First thing, identify your brand loyalties, if any. Choosing the right card for you is simpler if you go with your preference for BPCL, HPCL or Indian Oil. Besides, if you are flexible with your brand choice basis the highest value back you can consider BPCL octane, as it comes with 7.25% value back.
The co-branded fuel benefits on the card are as follows:
BPCL SBI Octane: Up to 7.25% value back on fuel spends
25 rewards per Rs. 100 at BPCL fuel, & Lubricants (Up to 2500 points per billing cycle)
1% fuel surcharge waiver at BPCL pumps
4 Reward Point = Rs. 1
IDFC FIRST Power Plus: Up to 6.5% value back on fuel spends
30 rewards per Rs. 150 on HPCL fuel (up to 2,400 rewards in a statement cycle)
6 Happy Coins per Rs. 100 on fuel spends through HP Pay App (up to 600 Happy Coins per month)
1 reward point/Happy coin = Rs. 0.25
IndianOil Axis Bank: Up to 5% value back on fuel spends
20 rewards per Rs. 100 spent at IOCL fuel pumps (capping on transaction value of Rs. 5,000)
1% fuel surcharge waiver at all fuel stations
*Note: The estimated value back percentage is calculated as per the earning and redemption values offered on the cards. Click here to check the value back calculation.
BPCL SBI Card Octane clearly, offers the highest value back on fuel, in comparison to the other two cards. Additionally, Indian Oil Axis Bank card extends benefits to non-partnered fuel spends as well, by not limiting the fuel surcharge waiver to IOCL fuel spends. But, this cannot be a differentiating factor to choose a card for all-round fuel benefits. Thus, users will have to stick to brand preferences to derive the maximum value back on their fuel spends.
To further add to this argument, here is an estimated monthly savings on co-branded fuel spends. Let’s assume you spend Rs. 10,000 a month on fuel at specific co-branded fuel stations. You will earn benefits via the accelerated fuel rewards as shown in the table below:
BPCL SBI Card Octane
IDFC FIRST Power+ Credit Card
IndianOil Axis Bank Credit Card
Reward category
25 rewards on every Rs. 100
24 rewards on every Rs. 150
20 rewards on every Rs. 100 spent on transactions up to Rs. 5,000
Fuel spends
Rs. 10,000
Rs. 10,000
Rs. 10,000
Rewards earned on Rs. 10,000
2,500 reward points
2,000 reward points
1,050 reward points
(up to 1,000 points on Rs. 5,000+ 50 points on remaining value)
Redemption value
1 reward point= Rs. 0.25
1 reward point= Rs. 0.25
1 reward point= Rs. 0.20
Total value back
Rs. 625
Rs. 500
Rs. 210
Considering a monthly spend of Rs. 10,000 on fuel, BPCL SBI Card Octane clearly offers the maximum value back. However, it is also the maximum value you can earn on this card due the capping of 2,500 reward points in a billing cycle. This means, even if you spend double the amount illustrated, you will earn the same value back, due to a low reward capping.
IDFC FIRST HPCL Power+ Card also limit the reward earnings on fuel transactions, but keeps it slightly lower than the SBI variant at 2,400 rewards in a month. Additionally, instead of reward points, Indian Oil Axis Bank implies a capping on the maximum transaction value of Rs. 5,000.
The IDFC variant does not offer any benefit on fuel spends beyond the monthly capping. On the other hand, with the Axis you atleast earn rewards on the base rate after exceeding the monthly capping. Thus, for any fuel transaction beyond Rs. 5,000 you earn 1 reward on every Rs. 100, instead of 5 rewards.
