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As Petrol Prices, Diesel Prices Surge, These Bank Credit Cards Help You Save Money

By using the Citibank Indian oil card, the customer is entitled to receive four turbo points on every fuel purchase of Rs 150

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As Petrol Prices, Diesel Prices Surge, These Bank Credit Cards Help You Save Money

By using the card at a fuel station, the customer is entitled to earn "points"

Highlights

  1. For every Rs 150 purchase with Citi card, one can earn 4 turbo points
  2. One turbo point gives you Re 1 worth of fuel
  3. Citi Bank enables full waiver of fuel surchage
As petrol, diesel still sell at exorbitantly high levels, the fuel consumers have barely anything to look forward to, besides the marginal price cuts. However, there are some credit cards offered by Citi Bank, State Bank of India (SBI), ICICI Bank and Standard Chartered Bank that enable you to save significant amount of money (despite petrol price hike) in form of fee waivers and points that can be used to buy fuel later on. The way of functioning of these cards is broadly the same. As a customer uses the credit card at a fuel station, s/he is entitled to receive some "points" which are directly proportional to the quantum of money you spend at the fuel pump. The more you spend, the more points you will stand to earn, which can be utilised in buying the fuel at the fuel pumps.

There is, however, some catch to it. One is that these cards have an annual membership fee, while another is that the points are credited only when the card is swiped on the respective bank's EDC (electronic data capture).

Citi bank Indian oil card Features: Save Upto Rs 4,800 worth fuel

1. By using the Citibank oil card, one can earn turbo points on fuel purchases at authorised Indian Oil retail outlets across the country. On every purchase of Rs 150, the customer is entitled to receive four turbo points, mentions citibank's website: www.online.citibank.co.in. 

2. One turbo point gives you Re 1 of free fuel.

3. Annual fee of Rs 1,000 is applicable at the end of the membership year, which can be waived if you spend at least Rs 30,000 per annum on your card. 

Spend CategoryTurbo Points earned per Rs.150Quarterly SpendsTurbo Points earnedSavings of 1% on fuel surcharge (Rs.)
(estimated average)(1 Turbo pt = 1Rs.)
Fuel*4XRs.18,000480Rs.180
Groceries and Supermarkets#2XRs.15,000200N/A
All other spends1Rs.52,000347N/A
Quarterly total (a)N/ARs.85,0001,027Rs.180
Yearly earnings [4x(a)]N/ARs.3,40,0004,107Rs.720
Total earnings  Rs.4827
Yearly Free Fuel earnings   
(Total earnings /price of 1ltr petrol) 

4. The card also enables the full waiver of the fuel surcharge (1 percent) on fuel purchases.

5. The Citi Bank card must be swiped on Citibank EDCs (electronic data capture) only to avail the above benefits. The Turbo Points that accrue in this category would be capped to purchase amount of Rs 10,000 (or 267 Turbo Points) per transaction.

BPCL SBI (State Bank of India) Card: Save Upto Rs 5,350 Worth Fuel 

1. The BPCL SBI card allows you upto 4.25 per cent value back at any BPCL petrol pump across the country, mentions www.sbicard.com.

2. The joining fee is Rs 499 while the renewal fee is same at Rs 499.

3. The card allows the maximum surcharge waiver of Rs 100 in a month which leads to annual savings of Rs 1,200. Maximum limit in a month is Rs 10,000.

4. There is no minimum threshold. The surcharge waiver applicable only on transactions upto Rs 4,000 for a maximum of Rs 100 per month. The card can lead to annual savings of 70 litre of fuel.

5. There is an offer valid till June 30 that allows the customer to receive BookMyShow voucher worth Rs 250.

ICICI Bank HPCL Coral American Express Credit Card Features

1. The ICICI Bank allows you to get 2.5 per cent cashback and a savings of 1 per cent fuel surcharge on fuel purchases at HPCL pumps, mentions www.icicibank.com.

2. The cashback is available on a minimum transaction value of Rs 500. The customer is entitled to earn six PAYBACK Points per Rs 100 spent on fuel at HPCL pumps.

3. One can redeem 2,000 PAYBACK Points for fuel worth Rs 500.

4. When you use your ICICI Bank HPCL Coral American Express Credit Card, 1% fuel surcharge will not be levied on fuel transactions upto Rs.4,000 at HPCL pumps.

5. In case you spend Rs 50,000 or more annually on your Card the bank will reverse the annual fee (Rs 199) for that year.

Standard Chartered Super Value Titanium Card Features

The Standard Chartered Bank card allows you upto five percent cashback on fuel spends across all fuel stations up to a maximum of Rs 200 per month (a maximum of Rs 100 per transaction) on a minimum transaction of Rs 750, mentions www.sc.com. The annual fee is Rs 750. 
 

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