SBI Card and BPCL have introduced the BPCL SBI Card OCTANE, offering an impressive 7.25% value back (including a 1% surcharge waiver) on fuel and lubricant purchases at BPCL Fuel Stations.
Moreover, cardholders can enjoy a 6.25% value back on Bharatgas online payments made via the website and mobile app.SBI Card, India’s second-largest credit card issuer after HDFC Bank, holds the top position in the co-branded credit card segment. SBI Card and BPCL have previously collaborated on the BPCL SBI Card, and now they’ve joined forces once again to offer premium cards for their loyal customers.
Read on to discover everything you need to know about this exciting collaboration.
BPCL SBI Card OCTANE Fees
- Joining Fees: Rs.1,499 + GST
- Annual Fees: Rs.1,499 + GST
- Add On Card: Nil
- Finance Charges: 3.35%
- Foreign currency Markup: 3.5%
The annual/renewal fee for the card is waived if you spend Rs. 2,00,000 or more in the previous year. Typically, SBI Card charges the fee initially and then refunds it after a week.
It would be more convenient for customers if SBI Card refrains from charging the fee in the first place, eliminating the need for a refund process.
The foreign currency markup for this card is 3.5%, which is similar to most standard credit cards. As a result, it may not be the most suitable option for international transactions, where cards with lower foreign currency markup fees would be more cost-effective.
Welcome Gift
- Rewards Points: 6,000 Rewards Points
- Rewards Value: Rs.1,500
- Condition: Rewards Points will be credited after payment of Rs. 1499+ GST as Joining Fees.
- Rewards Points Fulfillment: Within 30 days after payment of Fees
It’s clear that the SBI Card offers welcome benefits to offset the joining fees for cardholders. The welcome benefits are equal to the joining fees of Rs. 1,499.
Indeed, it is crucial to remember that the GST on the joining fees may not be included in the welcome benefits provided by the SBI Card.
As a result, cardholders may need to bear the additional cost of the GST on top of the joining fees.
Reward Benefits
The BPCL SBI Card OCTANE offers a variety of rewards, including Regular, Accelerated (Value Back Benefits), and Milestone rewards. Here’s a detailed breakdown of each reward type.
Regular rewards
The BPCL SBI Card OCTANE offers a variety of rewards based on different spending categories:
- All Spends: Earn 1 reward point per Rs. 100 spent on retail purchases.
- BPCL Fuel, Lubricants & Bharat Gas: Earn 25 reward points for every Rs. 100 spent on fuel, lubricants, and Bharat Gas.
- Dining, Departmental Stores, Grocery & Movies: Earn 10 reward points for every Rs. 100 spent on dining, departmental stores, groceries, and movies.
The value of 1 reward point is Rs. 0.25, which can be adjusted as a statement credit. To redeem your points for statement credit, you’ll need to call SBI Card Customer Care.
However, be aware that a redemption fee of Rs. 99 per request is applicable. Therefore, it’s essential to plan your redemptions accordingly to maximize the value of your reward points.
Accelerated (Value Back Benefits)
The BPCL SBI Card OCTANE offers Accelerated (Value Back Benefits) for fuel purchases as follows:
- 7.25% Value back: Earn 25X Reward Points on fuel purchases made at BPCL petrol pumps, resulting in a significant value back on your spending.
- 1% Fuel surcharge waiver: Enjoy a 1% fuel surcharge waiver on transactions up to Rs. 4,000 at BPCL petrol pumps. This waiver is included as part of the 7.25% value-back benefit.
The BPCL SBI Card OCTANE offers exceptional rewards for fuel users with its 25X reward points on fuel purchases at BPCL petrol pumps. The 7.25% value back is an attractive benefit that can significantly reduce fuel expenses for cardholders.
The Value Back Benefits serve as an accelerator for the rewards structure of the BPCL SBI Card OCTANE, making it an ideal choice for those who frequently spend on fuel.
The 7.5% value back is limited to a Maximum of 2500 Reward Points per billing cycle.
Milestone Privileges
The BPCL SBI Card OCTANE also offers Milestone Privileges to reward cardholders for their annual spending:
- Spends Rs. 3,00,000/-: Upon reaching this spending milestone, cardholders will receive a voucher worth Rs. 2,000.
- The voucher can be redeemed at Aditya Birla Fashion, Yatra, Urban Ladder, Hush Puppies, or Bata. Your personal preference for Aditya Birla Fashion makes it an excellent redemption option for you.
To learn more about the Milestone Privileges and other benefits offered by the BPCL SBI Card OCTANE, you can visit their official website for detailed information.
Lounge Access Benefit
The BPCL SBI Card OCTANE provides lounge access benefits, specifically for domestic lounges. Here’s a summary of the lounge access offerings:
- International Visit: The card does not offer any complimentary international lounge access benefits.
- Domestic Benefits: Cardholders can enjoy up to 4 complimentary visits per calendar year to domestic VISA lounges in India, with a maximum of 1 visit per quarter.
While the domestic lounge access benefits are a welcome perk, it’s understandable that you may find the lack of international lounge access disappointing.
It would be beneficial if SBI offered at least a few complimentary international lounge visits to enhance the card’s value further.
For those seeking free lounge access benefits, you might consider looking into the best debit cards that offer complimentary lounge access or other credit cards with more extensive lounge access provisions.
Pros & Cons of BPCL SBI Card OCTANE
Pros
- 7.5% value back at BPCL Fuel.
- Milestone benefits of Rs.2000
- 4 complimentary domestic benefits
Cons
- No International Lounge benefits
Other Benefits
Insurance
The BPCL SBI Card OCTANE also includes insurance benefits to protect cardholders from potential fraud. It offers a complimentary Fraud Liability cover of up to Rs. 1 Lakh.
This coverage ensures that cardholders are protected against unauthorized transactions or misuse of their card due to loss, theft, or any fraudulent activities.
The complimentary insurance provides an additional layer of security and peace of mind for cardholders while using their BPCL SBI Card OCTANE.
Contactless Advantage
The BPCL SBI Card OCTANE supports contactless transactions, allowing you to make payments quickly and securely by simply waving your card near a compatible card reader at BPCL petrol pumps and other swipe machines.
The Reserve Bank of India (RBI) has increased the contactless transaction limit without requiring a PIN from Rs. 2,000 to Rs. 5,000, making it even more convenient for small-ticket purchases.
Additionally, as per RBI guidelines, all international transactions are disabled by default. You will need to authorize your card for international transactions if you plan to use it outside of India.
The contactless feature of the BPCL SBI Card OCTANE offers a more convenient and secure payment method for everyday purchases, eliminating the need to hand over your card or search for cash and coins.
This technology helps improve the overall payment experience, providing a fast and hassle-free way to complete transactions.
Worldwide Acceptance
- The BPCL SBI Card OCTANE is an international credit card, which means it can be used at a vast number of outlets worldwide.
- With acceptance at over 24 million outlets globally and more than 3,25,000 outlets in India, the card offers exceptional flexibility for your spending needs.
- Whether you’re traveling abroad or making purchases in India, the BPCL SBI Card OCTANE provides a convenient and secure payment option.
- Just remember that, as per RBI guidelines, international transactions are disabled by default, so you will need to authorize your card for such transactions before using it outside of India.
Verdict
MyCreditCardClub Rating: 4/5
The BPCL SBI Card OCTANE is an excellent option for frequent petrol pump users seeking maximum savings on fuel expenses. With its accelerated 7.25% value back on fuel and 1% surcharge waiver, this co-branded credit card can help optimize your petrol costs.
While international lounge access is lacking, the card packs robust rewards for fuel, dining, groceries, and more. Considering its competitive fees and milestone privileges, the BPCL SBI Card OCTANE is a rewarding pick for heavy spenders at BPCL outlets. Analyze your spending patterns and fuel needs to determine if this fuel-centric card is the ultimate choice to rev up your savings. Overall, I would rate the BPCL SBI Card OCTANE 4.2 out of 5 stars.
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