IndianOil Citibank Credit Card

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IndianOil Citibank Credit Card Review

IndianOil Citibank Credit Card targets customers who primarily want to save money on fuel. This fuel credit card would give you approximately 60-70 litres of fuel for free, thereby, making it a value for money credit card.  Furthermore, the flexible redemption options of this credit card allow you to enjoy your reward points in a hassle-free manner. You can redeem your reward points for fuel, cash credit, air miles, online travel bookings and at partner merchant outlets. Nevertheless, you would get full benefits from this card on redeeming your points for fuel, followed by cash credit.

FinTown Rating: 3/5

Rating by Category:

Annual Fee                                              3.5
Rewards Rate 3
Annual Bonus 2
APR 3
  • The annual fee for this credit card is zero when the total spends on your card exceeds INR 30,000 in a calendar year. If you do not meet the spend requirement, you are charged an annual fee of INR 1,000.
  • The rewards rate for this card is great when you redeem your reward points at IndianOil fuel stations since the rewards rate would be 2.67%. For over the counter  or instant redemption at partner stores, the rewards rate is INR
  • Annual Bonus for this credit card is only INR 250 if you apply for your credit card before 30 June 2018.
  • The Annual percentage rate or annualized interest rate is 39%, which is a moderate rate. Hence, an average rating of 2.5 is justified.

Pros & Cons:

Reasons to Choose Reasons to avoid
 Turbo Points at Indian Oil petrol pumps, dining, grocery, supermarket No golf games
 Concierge Services Restricted to IndianOil petrol pumps
 Annual Fee waived on spending INR 30,000 a year No cash back
 Never expiring Reward points  No airport lounge access

Rewards/Benefits – Indian Oil Citibank Platinum Credit Card

  • Activation Benefits: Activation benefits worth INR 250 if you apply before 30 June 2018.
  • Save on Fuel bills:  Earn 4 turbo points for every INR 150 spent on fuel purchases. Additionally, you get full fuel surcharge waiver. You would also earn Turbo points for all your grocery and department store spends.
  • Flexible Rewards Redemption: With the IndianOil Citibank Platinum Credit Card, you can redeem your points directly at fuel stations, vouchers and at partner stores such as Westside, FabIndia, ShoppersStop etc. Alternatively, you can also redeem points for air miles, online travel or adjust against outstanding bills.
  • Zero Annual Fee: No annual fee is levied if you spend INR 30,000 on your card in a calendar year. Anything below INR 30,000 will lead to an annual fee of INR 1,000 being charged on your credit card.
  • Citibank Dining Privileges: You can get up to 15% discount on your IndianOil Citibank Credit Card.

Is the rewards/cash back rate good?

For all your fuel transactions on your credit card, you earn 4 Turbo points for every INR 150 spent. In other words, you earn INR 4 for every INR 150 spent. Thus, the rewards rate is, therefore, 2.67% when points are redeemed at Indian Oil petrol pumps. However, this would vary depending on where your points are redeemed. For redeeming your points against cash credit, the rewards rate is 0.94%, since 1 Turbo point redeemed for cash credit is INR 0.35. Similarly, the rewards rate for redeeming points at merchant outlets is 0.8%. For redeeming against online travel, the rewards rate is 0.67%.

For your grocery and supermarket spends, you would earn 2 points on every INR 150 spent. Therefore, the rewards rate would get halved for the points earned on your grocery and supermarket spends. Similarly, for all other spends, you would get 1 point for every INR 150 spent. Therefore, the rewards rate would further fall to 0.25% of the rewards earned on fuel transactions.

How to Redeem Rewards – IndianOil Citibank Credit Card?

Tracking reward points or redeeming them is quite easy when it comes to IndianOil Citibank Credit Card. You can track your reward points by typing REWARDS ‘XXXX'(XXXX – last four digits of your card) to 52484 or +91-9880752484. For redeeming your rewards, you can make use of Instant Redemption feature. This is available on all their partner websites like goibibo, Indigo, MakeMyTrip, yatra, shoppers stop, Vodafone etc. Additionally, you can redeem your points for cash credit, air miles, shopping, online travel bookings and fuel.

Options for redemption Transactional value of 1 Turbo Point Minimum points required to redeem
Fuel INR 1.00 250
Cash credit INR 0.35 5,000
Shopping at merchant outlets INR 0.30 250
Online travel INR 0.25 250
Air miles 0.75 miles 200

Is this card for you?

This card is right for you if:

  • You have IndianOil petrol pumps in your vicinity
  • A low interest rate is not your priority
  • The absence of travel benefits does not bother you

IndianOil Citibank Platinum Credit Card – Payments & Fees:

Annual Fee INR 1,000 when annual spends on the card is less than INR 30,000

Zero when annual spends on the card is above INR 30,000

Foreign Transaction Markup Fee  3.5%
Cash Withdrawal Fee  2.5% of the withdrawn amount at ATMs in India (subject to a minimum of INR 500 and USD 7.5 at international ATMs.
Late Payments Fee INR 300 to INR 950
Overlimit Penalty
2.5% of the amount (excluding fees, charges and taxes)
over the credit limit, subject to a minimum of INR 500
Credit Card Replacement Fee  Nil

How to get the most out of your card?

To make the most of your card, you should spend as much as possible in the categories that offer you reward points. On a total yearly spend of INR 3,40,000, you can earn approximately INR 4,107 and get Fuel Surcharge Waiver worth INR 720. Average quarterly spends required to earn 60-70 litres or INR 4827 (as calculated by Citibank) are as follows:

  • On spending INR 18,000 on fuel, you would earn 480 Turbo points i.e. INR 480 and save INR 180 on fuel surcharge
  • If you spend INR 15,000 on grocery and supermarket, you would earn Turbo points worth  INR 200
  • On all other spends, an estimated average spend of INR 52,000

Note: Variable figures of 60-70 litres is due to fluctuating fuel prices. Nevertheless, one can earn up to 71 litres, as claimed by Citibank on their website.

Terms & Conditions Explained:

  • Restriction cap for all categories: Maximum cash back for IRCTC, fuel, BillPay and Recharges is INR 150 in one month. For all EasyEMI, PayZapp and SmartBUY transactions, you can earn up to INR 150 in a month.
  • Annual Fee: Spend INR 30,000 on your credit card and get your annual fee waived off.

Application Requirements/Eligibility Criteria

  • You should be an Indian national or a Non-resident Indian
  • You are more than 18 years of age and the maximum age limit is 70 years
  • PAN Card, photograph, income proof, residence proof and identity proof
  • You should have a good credit history or a salaried job with a stable monthly source of income

 

Negative Customer Feedback

Based on 85 reviews on mouthshut.com, the IndianOil Citibank Credit Card has received a rating of 3.52 out of 5. This credit card has been reviewed positively by most users. Since mouthshut is a complaint forum and negative incidents are highlighted more often, we are not taking into account the negative reviews for this card since they are unreasonable or isolated incidents of bad experiences of a few customers.

Other Credit Card with similar/better Features

Standard Chartered Super Value Titanium Credit Card

The Standard Chartered Super Value Titanium Credit Card offers a 5% cash back on fuel, telephone bills and utility spends. Moreover, you can use this credit card at all petrol pumps. Additionally, the 20% cash back on Uber rides is also appealing.  Nevertheless, you should spend INR 15,000 on your card to be eligible for the 20% cash back on Uber rides.

This credit card also offers complimentary  Priority Pass Membership and one complimentary airport lounge visit per month. Furthermore, the low annual fee of INR 499 is like a cherry on the cake. This card also lets you earn 1 reward point for every INR 150 spent. As a welcome bonus, you would earn a BookMyShow voucher worth INR 1,000 and get 500 reward points on registering for online banking.

HDFC Bharat Cash back Credit Card

HDFC Bharat Cash back Credit Card offers cash back in a number of categories such as railway bookings, fuel, Bill Pay and recharges. Furthermore, you also get a 5% cash back on payments done via EasyEMI, PayZapp and SmartBUY. However, the maximum cash back, you can receive in a month is INR 150 each for the two categories mentioned above. One can save up to INR 3,000  a year with this credit card. The good thing about this credit card is anyone with a monthly income of INR 12,000 and above can apply for this card. Furthermore, your annual fee gets waived off on spending INR 20,000 in a calendar year.

Bottom Line

The IndianOil Citibank Platinum Credit Card is a good option to save up to 60-70 litres of fuel in a year. One of the problems with this credit card is it does not offer good welcome bonus/activation benefit. Furthermore, this credit card would not give you access to complimentary airport lounges or free golf games or lessons. Nevertheless, the best features of this credit card are its flexible redemption options and never expiring reward points.

To apply for this credit card, hit APPLY NOW.

FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial well-being and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

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