Benefits and Features of Fuel-Specific Credit Cards

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Credit cards are versatile financial tools, offering various benefits tailored to different needs. To make the most of your credit card, it’s crucial to identify your specific requirements before applying. While obtaining a credit card is a simple process, responsibly managing it, especially paying your bills promptly, is essential. Timely payments boost your credit score and unlock numerous rewards and benefits, making it a wise financial choice.

Fuel-specific credit cards stand out as the go-to choice for maximising savings on fuel, CNG, and more. Packed with a plethora of benefits and features, these cards hold great value for cardholders. To fully harness the advantages of your fuel credit card, it’s crucial to clearly understand its perks and terms & conditions. Today, we have crafted this comprehensive blog post to unravel the full spectrum of benefits and features associated with fuel-specific credit cards.

Fuel-Specific Credit Card- An Overview

A fuel-specific card is regarded as a specialised credit card designed to offer fuel at discounted rates and exclusive deals at various fuel stations. It operates much like conventional credit cards, providing flexibility for drivers to cover car repairs and related expenses when needed. 

Among its remarkable advantages, a fuel-specific credit card delivers substantial savings on fuel costs, making every trip to the pump a pocket-friendly experience.

This phenomenon occurs due to the enticing features of numerous fuel-specific credit cards, which often provide reduced fuel prices or enticing rewards when refuelling from a specific company’s petrol pumps. As companies incentivise drivers to fill up at discounted rates within a predefined network of fuelling stations, it translates into significant savings for fleets and individual consumers. 

While enjoying the convenience, you must never forget to make your credit card payment online on time. This helps build your credit score and makes you eligible for various offers. 

Requirements to Apply for a Fuel-Specific Credit Card

Every credit card comes with specific eligibility criteria that applicants must meet. Fuel-specific credit cards are no exception, and they also have their own set of requirements. Let’s delve into the eligibility criteria for applying for a fuel-specific credit card:

  • You should be at least 18 years old.
  • You should be an Indian citizen.
  • There must be a steady source of income, such as a wage or independent business.
  • All the income standards set by the banks must be checked. 
  • The applicant must have a high credit score (preferably more than 750)

Benefits of a Fuel-Specific Credit Card

Let’s explore some top benefits of using a fuel-specific credit card here:

  • Reward Points

A fuel-specific credit card offers reward points to earn. You will earn reward points whenever you purchase fuel at a specific fuel station while using your fuel credit card. You can redeem these reward points for future purchases.

  • Usage of Reward Points

The more rewards you accumulate, the greater the opportunities to enjoy them at various stores and outlets. With a fuel-specific credit card, your reward points can be redeemed not only for fuel but also at different restaurants, shopping malls, and more, enhancing your overall savings and benefits.

  • Cost Exception 

Many banks issuing fuel credit cards, like Kotak Mahindra Bank, offer substantial relief to borrowers through fuel surcharge waivers at fuelling stations. Fuel surcharges can significantly contribute to the overall fuel cost, so even a minor exemption can be highly advantageous for cardholders.

  • Cashback

Cashback rewards are one of the standout perks offered by fuel-specific credit cards. These cards provide substantial cashback on grocery and dining spending, allowing you to accumulate impressive cashback earnings with every swipe.

How to Apply for a Fuel-Specific Credit Card?

There are two ways by which you can apply for a fuel-specific credit card, and they are:

  • Online Method

To apply for a fuel-specific credit card, visit your preferred bank’s official website. Head to the credit card section, choose the card that suits your needs and complete the application form. Once your application is approved, your new card will be promptly delivered to your residential address.

  • Offline Method

In an offline method, you can visit your bank branch physically and speak with your bank manager about your fuel card needs. They will help you in the further application process. 

Also Read: Dos and Don’ts of Storing Credit Card Information

Wrapping Up

The fuel-specific credit card has emerged as a sought-after choice for drivers and individuals with daily fuel needs, thanks to its enticing benefits like redeemable reward points and fuel surcharge waivers. 

However, it’s essential to grasp the requirements and criteria before applying. The application process is simple. Once you receive your fuel credit card, make timely credit card payments to enjoy the benefits.

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