BPCL SBI Card Octane: Benefits and Features:
If you are looking for a credit card that offers you fuel savings, reward points, and other benefits, you might want to consider the BPCL SBI Card Octane. This card is a co-branded product of Bharat Petroleum Corporation Limited (BPCL) and State Bank of India (SBI), two of the largest and most trusted companies in India. In this blog, we will review the BPCL SBI Card Octane.
BPCL SBI Card Octane:
Joining Fees and Annual Fees: INR 499+GST
Interest Rate: 3.50% per month (42% per annum)
Welcome Benefit: Get 6000 bonus reward points worth INR 1500 on payment of annual fees.
Special Feature: Get 25 points on spending every INR 100 at BPCL petrol pumps + Bharat Gas + BPCL fuel lubricants.
Features and Benefits
The BPCL SBI Card Octane offers you the following features and benefits:
Fuel Savings: You can save up to 25% on fuel purchases at BPCL outlets across India. You get 6.25% value back as 25X reward points on fuel purchases, 4.25% surcharge waiver, and 0.75% cashback as per government guidelines. The maximum value back per month is Rs. 500.
Reward Points: You can earn reward points on all your spending with the BPCL SBI Card Octane. You get 25X reward points on fuel purchases at BPCL outlets, 10X reward points on dining, movies, groceries, and departmental stores, and 1X reward point on all other spending. You can redeem your reward points for fuel purchases at BPCL outlets or for gift vouchers from various brands.
Milestone Benefits: You can also get milestone benefits with the BPCL SBI Card Octane. You get a welcome gift of Rs. 1,000 worth of activation benefits, which includes Rs. 500 worth of fuel voucher and Rs. 500 worth of annual fee reversal on spending Rs. 50,000 in the first year. You also get an annual fee waiver of Rs. 499 on spending Rs. 1 lakh in a year.
Other Benefits: The BPCL SBI Card Octane also offers you other benefits such as complimentary fraud liability cover of Rs. 1 lakh, contactless payment technology, worldwide acceptance, online account management, and customer care support.
Pros and Cons
The BPCL SBI Card Octane has the following pros and cons:
Pros:
It offers you significant savings on fuel purchases at BPCL outlets.
It offers you reward points on all your spending, which can be redeemed for fuel or gift vouchers.
It offers you milestone benefits such as welcome gift and annual fee waiver.
It offers you other benefits such as fraud liability cover, contactless payment, and online account management.
Cons:
It has a high annual fee of Rs. 499, which can be waived only on spending Rs. 1 lakh in a year.
It has a high interest rate of 40.2% per annum, which can be avoided by paying the full amount due every month.
It has a low credit limit of Rs. 25,000 to Rs. 50,000 for most customers, which can be increased based on your credit history and income.
It has a limited acceptance at non-BPCL outlets, where you get only 1X reward point and no surcharge waiver.
Fees and Charges
The BPCL SBI Card Octane has the following fees and charges:
Annual Fee: Rs. 499 (waived on spending Rs. 1 lakh in a year)
Renewal Fee: Rs. 499 (waived on spending Rs. 1 lakh in a year)
Finance Charges: Up to 42% per annum
Cash Advance Fee: 2.5% of the amount or Rs. 300, whichever is higher
Late Payment Fee: Rs. 100 to Rs. 950 depending on the amount due
Overlimit Fee: 2.5% of the overlimit amount or Rs. 500, whichever is higher
Cheque Bounce Fee: Rs. 500
Card Replacement Fee: Rs. 100
Foreign Currency Transaction Fee: 3.5% of the transaction amount
GST: As applicable
Application Process
The application process for the BPCL SBI Card Octane is simple and easy. You can apply online or offline by following these steps:
Online:
Visit the official website of SBI Card or BPCL.
Click on the 'Apply Now' button for the BPCL SBI Card Octane.
Fill in your personal details such as name, date of birth, mobile number, email address, etc.
Verify your identity with an OTP sent to your mobile number or email address.
Fill in your income details such as salary, occupation, employer name, etc.
Upload your KYC documents such as PAN card, Aadhaar card, address proof, etc.
Submit your application and wait for approval.
Offline:
Visit any BPCL outlet or SBI branch near you.
Ask for the BPCL SBI Card Octane application form and fill it with your personal and income details.
Attach your KYC documents such as PAN card, Aadhaar card, address proof, etc.
Submit your application and wait for approval.
Comparison with other Credit Cards:
Here is a comparison of the BPCL SBI Card Octane, the ICICI Bank HPCL credit card, and the IndianOil HDFC Credit Card. These are some of the most popular fuel credit cards in India, and they have different features and rewards that suit different needs and preferences. We will compare these three cards on various parameters, such as annual fee, fuel surcharge waiver, reward points, cashback, and other benefits.
Annual fee: The BPCL SBI Card Octane has the highest annual fee of Rs. 499, but it also offers a welcome gift of 6000 reward points worth Rs. 1500 on payment of the annual fee. The ICICI Bank HPCL credit card has a moderate annual fee of Rs. 500, which can be waived off if you spend Rs. 50,000 or more in a year. The IndianOil HDFC Credit Card has the lowest annual fee of Rs. 250, which can also be waived off if you spend Rs. 30,000 or more in a year.
Fuel surcharge waiver: All three cards offer a fuel surcharge waiver of 1% on fuel transactions at any petrol pump in India, subject to a maximum of Rs. 250 per month for the BPCL SBI Card Octane, Rs. 100 per month for the ICICI Bank HPCL credit card and Rs. 250 per statement cycle for the IndianOil HDFC Credit Card.
Reward points: The BPCL SBI Card Octane offers the highest reward points on fuel purchases, as you can earn 25 reward points per Rs. 100 spent at BPCL petrol pumps and 10 reward points per Rs. 100 spent on BPCL's In&Out convenience store purchases. You can also earn 5 reward points per Rs. 100 spent on dining, movies, groceries and departmental stores, and 1 reward point per Rs. 100 spent on all other categories. The ICICI Bank HPCL credit card offers 5 PAYBACK points per Rs. 100 spent on fuel at HPCL petrol pumps and 2 PAYBACK points per Rs. 100 spent on all other categories. The IndianOil HDFC Credit Card offers 5% cashback as fuel points on fuel purchases at IndianOil outlets and 1% cashback as fuel points on all other categories.
Cashback: The BPCL SBI Card Octane offers a milestone benefit of Rs. 500 cashback on spending Rs. 50,000 or more in a calendar quarter, up to a maximum of Rs. 2000 per year. The ICICI Bank HPCL credit card offers a cashback of up to Rs. 100 per month on movie tickets booked through BookMyShow or Inox, and a cashback of up to Rs. 1200 per year on utility bill payments done through ICICI Bank Bill Pay service. The IndianOil HDFC Credit Card does not offer any direct cashback, but you can redeem your fuel points for cashback on fuel purchases at IndianOil outlets.
Other benefits: The BPCL SBI Card Octane offers a complimentary domestic airport lounge access twice per quarter and a complimentary fraud liability cover of up to Rs. 1 lakh. The ICICI Bank HPCL credit card offers a complimentary roadside assistance service once per year and a complimentary personal accident insurance cover of up to Rs. 3 lakh. The IndianOil HDFC Credit Card offers a zero liability on lost card feature and a revolving credit facility at an attractive interest rate.
As you can see, each of these cards has its own advantages and disadvantages, depending on your spending habits and preferences. If you are loyal to BPCL and want to earn high reward points on fuel purchases and other categories, the BPCL SBI Card Octane might be the best choice for you. If you are looking for a low-cost card that offers moderate rewards and cashback on fuel and other categories, the ICICI Bank HPCL credit card might suit you better. If you are looking for a simple card that offers cashback as fuel points on fuel purchases and other categories, the IndianOil HDFC Credit Card might be the ideal option for you.
Conclusion:
The BPCL SBI Card Octane is a good credit card for those who want to save on fuel purchases and earn reward points on other spending. It offers you a range of features and benefits, such as surcharge waiver, milestone benefits, fraud liability cover, etc. However, it also has some drawbacks, such as high annual fee, high interest rate, low credit limit, and limited acceptance. Therefore, you should compare it with other credit cards in the market and choose the one that suits your needs and preferences the best.