Know the credit cards with the extra edge

The Buck Starts Here

There are a number of credit cards in the market but there a few which provide an extras edge over the others. Prominent among these are credit cards providing petrol on credit without levying any surcharge. Since the most of the credit card holders are either car or two-wheeler owners, choosing such cards might be a good option as petrol is one item of daily use one would like to opt for on credit especially when there is no charge levied.

First to enter the market is the ICICI HPCL Visa Card. This is an international card jointly from ICICI Bank and Hindustan Petroleum (HPCL), the leading oil company. This co-branded card offers you the unique opportunity to save on fuel and services purchased from HPCL petrol pumps. 

On using the card, the 2.5% surcharge on fuel purchases at select HPCL petrol pumps is refunded by ICICI. Also, for every Rs.125 spent at the HPCL petrol pumps or at HP Speedmarts, one earns 2 'speed'o'miles', which can be accumulated and redeemed against free fuel at select HPCL, petrol pumps. One could also redeem these speed'o'miles against gifts available in the ICICI rewards redemption catalogue.

As a ICICI HPCL Visa credit card holder, one can avail of a 15% discount on P U C check and labour charges on servicing and minor repairs at select HPCL petrol pumps. Besides there is also a 5% discount on MRF tyres, Exide batteries and Mico accessories. This card is a variant of the Sterling Silver Card from ICICI and has all the regular features of the same. It has a balance transfer facility @ 1.75% pm. This means that if you own a credit issued by any other bank and wish to apply for an ICICI Bank credit card, you can transfer the outstanding balance from your other card on to the ICICI Bank credit card. This transferred outstanding will attract an interest rate of just 1.75% for the Sterling Silver Card.

There are also self set limits (for prudent spending). This means that you can request for a limit lower than what you are eligible for. This monthly spending limit can be reset every billing cycle by just calling the ICICI 24-hour customer call centre and placing your request with the executive. Your credit limit will be changed online and come in to force from the next billing cycle. 

There are also special discounts on airfare from Cox & Kings, a credit shield up to Rs.25,000 and a purchase protection up to Rs.20,000. Besides, there is also a complimentary 'Global One' calling card given without surcharge.

The card comes with a personal accident insurance of up to Rs.6 lakh for air travel and Rs.2 lakh for any other accident. There is also a free household insurance cover protecting household articles (excluding jewellery and valuables) for a value of up to Rs.50,000 per year plus a hospitalisation benefitpolicy of Rs.25,000.

The income eligibility for this card is Rs.50,000 per annum for self-employed and Rs.60,000 for salaried individuals. The joining fees is Rs.150, add-on card fees is Rs.300 while the annual fees is Rs.600. The interest rate is 2.5% per month with the maximum credit period being for 50 days.

There is another similar co-branded credit card in the market, from Citi Bank and Indian Oil offering a number of unique privileges, along with the regular benefits of a Citibank card. Similar to the ICICI card, there is no transaction fee levied on petrol or other Indian Oil products purchased at Indian Oil outlets.

Like the ICICI card, this card too offers a rewards program called 'turbo track'. Every Rs.125 spent on the Indian Oil Citibank International Card gives you 1 'turbo point', while every purchase of any Indian Oil product gives you 'double turbo points'. The accumulated 'turbo points' can be exchanged for petrol. The other benefits offered include a 5% discount on all Exide batteries from authorised dealers, 50% discount on emission checks at Indian Oil outlets, a 20% discount on preventive health checkup at Apollo Hospitals, a 7.5% discount on BIAS Tyres from JK and a 10% discount from JK Radials.

There is also a free 'Global One' calling card given along with the card. The call charges will be billed to your card account in Indian rupees and will appear in the monthly statement. Also, there is a 3.5% discount given on basic domestic air fares and 7% discount on basic international air fares for tickets bought on the card from Travel House (a member of the ITC Group).

The card comes with a personal accident insurance of up to Rs.10 lakh for air travel and Rs.1 lakh for travel by road. There is also a free household insurance cover protecting household articles (excluding jewellery and valuables) for a value of up to Rs.50,000 per year.

The income eligibility for the card is Rs.96,000 per annum both for self-employed and salaried individuals in public limited companies and PSUs. There are no joining fees but simply annual fees of Rs.750 per annum. The interest rate is 2.95% per month with the maximum credit period being 50 days. 


S Gopakumar  


[Courtesy : The Economic Times] 

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