Introduction
The BPCL SBI Card Octane is a specialized credit card designed for individuals who frequently purchase fuel at Bharat Petroleum Corporation Limited (BPCL) petrol pumps. This co-branded card, a collaboration between BPCL and the State Bank of India (SBI), offers a variety of fuel-related benefits, reward points, and additional perks aimed at enhancing the overall value for its users. With a focus on providing significant savings on fuel transactions, the card also offers value-back benefits, milestone privileges, and other lifestyle-related rewards. This review will delve into the key features, benefits, and user experiences associated with the BPCL SBI Card Octane, providing a thorough evaluation for potential cardholders.
BPCL SBI Card Octane
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Joining Benefits of BPCL SBI Card OCTANE
- Welcome Bonus:
- 6,000 reward points on payment of the joining fee.
- Fuel Savings:
- 7.25% value back (including 1% fuel surcharge waiver) on fuel purchases at BPCL petrol pumps.
- 25x reward points for every โน100 spent on fuel at BPCL petrol pumps.
- Reward Points:
- 10x reward points for every โน100 spent on dining, movies, and grocery purchases.
- 1 reward point for every โน100 spent on all other retail purchases.
- Fuel Surcharge Waiver:
- 1% waiver on fuel surcharge at all petrol pumps across India.
- Annual Fee Waiver:
- Annual fee waived on spending โน3 lakh in a year.
- Airport Lounge Access:
- 4 complimentary domestic airport lounge visits per year.
- Dining Discounts:
- Up to 10% off at select premium restaurants through the SBI Card Culinary Treats program.
- Exclusive Offers:
- Special discounts and offers on shopping, travel, and lifestyle through SBI Cardโs exclusive partnerships.
- Interest-Free Period:
- Up to 50 days of interest-free credit.
- Comprehensive Insurance:
- Complimentary personal accident insurance cover.
- Security Features:
- EMV chip-enabled card for enhanced security against counterfeiting and skimming.
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BPCL SBI Card Octane Features and Benefits
The BPCL SBI Card Octane offers a range of features and benefits tailored primarily for those who frequently purchase fuel at BPCL petrol pumps. Here are the main features:
- Welcome Gift:
- 6,000 bonus reward points equivalent to INR 1,500 upon payment of the annual fee.
- Reward points credited within 30 days of fee payment.
- Value Back Benefits:
- 7.25% value back (25X reward points) on fuel purchases at BPCL petrol pumps (up to 2,500 reward points per billing cycle).
- 6.25% value back plus a 1% fuel surcharge waiver on BPCL transactions up to INR 4,000 (exclusive of GST and other charges).
- Reward Benefits:
- 25 reward points for every INR 100 spent at BPCL fuel stations, lubricants, and Bharat Gas (website and app only).
- 10 reward points for every INR 100 spent on dining, departmental stores, groceries, and movies (up to 7,500 reward points per month).
- Fuel Freedom Benefits:
- 1% fuel surcharge waiver at BPCL petrol pumps on transactions up to INR 4,000 (exclusive of GST and other charges).
- Maximum fuel surcharge waiver of INR 100 per statement cycle, equating to annual savings of INR 1,200.
- Lounge Access Benefit:
- 4 complimentary visits per calendar year to domestic VISA lounges in India (maximum of 1 visit per quarter).
- Milestone Privileges:
- E-gift vouchers worth INR 2,000 from Aditya Birla Fashion, Yatra, or Bata/Hush Puppies upon annual spends of INR 3 lakhs.
- Other Benefits:
- Complimentary fraud liability cover of INR 1 lakh.
- Spend-based fee reversal: Annual fee waiver on spending INR 2 lakhs in a year.
- Instant redemption of reward points at select BPCL petrol pumps.
- Redeem reward points through the Shop & Smile Rewards Catalogue.
BPCL SBI Card Octane Pricing and Plans
The BPCL SBI Card Octane has a straightforward fee structure that includes both one-time and recurring charges. Here are the details:
- Joining Fee:
- A one-time fee of INR 1,499 plus GST is charged when you first get the card. As a welcome benefit, cardholders receive 6,000 bonus reward points equivalent to INR 1,500, effectively offsetting the joining fee.
- Renewal Fee:
- An annual renewal fee of INR 1,499 plus GST is charged from the second year onwards. However, this fee is reversible if your annual spends in the preceding year are INR 2 lakhs or more.
- Add-on Fee:
- There is no annual fee for add-on cards, allowing cardholders to extend benefits to family members without additional costs.
- Other Charges:
- All taxes are applicable on the above fees and charges. Payments made through cheques payable outside clearing zones are not accepted; only local cheques or drafts payable in Delhi are accepted.
- Order of Payment Settlement:
- Payments made towards the card account are settled in a specific order, which includes fees, interest, and other charges as per the terms and conditions.
User Experience
The BPCL SBI Card Octane is designed to offer a seamless and rewarding experience, particularly for those who frequently purchase fuel at BPCL petrol stations. Hereโs a breakdown of the user experience aspects:
- Ease of Use:
- Contactless Payments: The card supports contactless transactions, making it quick and convenient for everyday purchases. Simply wave the card at a secure reader to complete transactions, without needing to enter a PIN for small ticket purchases.
- Worldwide Acceptance: The BPCL SBI Card Octane is an international credit card that can be used at over 24 million outlets worldwide, including 325,000 outlets in India that accept Visa or MasterCard.
- Add-on Cards: Cardholders can obtain add-on cards for their family members (parents, spouse, children, or siblings above 18 years), empowering them to share the benefits.
- Reward Points and Redemption:
- Reward Points Accumulation: Users earn 25 reward points for every INR 100 spent at BPCL fuel stations, lubricants, and Bharat Gas (website and app only). Additionally, they earn 10 reward points for every INR 100 spent on dining, departmental stores, groceries, and movies, up to a monthly cap.
- Redemption: Reward points can be redeemed instantly at select BPCL petrol pumps or through the Shop & Smile Rewards Catalogue, offering flexibility in how rewards are utilized.
- Fuel Benefits:
- Fuel Surcharge Waiver: Users enjoy a 1% fuel surcharge waiver at BPCL petrol pumps on transactions up to INR 4,000 (exclusive of GST and other charges), with a maximum waiver of INR 100 per statement cycle.
- Value Back Benefits: The card provides a substantial 7.25% value back on fuel purchases at BPCL petrol pumps, maximizing savings on fuel expenses.
- Customer Support:
- Helpline: For assistance, cardholders can contact the SBI Card helpline by dialing 39 02 02 02 (prefix local STD code) or 1860 180 1290.
- Additional Services: The card offers additional services such as balance transfer on EMI, Flexipay (converting transactions into easy monthly installments), and utility bill payments, enhancing the overall convenience for users.
- Security Features:
- Fraud Liability Cover: The card comes with a complimentary fraud liability cover of INR 1 lakh, providing peace of mind against unauthorized transactions.
- Contactless Security: During contactless transactions, the card never leaves the user's hand, reducing the risk of card loss and fraud due to skimming.
BPCL SBI Card Octane Overview
| ๏ปฟFeature | Details |
|---|---|
| Type of Card | Co-branded Fuel Credit Card |
| Annual Fee | INR 1,499 + GST |
| Joining Fee | INR 1,499 + GST |
| Reward Rate | - 25 Points per INR 100 spent at BPCL - 10 Points per INR 100 spent on Dining, Groceries, Departmental Stores, Movies |
| Renewal Rate | INR 1,499 + GST (Waived on annual spends of INR 2 lakhs) |
BPCL SBI Card Octane Benefits
The BPCL SBI Card Octane offers a range of additional perks and benefits designed to enhance the value and convenience for its users beyond the standard fuel and reward benefits. Here are the key additional perks:
- Lounge Access Benefit:
- Cardholders receive 4 complimentary visits per calendar year to domestic VISA lounges in India, with a maximum of 1 visit per quarter. This benefit provides a comfortable and luxurious travel experience at airports.
- Milestone Privileges:
- Upon spending INR 3 lakhs annually, cardholders are rewarded with e-gift vouchers worth INR 2,000 from popular brands such as Aditya Birla Fashion, Yatra, or Bata/Hush Puppies. This milestone reward encourages higher spending by offering attractive incentives.
- Utility Bill Payment:
- Users can conveniently pay their electricity, telephone, mobile, and other utility bills using the Easy Bill Pay facility, streamlining their monthly bill payment process.
- Balance Transfer on EMI:
- Cardholders can transfer the outstanding balance from other bank credit cards to their BPCL SBI Card Octane at a lower interest rate and repay in easy monthly installments. This feature helps in managing high-interest debts more effectively.
- Flexipay:
- Any purchase of INR 2,500 or more can be converted into easy monthly installments through the Flexipay option. Users can log in to sbicard.com within 30 days of the purchase to avail this benefit, making large purchases more manageable.
- Complimentary Fraud Liability Cover:
- The card offers a fraud liability cover of INR 1 lakh, providing financial protection against unauthorized transactions and enhancing security.
- Worldwide Acceptance:
- The BPCL SBI Card Octane is accepted at over 24 million outlets globally, including 325,000 outlets in India, ensuring that cardholders can use it for a wide range of transactions both domestically and internationally.
- Spend-Based Fee Reversal:
- Cardholders can get a waiver on the annual renewal fee if their annual spends exceed INR 2 lakhs, effectively making the card free of cost for high spenders.
- Add-On Cards:
- Cardholders can issue add-on cards to their family members (parents, spouse, children, or siblings above 18 years) without any additional fee, allowing them to share the benefits of the primary card.
- Instant Redemption of Reward Points:
- Reward points can be instantly redeemed at select BPCL petrol pumps, providing immediate savings on fuel purchases.
BPCL SBI Card Octane of Comparative Analysis
| ๏ปฟFeature / Benefit | BPCL SBI Card Octane | ICICI Bank HPCL Coral Credit Card | HDFC Bank Bharat Cashback Card | Citibank IndianOil Credit Card |
|---|---|---|---|---|
| Annual Fee | INR 1,499 + GST | INR 199 + GST | INR 500 + GST | INR 1,000 + GST |
| Welcome Gift | 6,000 Reward Points (worth INR 1,500) | 2,000 PAYBACK Points | INR 250 Cashback | 250 Turbo Points |
| Fuel Surcharge Waiver | 1% on BPCL transactions (up to INR 4,000) | 1% on HPCL transactions (up to INR 4,000) | 1% on all fuel transactions | 1% on IndianOil transactions (up to INR 4,000) |
| Fuel Rewards | 25 Points/INR 100 at BPCL | 2.5% Cashback at HPCL | 5% Cashback on fuel | 4 Turbo Points/INR 150 at IndianOil |
| Other Rewards | 10 Points/INR 100 on Dining, Grocery, etc. | 2 PAYBACK Points/INR 100 on other spends | 5% Cashback on groceries and bill payments | 1 Turbo Point/INR 150 on other spends |
| Milestone Benefits | Vouchers worth INR 2,000 on INR 3L spend | N/A | N/A | 1,000 Turbo Points on INR 30,000 spend |
| Lounge Access | 4 visits/year to domestic lounges | N/A | N/A | N/A |
| Annual Fee Waiver | On INR 2L spend | On INR 50,000 spend | On INR 50,000 spend | On INR 30,000 spend |
| Add-on Card Fee | Free | Free | Free | Free |
| Other Benefits | Fraud liability cover, utility bill payments, balance transfer, Flexipay | Utility bill payments, EMI conversions | Utility bill payments, EMI conversions | EMI conversions, Citibank offers |
Summary of Comparative Analysis
The comparison of the BPCL SBI Card Octane with similar fuel credit cards from ICICI Bank, HDFC Bank, and Citibank highlights several key points:
- Annual Fee:
- The BPCL SBI Card Octane has a higher annual fee (INR 1,499 + GST) compared to the ICICI Bank HPCL Coral Credit Card (INR 199 + GST) and HDFC Bank Bharat Cashback Card (INR 500 + GST), but it is on par with the Citibank IndianOil Credit Card (INR 1,000 + GST).
- Welcome Gift:
- The BPCL SBI Card Octane offers a substantial welcome gift of 6,000 reward points worth INR 1,500, which is more generous compared to the rewards offered by other cards.
- Fuel Surcharge Waiver:
- All cards offer a 1% fuel surcharge waiver, but the BPCL SBI Card Octane is specifically tailored for BPCL transactions, just as the other cards are for their respective brands.
- Fuel Rewards:
- The BPCL SBI Card Octane provides the highest reward rate for fuel purchases at BPCL (25 points per INR 100), while the ICICI Bank HPCL Coral Credit Card offers 2.5% cashback at HPCL, the HDFC Bank Bharat Cashback Card provides 5% cashback on fuel, and the Citibank IndianOil Credit Card offers 4 Turbo Points per INR 150 at IndianOil.
- Other Rewards:
- The BPCL SBI Card Octane also offers competitive rewards on dining, groceries, and other spends (10 points per INR 100), whereas the other cards have different reward structures for non-fuel purchases.
- Milestone Benefits:
- The BPCL SBI Card Octane provides milestone benefits in the form of vouchers worth INR 2,000 on spending INR 3 lakhs annually, a feature not commonly found in the other cards.
- Lounge Access:
- The BPCL SBI Card Octane offers 4 complimentary lounge visits per year, a benefit not provided by the other cards.
- Annual Fee Waiver:
- The annual fee waiver on the BPCL SBI Card Octane is on spending INR 2 lakhs, which is higher than the threshold for ICICI Bank HPCL Coral Credit Card and HDFC Bank Bharat Cashback Card (both INR 50,000) and the Citibank IndianOil Credit Card (INR 30,000).
- Add-on Card Fee:
- All compared cards offer add-on cards for free.
- Other Benefits:
- The BPCL SBI Card Octane offers a range of additional benefits, including fraud liability cover, utility bill payments, balance transfer on EMI, and Flexipay, which enhance its overall value.
In summary, while the BPCL SBI Card Octane has a higher annual fee, it compensates with substantial rewards, fuel benefits, milestone privileges, and lounge access, making it an attractive option for frequent BPCL users. The card's robust reward structure and additional perks set it apart from the other fuel credit cards, offering a comprehensive package for users who can leverage its benefits.
BPCL SBI Card Octane Pros and Cons
Pros
- High Reward Points on Fuel Purchases:
- Earn 25 reward points per INR 100 spent at BPCL fuel stations, providing substantial savings for frequent fuel buyers.
- Welcome Gift:
- Generous welcome gift of 6,000 reward points worth INR 1,500, which effectively offsets the joining fee.
- Fuel Surcharge Waiver:
- 1% fuel surcharge waiver on BPCL transactions up to INR 4,000 per transaction, with a maximum waiver of INR 100 per statement cycle.
- Additional Rewards:
- 10 reward points per INR 100 spent on dining, groceries, departmental stores, and movies, making it a versatile card for various spending categories.
- Milestone Benefits:
- E-gift vouchers worth INR 2,000 on annual spends of INR 3 lakhs, providing additional incentives for high spenders.
- Lounge Access:
- 4 complimentary visits per year to domestic VISA lounges in India, enhancing travel comfort.
- Spend-Based Fee Reversal:
- Annual renewal fee waiver on spending INR 2 lakhs in the preceding year, making the card cost-effective for high spenders.
- Fraud Liability Cover:
- Complimentary fraud liability cover of INR 1 lakh, offering peace of mind against unauthorized transactions.
- Contactless Payments:
- Supports contactless transactions, making payments fast, convenient, and secure.
- Worldwide Acceptance:
- Accepted at over 24 million outlets worldwide, ensuring usability for international transactions.
Cons
- High Annual Fee:
- The annual fee of INR 1,499 plus GST is higher compared to some other fuel credit cards, which might be a consideration for budget-conscious users.
- Limited Fuel Partners:
- The card's fuel benefits are limited to BPCL petrol pumps, which might not be convenient for users who do not have BPCL outlets nearby.
- Monthly Cap on Rewards:
- Rewards on dining, groceries, departmental stores, and movies are capped at 7,500 reward points per month, which might limit benefits for high spenders in these categories.
- Complex Reward Redemption:
- Redemption of reward points might require users to navigate through specific platforms or conditions, which can be less straightforward compared to direct cashback benefits.
- Annual Spend Requirement for Fee Waiver:
- The spend requirement of INR 2 lakhs for the annual fee waiver might be high for some users, making it difficult to achieve cost-free ownership.
- No International Lounge Access:
- The complimentary lounge access is limited to domestic lounges, which might not benefit frequent international travelers.
BPCL SBI Card Octane Conclusion and Overall Rating
The BPCL SBI Card Octane stands out as a specialized credit card designed to maximize savings on fuel purchases at BPCL petrol pumps. It offers an impressive array of features and benefits that cater specifically to fuel buyers, including high reward points, a substantial welcome gift, and a generous fuel surcharge waiver. The additional perks such as milestone benefits, complimentary lounge access, and comprehensive reward points on dining, groceries, and movies enhance the card's overall value.
The card's value proposition is particularly strong for individuals who frequently purchase fuel from BPCL and can meet the annual spend requirements to waive the renewal fee. The inclusion of a fraud liability cover and contactless payment options further add to the card's appeal by enhancing security and convenience.
However, the relatively high annual fee and the focus on BPCL petrol pumps may limit its attractiveness to users who prefer other fuel brands or have lower annual spending. Despite these considerations, the BPCL SBI Card Octane remains a competitive option in the market for those who can fully leverage its benefits.
This rating reflects the card's strong reward structure, significant fuel benefits, and additional perks, while accounting for its higher annual fee and specific partner limitation. The BPCL SBI Card Octane is highly recommended for frequent BPCL fuel purchasers who can utilize the full spectrum of its offerings.
