Citibank Indian Oil Credit Card Review

Citibank Indian Oil Credit Card Review

Citibank has thus far come up with various credit cards to bring all sorts of lifestyle benefits to its customers. In the same vein, Citibank has introduced the Citibank Indian Oil Credit card, which allows consumers to earn ‘Turbo reward’ points and save a decent chunk of money on fuel. Interestingly, the Turbo points have no expiration date and can be redeemed at authorized Indian Oil fuel stations. The Citibank Indian Oil Credit Card also offers reward points on grocery and miscellaneous purchases. Here is our review of the Citibank Indian Oil Credit Card, where we delve deep into the pros, cons, rewards, cashback, and more; in an attempt to answer the question of whether you should get one for yourself or not? Also, here you can check some other credit card reviews like citibank premiermiles credit card review.

Fees and Charges

LableFees
Joining Fee Communicated at time of approval
Annual Fee Rs 1,000
Interest rate 3.75%  per month at the outset (45% per annum)

Pros & Cons

Pros
  • Customers get to earn 250 Turbo Points on all spends within the first 30 days of insurance
  • No expiration date for reward points
  • Cardholders can get an annual fee waiver on minimum spending of Rs. 30,000
  • Credit Cardholders can earn ‘Turbo’ points on their daily purchases
  • Customers can avail of offers and discounts at local shopping centers
  •  Citibank Indian Oil Credit Card allows up to 20% discount at over 2000 restaurants across India
Cons
  • Like other fuel-specific credit cards, the Citibank Indian Oil credit card offers excellent benefits. However, it may not be the best-suited credit card for all, and here are some reasons why
  • An annual fee of Rs. 1000 may be unsuitable for some low-end customers
  • The surcharge waiver capping is lower as compared to other credit cards
  • Most of the fuel discounts are only accessible at Indian Oil stations, which poses a significant limitation

Rewards and Cashback

  • For every Rs. 150 spent at IOC stations, customers receive 4 Turbo Points
  • Every Rs. 150 spent at a grocery store gets you 2 Turbo Points
  • Every Rs. 150 spent on all the other daily essentials generates you 1 Turbo Point.

Who Should Get a Citibank Indian Oil Credit Card?

If you want to save fuel costs and earn higher reward points when buying groceries, you must have an IndianOil CitiBank Credit Card. The IndianOil CitiBank Credit Card earns 4 Turbo Points for every Rs. 150 spent on Fuel purchases.

With this card, you can also receive extra Turbo Points on groceries and supermarkets. Besides that, the turbo points you earn never lose value/expire. However, you should avoid getting this card if you are looking for other benefits on travel spending.

Eligibility Criteria

1. Location

· Resident of India

2. Occupation

· Salaried

· Self-Employed

3. Documents

For salaried

Proof of Identity such as Aadhaar Card, Copy of Passport, PAN Card/UID, Driving License, Voter’s ID Card

  • Proof of Address such as – Salary Certificate, IT Assessment order, Latest Balance Sheet
  • ITR for the most recent fiscal year, including audited financials and income calculations
  • Colored Photographs

For Self-Employed

 Proof of Identity (similar to that mentioned above)

  • Proof of Address (Similar to that discussed above)
  • ITR for the most recent fiscal year, including audited financials and income calculations
  • Colored Photographs

Ratings and Reviews

Source: Citibank

  • Cashback and Rewards: 3/5 The turbo points earned with the Indian Oil Citi Credit Card never expire and can be redeemed as needed by customers. However, the redemption rate is not great and it may take you several months to get a substantial return.
  • Fees: 4/5  The annual fee is waived if the cardholder spends more than Rs. 30,000 on the credit card in a calendar year. This is just Rs 2,500 a month.
  • Eligibility: 3.5/5 Customers whose profiles meet the bank’s eligibility requirements are eligible for the card. The bank has established the criteria for determining a customer’s eligibility.
  • Overall: 3.5/5  It has the best points-to-money conversion ratio if you only use it to redeem on fuel purchases. Customers can also redeem the points on various products from lifestyle stores too, however, cases regarding turbo point discrepancy have surfaced recently, wherein after a fuel purchase at an Indian Oil Gas Station, the customer did not receive any turbo point.

Conclusion

IndianOil Citi Credit Card, explicitly as a fuel credit card, offers a spectacular reward program and is unquestionably one of the optimum fuel credit cards available. This card allows you to earn Turbo Points quite instantly when buying fuel at IndianOil stations. However, the fees and fuel surcharge waiver caps be slightly restrictive.

FAQs

Is Citibank Indian Oil credit card good?

The IndianOil Citibank Credit Card is regarded as India’s best fuel credit card; it rewards users with Turbo Points that never expire and can be redeemed at authorized IndianOil Fuel Stations.

The card also offers additional rewards on grocery and supermarket purchases, making it an excellent choice for daily essentials.

How do I redeem my Citibank Indian Oil credit card points?

Follow this simple three-step procedure:
1. Pay for the value of Turbo points to be redeemed with your IndianOil Citi Credit card at any Bank’s EDC machine.
2. You will be sent a redemption link via SMS that will be valid for 24 hours.
3. To pay with points, confirm the number of points to be redeemed and click “Redeem Now.”

Can I apply for a Citibank Credit Card Online?

Pick a credit card from the website that best fits your needs.

Fill out the online application form with your basic information and submit it.

1. Contact information: Email address, mobile phone number
Personal information: Name, DOB, and PAN
2. Work specifics: Profession, company name, and title
3. Contact information: Address

Submit documents for eligibility verification and checking.

1. PAN card address verification and ID verification
2. Application processing and approval
3. Get your credit card and PIN (PIN will be sent by separate mail)

What are the annual fees of the Citibank Indian Oil Credit Card?

The Annual fee for Citibank Indian Oil Credit Card is Rs. 1000.

How can I know my Indian Oil Citi Bank credit card limit?

Higher-income, credit score and repayment ability imply higher credit limits and vice versa. The credit limit utilization ratio should not exceed 30-40%.

To navigate your credit limit ‘View account summary’ section of your Citibank Online home page – > Select Credit Cards – > Choose the specific card -> ‘Balance’ is mentioned in the card summary (OR) SMS ‘CARDBAL XXXX’ to 52484 from your registered contact number.

What is the mode of payment for the Indian Oil Citi Bank Credit Card?

You can pay your bills online through a payment gateway or Internet banking. Simply enter your credit card information correctly on any payment gateway website to pay bills. In contrast, you must first add the card in the ‘Biller’ section with Internet banking.

You will receive a message on your registered mobile number informing you that the card has been successfully added. Furthermore, when the bill is generated, you will receive a message indicating the total due, the minimum due, and the payment due date. To ensure transparent and safe processing, you can refer to the transaction message.

What is the interest rate for Indian Oil Citi Bank Select Credit Card?

The interest rate is 3.75% per month (45% per annum).

What is the billing date of the Indian Oil Citi Bank select Credit Card?

The new billing date gets generated within 28 to 33 days after the previous statement.

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