HPCL’s Co-branded Fuel Credit Cards Comparison

Since most of the fuel credit cards are co-branded with leading fuel pumps, choosing the right credit card boils down to making a brand preference. However, what if your preferred brand offers multiple co-branded cards with different issuers? On this page, we compare the co-branded HPCL fuel credit cards across leading card issuers- ICICI Bank, IDFC FIRST Bank, and Bank of Baroda.

Catering to the needs of consumers who spend a significant amount of fuel every month, these cards are a good choice to avail savings at a low annual fee of Rs. 500 with options like ICICI HPCL Super Saver, HPCL ENERGIE BOBCard and IDFC FIRST Power+. Beginners or new to credit consumers can even find a card at a lower fee of Rs. 200 (IDFC FIRST HPCL Power). But which of these is a right choice for you? Read on to find out.

Which card offers the best savings on HPCL fuel spends?

Except IDFC FIRST Power with a value back of up to 5% on fuel spends, all three cards offer a return of up to 6.5%. Here are some noteworthy points on the same:

• The comparative low value back on IDFC FIRST POWER is justifiable considering it charges the lowest annual fee of Rs. 200. Keeping aside the HPCL card, the valueback is at par with other fuel credit cards like Indian Oil HDFC Bank Credit Card, BPCL SBI etc. that come at a fee of Rs. 500.
• All cards offer additional value back via HappyCoins on transacting through the HP Pay App. Thus, the maximum valueback is not entirely straightforward- the total value back is bifurcated in accelerated rewards, surcharge waiver and HP pay App. However, in comparison to the BOB and ICICI variant, the IDFC variants, offers a comparatively simplified valueback as the valueback of fuel surcharge waiver is covered in the overall accelerated rewards.

Benefits beyond fuel?

Consider benefits beyond fuel, especially if you want to own a single credit card. All cards cover some everyday transactions in its rewards program to help users save on their overall monthly spends.

The cards offer rewards on an essential yet often excluded everyday category- utility bills. Plus, where many cards now restrict benefits on grocery shopping, these cards offer accelerated return on spends across departmental stores and groceries. Additionally, the IDFC variants further enhance the daily savings on FAStag recharge- a unique benefit.

However, when comparing these cards, users will have to make smart choices as per the preferred spending category. For instance, go for accelerated benefits on departmental stores if you prefer offline grocery shopping over online shopping. Similarly, consider what benefits are covered under the utility bill payments -all or limited transactions like mobile and electricity bills.

Other than the accelerated categories, what can be a real differentiating factor is the base rate on non-fuel and non-accelerated spends. In comparison to many entry-level cards, that offer a decent return rate of at least 1% on base spends, here all cards fall below this category.

Thus, if you have diverse spending preferences beyond fuel, grocery and utilities, it is better to find other alternative options. Overall these cards can be a good fit for individuals who own other credit cards for where these cards lack- accelerated benefits on lifestyle categories like travel and shopping, high base rate, premium benefits etc.

However, beginners looking for their first credit card can definitely consider these especially if they have recurring monthly benefits around fuel and commute daily. They can always upgrade to better card options in the future, but it is better to keep these cards active, as even premium segment cards exclude such benefits.

Other points to note:

In comparison to other cards, IDFC card variants stand out due to their activation benefits that surpass the joining fee by a wide margin. Though these cannot be a deciding factor to choose the cards, considering that most of the benefits offer a similar range of valueback, activation perks can offer a good start. In comparison, the BOB card offers benefits that do not meet the value of the joining fee – 500 bonus points worth Rs. 125 for a fee of Rs. 500. ICICI HPCL at least offers an equivalent value back via 2000 bonus points.

The lifestyle benefits on the card around movies and lounge access also enhance the overall savings for customers. For low fee cards, the frequency and limits are decent, with monthly benefits of Rs. 100 across each card for movie tickets. However, no such benefits on ICICI Power Plus are still acceptable for a fee of Rs. 200.

Even when all cards offer benefits on fuel and beyond, they come with monthly capping that restrict the overall savings in a month on fuel and accelerated categories. Here is how much can be saved with these cards as per the monthly limit.

On a concluding note, understand that choosing the right credit card is a subjective choice basis of your spending preferences. Here, the choice of your brand preferences is clear: you prefer HPCL fuel stations over others or you don’t mind sticking to these to maximize benefits on one of these cards. To further dig down on the best suited card you must consider factors like benefits on other everyday spends and categories, specially if you are planning to own just one credit card. But note that these offer limited savings due to monthly capping, so owning just these might not be enough in the long run if you are a heavy spender. If you own multiple credit cards choosing any of these can be a good addition to your list of other credit cards you own primarily due to two reasons. 1. Even premium cards exclude fuel and utility transactions from the rewards/cashback program, so availing these could be beneficial. 2. Benefits are offered at a low fee and with minimum fee waivers so maintenance with multiple cards is easy.