The dependence of foreign imports for crude oil in India grew to 83.7% in the financial year 2018-19 from 82.9% in the previous year. The constant growth of dependency is alarming as the price of fuel is also on a continuous rise.
Hence, to counter this constant rise in the price, individuals are required to determine a suitable method to reduce such expenses. To help generate savings on fuel purchases, financial institutions have introduced fuel credit cards with various benefits for such specific requirements.
The best credit card for fuel comes with the following features to help the user save on fuel purchases.
- Reward points
There are various credit card issuers which have tie-ups with certain fuel stations. If you purchase fuel from these specific stations, you will be eligible to enjoy a high amount of reward points. You can accumulate these reward points to pay for the expenses towards fuel in the future.
Also, you can use the accumulated points to pay the expenses for your daily commodities. Furthermore, the reward points that are earned from various transactions through your credit card such can be used for future purchases.
- Surcharge waiver
You can reduce the expenses towards purchasing fuel by making the most of the surcharge waiver offered by various credit card issuers. Usually, credit cards charge a hefty transaction fee, known as surcharge for whenever you purchase fuel. The best credit cards for fuel reduce that charge only by a certain percentage offering you significant savings.
Along with reward points, you can avail the benefits of cashback with fuel cards. A certain amount will be refunded or added to your credit limit after every transaction. You can use this cashback amount to pay for your future purchases to reduce your expenses for fuel.
How to choose the right fuel card?
Selecting an ideal credit card can be a challenging task for any individual. Here are a few important things to know before you apply for a credit card for fuel.
- Annual fees
You are required to pay a certain amount of yearly charges per year for using your fuel card. To generate maximum savings, ensure that the card you choose comes with lower annual fees so that you can make the most out of it. Along with annual charges, you must consider the interest rates to ensure that your expenses are comparatively less.
The Bajaj Finserv RBL Bank SuperCard is one such credit card that offers substantial savings on your fuel purchases while offering a nominal interest rate. Also, it provides various benefits like interest-free ATM withdrawals up to 45 days and emergency loans against your credit limit for up to 90 days.
They also provide pre-approved against such Bajaj finance cards to ensure that the time required to avail them is reduced and the process is simplified. These pre-approved offers are valid on a plethora of financial products and services like home loans, business loans, personal loans and more. Submit a few required details to check your pre-approved offer.
- Fuel requirements
Before selecting a fuel credit card, consider how much you are paying towards fuel every month. Evaluating the amount will help you to understand which card offers you the ideal benefits according to your needs
- Ease of usability
To choose the right credit card, check if it is accepted across various oils stations or not. A credit card with a wide range of usage will ensure that you can avail the benefits irrespective of the situation or the oil station.
Along with that, ensure that your credit card issuer allows you to redeem reward points easily so that you can make the most out of it.
Select the best credit card for fuel according to your requirements and save a considerable amount of money each month. Ensure that you hold a decent credit score to avail such cards with additional benefits.