
Reward Redemption
- As a limited period, introductory offer, you can redeem your Reward Points as cashback at the rate of 1 RP = Rs. 0.25. You must have a minimum of 300 reward points for this and can redeem against cashback only in multiple of 300.
- You can redeem your reward points at Rs 0.25 against Kotak’s exclusive catalog at kotakrewards.com. You can purchase merchandise, products, travel and gift vuchers, mobile recharge, etc.
- You can convert your reward points into IndianOil XTRAREWARDS points only in multiples of 300, through Net or Mobile Banking. 300 RPs = 250 XTRAREWARDS points where 1 XTRAREWARD point is worth Rs. 0.30. These points can be used to pay for fuel at IndianOil outlets.
Concierge Services
- You get personal concierge services and assistance for gift delivery, restaurant bookings, flower delivery, car rental, limousine reservation, movie ticket booking, golf reservations, and much more.
- You can call at 1800-26-78729 to avail these concierge services.
Add-on Card
- You can get an add-on card for free that has all the benefits of your primary card.
- You can set the spending limit on the add-on card as you wish.
- You can separately track the spendings on every add-on card.
Insurance Benefits
- You get an insurance cover worth Rs. 2 Lakhs for personal accidents
Fuel Surcharge Waiver
- You get a 1% fuel surcharge waiver on fuel transactions between Rs. 100 and Rs. 5000 with a maximum benefit of Rs. 100 every month.
Contactless Payment
- With Rupay Contactless technology you can make transactions of up to Rs. 5000 with your credit card without entering your PIN.
IndianOil Kotak Bank Credit Card Fees and Charges
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- Here are the several fees and charges associated with the IndianOil Kotak Bank credit card –
- The joining and renewal fee of the credit card is Rs. 449 plus taxes which can be waived off on spending Rs. 50,000 or more in the previous year.
- The interest rate charged by the card is 3.5% per month and 42% per annum.
- The foreign currency markup fee on this credit card is 3.5%.
- There are no charges for getting an add-on card but you have to pay Rs. 100 for a replacement card.
- The cash advance charges are Rs. 300 on every Rs. 10,000 withdrawn with the credit card.
IndianOil Kotak Bank Credit Card Eligibility Criteria
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- You have to pass certain eligibility requirements in order to get approved for the credit card –
- Individual must be a resident of India.
- Individual must be between 18 years to 65 years of age.
- Individuals must have a stable source of income and other necessary documents.
Documents Required
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- You have to submit your ID, address, and income proof when applying for the credit card. Here is a list of important documents that are required –
- ID Proof – Aadhar card, PAN Card, Passport, VOTER ID, Driving License, etc.
- Address Proof – Aadhar Card, Electricity/Water Bills, Ration Card, Passport, Rent Agreement, etc.
- Income Proof – Latest salary slips, Form 16, latest bank statements, audited ITR
Conclusion
For those who love to travel with their vehicle and refuel it regularly, the IndianOil Kotak Bank credit card is a great choice. You get a nice welcome benefit and accelerated reward points on fuel spends at IndianOil outlets. The reward points can be redeemed as cashback, on Kotak Rewards, or converted to IndianOil XTRAREWARDS points.
The card even offers insurance cover and concierge services to the cardholder. The maximum capping on reward points is a downside but still the card has many positive points that outweigh this. You should surely consider applying for the IndianOil Kotak Bank Credit Card if you are new to credit and want a fuel-based card. You have a chance to earn 60 litres of free fuel every year with the card.
