Introduction to ICICI Bank HPCL Coral Credit Card
The ICICI Bank HPCL Coral Credit Card is specifically designed for individuals who frequently spend on fuel, particularly at HPCL (Hindustan Petroleum Corporation Limited) pumps. As a co-branded card between ICICI Bank and HPCL, it offers a range of benefits focused on reducing fuel costs, while also providing rewards on other everyday expenses. This card is part of ICICI Bank's Coral series, known for its balance of affordability and rewards. With a combination of cashback on fuel purchases, reward points on retail spending, and additional lifestyle perks, the HPCL Coral Credit Card caters to users looking for savings on fuel and moderate rewards on other categories.
This card is particularly appealing to those who commute regularly or have significant fuel expenses, offering them a practical way to manage and reduce these costs. Additionally, the cardโs relatively low annual fee and the potential for fee waivers based on spending make it an accessible option for a wide range of users.
Joining Benefits of ICICI Bank HPCL Coral Credit Card
Welcome Bonus:
2,000 Payback Points on payment of the joining fee.
Fuel Savings:
2.5% cashback on fuel purchases at HPCL petrol pumps when you pay using the ICICI Bank HPCL Coral Credit Card.
Reward Points:
- Earn 2 Payback Points for every โน100 spent on retail purchases except fuel.
- Earn 2X reward points on grocery, dining, and utility bill payments.
Fuel Surcharge Waiver:
1% waiver on fuel surcharge at HPCL petrol pumps (for transactions up to โน4,000).
Annual Fee Waiver:
Annual fee waived on spending โน50,000 in a year.
Dining Discounts:
Up to 15% off at over 2,500 partner restaurants across India through the ICICI Bank Culinary Treats program.
Instant Redemption:
Redeem Payback Points instantly for free fuel at select HPCL petrol pumps.
Interest-Free Period:
Up to 48 days of interest-free credit on purchases.
Security Features:
EMV chip-enabled card for enhanced security against counterfeiting and skimming.
ICICI Bank HPCL Coral Credit Card Features and Benefits
The ICICI Bank HPCL Coral Credit Card offers a variety of features and benefits tailored to both fuel-related and everyday expenses. Below are the key highlights:
1. Fuel Benefits
- Cashback on Fuel Purchases: Cardholders can enjoy a 2.5% cashback on fuel transactions at HPCL fuel stations, provided the transaction amount is โน500 or more. This benefit directly translates to savings on your fuel expenditure.
- Fuel Surcharge Waiver: The card also offers a 1% waiver on the fuel surcharge at HPCL pumps, further reducing the overall cost of refueling.
2. Reward Points Program
- Earn on Retail Spending: For every โน100 spent on retail purchases (excluding fuel), cardholders earn 2 ICICI Bank Reward Points. These points can be redeemed for a wide range of products and services, enhancing the value of your everyday spending.
- Flexible Redemption Options: The reward points accumulated can be redeemed for various lifestyle products, vouchers, or even used to offset future purchases, making the card versatile in its benefits.
3. Entertainment Benefits
- Movie Ticket Discounts: Cardholders can enjoy a 25% discount on movie tickets booked through BookMyShow, with savings of up to โน100 per transaction. This benefit is available twice a month, adding value for entertainment enthusiasts.
4. Security Features
- Chip and PIN Security: The card is equipped with an embedded microchip that provides enhanced security against fraud, ensuring that your transactions are safe and secure.
- Contactless Payment: The card supports contactless payments, allowing for quick and secure transactions at compatible terminals, adding convenience to your shopping experience.
5. Additional Benefits
- Easy Bill Payments: The card facilitates easy payment of utility bills and other recurring expenses through the ICICI Bank portal, simplifying financial management.
- Exclusive Deals and Offers: Cardholders have access to various exclusive deals and discounts across categories like dining, travel, and shopping, through ICICI Bankโs partner network.
Pricing and Plans of ICICI Bank HPCL Coral Credit Card
The ICICI Bank HPCL Coral Credit Card is structured to be cost-effective, especially for those who can meet the spending requirements to waive the annual fee. Below is a breakdown of the pricing and plans associated with this card:
1. Joining Fee
- Amount: โน199 + GST
- This is a one-time fee charged when you first receive the card, making it a relatively low-cost option for entry.
2. Annual Fee
- First Year: No annual fee is charged for the first year, allowing cardholders to enjoy the benefits of the card without any upfront recurring cost.
- Second Year Onwards: โน199 + GST per year.
- Annual Fee Waiver: The annual fee for the second year and beyond can be waived if your total spends on the card exceed โน50,000 during the anniversary year. If the spending threshold is not met, the standard annual fee applies.
3. Supplementary Card Fee
- Fee: No charge is applied for supplementary (add-on) cards, making it economical to extend the card's benefits to family members.
4. Interest Rate
- Overdue Interest on Extended Credit and Cash Advances: 3.40% per month, which equates to 40.80% annualized. This rate applies if you carry a balance on your card or withdraw cash, emphasizing the importance of timely payments to avoid high-interest costs.
Fees and Charges of ICICI Bank HPCL Coral Credit Card
Understanding the various fees and charges associated with the ICICI Bank HPCL Coral Credit Card is essential to managing your card effectively. Below is a detailed overview of the fees and charges:
1. Annual Fees
- First Year: No fee.
- Subsequent Years: โน199 + GST, with the possibility of a waiver if annual spending exceeds โน50,000.
2. Interest Rates
- Retail Purchases: 3.40% per month (40.80% annualized) on any outstanding balances.
- Cash Advances: 3.40% per month (40.80% annualized), with interest starting from the date of withdrawal until repayment.
3. Cash Advance Fee
- Fee: 2.5% of the withdrawn amount or a minimum of โน300, whichever is higher. This fee applies when cash is withdrawn using the credit card, making it an expensive option for accessing cash.
4. Late Payment Fee
- Up to โน100: Nil.
- โน101 to โน500: โน100.
- โน501 to โน10,000: โน500.
- Above โน10,000: โน750.
- These fees apply if the minimum payment due is not paid by the due date, adding to the overall cost if payments are delayed.
5. Overlimit Fee
- Fee: 2.5% of the amount over the credit limit, subject to a minimum of โน500. This fee is charged if you exceed your approved credit limit, underscoring the importance of tracking your spending.
6. Returned Payment Fee
- Fee: โน500 per returned payment. This charge applies if a cheque or auto-debit payment bounces, which can increase the cost of managing your card if not monitored.
7. Foreign Currency Transaction Fee
- Fee: 3.5% of the transaction amount. This fee is applicable for transactions made in a foreign currency, making it relatively high for international usage.
8. Duplicate Statement Request
- Fee: โน100 per statement. This fee is applicable if you request a duplicate physical statement for any previous billing cycle.
9. Fuel Surcharge Waiver
- Waiver: 1% waiver on the fuel surcharge at HPCL pumps, applicable on transactions up to โน4,000. The waiver is credited back to your account in the following billing cycle.
ICICI Bank HPCL Coral Credit Card Eligibility Criteria
To apply for the ICICI Bank HPCL Coral Credit Card, applicants must meet specific eligibility requirements that ensure they are well-suited to manage the card and its benefits. The criteria are as follows:
1. Nationality
- Requirement: The applicant must be an Indian citizen. This card is currently available only to residents of India.
2. Age
- Primary Cardholder: Applicants must be between 18 and 60 years of age. This age range ensures that applicants are legally eligible to enter into a credit agreement and are typically within their working or earning years.
- Supplementary Cardholders: The minimum age for supplementary cardholders is typically 15 years, although this is subject to bank policies.
3. Occupation
- Requirement: The applicant must be either salaried or self-employed. This ensures that the applicant has a regular source of income to manage credit card payments.
4. Income
- Requirement: The minimum monthly income requirement varies depending on the location of the applicant. ICICI Bank assesses income levels to ensure that the applicant can comfortably manage the financial responsibilities associated with the credit card.
5. Credit Score
- Requirement: A good credit score is essential. While the exact score required is not specified, a higher credit score increases the likelihood of approval. This reflects the applicant's creditworthiness and responsible credit behavior in the past.
6. Documentation
- Requirements: Applicants must submit the necessary KYC (Know Your Customer) documents, including proof of identity, proof of address, and proof of income. This documentation is standard for verifying the applicantโs identity and financial status.
ICICI Bank HPCL Coral Credit Card: Comparative Analysis
| ๏ปฟFeature/Benefit | ICICI Bank HPCL Coral Credit Card | HDFC Bank Bharat Cashback Credit Card | SBI BPCL Octane Credit Card | Axis Bank IndianOil Credit Card |
|---|---|---|---|---|
| Annual Fee | โน199 + GST (First year free) | โน500 + GST (First year free) | โน1,499 + GST | โน500 + GST (First year free) |
| Annual Fee Waiver | On spending โน50,000/year | On spending โน50,000/year | No waiver available | On spending โน50,000/year |
| Fuel Cashback | 2.5% on HPCL transactions | 5% on fuel transactions (all stations) | 7.25% on BPCL transactions | 4% on IndianOil transactions |
| Fuel Surcharge Waiver | 1% on HPCL transactions | 1% on all fuel transactions | 1% on BPCL transactions | 1% on IndianOil transactions |
| Reward Points on Retail | 2 points/โน100 on retail (except fuel) | 5% cashback on grocery and utility bills | 25 points/โน100 on non-fuel spends | 1% cashback on all other spends |
| Entertainment Benefits | 25% off on BookMyShow, up to โน100 | 5% cashback on utility bill payments | None | 10% off on movie tickets (PVR) |
| Interest Rate | 3.40% per month (40.80% annualized) | 3.49% per month (41.88% annualized) | 3.50% per month (42% annualized) | 3.60% per month (43.2% annualized) |
| Eligibility Criteria | Salaried/Self-employed, 18-60 years | Salaried/Self-employed, 21-65 years | Salaried/Self-employed, 21-60 years | Salaried/Self-employed, 18-70 years |
| Minimum Income Requirement | Varies by location | โน12,000 per month | โน20,000 per month | โน15,000 per month |
| Supplementary Card Fee | Free | Free | Free | Free |
| Additional Benefits | 1% cashback on bill payments | 5% cashback on utility bill payments | 25 points/โน100 spent on non-fuel | 10% cashback on dining (select restaurants) |
Summary of Comparative Analysis
- ICICI Bank HPCL Coral Credit Card offers a balanced approach with moderate fuel cashback and retail reward points, particularly beneficial for those refueling at HPCL pumps. Its low annual fee and waiver option make it accessible and affordable.
- HDFC Bank Bharat Cashback Credit Card provides a higher cashback rate on fuel purchases and a broader cashback scheme for groceries and utilities, appealing to users with diverse spending patterns across essential categories.
- SBI BPCL Octane Credit Card is more premium, with a higher annual fee but significantly higher rewards on fuel at BPCL stations, making it ideal for heavy fuel spenders loyal to BPCL.
- Axis Bank IndianOil Credit Card offers a solid 4% cashback on IndianOil transactions and additional dining and entertainment perks, catering to users looking for a blend of fuel and lifestyle benefits.
Pros and Cons of ICICI Bank HPCL Coral Credit Card
Hereโs a detailed look at the advantages and disadvantages of the ICICI Bank HPCL Coral Credit Card:
Pros
- Fuel Savings
- 2.5% Cashback at HPCL Pumps: This card provides a valuable 2.5% cashback on fuel purchases at HPCL stations, helping frequent drivers and commuters reduce their fuel costs.
- 1% Fuel Surcharge Waiver: The additional 1% waiver on the fuel surcharge further enhances savings on every refuel, making it cost-effective.
- Low Annual Fee with Waiver Option
- Affordable Annual Fee: At just โน199 + GST annually (waived for the first year), this card is budget-friendly.
- Fee Waiver on Spending โน50,000: The annual fee for subsequent years can be waived if the cardholder spends โน50,000 or more in a year, adding flexibility and reducing ongoing costs.
- Reward Points on Retail Spending
- 2 Points per โน100 on Retail (excluding fuel): Cardholders earn reward points on their everyday purchases, which can be redeemed for various products and services, providing added value beyond fuel purchases.
- Entertainment Perks
- 25% Discount on Movie Tickets: Enjoy up to โน100 off on movie tickets booked through BookMyShow, available twice a month. This adds a lifestyle benefit that can be appealing to moviegoers.
- Secure and Convenient Transactions
- Chip and PIN Security: Ensures that all transactions are secure, minimizing the risk of fraud.
- Contactless Payment: Supports quick and hassle-free transactions at compatible terminals.
Cons
- Limited Fuel Cashback Scope
- HPCL Only: The 2.5% cashback is limited to HPCL fuel stations, which may not be convenient for those who frequently refuel at other petrol stations.
- Modest Reward Points Accumulation
- Low Earning Rate on Retail: The 2 points per โน100 spent on retail is modest compared to other cards that offer higher rewards or cashback on broader categories such as dining, shopping, or travel.
- Interest Rates
- High Finance Charges: The interest rate of 3.40% per month (40.80% annualized) is relatively high, especially if balances are not paid in full, leading to substantial interest charges over time.
- Limited International Use
- High Foreign Currency Markup: A 3.5% fee on foreign currency transactions makes this card less attractive for international travel or online shopping in foreign currencies.
- Fewer Premium Perks
- Limited Premium Benefits: Unlike some premium credit cards, the ICICI HPCL Coral Credit Card lacks benefits such as airport lounge access, concierge services, or travel insurance, which might be a downside for frequent travelers.
ICICI Bank HPCL Coral Credit Card Overview
| ๏ปฟFeature | Details (โน) |
|---|---|
| Type of Card | Fuel Credit Card |
| Annual Fee | โน199 + GST (waived for the first year) |
| Joining Fee | โน199 + GST |
| Reward Rate | 2 points per โน100 spent on retail (excluding fuel) |
| Renewal Fee | โน199 + GST (waived if annual spends exceed โน50,000) |
Conclusion and Overall Rating
The ICICI Bank HPCL Coral Credit Card is a practical choice for individuals who frequently refuel at HPCL petrol stations. With its targeted benefits like 2.5% cashback on fuel purchases and a 1% fuel surcharge waiver, the card effectively reduces fuel expenses, making it highly suitable for daily commuters and road travelers. The inclusion of modest rewards on retail spending, alongside entertainment perks such as movie ticket discounts, adds additional value to the card.
Its low annual fee, with the potential for a waiver, makes it accessible and budget-friendly, particularly for those who can meet the spending threshold of โน50,000 annually. However, the card's benefits are somewhat limited to HPCL fuel stations, and the rewards on non-fuel spending are not as competitive as those offered by other cards in the market. Additionally, the high interest rate and lack of premium travel perks may make it less appealing to frequent international travelers or those seeking more extensive lifestyle benefits.
The ICICI Bank HPCL Coral Credit Card earns a solid rating for its focused fuel savings and affordable fee structure, but it might not be the best fit for users looking for comprehensive rewards across multiple spending categories or premium travel benefits. It is best suited for individuals with significant fuel expenses who prioritize savings at HPCL pumps and value a low-cost credit card option.
