Citibank with Indian Oil Corporation Ltd (IOC) is offering fuel credit cards. Interestingly, they will help you earn rewards while you shop and help customers save on refueling.
Now with the launch of Indian Oil, Citi Platinum and Titanium Credit Cards, one can earn "turbo points" on fuel purchases at an IOC outlet, on grocery and other shopping that can be redeemed later.
According to Citibank's official website, one gets 4 Turbo Points on Rs 150 of fuel purchases at authorized Indian Oil Retail Outlets across the country. Similarly, 2 Turbo Points on Rs 150 at select grocery stores and supermarkets, capped to spends up to Rs.5,000 (or 67 points) per month.
Customers will get 1 Turbo Point on Rs 150 spent elsewhere like Shopping, Dining and more. People can redeem these Turbo Points at any of the authorized India Oil Retail Outlets in the country. Every Turbo point is equal to Re 1 to get free fuel or can also be redeemed to shop or purchase gift vouchers at select merchant outlets and online partners.
However, No Turbo Points can be earned on purchases above Rs 10,000. These turbo points do not expire. There is no annual fee on the credit card.
The claim of 71 litres of free fuel is calculated on an estimated grocery, fuel and other purchases Rs 3,40,000 in a year which would result in earnings of 4,107 turbo points and saving of Rs 720 on fuel surcharge, which equates to free refuel of Rs 4,827 or 71 litres.
