IndianOil Kotak Credit Card: A Co-branded Fuel Credit Card

If you're new to credit cards and want an entry-level credit card, with fuel benefits, check out the IndianOil Kotak Credit Card. It's great for beginners, and it costs Rs. 449 annually. The card gives you up to 4% cashback in the form of reward points when you use it at IndianOil fuel stations and for dining, groceries, and shopping. If you mainly use IOCL petrol pumps, this card can be a smart choice. Learn more about its benefits below.

Key Highlights of IndianOil Kotak Credit Card

IndianOil Kotak Credit Card
Best Suited For Fuel Transactions
Joining Fee Rs. 449
Annual/Renewal Fee Rs. 449 (Waived off on annual spends of Rs. 50,000)
Welcome Benefit 1,000 bonus reward points
Best Feature 4% value back as reward points at IndianOil fuel stations

*Terms and conditions apply.

Some of the features & benefits of this fuel credit card are as follows:

5% Value back on IndianOil Fuel Spends

The card provides a 5% cashback on fuel expenditures at IndianOil petrol pumps through the following benefits:

  • You can earn a 4% cashback in the form of reward points on IndianOil fuel purchases. This value back is provided as 24 reward points for every Rs. 150 spent. The maximum reward points you can earn through this feature is 1200 reward points per statement cycle.
  • Furthermore, the card includes a 1% fuel surcharge waiver on transactions ranging from Rs. 100 to Rs. 5,000, with a maximum surcharge waiver capped at Rs. 100 per statement cycle. This waiver is applicable exclusively at IndianOil outlets.

So, with this card, you can get a maximum value benefit of Rs. 400 each month. This calculation is based on the redemption rate of 1 reward point = Rs. 0.25. So, when you earn 1200 reward points, it translates to Rs. 300, and you can also enjoy a maximum surcharge waiver of Rs. 100. Keep in mind that the value of redemption might vary on different platforms, as explained in the section below.

Want to Earn Rewards or Cashback on all your purchases? Check Best Credit Card with Reward Benefits OR Best Cashback Credit Cards in India, to maximize savings every time you spend!

Value Back on Other Categories

In addition to the advantages related to fuel purchases at Indian Oil fuel stations, this card provides cashback opportunities across all retail transactions, with a focus on specific categories. These are outlined below:

  • You can enjoy a 2% cashback on Grocery and Dining expenses with this card, earning 12 reward points for every Rs. 150 spent. The maximum reward points you can accumulate through this feature are limited to 800 Reward Points per statement cycle.
  • For all other expenditures, the card provides a 0.5% cashback in the form of 3 reward points for every Rs. 150 spent.

Even though this card gives good rewards for every Rs. 150 you spend, there's a monthly limit of Rs. 800. So, the most you can get back is Rs. 200 each month (1 reward point= Rs.0.25). This cap affects the benefits, especially for groceries and dining, making the rewards limited. For instance, if you spend Rs. 10,000 in these categories, your benefit will only be Rs. 200. If you use your credit card a lot for everyday expenses, you might want to check out other cards that offer better cashback.

How can you redeem the reward points earned via the IndianOil Kotak Credit Card?

Redemption Option Value of 1 reward point T&C
Cashback Redemption* 1 reward point= Rs. 0.25 Can be availed with minimum 300 points and in multiples of 300 only
Rewards Catalogue 1 reward point=Rs. 0.25 You can choose from various categories like merchandise, e-vouchers of latest brands, movie vouchers, travel, mobile recharge and much more.
IndianOil XTRAREWARDS Program 300 Kotak Reward Points = 250 IndianOil XTRAREWARDS (1 IndianOil’s XTRAREWARDS =Rs. 30). Kotak Reward Points can be redeemed against IndianOil’s XTRAREWARDS in multiples of 300 only.

*Cashback redemption against IndianOil Kotak Credit card is an introductory launch offer and is valid for a limited period.

** Redemption against XTRAREWARDS Points conversion can be availed only after the expiry of Introductory Launch Offer.

When it comes to redeeming your cashback, there are a couple of drawbacks to be aware of. Firstly, the redemption against the cashback balance is a limited-time offer. Secondly, compared to many other cards, this card has a lower conversion value of 1 reward point = Rs. 0.25. Additionally, if you choose the IndianOil XTRAREWARDS Program for redemption, it involves an unnecessary extra step. Instead of a direct conversion, you have to convert the points to XTRAREWARDS and then to the reward value.

Other Benefits offered by IndianOil Kotak Credit Card:

  • Annual fee waiver on spending Rs. 50,000 in an anniversary year.
  • This credit card offers a personal accident insurance cover of Rs. 2 Lakh.
  • You can avail an interest-free credit period for up to 48 days with this card.
  • Furthermore, the card provides personal concierge services, offering assistance in various areas such as gift and flower delivery, restaurant referrals and reservations, car rental and limousine referrals and reservations, golf reservations, and booking movie tickets, among others.
  • The card enables safe and secure contactless payments, allow Smart EMI and comes along with zero lost-card liability.

The fees and charges associated with the Indian Oil Kotak Credit Card are as follows:

Type of Fee or Charge Amount
Joining Fee Rs. 449
Annual/Renewal Fee Rs. 449
Interest Charges 3.5% per month | 42% per annum
Late Payment Charges For Outstanding Amount:
  • Rs. 100 to Rs. 500: Rs. 100
  • Rs. 500.01 to Rs. 5,000: Rs. 500
  • Rs. 5,000.1 to Rs. 10,000: Rs. 500
  • Above Rs. 10,000: Rs. 700

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To apply for the Indian Oil Kotak Credit Card, applicants should meet the following eligibility criteria:

Criteria Details
Age 18 to 65 years
Occupation Salaried or Self-employed
Documents Required Click here to view the list of eligible documents

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Particulars IndianOil Kotak Credit Card IndianOil HDFC Bank Credit Card IndianOil Axis Bank Credit Card
Joining Fee Rs. 449 Rs. 500 Rs. 500
Annual/Renewal Fee Rs. 449 Rs. 500 Rs. 500
Renewal Fee Waiver On spending Rs. 50,000 in the previous year On spending Rs. 50,000 in the previous year On spending Rs. 50,000 in the previous year
Welcome Benefit 1000 bonus reward points as welcome benefit on spending Rs. 500 within 30 days of card issuance - 100% cashback of up to Rs. 250 on fuel transactions done in the first 30 days of card issuance.
Reward Benefit across IndianOil fuel pumps 24 Reward Points on every Rs. 150 spent (up to 1200 Reward Points in a month) 5% of your spends as Fuel Points (up to 250 Fuel Points per month in first 6 months, max. 150 Fuel Points post 6 months from card issuance) 20 reward points per Rs. 100 spent(On fuel transactions between Rs. 100 and Rs. 5,000 per month)
Fuel Surcharge Waiver 1% fuel surcharge waiver on transactions between Rs. 100 to Rs. 500 (maximum surcharge waiver of Rs. 100 per statement cycle only at IndianOil outlets) 1% surcharge waiver (Max. of Rs. 250 per statement cycle). ( applicable on a minimum transaction value of Rs. 400.) 1% fuel surcharge waiver on your transactions between Rs. 200 and Rs. 5,000 per month. (Maximum waiver of Rs. 50 in a statement cycle)
Reward on other categories
  • 12 reward points on every Rs. 150 spent on grocery and dining(up to 800 reward points per statement cycle)
  • On all other spends: 3 reward points on every Rs. 150 spent
  • 5% as fuel Points on grocery and bill payments(Max. 100 Fuel Points per month on each category)
  • 1 Fuel Point for every Rs. 150 spent on all other purchases
  • 5 reward points per Rs. 100 spent on online shopping.(Applicable on online transactions between Rs. 100 and Rs. 5,000.)
  • 1 eDGE reward point on every Rs. 100 spent via this credit card
Other Benefits
  • Personal accident insurance cover of Rs. 2 Lakh
  • Personal concierge assistance
  • Complimentary IndianOil XTRAREWARDSTM Program (IXRP) membership
  • Zero lost card liability
  • Interest free credit period up to 50 days
  • 10% discount on booking movie tickets through BookMyShow’s app or website
  • Up to 20% discount on dining bills at partner restaurants in India under the Dining Delights program.

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The IndianOil Kotak Credit Card is a fuel card that gives you various benefits. You get cashback on fuel, dining, groceries, and shopping. There are perks like easy renewal fee waiver, joining benefits, and concierge service included.

This card gives you good savings on Indian Oil fuel purchases, allowing you to save up to Rs. 400 each month. You can use these savings by redeeming them for cashback or items from the Kotak rewards catalog. If you opt for Indian Oil XTRAREWARDS Point redemption, you can use your rewards directly at IOCL pumps to pay for fuel. However, even though it's a 'fuel' card, the limit on general fuel surcharge makes it similar to regular 'non-fuel' credit cards. The benefits are mainly for Indian Oil fuel purchases, so it's like a co-branded card – great if you're loyal to IOCL. For other spending, the benefits are limited due to the monthly points cap of 800. Choose this card if you're focused on saving on fuel, not so much on other things.

If you use your own vehicle daily and prefer filling up at Indian Oil pumps, the IndianOil Kotak Credit Card is a good fit for you. You can get the most out of it if you spend a lot on fuel every month, are okay with the redemption choices, and find the basic benefits satisfactory without needing premium perks. However, if you want fuel benefits without any brand restriction, you might want to explore other popular fuel credit cards.

1. How does the cashback redemption option works for this credit card?

The cashback redemption feature on The IndianOil Kotak Credit Card is an Introductory Launch Offer available for a limited time. Through this redemption option, your Kotak Reward points are converted into cashback and credited to your card statement. To access this cashback redemption, you can simply contact Kotak Customer Care at 18602662666.

2. Can I get an add-on card for IndianOil Kotak Credit Card?

Yes, you receive a complimentary add-on card with your primary card, allowing you to extend the card benefits to any family member. Managing the add-on card is convenient, as you can set the card limit and effortlessly monitor expenses. Please be aware that the minimum age requirement for individuals seeking to avail the IndianOil Kotak Credit Card as add-on cardholders is 18 years.

3. What is the limit for contactless payments?

IndianOil Kotak Credit Card allows safe, secure and fast contactless payments with the Tap & Pay facility, for up to Rs. 5,000 per transaction.

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