Key Highlights of IndianOil Kotak Credit Card
|Best Suited For
|Rs. 449 (Waived off on annual spends of Rs. 50,000)
|1,000 bonus reward points
|4% value back as reward points at IndianOil fuel stations
Features & Benefits of IndianOil Kotak Credit Card
Some of the features & benefits of this fuel credit card are as follows:
5% Value back on IndianOil Fuel Spends
The card offers the 5% value back on fuel spends at IndianOil petrol pumps, via the following benefits:
- 4% back as reward points on IndianOil Fuel Spends. The value back is offered via 24 reward points on every Rs. 150 spent. You can earn maximum 1200 reward points per statement cycle, under this feature.
- Additionally, the card offers 1% fuel surcharge waiver on transactions between Rs. 100 to Rs. 5,000 with maximum surcharge waiver of Rs. 100 per statement cycle only at IndianOil outlets.
Thereby, the maximum value benefit you can avail with this card is Rs. 400 per month, based on the reward redemption calculation of 1 reward point= Rs. 0.25, thus 1200 reward points= Rs. 300+ 100 maximum surcharge waiver. Note that the redemption value may differ across different redemption platforms, as discussed in the section below.
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Value Back on Other Categories
Apart from benefits on fuel purchases at Indian Oil fuel stations, this card also offers value back across all retail transactions, with inclined benefits towards selected categories, as listed below:
- 2% back on Grocery and Dining spends with 12 reward points on every Rs. 150 spent. The maximum rewards points you can earn as per this feature is capped at 800 Reward Points per statement cycle.
- On all other spends, the card offers 0.5% back via 3 reward points on every Rs. 150 spent.
While the card offers good reward points on every 150 spent, yet the capping of Rs. 800 points per statement cycle, limits the value back benefits to up to Rs. 200 per month (1 reward point= Rs.0.25). Thereby, even when the card claims of offering inclined benefits towards grocery shopping and dining, no matter how big you spend on these categories, you will earn limited reward benefits. For instance, even when you spend Rs. 10,000 on these categories in a month, you will only get a benefit of Rs. 200. Therefore,if you frequently use your credit card for all day to day purchases, then you must consider getting another reward credit card that offers high value back for using your card.
How can you redeem the reward points earned via the IndianOil Kotak Credit Card?
|Value of 1 reward point
|1 reward point= Rs. 0.25
|Can be availed with minimum 300 points and in multiples of 300 only
|1 reward point=Rs. 0.25
|You can choose from various categories like merchandise, e-vouchers of latest brands, movie vouchers, travel, mobile recharge and much more.
|IndianOil XTRAREWARDS Program
|300 Kotak Reward Points = 250 IndianOil XTRAREWARDS
(1 IndianOil’s XTRAREWARDS =Rs. 30).
|Kotak Reward Points can be redeemed against IndianOil’s XTRAREWARDS in multiples of 300 only.
*Cashback redemption against IndianOil Kotak Credit card is an introductory launch offer and is valid for a limited period.
** Redemption against XTRAREWARDS Points conversion can be availed only after the expiry of Introductory Launch Offer.
Talking about the redemption option, note that the redemption against the cashback balance comes along two drawbacks. Firstly, this redemption is a limited period offer, secondly, most cards that offer redemption against cashback offer a comparatively higher conversion value in comparison to this card, of 1 reward point= Rs. 0.25. Also, the redemption against IndianOil XTRAREWARDS Program involves unnecessary hassle, as instead of direct conversion, the reward points involve an unrequired step of converting the points to XTRAREWARDS, then to the reward value. This redemption can be complicated for some users to understand, thus difficult in maximizing the value back benefit. Know more about Kotak Credit Card Reward Points Redemption.
Other Benefits offered by IndianOil Kotak Credit Card:
- Annual fee waiver on spending Rs. 50,000 in an anniversary year.
- This credit card offers a personal accident insurance cover of Rs. 2 Lakh.
- You can avail an interest-free credit period for up to 48 days with this card.
- Additionally, the card offers personal concierge and assistance various services such as gift and flower delivery, Restaurant referral and bookings, Car rental and Limousine referral and reservation, Golf reservations and Movie ticket bookings etc.
- The card enables safe and secure contactless payments, allow Smart EMI and comes along with zero lost-card liability.
Should you Get this Credit Card?
IndianOil Kotak Credit card is a fuel credit card that comes along with diverse benefits ranging from value back on fuel, dining, grocery and retail transactions to feasible renewal fee waiver criteria, joining benefits, concierge service etc.
The card offers decent benefits on the IOCL fuel purchases. You can save up to Rs. 400 each month by using the card at IOCL petrol pumps and can utilize the rewards by redeeming them against cashback or Kotak rewards catalog. You can further maximize the savings on fuel, by opting for Indian Oil XTRAREWARDS Point redemption, as that way you can use your accumulated rewards at IOCL pumps to make payments towards fuel charges. However, even while being a ‘fuel’ card the general fuel surcharge charge capping is low marking it similar to other ‘non-fuel’ credit cards.
Also, since the benefits are inclined to Indian Oil fuel purchases, the card functions more as a co-branded credit card, since there are no overall benefits in this category, unless you are an IOCL loyalist. For other categories, the benefit is marginal, as the capping of 800 reward points per month limits the overall value benefit. You must choose this card, if you are keen on saving more on fuel, and not on other categories.
|IndianOil Kotak Credit Card is a suitable choice for you if you use your personal vehicle to commute on a daily basis, and prefer IOCL petrol pumps over other fuel stations. However,, you will be able to maximize the benefits offered, if your monthly fuel spends are high, you are comfortable with the available redemption options, and you are satisfied with the basic benefits offered on this card and are not looking for any premium benefits. If you are looking for benefits on all fuel transactions, without any brand restriction, you should consider other popular fuel credit cards.
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IndianOil Kotak Credit Card: Eligibility & Documentation
IndianOil Kotak Credit Card: Fees & Charges
|3.5% per month | 42% per annum
|Late Payment Charges
|For Outstanding Amount:
Rs. 100 to Rs. 500: Rs. 100
Click here to check more details on IndianOil Kotak Credit Card fees & charges.
IndianOil Kotak Credit Card: Comparison with other Co-branded Indian Oil Credit Cards
|IndianOil Kotak Credit Card
|IndianOil HDFC Bank Credit Card
|IndianOil Axis Bank Credit Card
|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
|1000 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 1200 Reward Points in a month)
|5% of your 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 to Rs. 500
(maximum surcharge waiver of Rs. 100 per statement cycle only at IndianOil outlets)
|1% surcharge waiver (Max. of Rs. 250 per statement cycle).
( applicable on a minimum transaction value of Rs. 400.)
|1% fuel surcharge waiver on your transactions between Rs. 200 and Rs. 5,000 per month.
(Maximum waiver of Rs. 50 in a statement cycle)
|Reward on other categories
Can I get an add-on card for IndianOil Kotak Credit Card?
Yes, you get a free add-on card with your primary card to extend the card benefits to anyone in your family. You can set the card limit and track spends on the add-on card easily. Note that the minimum age requirement for add-on card members to avail the IndianOil Kotak Credit Card is 18 years.
What is the limit for contactless payments?
IndianOil Kotak Credit Card allows safe, secure and fast contactless payments with the Tap & Pay facility, for up to Rs. 5,000 per transaction.
How does the cashback redemption option works for this credit card?
The cashback redemption option on the IndianOil Kotak Credit Card is an Introductory Launch Offer for a limited period. Via this redemption option, the Kotak Reward points are credited to the card statement in the form of cashback. You can avail the cashback redemption by calling Kotak Customer Care at 18602662666.