Overview
Kotak Indian Oil Credit Card is a new credit card offered by Kotak Mahindra Bank on the RuPay platform in association with Indian Oil Corporation. This credit card is designed to provide benefits and rewards specifically tailored for fuel expenses, specifically to Indian Oil pumps. Being on both Rupay and JCB networks allows the card to be used on RuPay UPI and abroad on JCB-enabled point-of-sale terminals.
Fees and charges
| Joining Fees | Rs. 449 + GST |
| Joining Benefits | 1000 reward points on spending Rs. 500 within 30 days of card issuance. (~Rs. 250) |
| Renewal Fees | Rs. 449 + GST |
| Renewal Benefits | NIL |
| Renewal fee waiver criteria | Annual spending of Rs. 50,000 and above |
Welcome benefits of ~Rs250 on the Kotak Indian Oil Credit Card are easily achievable.
Though there is no lifetime free (LTF) option, the current fee waiver criteria on Kotak IOCL rupay credit card are easily achievable.
Rewards
| Spend | Reward Earned | Absolute return | Reward Capping |
|---|---|---|---|
| IOCL | 24 Reward Points / Rs 150 spent | 4% | 1200 Reward Points / Month |
| Dining and groceries | 12 Reward Points / Rs 150 spent | 2% | 800 Reward Points / Month |
| All other spend | 3 Reward Points / Rs 150 spent | 0.5% | No Capping |
Kotak IOCL credit card charges no fees for reward redemption. The reward points earned on Kotak Indian Oil Credit Card can be redeemed in the following ways.
- Statement credit: Rewards can be redeemed as a statement credit in multiples of 300 reward points (~Rs. 75).
- Kotak Rewards: Points can be redeemed at 25p/point at merchandise, e-vouchers and recharges.
- XTRAREWARDS: Points can be redeemed for IndianOil XTRAREWARDS Point and can be used to purchase fuel. This again can be redeemed in multiples of 300 reward points
300 Kotak Reward Points = 250 IndianOil XTRAREWARDS
1 IndianOil XTRAREWARDS = 30 paise
250 IndianOil XTRAREWARDS = Rs. 75 worth of fuel
Lounge
There are no lounge benefits on Kotak Indian Oil Credit Card.
Check lounge access in your existing cards from here.
Kotak IOCL Credit Card Benefits
- Personal accident insurance cover of Rs. 2,00,000.
- Custom limits on Add-on Card.
Final Thoughts
Kotak Indian Oil Credit Card
Summary
Kotak Indian Oil Credit Card is one of those fuel cards like Axis Bank IOCL credit card, HDFC Indian Oil Credit card, and Standard Chartered SuperValue Titanium credit cards giving ~5% rewards on fuel spends. But reward redemption on these cards comes at a reward redemption fee. Currently, only this card and BOB HPCL Credit Card come at zero redemption fees. The annual fee waiver criteria can be easily achievable. This may be the best entry-level card for those whose major spending is on fuel, grocery and dining. Compared to BOB HPCL ENERGIE Credit Card, the Kotak Indian Oil Credit Card lacks lounge benefits with at-par features.
Pro Tips
- Fuel spending of Rs. 7500 and Grocery and dining spending of Rs. 10,000 should be made monthly for maximum benefits.
- No other entry-level card gives flat 2% Cashback on grocery and dining spending.
I got this card about 2 months ago and have been trying to add it to my gpay account. But I have not been able to do it yet. Called and mailed Kotak customer service multiple times, did everything they asked me to do, still I get the message ‘Invalid card details’ when I try to add it to my UPI account. So I think their service is really poor.
You can try with PayTM or BHIM to begin with.
Also are you selecting correct option as GPay has an option to add credit / debit cards. You should not select that but select “Add RuPay credit card on UPI”.
Yes the customer service of kotak is not at par with other private banks. My PVR card was rejected even though applied as card on card with HDFC Diners Black credit card.