The Citibank Indian Oil Credit Card is built for drivers, enabling fuel savings every time you refuel at IndianOil. With IndianOil operating over 40,000 petrol stations in India, the card offers a wide reach. The Citibank Indian Oil Credit Card is a credit card based on the fuel factor, and it is targeted specifically at individuals who fill their tanks at Indian Oil (IOCL) petrol stations. It provides reward points, surcharge waivers, and easy redemption options, which contribute to saving on the overall cost of fuel. Let’s understand the key characteristics, costs, and advantages of the Citibank Indian Oil Credit Card.
Overview of the Card
Citibank and IndianOil have joined forces in the production of the Citibank Indian Oil credit card. It has the major aim of providing fuel savings and assisting its users to redeem their everyday fuel buys for reward points. In the future, these points may be redeemed to get free fuel in certain outlets of Indian Oil.
The Indian Oil network of Indian Oil has more than 40,000 retail outlets across India, which has the highest number of petrol pumps (Indian Oil Annual Report 2024). This renders the card convenient to the majority of users since there are qualified pumps in cities, on highways, and in small towns.
Key Features
The Citibank Indian Oil Credit Card is designed in a manner that can enable a daily fuel consumer to maximize on savings by use of Turbo Points, waiver of surcharge, and simple calculation of rewards. Besides fuel advantage, the card will also have a small profit on groceries and daily merchandise, which is a good option among regular motorists seeking it.
1. Fuel Rewards
- The card will provide 4 Turbo Points for every ₹150 spent on fuel in Indian Oil pumps.
- Value calculation is easy and transparent. 1 Turbo point can be redeemed for fuel, which has a price of ₹1.
- Turbo Points are not time-related, and therefore, one can collect points.
2. Fuel Surcharge Waiver
- A 1 % waiver on fuel transactions is given on qualified fuel transactions.
- Such a waiver is only applicable in cases when the Indian Oil station is using the appropriate code of the card payment category.
3. Non-Fuel Rewards
- Turbo points may be earned by users based on 2 turbo points per ₹150 spent at grocery and supermarket.
- All other expenditures accrue 1 Turbo Point for every ₹150.
- Although non-fuel earnings are less than they contribute to the addition of a small extra value.
Annual Fees and Charges
The Citibank Indian Oil Credit Card features simple rates that will aim at rewarding those consumers who use the card actively, and explicitly defines the rates of interest and penalties. Cardholders can save money on their annual spend requirement by paying it on time and enjoy the full fuel-saving benefits of the card.
1. Annual Fee
- Citibank Indian Oil Credit Card has an annual fee of ₹1000.
- This charge is exempt in cases where the user spends ₹30000 or above in one year.
2. Interest Rate
- The interest rate is 3.10-3.50%monthly based on the billing cycle and history of payment.
- This translates to an average annual interest of 37-42%.
- Those users who make the complete payment every month are free of interest.
3. Other Charges
- The ATM fee: 2.5% of the amount withdrawn.
- Late payment charge is possible up to 950 rupees based on the amount.
How Savings Work
The two elements contribute to savings, which include reward points and surcharge waivers.
1. Reward Savings
Indian Oil pumps offer 4 Turbo Points when spending ₹150, which is equivalent to 4 when it is redeemed in terms of fuel.
It translates to an effective 2.67 %t return on fuel expenditure to the users.
2. Surcharge Waiver
The 1% surcharge waiver adds to the value earned.
Combined Savings
When both benefits are added, the effective savings on fuel can reach around 3.6%–3.7%, depending on transaction eligibility.
Redemption Process
1. Fuel Redemption
- Fuel is the best mode of redeeming points.
- To begin redemption, one must have a minimum of 250 Turbo Points.
- Making direct payments at the Indian Oil petrol pumps is an option.
2. Other Redemption Options
Turbo Points can also be redeemed for:
- Shopping vouchers
- Statement credit
- Select merchandise
However, these options offer lower value, usually around ₹0.30 per point, compared to ₹1 per point for fuel redemption.
Benefits and Limitations of the Citibank Indian Oil Credit Card
The Citibank Indian Oil Credit Card offers meaningful savings for frequent fuel users, but its value depends largely on where and how often the cardholder spends. Below is a clear comparison of the card’s key benefits and limitations.
| Category | Details |
| Wide Acceptance | Accepted at 40,000+ Indian Oil pumps, ensuring easy and convenient redemption. |
| Simple Redemption | Fuel redemption is straightforward, with no complicated calculations. |
| Regular Savings | Suitable for daily commuters and long-distance travellers who consistently save on fuel. |
| Additional Offers | Includes dining discounts, online deals, and seasonal Citibank partner offers. |
| Limitations of the Card | |
| Best Only for IOCL Users | Delivers maximum benefits only at Indian Oil pumps. |
| Lower Non-Fuel Benefits | Grocery and general purchases earn lower reward rates. |
| High Interest Charges | Can become costly if the entire bill is not paid each month. |
| Minimum Redemption Requirement | Requires at least 250 Turbo Points to redeem, which may take longer for low-spend users. |
Eligibility Criteria
To be eligible to use the Citibank Indian Oil Credit Card:
- There is a minimum age requirement.
- Income evidence is required, i.e., salary slips, IT returns.
- An address and identity demonstration is needed.
- A decent credit rating is a boost in getting approval.
Application Process
1. Online Application
Applications are to be made using the Citibank site.
- Filling out a form
- Uploading KYC documents
- Verification by Citibank
2. Offline Application
- Citibank also has a selected number of branches where the card can be applied for or by authorised representatives.
- A number of applicants are offered first-time transaction Turbo Points (250 bonus Turbo Points) based on the offer at that time.
Comparison With Other Fuel Cards
When compared with other fuel cards in India:
- Citibank Indian Oil Credit Card is unique in the way that the worth of each Turbo point is evident.
- There are other cards that have advertised benefits of 5 % or more, but the redemption scheme is more complex.
- This card continues to be one of the most viable options for users who are attached to Indian Oil.
Conclusion
Citibank Indian Oil Credit Card is most appropriate for those customers who frequently refuel their cars at Indian Oil petrol pumps, like to have straightforward and foreseeable rewards, seek a straightforward fuel saving engine, and have the capacity to cover the 30,000 yearly expenditure in order to pay off the yearly charge. This reward system, the absence of surcharge, and the proliferation of Indian Oil stations, particularly render it helpful to daily commuters and long-distance drivers. Nonetheless, those customers who fill up with various petrol companies or have wider lifestyle advantages can find more balanced credit cards elsewhere.
DISCLAIMER: The information given in this blog is for educational purposes only. Any content of this blog is not investment advice.
