Are you someone who spends a lot on fuel and wants to save some money on it? Look no further than the Indian Oil Kotak Credit Card. In this blog, we will review the features of this credit card and help you decide if it's worth it for you.
Content Table
- Features of IndianOil Kotak Credit Card
- Fuel Benefits
- Reward Points
- Annual Fee and Fuel Surcharge Waiver
- Reward Redemption Options
- Other Benefits
- Is IndianOil Kotak Credit Card worth it?
- FAQs
- Conclusion
Features of Indian Oil Kotak Credit Card
1. Fuel Benefits
The Indian Oil Kotak Credit Card offers 5% value back on fuel spends at IndianOil petrol pumps. This is a great benefit for those who frequently use IOCL petrol pumps. You can earn a maximum of 1200 reward points per statement cycle under this feature.
2. Reward Points
In addition to fuel benefits, the card provides up to 4% value back in the form of reward points across Indian Oil fuel stations, dining, groceries, and other retail transactions. You can earn 2% back on grocery and dining spends and 0.5% back on all other spends. However, the card has a capping of Rs. 800 points per statement cycle.
3. Annual Fee and Fuel Surcharge Waiver
The Indian Oil Kotak Credit Card has an annual fee of Rs. 449, but you can avail an annual fee waiver on spending Rs. 50,000 in an anniversary year. Additionally, the card offers a 1% fuel surcharge waiver on transactions between Rs. 100 to Rs. 5,000, with a maximum surcharge waiver of Rs. 100 per statement cycle only at Indian Oil outlets.
4. Reward Redemption Options
You can redeem the reward points earned through the Indian Oil Kotak Credit Card for cashback or choose from various categories like merchandise, e-vouchers of the latest brands, movie vouchers, travel, mobile recharge, and more.
However, the redemption against cashback offer a comparatively lower conversion value, and the redemption against Indian Oil XTRAREWARDS Program involves an unnecessary hassle of converting the points to XTRAREWARDS, then to the reward value.
5. Other Benefits
The IndianOil Kotak Credit Card also offers a personal accident insurance cover of Rs. 2 Lakh and an interest-free credit period for up to 48 days.
Is Indian Oil Kotak Credit Card worth it?
The Indian Oil Kotak Credit Card is a great option for those who frequently use IOCL petrol pumps and want to save money on fuel. However, the card's reward benefits are capped, and the redemption options are not the best in the market. If you frequently use your credit card for all-day-to-day purchases, you must consider getting another reward credit card that offers high value back for using your card.
FAQs
Q. How much annual fee does the Indian Oil Kotak Credit Card have?
Ans: The annual fee for the Indian Oil Kotak Credit Card is Rs. 449.
Q. What is the fuel surcharge waiver on the Indian Oil Kotak Credit Card?
Ans: The card offers a 1% fuel surcharge waiver on transactions between Rs. 100 to Rs. 5,000, with a maximum surcharge waiver of Rs. 100 per statement cycle only at Indian Oil outlets.
Q. What are the reward redemption options on the Indian Oil Kotak Credit Card?
Ans: You can redeem the reward points earned through the Indian Oil Kotak Credit Card for cashback or choose from various categories like merchandise, e-vouchers of
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