The maximum value back that can be earned on IndianOil fuel spends is Rs. 400 per month, including 4% value back through rewards and 1% through the fuel surcharge waiver. While the card offers decent rewards on grocery and dining spends, the monthly capping of 800 reward points limits the value back to Rs. 200 per month. When it comes to reward redemption, the card allows redemption against cashback, but it comes with two drawbacks: first, this redemption is a limited-period offer, and second, the redemption value is relatively low at 1 RP = Rs. 0.25. Moreover, it does not allow direct reward redemption at IndianOil fuel stations; you are required to convert your reward points into IndianOil XTRAREWARDS Points (XRPs) to redeem them against fuel spends at IndianOil, which might not be a preferable option for some consumers.
Kotak Mahindra Bank
IndianOil Kotak Credit Card
Co-branded
Fuel
1st Year Fee: ₹449* Plus Applicable Taxes
Co-branded
Up to 5% savings at IndianOil
Shopping
2% value back on grocery & dining
Lifestyle
24x7 personal concierge services
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About IndianOil Kotak Credit Card
IndianOil Kotak Credit Card is a co-branded fuel credit card offering diverse benefits from accelerated value back on fuel, dining, and grocery spends, along with base value back on UPI transactions (with the RuPay variant). The card offers up to 5% value back on IndianOil fuel purchases—4% via reward points and 1% through the fuel surcharge waiver. Additionally, it offers 2% value back on grocery and dining spends, covering two major everyday spending categories. The accumulated reward points can be redeemed against cashback and products or vouchers through the rewards catalogue. Cardholders can also convert these points into XTRAREWARDS Points (XRP), which can then be used for fuel purchases at IndianOil fuel stations.
While the card offers accelerated value back on fuel, dining and grocery spends, the maximum capping on these categories and a low reward redemption value of 1 RP = Rs. 0.25 limit the overall value back of this card. Also, as the benefits are primarily inclined towards IndianOil, the card functions more as a co-branded fuel card, offering limited benefits apart from IOCL fuel purchases.
Overall, if you’re specifically looking for a fuel credit card and prefer IndianOil fuel outlets over others, this card can help you save significantly on your fuel and daily expenses.
Note: This Card is not available on Paisabazaar. The content on this page is for information only. To express interest in this card, please visit Kotak Mahindra Bank’s website.
Fuel Benefits & Rewards Program
Fuel Benefits
- 4% value back via 24 reward points on every Rs. 150 spent at IndianOil fuel outlet, capped at 1,200 reward points per statement cycle
- 1% fuel surcharge waiver on transactions between Rs. 100 and Rs. 5,000 with maximum surcharge waiver of Rs. 100 per statement cycle at IndianOil outlets
Reward Earning
- 2% value back on grocery and dining via 12 reward points on every Rs. 150 spent, capped 800 reward points per statement cycle.
- 5% value back via 3 reward points on every Rs. 150 spent on other categories, including UPI spends
Other Features & Benefits
Welcome Benefit
- 1,000 bonus reward points on spending Rs. 500 within 30 days of card issuance
Annual Fee Waiver
- Annual fee waiver on spending Rs. 50,000 in a year
Insurance Coverage
- Personal accident insurance cover of Rs. 2 Lakh
Fees & Charges
| Fee Type | Amount | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Joining Fee | Rs. 449 + Applicable Taxes | ||||||||||||||||
| Annual Fee | Rs. 449 + Applicable Taxes | ||||||||||||||||
| Finance Charges | 3.5% p.m. | 42% p.a. | ||||||||||||||||
| Late Payment Charges |
|
Card Comparison: IndianOil Kotak Vs. IndianOil HDFC Vs. IndianOil Axis
Given below is a comparison of IndiaOil Kotak Credit Card with similar co-branded cards from Axis Bank and HDFC Bank.
| Particulars | IndianOil Kotak Credit Card | IndianOil HDFC Bank Credit Card | IndianOil Axis Bank Credit Card |
|---|---|---|---|
| Joining Fee | Rs. 449 | Rs. 500 | Rs. 500 |
| Annual/Renewal Fee | Rs. 449 | Rs. 500 | Rs. 500 |
| Renewal Fee Waiver | On spending Rs. 50,000 in the previous year | On spending Rs. 50,000 in the previous year | On spending Rs. 50,000 in the previous year |
| Welcome Benefit | 1,000 bonus reward points as welcome benefit on spending Rs. 500 within 30 days of card issuance | – | 100% cashback of up to Rs. 250 on fuel transactions done in the first 30 days of card issuance |
| Reward Benefit across IndianOil fuel pumps | 24 reward points on every Rs. 150 spent (Up to 1×200 reward points in a month) | 5% of spends as Fuel Points (Up to 250 Fuel Points per month in first 6 months, max. 150 Fuel Points post 6 months from card issuance) | 20 reward points per Rs. 100 spent (On fuel transactions between Rs. 100 and Rs. 5,000 per month) |
| Fuel Surcharge Waiver | 1% fuel surcharge waiver on transactions between Rs. 100 & Rs. 500 (Maximum surcharge waiver of Rs. 100 per statement cycle only at IndianOil outlets) | 1% fuel surcharge waiver (Max. of Rs. 250 per statement cycle), applicable on a minimum transaction value of Rs. 400) | 1% fuel surcharge waiver on transactions between Rs. 200 and Rs. 5,000 per month (Maximum waiver of Rs. 50 in a statement cycle) |
| Reward on other categories | 12 reward points on every Rs. 150 spent on grocery and dining (Up to 800 reward points per statement cycle) 3 reward points on every Rs. 150 spent on other categories |
5% as fuel points on grocery and bill payments (Max. 100 Fuel Points per month on each category) 1 Fuel Point for every Rs. 150 spent on all other purchases |
5 reward points per Rs. 100 spent on online shopping (Applicable on online transactions between Rs. 100 and Rs. 5,000) 1 eDGE reward point on every Rs. 100 spent |
| Other Benefits | Personal accident insurance cover of Rs. 2 Lakh Personal concierge assistance |
Complimentary IndianOil XTRAREWARDSTM Program (IXRP) Membership Zero lost card liability Interest free credit period up to 50 days |
10% discount on booking movie tickets through BookMyShow’s app or website Up to 20% discount on dining bills at partner restaurants in India under the Dining Delights program |
Things to Know Before you apply
Get this card if
You commute daily with your vehicle, and fuel expenses are a significant part of your monthly budget
You prefer fueling at IndianOil fuel stations over other outlets
You are looking for a credit card that offers basic benefits on UPI spends
You can spend Rs. 50,000 in a year to avail the annual fee waiver
Other Similar Cards
IndianOil HDFC Bank Credit Card
IndianOil Axis Bank Credit Card
IndianOil RBL Bank Credit Card
BPCL SBI Card
Paisabazaar Review
What do we like about this card?
With this card, IndianOil loyalists can save up to 5% on their fuel spends, along with an accelerated value back of 2% on everyday categories like dining and groceries. Another significant benefit is that the card is available on the RuPay variant, allowing cardholders to earn rewards even on UPI spends. While the overall value back is capped, this card is still a reasonable choice for daily commuters who prefer IndianOil over other fuel stations.
Pros
- Up to 5% value back on IndianOil spends
- Accelerated rewards (2%) on day-to-day spends, including grocery & dining
- Easily achievable spending milestone for annual fee waiver
- Base reward rate on UPI spends with RuPay variant
Cons
- Monthly capping on accelerated reward points
- Low reward redemption value of Rs. 0.25 per reward point
- No fuel surcharge waiver on spends at fuel stations other than IndianOil
- Reward redemption against cashback is a limited-period offer
Conclusion
IndianOil Kotak Credit Card is a suitable choice if you commute daily using your personal vehicle and prefer IndianOil petrol pumps over other fuel stations. While the card claims to offer accelerated benefits on fuel, grocery, and dining, the total value back will still be limited due to the monthly capping, regardless of how much you spend on these categories. This card is a suitable option if your monthly fuel spends are high and you can make most of the available redemption options. However, if you’re looking for rewards on all fuel transactions without brand restrictions, you should consider other popular fuel credit cards.
Frequently Asked Questions
Everything you need to know about this credit card
The cashback redemption option is an introductory launch offer available for a limited period. Under this offer, Kotak reward points can be converted into cashback and credited to your card statement. To avail this benefit, you need to call Kotak Customer Care at 1860 266 2666.
You can apply online by visiting the official website of Kotak Mahindra Bank and navigating to the card’s page. Fill out the application form and upload the required documents. Alternatively, you can apply offline by visiting your nearest Kotak branch.
You cannot directly redeem reward points at IndianOil fuel stations. You must first convert them into IndianOil XTRAREWARDS Points (XRP), which can then be used for fuel purchases at a value of 1 XRP = Rs. 0.30.
Yes, the card offers 1% fuel surcharge waiver on transactions between Rs. 100 and Rs. 5,000 at IndianOil fuel outlets. However, the maximum waiver you can earn is capped at Rs. 100 per month.
Yes, you get an add-on card with your primary card to extend the benefits to a family member. You can set spending limits and track transactions easily. Please note that the minimum age requirement for add-on cardholders is 18 years.
IndianOil Kotak Credit Card allows secure and quick Tap & Pay transactions for up to Rs. 5,000 per transaction using the contactless payment feature.
Footnotes
- Cashback can be redeemed with a minimum of 300 points and in multiples of 300 only, and this redemption option is a limited-period introductory launch offer.
- Conversion against XTRAREWARDS Points can be availed only after the expiry of introductory launch offer.
- Kotak reward points can be redeemed against IndianOil’s XTRAREWARDS in multiples of 300 only.
Click here to know More Terms and Conditions
Shruti Sharma
Shruti Sharma is a skilled content writer with a passion for simplifying personal finance for consumers. Specializing in credit cards and financial planning, she offers valuable insights that empower individuals to make informed financial choices. Through her writing, she shares practical tips and guides readers through the nuances of credit card usage.
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