Indian Oil Kotak Credit Card
Last Updated : April 27, 2023, 1:18 p.m.
Kotak Mahindra Bank has joined hands with Indian Oil and launched the new Indian Oil Kotak Credit Card. It is one of the best credit cards because it offers amazing fuel benefits. You can save up to 5% on Indian oil fuel spending. Furthermore, it is one of the best credit cards for daily travelers who use their own vehicles. In addition, you will get benefits from other categories such as welcome benefits, rewards, fuel surcharge waivers, insurance, concierge service, and many others. Also, you can redeem the rewards to get free fuel, cashback, or other products and exciting vouchers. Dive deeper into this article to understand the Indian Oil Kotak Credit Card.
Indian Oil Kotak Credit Card: Benefits and Features
It is one of the best co-branded credit cards that Kotak Bank has launched in collaboration with Indian Oil. This fuel-based credit card helps customers save up to 5% on Indian fuel transactions. In addition, you can also save 2% when you use the Indian Oil Credit Card for dining and grocery spending.
Here are the benefits and features of using the Indian Oil Kotak Credit Card in detail:
- You can save up to 4% as reward points on Indian Oil fuel spending.
- Every time you spend INR 150, you can earn up to 24 reward points. However, the minimum reward points per statement cycle are capped at 1,200 reward points.
- You can save 0.5% as reward points on all other purchases. Furthermore, for every INR 150 spent, you will receive 3 reward points.
- If you spend INR 500 within 30 days of credit card issuance, you will get 1000 reward points.
- On spending INR 50,000 in the previous anniversary year, the annual fee of INR 499 will be waived.
- Enjoy a 1% fuel surcharge waiver on transactions between INR 100 and INR 5000. However, the maximum surcharge waiver is capped at INR 100 per statement cycle at Indian Oil outlets.
- You will get insurance for INR 2 lakh with a credit card.
- Get a free add-on card for your loved ones. Further, the best part is that the add-on card will have all the benefits of the primary credit card. Additionally, you can also set the spending limit on your add-on card at your convenience. Also, you can track the spending separately on each of your add-on cards.
Indian Oil Kotak Credit Card: Fees and Charges
The fee and charge structure of this Kotak Credit Card are as follows:
| Particulars | Fee |
|---|---|
| Joining Fee | INR 499 |
| Annual Fee | INR 499 However, if you spent INR 50,000 in the previous year, then the annual fee would be waived. |
| Interest Charges on the Outstanding Balance | 3.5% |
| Add on Card Fees | NIL |
| Minimum Amount Due (MAD) | Either 5% or 10% as per the decision of the bank |
| ATM cash withdrawal | INR 300 |
| Late payment fees | - For amounts between INR 100 to INR 500, you have to pay up to INR 100. - If the due amount is between INR 501 to INR 5000, then INR 500 would be charged. - Pay INR 500 for a mount ranging between INR 5001 to INR 10,000. - For any amount greater than INR 10,000, a late payment fee of INR 700 is charged. |
| Over Limit Charge | INR 500 |
| Cheque Bounce Charge | INR 500 |
| foreign currency markup | 3.5% |
| Fee for Cash Payment at the Bank | INR 100 |
| Replacement Card | INR 100 |
| Railway Booking Surcharge | 1.8% or 2.5% as applicable |
Eligibility Criteria
The credit card eligibility requirements you need to meet are as follows:
- The primary credit card holder must be between 18 to 65 years of age.
- Add-on cardholders must be above 18 years of age.
- As per the bank, only Indian citizens can apply for the Kotak Indian Oil Credit Card.
Contactless Features
With the passage of time, credit card features changed. as the bank continues to add new features to make it more user-friendly. As a result, Kotak Mahindra Bank has introduced contactless capabilities in the all-new Indian Oil Kotak Credit Card. Furthermore, with all of the benefits and privileges, it ranks as one of the best Kotak credit cards . Furthermore, the contactless feature provides the cardholder with a slew of advantages.
Check out the working mechanism of the contactless feature:
- You can pay quickly and securely with the contactless feature.
- It is one of the most secure methods of payment.
- You only need to swipe your credit card and pay for transactions.
- The contactless features are available without a PIN.
- It reduces the risk of credit card theft or fraud because the card never leaves your hand.
- Multiple layers of security are used to secure payments.
Rewards Redemption
The rewards points you have earned can be redeemed against a vast range of options:
Welcome Offers
- It is a limited-time offer. As a welcome gift, you will receive reward points that you can redeem for cashback. Furthermore, the cashback will be credited to your card and will appear in your statement balance.
Steps to get the welcome benefit offer:
- Call the customer care number of Kotak Mahindra Bank at 18602662666.
- Now validate your identity with the bank.
- Place a request to redeem your reward points.
- You need a minimum of 300 points to get the redemption offer.
- Your request will be processed by the bank within two working days.
- The confirmation information will be sent to your registered contact number.
Kotak Rewards
- You can redeem your accumulated reward points at 25 paise per point. Moreover, you can choose from various categories like merchandise, e-vouchers of the latest brands, movie vouchers, travel, mobile recharge, and much more.
Indian Oil XTRAREWARDS Points
Customers can only use the XTRAREWARDS Points conversion benefit after the Introductory Launch Offer has expired. You can also convert the reward points into Indian Oil’s XTRAREWARDS points. It can, however, be done by requesting them through mobile banking or net banking. Moreover, those reward points can only be converted in multiples of 300. Furthermore, you can use these IndianOil XTRAREWARDS Points to make payments. However, the payment should be done at participating IndianOil XTRAREWARDS Program outlet pumps.
Steps to use the IndianOil XTRAREWARDS Program
- Press # on the POS machine.
- Choose the instant to redeem option.
- Select XTRAREWARDS as your reward type.
- Enter your cell phone number.
- You must now enter the redemption amount.
- Your registered mobile number will receive an OTP.
- Following authentication, the points will be deducted and payment is done.
Why did you purchase the Indian Oil Kotak Credit Card?
The Indian Oil Kotak Credit Card is one of the best fuel credit cards in India . It can save you up to 5% on your fuel costs. Further, it is one of the most viable options for people who travel by car on a daily basis. As we all know, fuel prices are rising on a daily basis. As a result, it becomes difficult for those who use their own vehicles to fill up every day. Therefore, in collaboration with Indian Oil, Kotak Mahindra Bank has launched this Fuel Credit Card. This has helped a wide range of people save a lot of money. Along with the card, you will receive a 1% fuel surcharge waiver. Hence, you can use the Indian Oil Kotak Credit Card on a regular basis to get great deals on vehicle maintenance.
Conclusion
The Indian Oil Kotak Credit Card is a fuel-based credit card. It will assist you in saving money on fuel purchases. You can also get benefits like a welcome offer, a fuel surcharge, rewards, cashback, insurance, and much more here. As a result, if you are considering getting a credit card, you should think about it. It will not only help you save money on fuel purchases, but you will also receive a slew of other advantages. Furthermore, it is one of the best credit cards with low annual income . You just have to pay INR 499 to get the Indian Oil Kotak Credit Card.