First thing, identify your brand loyalties, if any. Choosing the right card for you is simpler if you go with your preference for BPCL, HPCL, or Indian Oil. Besides, if you are flexible with your brand choice based on the highest value back, you can consider the IndianOil RBL Bank XTRA Credit Card, as it offers an impressive 8.5% value back. The co-branded fuel benefits on the cards are as follows:
IndianOil RBL Bank XTRA Credit Card: Up to 8.5% valueback
- 15 fuel points per Rs. 100 spent at IndianOil fuel stations (Maximum 2,000 fuel points per month)
- 1% fuel surcharge waiver of up to Rs. 200 every month
- 1 fuel point = Rs. 0.5
BPCL SBI Octane: Up to 7.25% valueback
- 25 rewards per Rs. 100 at BPCL fuel, & Lubricants (Up to 2500 points per billing cycle)
- 1% fuel surcharge waiver at BPCL pumps
- 4 Reward Point = Rs. 1
IDFC FIRST Power Plus: Up to 6.5% valueback
- 30 rewards per Rs. 150 on HPCL fuel (up to 2,400 rewards in a statement cycle)
- 6 Happy Coins per Rs. 100 on fuel spends through HP Pay App (up to 600 Happy Coins per month)
- 1 reward point/Happy coin = Rs. 0.25
IndianOil Axis Bank: Up to 5% valueback
- 20 rewards per Rs. 100 spent at IOCL fuel pumps (capping on transaction value of Rs. 5,000)
- 1% fuel surcharge waiver at all fuel stations
*Note: The estimated value back percentage is calculated as per the earning and redemption values offered on the cards. Click here to check the value back calculation.
The latest launch in the fuel cards segment, the IndianOil RBL Bank XTRA credit card, currently offers the highest return on fuel in comparison to the other three cards. It is closely followed by BPCL SBI Card Octane, which dominated the best fuel cards chart for a long time.
In comparison, the Indian Oil Axis Bank card extends benefits to non-partnered fuel spends as well, by not limiting the fuel surcharge waiver to IOCL fuel pumps. But this cannot be a differentiating factor to choose a card for all-round fuel benefits. Thus, users will have to stick to brand preferences to derive the maximum valueback on their fuel spends.
To further add to this argument, here is an estimated monthly savings on co-branded fuel spends. Let’s assume you spend Rs. 10,000 a month on fuel at specific co-branded fuel stations. You will earn benefits via the accelerated fuel rewards as shown in the table below:
| IndianOil RBL Bank Xtra Credit Card |
BPCL SBI Card Octane | IDFC FIRST Power+ Credit Card | IndianOil Axis Bank Credit Card | |
| Reward category | 15 fuel points per Rs. 100 | 25 rewards per Rs. 100 | 24 rewards per Rs. 150 | 20 rewards per Rs. 100 spent |
| Fuel spends | Rs. 10,000 | Rs. 10,000 | Rs. 10,000 | Rs. 10,000 |
| Rewards earned on Rs. 10,000 | 1,500 | 2,500 | 2,000 | 1,050
(up to 1,000 points on Rs. 5,000+ 50 points on remaining value) |
| Redemption value | Rs. 0.5 | Rs. 0.25 | Rs. 0.25 | Rs. 0.20 |
| Total value back | Rs. 750 | Rs. 625 | Rs. 500 |
Rs. 210 |
Note: The per reward value may across other redemption options.
Considering a monthly spend of Rs. 10,000 on fuel, Indian Oil RBL Bank Xtra clearly offers the maximum valueback. However, for choosing the best card, consider not just the valueback but also the rewards capping. For instance, the leading cards here, IndianOil RBL Xtra and BPCL SBI Octane, come with a capping of 2,000 and 2,500 rewards p.m. on fuel transactions. Thus, users spending beyond a certain value will earn limited rewards irrespective of the amount.
For instance, with the RBL variant, those spending anywhere beyond Rs. 13,500 will earn 2,000 fuel points, no matter how big the spend value. A similar capping is also applicable on IDFC FIRST HPCL Power+ of 2,400 reward points. But, instead of reward points, Indian Oil Axis Bank implies a cap on the maximum transaction value of Rs. 5,000. However, the card lets you earn rewards on the base rate after exceeding the monthly cap.