Best for Free Fuel: IndianOil Citi Platinum Credit Card vs. ICICI Bank HPCL Coral Credit Card

For those using their car to commute for work, fuel expenses can rank at the top of monthly bills along with groceries. We compare two credit cards which can cut down fuel expenses by redeeming points for free fuel or getting cash back.

IndianOil Citi Platinum Credit Card

Rewards Structure

  • Earn 4 turbo points for every Rs. 150  of fuel purchased at IndianOil outlets (Cap of Rs. 10,000 or 267 points earned per transaction) + 1% fuel surcharge waiver.
  • Earn 2 turbo points for every Rs. 150 spent on Groceries and Supermarkets at select outlets. (This is capped to spends of Rs. 5000 per month).
  • Earn 1 turbo point for every Rs. 150 spent on everything else (Unlimited points).

Transactional value: 1 Turbo point equals Rs. 1 of free fuel

Rewards Redemption

Charges
If annual spend is Rs. 30,000 or less, fees is Rs. 1000 for the year.
No annual charges for spends greater than Rs. 30,000

ICICI Bank HPCL Coral Credit Card

Rewards structure

  • 2.5% Cashback and 1% Fuel Surcharge waiver on HPCL outlets. (Minimum transaction Rs. 500). Max cash back per month Rs. 100
  • Earn 2 PAYBACK points on every Rs. 100 spent on retail purchases except fuel. 
  • More details on rewards and redemption.

Rewards Redemption

Redeem 2000 PAYBACK points for Rs. 500 fuel. (Spend Rs. 1 Lakh to get free fuel worth Rs. 500)

Transactional value: 1 PAYBACK point equals Rs. 0.25 worth of free fuel

Charges
If annual spend is less than Rs. 50,000, fees is Rs. 199 per year.
No charges If annual spending if more than Rs. 50,000

Side by Side Comparison

1% Fuel Surcharge is waived on both cards. So let’s take a look at the savings purely based on points.

Assuming monthly fuel spends of Rs. 10,000 and monthly regular retail spends of Rs. 10,000. Total annual spend: Rs. 2,40,000.

IndianOil Citi Platinum Credit Card

Fuel spend. Rs. 10,000 (Assuming all spends are at IndianOil) + Rs. 10,000 retail spend.

Fuel:267 turbo points per month.
3204 points annually=Rs. 3204 worth of free fuel

Retail (Assuming they are regular retail spends where 1 turbo point is earned for Rs. 150):
800 turbo points=Rs. 800 worth of free fuel

Total free fuel in a year: Rs. 4004.

ICICI Bank HPCL Coral Credit Card

Monthly fuel spends Rs. 10,000 (Assuming all spends are at HPCL outlets) + Rs. 10,000 on retail spends.

Fuel: 2.5% Cashback subject to a limit of Rs. 100 per month. Rs. 1200 cash back= Rs. 1200 free fuel annually.

Retail:
2 PAYBACK points for Rs. 100. 2400 points for Rs. 1,20,000 spent.
2000 points=Rs. 500 free fuel

Total free fuel in a year: Rs. 1700

Bottomline

The IndianOil Citi Platinum credit card clearly beats the ICICI Bank HPCL Coral Credit Card in terms of the value of free fuel that can be earned in a year. In annual fees, the ICICI card is cheaper, but above a certain threshold of spending both cards waive off the annual fees.

(Also check out: The Best Card for Free Flights)

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