Factors to consider while choosing the best petrol credit card
The one thing that makes up every expense log is that of fuel expenses. Automobiles are an unavoidable part of our life, an ignorable one. Meanwhile, the electric vehicles have entered the Indian markets; there is still a long way to go to replace the petrol and diesel vehicles completely. So until then, the ever-increasing fuel prices form a dent on your budget and burn a big hole in the pocket. But there is something you can possibly do to get a hedge from it.
Get a petrol credit card. Just like any other credit card, you can win rewards, earn points, and take a sigh of relief with a fuel surcharge waiver. While looking for every possible way to cut the petrol expenses, fuel credit cards are the best. They offer you plenty of perks that will partially lift off the burden you bear each time when there is an increase in fuel prices.
With the availability of fuel credit cards, one can save big on purchasing petrol. Source Wishfin
There are plenty of companies that offer you petrol card, to make the right choice here is a list of factors you must consider while choosing the best petrol credit card for yourself. So, without further ado, let’s get started.
Fuel Surcharge Waiver
One of the first things you must look for in a petrol card is a fuel surcharge waiver. The term can be totally new for you; allow us to give you an introduction. For example, you make a payment for fuel purchase using a credit card; a certain fee is levied by the service provider for availing you the service. This fee is just like the transaction charges you pay each time you make payment by using any other credit card. The fuel surcharge- the fee, consists of the transaction fee and the service tax. It can cost you anywhere between 1% to 3% of the cost of fuel.
Here, some of the credit companies have taken out promotional offers on credit card usage where you are waived off the additional charges you have to pay for fuel surcharge. This way, you can make fuel purchases easily using your credit card without worrying about any charges you have to pay additionally. Here you just have to pay for the fuel you are buying; this might not sound as saving at first, but combining it with other perks of using a petrol card, you are going to find it more and more amazing.
Credit Card Payment Pattern
The most effective way to choose the right credit card is by identifying the payment pattern. Even when some of the credit companies are not offering fuel surcharge waivers, you must look for a card that offers you the best interest rates, as in the lowest. In India, state-owned oil companies came up with exciting discount offers where credit/debit card users are given major discounts on using digital mode of payments.
Fuel Spending Pattern
A person must always analyze his or her expenses before deciding on the monthly budget that would be spent on the fuel. This way, he will be able to make out which fuel credit card will offer you the best benefits. Without analyzing the petrol card will not serve its purpose correctly.
Fees and Charges
Fees and charges are another way to consider a fuel card. This is important as it will help you gauge the benefits and discounts offered on the credit card. As most of the time, if the fees or charge levied on you is too high, the benefits get negated, and you are at ground zero while thinking about saving largely on using credit on fuel purchases.
Redemption Process of the card
Most of the fuel cards offer rewards, cash back, and other benefits. But there is still a huge difference in the redemption process of each fuel card. It is always advisable to you that you look for the fuel card that offers you instant redemption of the points.