From 1st october, credit card users won’t get cash back on the use of credit cards at petrol pumps which was the case earlier in which we use to get 0.75% cashback on every purchase.
So are you still thinking about getting the cashback at petrol pumps after 1st October. Here is the answer for you.
There are a few other ways by which you can continue to get the cashbacks on your fuel payments.
For example, Other digital modes of payments are available that can be used for purchasing fuel. Also personal discounts provided by debit/credit cards companies.
Remember the time of cash crunch due to demonetization In December 2016.
During that time the government has asked petroleum companies like Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), and Indian Oil Corp (IOC) to provide a 0.75% discount on use of credit/debit cards or e-wallets to their customers to encourage paperless transactions.
This discounts was introduced in 2016 and continued for around 2.5 years, which recently government decided to discontinue form coming 1 October.
Do you still wonder why they have stopped giving these discounts ? Read this article ‘’Cashback For Credit Card Users At Petrol Pump Abolished Forever: This Is The Reason Why!‘ explaining the same.
There are 7 ways to get discounts on fuel purchase which will help in making some cash for you after 1st October.
Contents
IndianOil HDFC Bank Credit Card
This card provides 5% fuel point at Indian Oil Corporation Limited(IOCL). Also it offers 50 redeemable points which can be used to buy 50 liters of fuel per year.
The card charges an annual fee of Rs 500. The annual fee will be waived off if you spend Rs 50,000 in a year’s time.
Citibank Indian Oil Platinum Credit Card
On fuel purchase of around Rs 150 at authorized Indian Oil retail outlets, you can earn 4 turbo points from this card. The annual fee for this card is Rs 1,000, which can get waived off on spend of Rs 30,000 in a year.
The points accumulated can be redeemed at more than 1200 authorized Indian Oil retail outlets for purchase of fuel and surcharge waiver.
Standard Chartered’s Super Value Titanium Credit Card
It gives you a 5% discount on all fuel spends and it doesn’t limit it to fuel purchase only as it includes phone and other utility bills too. The annual fee for this card is Rs 750.
BPCL SBI Card
It offers 4.5% value back which is equivalent to 13X reward points on fuel purchase at BPCL petrol pumps. 1% fuel surcharge waiver can also be availed on every transaction upto Rs 4,000, also included in 4.5% value back. It’s annual fee is Rs 499.
ICICI Bank HPCL Coral Credit Card
It reduces fuel bill by 2.5% in the form of cashback. You can also get a 1% waiver on surcharges along with 2.5% cashback. It charges Rs 199 as annual fee.
Debit Cards
The good news is debit will continue to give the discounts. You can also avail 1% waiver on fuel surcharges as most banks provide it.(reference Financialexpress)
E-wallets
As the trend continues, most of the E-wallet companies like Paytm, PhonePay provide discounts and offers to their customers frequently. Like Paytm announced to offer a cashback offer of upto Rs 7,500 on purchase of fuel from petrol pumps.
You need to spend at least Rs 50 on fuel purchase to avail this offer.
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