Review : Indian Oil Citibank Credit Card

The demonetization move has surely surprised all of us Indians living in India and abroad, hasn’t it ? In this time, the cash has literally died for now and the cards and online wallets are doing exceptionally great. Only few might have imagined this scenario.

When I started working around 7 years back, thanks to my salary account that I got an access to a debit card and was introduced to the idea of credit cards. For folks who grew up in 90s will know that cards were considered as a luxury and cash was still the preferred method. I somehow got comfortable with debit cards with malls popping up in each corner of the city and the e-commerce websites advertising huge discounts, but still stayed away from the credit cards for a very long time. It was due to my limited knowledge about finance and the fear of spending up more than my income that it took me a while to avail for one.

My office colleague Ashwin Chokhani mentioned his clever usage of his Indian Oil Credit card and the petrol he got free as a result of points he collected. With this idea, I availed for one and has been using it for 3 years now. All the benefits of this card are mentioned here on the Citibank’s website and I urge to take a look at it if you are interested. As I said, I am not an expert in finance, but I am writing down the experience that I had with this card.

Pros:  

Free fuel: The best feature of this card is, 1 point is equivalent to 1 rupee worth  petrol. So the points that I see in the monthly statement, is the amount of fuel I can redeem at the Indian Oil petrol pumps.

To accumulate the points, I pay all my bills via this card but making sure that I clear my due before the due date  (which is quite obvious!). With this approach, roughly after every 3 months, I make 1000/- petrol from the points. If you are a finance wizard, maybe you can squeeze out a lot more, but I am happy what I get now.

Besides the fuel, you also get 10- 15% off on dining at selected restaurants and considerable discounts electronic items such Apple products. Not to mention the additional discounts that you are eligible for during the big day sale on famous e-commerce websites.

For me, the Free Fuel is still the only USP of this card.

Cons:

Since it is an Indian Oil Cards, that means you are obliged to fuel up from Indian Oil outlets only. That is not it, the particular Indian Oil outlet should have the Citibank specific EDC machine (the card swiping machine) to avail and to redeem the points.

I have circled out a few Indian Oil outlets near my residence but finding Indian Oil outlets on highways that too with the Citibank specific EDC machines is a pain. Hence, before every bike or car journey, I tank up from the outlets that are close to my residence and use cash on highways.

Do let me know in comments section if you are using any similar cards and the benefits of it.

 

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