IndianOil HDFC Credit Card

The Indian Oil HDFC Bank Credit Card is a co-branded fuel card suitable for those who majorly spend on fuel every month. With accelerated rewards on Indian Oil fuel pumps, the card offers up to 50 liters of free fuel annually via fuel points as its reward currency. However, the card comes with a monthly reward capping. Cardholders can earn up to 250 fuel points in a month (for the first six months), with a per reward value of up to Rs. 0.96; this limits the savings to up to Rs. 240 per month when redeemed as IOCL fuel points. Post six months, the value back is just Rs. 144 per month (capped at Rs. 150 points per month).

The value back even lowers when you redeem these across other categories like product catalog and cashback. Thus, to maximize savings on the card it is better to stick to redemption against fuel points. Though the fuel savings are decent, note that this is slightly lower than other Indian Oil card variants with Axis Bank (Rs. 250 per month); Kotak Mahindra Bank (Rs. 300 per month)  RBL Bank variant (highest value back of Rs. 500).

Besides fuel, the HDFC variant also offers accelerated return on groceries and bill payments, with up to 100 fuel points per month per category offering a value back of Rs. 192 (Rs. 96 on each category). Other Indian Oil variants also offer accelerated return on non-fuel categories, as listed:

Indian Oil Axis: 1% value-back on online shopping on monthly spends of up to Rs. 5,000, monthly savings of Rs. 50
Indian Oil Kotak: 2% back on grocery & dining (12 reward points on every Rs. 150 spent capped at 800 points): monthly savings of Rs. 200

Additionally, here is the base reward rate on non-accelerated categories on the Indian Oil cards:

Indian Oil HDFC: 1 fuel point for every Rs. 150, reward rate of 0.64%
Indian Oil Kotak: 3 reward points on every Rs. 150, reward rate of 0.5%
Indian Oil Axis: 1 reward point on every Rs. 100, reward rate of 0.2%
Indian Oil RBL: 1 fuel point on every Rs. 100, reward rate of 0.5%

Overall, the Indian Oil HDFC Credit Card stands as a strong contender to other variants. With a marginal difference in savings in fuel, it compensates with a comparatively higher base rate and a better return on an often excluded category—bill payments. Though the savings on fuel are limited, note that very few cards offer value back in this category. Thus, even with a low return, this card can be a good addition to your wallet to save on two often excluded categories—fuel and bill payments.