IndiaLends Advisory

By IndiaLends Advisory

Oct 03, 2018

Credit Card Review: Citibank IndianOil Platinum Credit Card

Card Rating: 1star1star1stargraygray

With the fuel prices continuing to surge, owning a fuel credit card has now become more of a necessity and less of a luxury. Using a credit card specially designed for fuel will help you get the value back to the money you spent.

The Citibank Indian Oil credit card is one such card that can serve your money woes related to fuel. In here, find out whether this card is value for money or not. Before giving out our review, let’s know the in and out of this card.

All About Citibank Indian Oil Credit Card At A Glance

Annual Fee

₹1000 (waived off if spends over ₹30,000)

Interest Rate

3.25% per month/ 39% annually

Key feature

Up to 70 ltrs of free fuel

Reward Point Value

1 Turbo point – ₹1*

Rewards on Spends

4 Turbo Points on every ₹150 spent on fuel purchases

2 turbo points on groceries and supermarkets

Supplementary Card

NIL

*Only when redeemed against fuel

Benefits of the Citibank IndianOil Platinum Card

The benefits offered by the Citibank IndianOil Platinum credit card are:

⇒ 4 turbo points on every ₹150 spent on fuel (Cap of ₹10,000 per transaction)

⇒ Fuel surcharge waiver of up to 1% on fuel purchases

⇒ 2 turbo points on other purchases

⇒ Turbo points that never expire

⇒ Exclusive Concierge Service

⇒ Flexible Redemption

⇒ 24*7 customer support

⇒ Free SMS and E-mail Alerts

⇒ Contactless Card (No PIN for transactions above ₹2,000 within India)

⇒ Loan against the credit/cash limit/above your credit limit depending on your credit profile. Repayment period as per your preference from the 6/12/24/36/48 month options.

Related Article: How To Apply For The Best Citi Credit Cards? 

Pros and Cons of Citibank IndianOil Platinum Credit Card

 

Pros

Cons

→ Fuel Surcharge Waiver

→ No expiry date on the points earned

→ Up to 15% savings on dining at select restaurants

→ Exclusive Concierge Services

High Annual Fee

No complementary Airport lounge access


Citi IndianOil Credit Card Reward Point/Turbo Point Redemption Value

There is a wide range of redeeming options available in Citibank Credit Cards including fuel, holidays, air miles, cash back and premium merchandise from international brands.

Options

Where to avail?

How to avail?

Transactional value(1 Turbo Point)

Minimum points needed to redeem

Fuel

At over 1200 participating IndianOil outlets.

Over the counter, instant redemption

₹1.00

250

Shopping

Instant redemption at select merchant outlets.

Over the counter, instant redemption.

₹0.30

250

Online travel

At select online travel partners

Instant redemption at check out.

₹0.25

250

Air miles (added to your existing Frequent Flyer air miles)

On Air India and Jet Airways

Call the 24×7 customer care support/ CitiPhone

0.75 miles

100

Adjust against Card outstanding

At Citibank

Call the 24×7 customer care support/ CitiPhone

₹0.35

5,000

Gift Vouchers for popular brands.

From Citibank Rewards catalogue

Browse, pick and order your choice through the Citibank Rewards Catalog

N/A

No minimum requirement

Charges and Fees of Citibank IndianOil Platinum Credit Card

Description of Charges  

Citi Credit Cards

Cash advance fees

2.5% on the withdrawn billed amount subject to a minimum of ₹500

Late payment charges

→ ₹300 if the amount is less than ₹10001

→ ₹600  if the amount is more than ₹10001 and up to ₹25,000

→ ₹950 if the amount is above ₹25,000

Over credit limit charge

2.5% of the amount exceeding the credit limit subject to a minimum of ₹500 (excluding any charges, fees, and taxes)

Cheque / ECS / ACH bounce charge

₹500 on every returned Cheque/ECS/ACH

Fuel transaction charge

1% of the transaction amount subject to a minimum of ₹10. The charge is waived off at Indian Oil outlets for transactions on Citi EDCs

Foreign currency transactions

3.5% markup on the INR equivalent of the US Dollars for international transactions in US Dollars at rates published by the card networks. For transactions in other currencies, the transaction will be first converted into US Dollars and then charged accordingly

Reissue of lost, stolen or damaged card

₹100

Additional Reading: Credit Card Balance Transfer | Best 5 Balance Transfer Cards in India

How to locate the nearest Citibank Indian Oil Credit Card outlets near you?

To locate an IndianOil outlet near you, SMS IOC <PIN CODE> to 52484 from an Airtel / Aircel / Idea / Vodafone mobile phone. Other mobile service subscribers can SMS to +91-9880752484.

If we look at the benefits, the card is suitable for someone who avails services from Indian Oil outlets and lives in a metro city. Although the outlets are available across India, it is difficult to locate Citi terminals out of metro cities.

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Previous Article: Which Type of Traveler Are You?

 

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