IDFC First Bank has recently launched its first co-branded credit card in collaboration with Hindustan Petroleum Corporation Limited (HPCL). The IDFC First Bank HPCL Power+ credit card is one of the two fuel credit card variants available, with the other being the IDFC First Bank HPCL Power credit card.
In this article, we will take a closer look at the IDFC First Bank HPCL Power+ credit card and its features.
Overview
The IDFC First Bank HPCL Power+ credit card is classified as a mid-level credit card and falls under the fuel credit card category. It is a variant of the Rupay Select platform, offering several benefits on fuel spends. The annual fee for this credit card is Rs. 499 plus GST.
Rewards
The IDFC First Bank HPCL Power+ credit card offers rewards ranging from 0.5% to 5%, depending on the monthly spends. The rewards program includes cashback offers and reward points on fuel spends at HPCL petrol pumps. Additionally, cardholders can earn reward points on all other spends, including dining, entertainment, and shopping.
Earn 24 Reward Points (RP) for every Rs 150 spent on HPCL Fuel and LPG, which translates to a 4% return on spending up to Rs 10,000 each month.
You can also earn 30 RP for every Rs 150 spent on Utilities and Groceries, which provides a 5% return on spending up to Rs 2,000 every month. Additionally, IDFC FASTag transactions can also earn 30 RP for every Rs 150 spent, with a 5% return on up to Rs 1,000 per month.
For all other expenditures, you can earn 3 RP for every Rs 150, which is a 0.5% return. However, there are no rewards for non-HPCL fuel, insurance, or EMI transactions.
While a 4% value-back on HPCL fuel and LPG purchases of up to Rs 10,000 each month is a decent return, the 5% value-back on utilities and groceries has a low cap and may not be very useful for many customers.
HP Pay is a convenient scan-and-pay app that allows customers to pay for fuel and gas cylinders, provided the fuel station has an HP Pay QR code. However, using a credit card on HP Pay incurs an additional charge of 1%, which offsets the 1.5% benefit of extra cashback in Payback points. Therefore, the 1.5% benefit may not be very useful for customers.
Rewards Redemption
One of the best features of this card is that every reward point is worth 25 paise and can be redeemed as a statement credit. This means that there are no restrictions on how the rewards can be redeemed, unlike fuel or voucher options. Statement credit is a more practical and sensible option.
However, there is a redemption charge of Rs. 99 + GST for every reward point redemption by IDFC First Bank. Therefore, it is advisable to accumulate points and redeem them in bulk to save on the redemption fee.
Ideal Monthly Spends
To maximize the benefits of the IDFC First Bank HPCL Power+ credit card, it is recommended to have monthly spends of Rs. 10,000 or more. This will enable cardholders to earn substantial rewards and cashback offers.
Fees and Charges
While the Wealth variant is still a lifetime free credit card, the Power and Power Plus variants come with an annual fee of Rs. 499 plus GST. However, the joining fee is currently waived until 30th April 2023.
Annual Fee Waiver
The IDFC First Bank HPCL Power+ credit card offers an annual fee waiver on spending Rs. 1.5 lakhs in an anniversary year. This feature can be beneficial for frequent users, as it can help them save on annual fees.
Welcome Benefits
Apart from the waiver on joining fees, the IDFC First Bank HPCL Power+ credit card offers several other welcome benefits. Cardholders can avail of these benefits within the first 30 days of card setup, and they include: Read here more details
- 5% cashback up to Rs. 1000 on the transaction value of the first EMI conversion.
- Rs. 150 discount on orders above Rs. 500 on Swiggy.
- Rs. 500 discount on ZoomCar rentals.
- Discount up to 50% on domestic and international rental cars with Eco Rent A Car and EuroCard.
Complimentary Airport Lounge Access
With a minimum monthly spend of Rs 5000, you can enjoy complimentary access to a domestic airport lounge once every quarter. Please refer to the list of eligible airport lounges to take advantage of this benefit.
Key Benefits
This card offers several key benefits, including complimentary roadside assistance up to 4 times per year. This is a unique and valuable privilege for a card of this segment. The complimentary roadside assistance covers many of the services that are typically paid for at the vehicle showroom.
In addition, the card also provides a 1% fuel surcharge waiver up to Rs. 200 per statement cycle on fuel transactions valued between Rs. 200 to Rs. 5000.
Conclusion:
If you have a monthly fuel spend of up to Rs. 10000, the IDFC First Bank HPCL Power+ credit card is an excellent option to consider. As many cashback cards do not offer rewards on fuel, it has become necessary to hold a fuel credit card.
The fact that this card is on Rupay is another advantage, as it will eventually be onboarded to Rupay on UPI, making it usable for UPI transactions.
However, there is one drawback to note, which is not specific to the card but rather to IDFC First Bank. The bank does not issue two credit cards to a single customer, so if you already have another IDFC First Bank credit card, you will not be able to apply for this one.