IDFC First Bank has recently unveiled its inaugural co-branded credit cards in collaboration with Hindustan Petroleum Corporation Limited (HPCL).
The bank has introduced two variants of fuel credit cards – Power and Power+ – which operate on the highly efficient Rupay Select platform.
Both these cards offer substantial savings on fuel expenses, making them ideal for those who frequently rely on their vehicles for commuting purposes.
Today, we will delve into the features of the entry-level IDFC First Bank HPCL Power credit card, designed to cater to the needs of the everyday commuter. This fuel credit card is packed with multiple benefits, making it a popular choice among consumers.
Fees and Charges
Here are some sentences about fees and charges:
- Before applying for any financial product, it is essential to understand the fees and charges associated with it.
IDFC First Bank Credit Card: No Joining Fee until 30th April 2023
IDFC First Bank is currently offering an amazing deal for those interested in obtaining a credit card. The joining fee for the credit card is waived until the end of April 2023. This offer is a great way to save some extra money when applying for a credit card.
Welcome Benefit – Cashback on 1st HPCL Fuel Transaction and More
If you apply for an IDFC First Bank credit card, you can receive a welcome benefit of Rs 250 cashback on your first HPCL fuel transaction that is worth Rs 250 or more. Additionally, there are other welcome benefits that can be availed within 30 days of card setup.
Annual Fee – Rs 199 + GST
While the Wealth variant remains a lifetime-free credit card, IDFC First Bank has set an annual fee of Rs 199 against entry-level fuel credit cards. However, this annual fee is quite reasonable and affordable for this credit card.
Read Also – IDFC First Bank Classic Credit Card Review
Annual Fee Waiver – Spend Rs 50,000 in an Anniversary Year
If you spend Rs 50,000 or more in an anniversary year, you can enjoy an annual fee waiver. This means that you can continue to enjoy the benefits of this credit card without worrying about paying any annual fees.
Welcome Benefits
Here are some of the welcome benefits that you can enjoy within 30 days of card setup:
- 5% cashback up to Rs 1000 on the transaction value of 1st EMI conversion ₹150 Discount on orders above ₹500 at Swiggy ₹500 Discount on ZoomCar Rentals Discount up to 50% on Domestic and International Rental Cars with Eco Rent A Car and EuroCard
Rewards
IDFC First Power Credit Card: Earn up to 2.5% Rewards on Fuel, Utilities, and Groceries
If you’re looking for a credit card that can help you save money on everyday purchases, the IDFC First Power Credit Card might be the right option for you. Here are the details on the rewards and benefits offered by this credit card:
Fuel and LPG: Earn 15 Reward Points (RP) on every Rs 150 spent, which is equivalent to a return of about 2.5%. You can earn rewards on up to Rs 5000 worth of fuel and LPG purchases every month.
Utilities and Groceries: You can earn 15 RP on every Rs 150 spent on utilities and groceries, up to Rs 4000 worth of purchases every month. This translates to a return of about 2.5%.
IDFC FASTag: You can earn 15 RP on every Rs 150 spent on IDFC FASTag, up to Rs 2000 worth of purchases every month. This translates to a return of about 2.5%.
All Other Spends: You can earn 2 RP on every Rs 150 spent on all other purchases. This is equivalent to a return of about 0.3%.
Non-HPCL Fuel, Insurance, EMI Transactions: No Rewards
Additional Benefits:
- Extra 1.5% cashback (as Payback points) on using HP Pay, which is a scan-and-pay app that can be used to pay for fuel and gas cylinders. However, please note that there is an extra charge of 1% for using credit cards on HP Pay.
- You can enjoy a 1% fuel surcharge waiver when you use your IDFC First Power Credit Card to pay for fuel at any petrol pump in India.
The IDFC First Power Credit Card can help you earn rewards on your everyday purchases, especially fuel, utilities, and groceries. However, rewards on all other purchases are not very attractive.
The extra 1.5% cashback on using HP Pay may not be of much use if there is an extra charge of 1% for using credit cards on the app.
Nevertheless, the 1% fuel surcharge waiver is a nice benefit to have. Overall, this credit card can be a good option for those who want to earn rewards on their fuel and utility bills.
Rewards Redemption
Maximizing Rewards: Redeeming for Statement Credits
When it comes to rewards redemption, IDFC First Bank offers a great benefit. Each reward point earned through their credit card is equivalent to 25 paise and can be redeemed as a statement credit. This is a fantastic option as it provides the flexibility to use the points for any expenses on your credit card. Unlike other rewards programs, there are no restrictions on redeeming the rewards for fuel or vouchers. Statement credit is always a better choice, as it makes more sense and provides greater value.
Redemption Charges: Accumulate and Redeem
However, it’s worth noting that IDFC First Bank charges a redemption fee of Rs. 99 + GST for every reward point redemption. Therefore, it’s better to accumulate points and redeem them all at once, rather than redeeming them frequently in small amounts. By doing so, you can save money on redemption charges and maximize the value of your rewards.
How to Maximize Rewards on Your IDFC First Bank Credit Card
Now that we’ve covered the basics, let’s look at how you can maximize your rewards on your IDFC First Bank credit card:
- Choose the right card: IDFC First Bank offers a range of credit cards with varying reward structures. Before applying for a card, research the available options and select the one that suits your spending habits.
- Use your card frequently: The more you use your IDFC First Bank credit card, the more rewards you’ll earn. Make sure to use your card for all your daily expenses, including groceries, bills, and online purchases.
- Pay your bills on time: Late payments and high outstanding balances can negatively impact your credit score and reduce the value of your rewards. Ensure that you pay your credit card bills on time and in full every month.
- Redeem rewards wisely: As mentioned earlier, it’s better to accumulate points and redeem them in one go to save on redemption charges. Additionally, keep an eye out for special promotions and offers that can help you maximize your rewards.
Key Benefits
Benefits of the IDFC First Bank Credit Card: Complimentary Roadside Assistance and Fuel Surcharge Waiver
If you’re in the market for a new credit card, the IDFC First Bank Credit Card is an excellent choice. With its attractive benefits and rewards program, it’s one of the best cards available in the market today. Let’s take a closer look at two of the key benefits offered by this card.
Complimentary Roadside Assistance
One of the standout benefits of the IDFC First Bank Credit Card is the complimentary Roadside Assistance (RSA) program. As a cardholder, you can avail of RSA up to 4 times a year, free of charge.
This is an excellent benefit, especially if you’re someone who spends a lot of time on the road. The RSA program covers a range of services, including towing, flat tire change, battery jumpstart, and more. This is a unique privilege for a card of this segment and covers many of the RSA services that are typically offered as a paid cover from the vehicle showroom.
Fuel Surcharge Waiver
Another great benefit of the IDFC First Bank Credit Card is the 1% fuel surcharge waiver. This waiver is applicable on fuel transactions with a value between Rs. 200 to Rs. 5000 and can save you up to Rs. 100 per statement cycle. This is a valuable benefit, especially if you’re someone who spends a lot of money on fuel each month.
The complimentary RSA is one of the unique privileges for a card of this segment.
Conclusion: Is the IDFC First Bank HPCL Power Credit Card Right for You?
If you’re someone who spends a significant amount of money on fuel each month, the IDFC First Bank HPCL Power Credit Card could be an excellent option for you. With its fuel surcharge waiver and rewards program, this card can help you save money on your fuel expenses.
One of the most significant advantages of this card is that it is a fuel credit card. With many cashback cards not offering rewards on fuel, having a fuel credit card has become essential. With this card, you can earn rewards on your fuel transactions, which can help you save money in the long run.
Another benefit of this card is that it is on Rupay, which means that it will likely get onboarded to Rupay on UPI in the future. This will allow you to use the card for UPI transactions, making it even more versatile.
However, there is one downside to keep in mind. IDFC First Bank does not issue two credit cards to one customer, so if you already have another IDFC First Bank credit card, you won’t be able to get this one.
Overall, the IDFC First Bank HPCL Power Credit Card is a good option for those who spend up to Rs. 5000 per month on fuel. By using this card only for fuel purchases, you can meet the annual fee waiver and earn rewards on your fuel spends. So, if you’re looking for a credit card that can help you save money on your fuel expenses, this card is definitely worth considering.