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

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.