Fuel Credit Cards Not Worth It
I have few credit cards and in that one of them is a Fuel Credit card, especially IDFC HP Power Credit Card. It will give around 2.5% back and 1.5% of I use the HP Pay App for yhe payment. So having 4% is a good thing but the problem is I have a bike and my fuel consumption is quite less. For example, I fill petrol of around Rs 2K to Rs 2.5K per month.
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Now when I pay using the Credit card I have to pay some charge and thus my effective rate is coming around 2.5% to 3%. So that means I will be saving only around Rs 75 per month which is not bad to be honest. The problem with petrol bunks are that, they don't use the machine provided by the Oil Companies. That means, oil companies will not know if I have paid in petrol bunk or not and thus I don't get the 3% returns.
And that's why I feel having the fuel Credit card is not worth it if you are using it for less money. At the same time, if you fill the petrol for say 5K and above every month then getting the credit card is a good option. So I am in a process of removing the fuel credit card from my credit card portfolio and try to use the UPI app which gives some casback. Like the super.money app which gives around 0.5% to 3% on every transactions. And thus that's the better option in my opinion.
Though the IDFC fuel card is jot expensive, it is just Rs 199 per year and that also can be reversed if I use Rs 50K per year. But even though utilizing other credit cards are better option than the fuel card.
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I tried asking for a fuel credit card with ICICI. They gave me a Sapphire Credit card saying that it's the best credit card and it has a surcharge weaver. They said fuel credit cards are not worth it. But anyways it is not a big save anyway.
Surcharge Waiver is in all Credit Cards but it is Rs 10 or 1.8% which is more. I am thinking of using the normal UPI app which gives some cashback.