Anyone can easily get worried by seeing the soaring prices of fuel. That is why experts believe in using a fuel credit card to help in reducing the cost of this spend category. Fuel credit cards are a great financial tool to add to your wallet provided you know how to use a credit card. Those who travel a lot with their vehicles and spends a lot on fuel like petrol and diesel must go with the fuel credit cards. You can find generic fuel credit card or co-branded fuel credit card. You need to analyze your spending habits and needs first before taking a credit card. If you refill your tank from a BPCL petrol pump then you must for a credit card that is in partnership with BPCL. Keep reading to know how fuel credit card can help you save on fuel costs.
Stick to one company: It is very important to stick to one company for your fuel spends. If you purchase from BPCL petrol pumps and have BPCL co-branded credit card then you must use that card at BPCL petrol pumps to enjoy the rewards on your spends. If you keep changing the petrol pump then you won’t be able to earn reward points. So, to save the cost on fuel transactions you need to stick to one company.
Consider minimum transaction as well: Now, you need to know that on some credit cards a threshold limit is mentioned which gets you the fuel surcharge. On spending a minimum amount on a petrol pump will let you enjoy the fuel surcharge waiver. Keep in mind that minimum transaction limit and try to reach that limit so that so you can earn reward points which you can use further to purchase fuel.
Research thoroughly: Before you jump right away on credit card application, you must research thoroughly as to which credit card would be a right choice for you. Compare all fuel credit cards to know which helps in saving the most cost. One of the most rewarding fuel credit cards that you can get is Indian Oil Axis Credit Card. On this credit card, you earn 20 reward points on spending Rs. 100 on all fuel transactions at IOCL fuel outlets.
Fill tanks frequently: The more you use your fuel credit card at the fuel outlets the more you will earn the reward points. This way you can also achieve minimum annual spend limit which in return helps in annual fee waiver. Moreover, you will earn reward points and save the fuel costs.
With the parting thought, choosing the right fuel credit card is the only way possible to save on fuel costs. To maximize the benefits of your fuel credit card you need to keep the credit card dues clear in full and on time, also you need to maintain a low credit utilization ratio. Fuel credit cards can undoubtedly help you in saving a lot on your fuel transactions provided you have selected the right co-branded fuel credit card. If you have used a fuel co-branded credit card then do share your experience in the comment section.