IndianOil, one of India’s leading oil refineries, has partnered with several banks to offer co-branded fuel credit cards that deliver significant savings to users. RBL Bank is now the latest addition to this prestigious list, joining the ranks of HDFC Bank, Axis Bank, and Kotak Mahindra Bank, who already offer IndianOil-branded credit cards. RBL Bank offers two variants of fuel credit cards: the IndianOil RBL Credit Card and the IndianOil RBL Bank XTRA Credit Card. These cards provide consumers with Fuel Points on every purchase, which can later be redeemed for IndianOil fuel, making them highly attractive for frequent fuel buyers.
Below, we provide a detailed analysis of these credit cards, including their features, benefits, fees, and how they stack up against other co-branded fuel cards.
Features & Benefits of IndianOil RBL Bank Credit Cards
1. Fuel Savings with IndianOil RBL Credit Cards
The primary feature of these credit cards is the ability to earn up to 8.5% in fuel savings. The IndianOil RBL Credit Card offers up to 6% savings, while the IndianOil RBL Bank XTRA variant provides up to 8.5% value-back on fuel purchases at IndianOil outlets. These cards have become popular for frequent fuel consumers, especially given the rising costs of fuel.
For those who opt for the XTRA variant, this translates to as much as 250 litres of free IndianOil fuel per year, a number that surpasses other fuel cards like the BPCL SBI Card Octane, which offers only up to 7.25% in fuel savings.
2. Rewards Program
The IndianOil RBL and IndianOil RBL Bank XTRA Credit Cards offer Fuel Points for various spending categories. Here’s a breakdown of the reward points earned:
| RBL Credit Card | Rewards on IOCL Spends | Rewards on Other Spends |
|---|---|---|
| IndianOil RBL | 10 points per ₹100 | 1 point per ₹100 |
| IndianOil RBL XTRA | 15 points per ₹100 | 2 points per ₹100 |
However, it’s important to note that some categories such as utility payments, insurance, government services, and wallet loading do not earn any reward points. Additionally, offline UPI transactions made at small merchants are excluded from earning reward points.
3. Redemption of Fuel Points
Accumulated Fuel Points can be redeemed as XTRAREWARDS Points (XRP) through net banking. These points can then be used at IndianOil XTRAREWARDS program-participating fuel stations via point-of-sale (POS) machines.
Here’s how the redemption works:
- 1 Fuel Point = ₹0.5 for fuel purchases or petrol vouchers at IndianOil outlets.
- 1 Fuel Point = ₹0.1 for non-fuel purchases.
- 1 XTRAREWARD Point = ₹0.30 for product redemptions.
4. Welcome Benefits
Both cards offer attractive welcome benefits:
- IndianOil RBL cardholders receive 1,000 Fuel Points after making their first transaction of at least ₹500 within 30 days of issuance.
- IndianOil RBL XTRA cardholders enjoy 3,000 Fuel Points under the same conditions.
5. Milestone Benefits
With the IndianOil RBL Bank XTRA Credit Card, users can earn 1,000 Fuel Points for every ₹75,000 spent in a calendar quarter. This further boosts the card’s fuel savings potential for high-spenders.
6. Annual Fee Waiver
For those who meet certain annual spending requirements, the annual fee is waived:
- IndianOil RBL Credit Card: The ₹500 fee is waived on annual spending of ₹1.75 lakh.
- IndianOil RBL Bank XTRA Credit Card: The ₹1,500 fee is waived on annual spending of ₹2.75 lakh.
7. Fuel Surcharge Waiver
Both credit cards offer a 1% fuel surcharge waiver on fuel transactions between ₹500 and ₹4,000. For the IndianOil RBL Credit Card, this benefit is capped at ₹100 per month, while the IndianOil RBL Bank XTRA variant offers a maximum waiver of ₹200 per month.
Comparison with Other Co-branded Fuel Credit Cards
1. IndianOil RBL XTRA vs BPCL SBI Octane vs IDFC FIRST Power+
Here’s a comparison of value-back across different spending categories:
| Spending Categories | Monthly Spends | IndianOil RBL XTRA | BPCL SBI Octane | IDFC FIRST Power+ |
|---|---|---|---|---|
| Fuel | ₹12,000 | 1,800 Fuel Points | 2,500 Reward Points | 2,400 Reward Points |
| Grocery | ₹5,000 | 100 Fuel Points | 500 Reward Points | 400 Reward Points |
| Dining | ₹4,000 | 80 Fuel Points | 400 Reward Points | 78 Reward Points |
| Total | ₹45,000 | 2,160 Fuel Points | 3,652 Reward Points | 3,052 Reward Points |
| Total Value-back | ₹1,080 | ₹913 | ₹913 |
As seen in the comparison, IndianOil RBL XTRA offers the highest value-back, especially on fuel spends. Although the other cards may offer more reward points, the redemption value of 1 Fuel Point = ₹0.50 compensates for this, making the IndianOil RBL XTRA the most lucrative choice for fuel savings.
2. Features Comparison with Other IndianOil Co-branded Credit Cards
Here’s how the IndianOil RBL Bank Credit Cards compare with other IndianOil fuel cards from different banks:
| Feature | IndianOil RBL | IndianOil RBL XTRA | IndianOil HDFC | IndianOil Axis | IndianOil Kotak |
|---|---|---|---|---|---|
| Annual Fee | ₹500 | ₹1,500 | ₹500 | ₹500 | ₹449 |
| Welcome Benefits | 1,000 Fuel Points | 3,000 Fuel Points | Complimentary IXRP membership | 1,250 EDGE reward points | 1,000 reward points |
| Rewards on IOCL Spends | 10 points per ₹100 | 15 points per ₹100 | 5% Fuel Points | 4% Fuel Points | 4% Fuel Points |
| Rewards on Other Spends | 1 point per ₹100 | 2 points per ₹100 | 5% back on grocery | 1% EDGE reward points | 2% back on grocery & dining |
| Fuel Surcharge Waiver | 1% up to ₹100/month | 1% up to ₹200/month | 1% up to ₹250/month | 1% up to ₹50/month | 1% up to ₹100/month |
Should You Apply for IndianOil RBL Bank Credit Cards?
IndianOil RBL Bank Credit Cards are excellent options for those who are loyal to IndianOil and regularly commute using their own vehicles. The Fuel Points on card spends, combined with the fuel surcharge waiver and milestone benefits, make them particularly attractive for individuals who prioritize fuel savings. Additionally, the high redemption value of Fuel Points offers more savings compared to similar cards from other banks.
Consider these cards if:
- You regularly buy fuel from IndianOil.
- You want a card that maximizes fuel savings.
- You can meet the spending thresholds to waive the annual fee.
However, if you’re looking for a card that provides direct cashback or more lifestyle-related benefits, such as shopping discounts or travel perks, other cards might be a better fit.
Fees and Charges
| Fees & Charges | IndianOil RBL | IndianOil RBL XTRA |
|---|---|---|
| Joining / Annual Fee | ₹500 | ₹1,500 |
| Finance Charges | Up to 3.99% p.m. | Up to 3.99% p.m. |
| Late Payment Charges | 12.5% of the total outstanding amount (min ₹5, max ₹1,300) |
Eligibility Criteria
- Age: 18 years and above.
- Occupation: Salaried or Self-Employed.