Co-branded petro cards
A co-branded petro card is a credit card which is sponsored by both the credit card issuing company and the participating fuel company. One can also use a co-branded petro card to pay for his fuel. This card provides an advantage of getting a surcharge waiver, apart from being a usual debit/credit card. The surcharge levied is on fuel is 2.75 % or Rs 10, whichever is higher. The co-branded petro cards also earn reward points over and above the surcharge waiver.
Co-branded credit cards floating in the market include some like IOC-Citibank and HPCL-ICICI Bank and Smartfill, a card by BPCLand StanChat Bank.
IOC-Citibank co-branded card offers:
• Savings of up to 5% to cardholders on their petrol spends at select Indian Oil retail outlets across the country.
• Customers using this card will avail two reward points per use at an IOC retail outlet and one point each at other outlets, on every purchase worth Rs 100.
• The reward points can be redeemed for free petrol, Servo engine oils and lubricants at IOC petrol pumps.
HPCL-ICICI Bank co-branded earn reward points named as ‘Speed `o' miles' and these points can be redeemed for free fuel at HPCL Petrol Pumps or against gifts available in the ICICI rewards redemption catalogue. Some other features of the card include:
• It is eligible for 5% discount on tyres, batteries and auto accessories sold at select HPCL petrol pumps.
• 15% discount on P-UC (pollution under control) check, labour charges on servicing and minor repairs at HPCL petrol pumps.
• Minimum assured Cash Back per transaction of 1%.
• 1 reward point earned on every Rs.200 spent on all purchases except on fuel purchases at HPCL outlets.