If you are looking for a Kotak Mahindra Bank credit card that gives you good cashback on fuel, grocery, and food then you can opt for IOCL Kotak Mahindra Rupay Credit Card Because on this credit you get 5% cash back at Indian Oil petrol pumps and if you buy groceries with the help of this credit card or use this credit card for shopping, then you get this credit card. But you get 2% cashback.
Card Type: Fuel
Feature
- Earn 5% cashback (as reward points) on fuel spent at IndianOil pumps. This translates to 24 reward points for every ₹150 spent, with a monthly cap of 1200 reward points.
- Earn 2% cashback (as reward points) on groceries and dining spends. This translates to 12 reward points for every ₹150 spent, with a monthly cap of 800 reward points.
- Earn 0.5% cashback (as reward points) on all other spends. This translates to 3 reward points for every ₹150 spent.
Welcome Bonus:
- Get 1,000 welcome reward points IOCL Kotak Mahindra Rupay Credit Card if you spend ₹500 within 30 days of card issuance.
Fees And Charge:
- Joining Fee: 449+Applicable Taxes
- Annual Fee: 449+Applicable Taxes
- Condition for waiver of Annual Fees: INR 50,000 spends in the previous year
- Interest Charges on outstanding Balances: 3.5% (Annualized @ 42%
- Over Limit Charge: 500
- Reissue/ Replacement Card (per issuance): 100
Benefits:
- 1% fuel surcharge waiver on transactions between ₹100 to ₹5000 with a maximum waiver of ₹100 per month at IndianOil outlets On IOCL Kotak Mahindra Rupay Credit Card
- Personal accident insurance cover of ₹2 lakh.
- Concierge services for tasks like gift delivery, flower delivery, and restaurant bookings.
- This is a Rupay card, which means it is fully Comfortable For UPI Payment
- Contactless Payment Up To 5000 Across India On IOCL Kotak Mahindra Rupay Credit Card
Eligibility Criteria:
- Customer Age Minimum: 18 to 65
- Salaried/Self Employed
- Minimum Salary: 4 Lakh Per Annum
- Credit Score Required: 700+
Required Document
- Pan Card
- Aadhar Card
- Income Proof
- Address Proof
Pros & Cons
Pros
- High Rewards on Fuel: Earns a good reward rate (4% as points) on fuel purchases at Indian Oil stations, which can be a significant benefit for frequent drivers.
- Fuel Surcharge Waiver: Saves you money on the 1% fuel surcharge on transactions at Indian Oil pumps, up to a maximum of Rs 100 per statement cycle.
- Annual Fee Waiver: The annual fee is waived if you spend Rs 50,000 in a year, which is achievable for regular fuel spenders.
- Decent Rewards on Groceries & Dining: You get 2% reward points when you spend on groceries and dining.
- Welcome Bonus: You get the welcome bonus of the card after 30 days of card issuance after spending Rs 500.
- Other Benefits: The card provides you with benefits like personal accident insurance, add-on cards, etc.
Cons
- Low Rewards on Other Spends: You can only earn 0.5% cashback on brands except partner brands
- Reward Caps: You can earn 800 reward points on your grocery and dining spends
- Limited Acceptance: RuPay Credit Card is less accepted by merchants compared to Visa and MasterCard.
- Average Benefits: Other benefits like concierge services are fairly standard and might be offered by other cards.
Overall, the IOCL Kotak Mahindra Rupay Credit Card is a good option for frequent drivers who primarily spend on fuel at Indian Oil stations. The high fuel rewards rate, fuel surcharge waiver, and achievable annual fee waiver make it attractive. However, if you don’t spend heavily on fuel or groceries and dining, there might be better cards with wider reward category coverage.
Please Read Our other credit card reviews
Disclaimer
Suppose there is any change in the status of the card. In that case, CredBanking will not take any responsibility because we have collected the information about this card from the Internet and the bank’s website.