Introduction: Picture a credit card that turns every fuel pump into a source of savings and every dining experience into an opportunity for rewards. The IndianOil Kotak Credit Card is more than just a piece of plastic; it’s a key to financial efficiency and convenience. In this article, we delve into the world of this unique collaboration between Kotak Mahindra Bank and IndianOil Corporation to discover how it’s transforming everyday expenses into a rewarding journey.
Table of Content
- Table of Content
- Overview
- What is the IndianOil Kotak Credit Card?
- IndianOil Kotak Credit Card Benefits and Features
- Fuel Savings:
- Reward Points:
- Annual Fee Waiver:
- Personal Accident Insurance:
- Concierge Services:
- Add-On Card:
- How to Use Reward Points Redemption:
- IndianOil’s EXTRA REWARDS Points:
- Contactless Payment:
- What Are The Charges and Fees
- How to Apply Kotak IndianOil Credit Card
- Eligibility
- Conclusion
- Our Banking Calculators
- Your FAQs
Overview
| Feature | Description |
|---|---|
| Card Name | IndianOil Kotak Credit Card |
| Issuer | Kotak Mahindra Bank in collaboration with IndianOil |
| Key Benefit | Up to 5% savings on IndianOil fuel spends |
| Fuel Surcharge Waiver | 1% on transactions between INR 100 to INR 5000 |
| Reward Points | Earn up to 4% Reward Points on fuel, dining, and grocery spends |
| Annual Fee | INR 449 (waived on spending INR 50,000 in the previous year) |
| Personal Accident Insurance | INR 2,00,000 coverage |
| Concierge Services | Personal assistance for various needs |
| Add-On Card | Free add-on card with shared benefits |
| Reward Points Redemption | Introductory cashback offer and Kotak Rewards |
| Contactless Payment | Rupay Contactless for quick, secure transactions |
| Eligibility | Primary cardholders aged 18 to 65 years, residents of India |
| Fees and Charges | Various charges, including late payment, over-limit, and foreign currency mark-up |
| How to Apply | Apply online or visit a Kotak Mahindra Bank branch |
What is the IndianOil Kotak Credit Card?
The IndianOil Kotak Credit Card is a co-branded credit card offered by Kotak Mahindra Bank in collaboration with IndianOil Corporation Limited. This card is designed to provide significant savings and rewards, particularly for individuals who frequently use IndianOil fuel outlets. It offers an opportunity to make the most of your daily expenses, with a primary focus on fuel purchases.
IndianOil Kotak Credit Card Benefits and Features
The IndianOil Kotak Credit Card is packed with benefits and features that make it a valuable addition to your wallet. Here’s a closer look at what this credit card offers:
Fuel Savings:
- Enjoy savings of up to 5% on Indian Oil fuel spending.
- Benefit from a 1% fuel surcharge waiver on transactions between INR 100 and INR 5000 at IndianOil outlets, with a maximum surcharge waiver of INR 100 per statement cycle.
Reward Points:
| Type of Spending | Reward Percentage | Reward Points Earned per INR 150 Spent | Capped Reward Points per Statement Cycle |
|---|---|---|---|
| IndianOil Fuel Spends | 4% | 24 Reward Points | 1200 Reward Points |
| Grocery and Dining Spends | 2% | 12 Reward Points | 800 Reward Points |
| All Other Spends | 0.5% | 3 Reward Points | No Cap |
- As a welcome benefit, receive 1000 Reward Points upon spending INR 500 within 30 days of card issuance.
Annual Fee Waiver:
- The annual fee of INR 449 is waived if you have spent INR 50,000 in the previous anniversary year, making it a cost-effective choice.
Personal Accident Insurance:
- Cardholders receive a personal accident insurance cover of INR 2,00,000 on the IndianOil Kotak Credit Card, providing added security and peace of mind.
Concierge Services:
- Access to personal concierge and assistance for various needs, including gift delivery, flower delivery, restaurant referral and bookings, car rental and limousine referral and reservation, golf reservations, and movie ticket booking, among others.
Add-On Card:
- Cardholders can request a free add-on card with all the benefits available on the primary credit card. They can also set spending limits for each add-on card and track spending separately.
How to Use Reward Points Redemption:
- Reward Points can be redeemed through an introductory launch offer, allowing conversion into cashback credited to the card statement. To avail of this offer, cardholders can contact Kotak Customer Care and request point redemption (minimum 300 points required).
- Additionally, Kotak Rewards provides a currency for point redemption at 25p/point. Cardholders can choose from a variety of categories such as merchandise, e-vouchers, movie vouchers, travel, and mobile recharge, among others.
IndianOil’s EXTRA REWARDS Points:
- After the introductory launch offer, Kotak Reward Points can be converted into IndianOil’s XTRAREWARDS Points. The conversion rate is 300 Kotak Reward Points for 250 IndianOil XTRAREWARDS Points, equivalent to INR 75 in value.
- These XTRAREWARDS Points can be used at IndianOil XTRAREWARDS Program participating outlet pumps to pay for fuel charges.
Contactless Payment:
The card features Rupay Contactless, offering a fast, secure way to pay. It allows you to make transactions up to Rs. 5000 without entering a PIN, reducing the risk of credit card loss or counterfeit.
What Are The Charges and Fees
Here’s a summary of the important charges and fees associated with the IndianOil Kotak Credit Card:
| Fee & other Parameters | Amount (INR) |
|---|---|
| Joining Fee | INR 449/- |
| Annual Fees | INR 449/- (Waived if INR 50,000 spent in the previous year) |
| Interest Charges on Outstanding Balances | 3.5% (Annualized @ 42%) |
| Add-On Card Fees | NIL |
| Minimum Amount Due (MAD) | 5% or 10% of Total Amount Due (TAD) as decided by the Bank |
| ATM Cash Withdrawal/ Call a draft/ Fund Transfer/ Cash Advance | INR 300/- per INR 10,000 or part thereof |
| Late Payment Charges (LPC) | Due as per last statement (Varies based on outstanding balance) |
| Over Limit Charge | INR 500 |
| Cheque Bounce Charges | INR 500 (As per Applicable Rate) |
| Foreign Currency Mark Up | 3.5% |
| Fee for Cash payment at Bank | INR 100 |
| Reissue/ Replacement Card (per issuance) | INR 100 |
| Railway Booking Surcharge (1.8%/2.5% on transaction amount) | As Applicable |
How to Apply Kotak IndianOil Credit Card
Applying for the IndianOil Kotak Card is a straightforward process:
- Visit the Kotak Mahindra Bank website or visit a local branch.
- Complete the online application form with your personal and financial details.
- Submit the necessary documentation as requested by the bank.
- Once your application is processed and approved,
- you will receive your IndianOil Kotak Credit Card.
Eligibility
| Eligibility Criteria | Requirement |
|---|---|
| Age (Primary Cardholder) | 18 to 65 years |
| Age (Add-On Cardholder) | 18 years and above |
| Residence | Resident of India |
| Minimum Credit Score | 750 and above (Creditworthiness Requirement) |
Conclusion
The IndianOil Kotak Credit Card is an excellent choice for individuals who want to maximize their savings on fuel and enjoy a range of other benefits and rewards in their day-to-day spending. Its versatile features, cost-saving potential, and wide acceptance make it a valuable financial companion for those looking to make the most of their expenses. Whether you’re a frequent traveler, a food enthusiast, or simply someone who wants to save on fuel, this credit card has something to offer for everyone.
Our Banking Calculators
Your FAQs
You can redeem reward points through an introductory cashback offer or Kotak Rewards, which allows you to choose from various categories like merchandise, e-vouchers, movie vouchers, travel, and more.
Yes, you can request a free add-on card that carries the same benefits as the primary credit card. You can also set spending limits for each add-on card.
Yes, there is an annual fee of INR 449. However, this fee is waived if you spend INR 50,000 in the previous year.
