Fuel prices in India, especially petrol and diesel, have been on the rise since independence. Let us have a look on the petrol prices over 15 years (2010-2024).
In the above graph, we can notice that other than the Year 2015 and Year 2019, the petrol price has shown an upward trend in general.
Therefore, with rising petrol and diesel prices influencing household budget, choosing a right fuel credit card can save thousands each year.
The IndianOil RBL Bank Xtra Credit Card stands out in the fuel-segment with an impressive 8.5% total savings rate. But does this co-branded offering truly deliver value for money?
Let’s find out in this detailed IndianOil RBL Bank Xtra Credit Card Review.
Overview
| FEATURE | DETAILS |
|---|---|
| Type | Co-branded Fuel Credit Card |
| Best For | Fuel Spends at IndianOil |
| Reward rate | Up to 7.5% |
| Joining Fee | Rs 1500 + GST |
| Annual Fee | Rs 1500 + GST |
| Annual Fee Waiver | For Annual Spend of Rs 2.75 Lakhs |
| Welcome Benefit | 3000 Fuel Points (worth Rs 1500) |
The IndianOil RBL Bank XTRA is a Co-branded Fuel Credit Card issued by RBL Bank in association with IndianOil. It’s aimed at delivering real valueback to someone who refuel regularly at IndianOil stations.
It comes with a joining and annual fee of Rs 1500 + GST, which is somewhat similar to the BPCL SBI Octane.
It’s available on both MasterCard and RuPay networks. Plus, the RuPay variant supports NCMC and UPI functionality too.
Basically, NCMC stands for National Common Mobility Card, and this feature enables Tap & Go Payments at various metro-stations, bus terminals, etc. for hassle-free travelling.
Reward Points
| Spend Type | # Points/Rs 100 | Reward Rate (%) | Monthly Cap |
|---|---|---|---|
| IndianOil Fuel stations | 15 Fuel Points Per ₹100 spent | 7.5% | Up to 2000 Fuel Points |
| Other purchases | 2 Fuel Points Per ₹100 spent | 1% | — |
- 1 Fuel Point = Rs 0.5
- Monthly Capping of 2000 Fuel Points
Here we earn Fuel Points on our spending.
The highest number of points is given on fuel spend at the IndianOil outlets. You get 15 Fuel Points on every spend of Rs 100 at these stations. Since each fuel point = Rs 0.5, this gives an impressive valueback of 7.5%.
However, there is a monthly limit on the number of fuel points. You cannot earn more than 2000 fuel points in a month.
This leads to an optimal spending limit of Rs 13,333/Month for only fuel purchase.
For all other purchases, you receive 2 fuel points for every Rs 100 (1% valueback).
Therefore, it is not advisable to use the IndianOil RBL Bank Xtra Credit Card for purposes other than refuelling your vehicle at IOCL pumps.
IOCL XTRA REWARD POINTS (XRP)
- 1 Fuel Point = Rs 0.5 (for conversion of fuel point into XTRA REWARD point)
- 1 XTRA REWARD Point = 0.6 times of Fuel Point (at Indian Oil Stations)
XTRA REWARD are Loyalty Points issued by the Indian Oil. We can use these XTRA REWARD points to purchase fuel at the IOCL pumps.
As we know, we get fuel points on our spending. These fuel points can be converted into XTRA REWARD points at the RBL Bank Rewards Portal.
Once you redeem your fuel points against XTRA REWARD Points, it will be credited to your account within 48 hours
Let’s discuss about the redemption process in detail.
Reward Points Redemption
| Redemption Method | Redemption Rate | Transfer Ratio |
|---|---|---|
| Conversion of Fuel Point into XTRA REWARD Point | 1 Fuel Point = Rs 0.5 | 1 : 1 |
| Redemption of XTRA REWARD Point at IndianOil | 1 XTRA REWARD Point = Rs 0.3 | 1 : 0.6 |
| Redemption on other options at RBL Rewards | 1 Fuel Point = Rs 0.1 | 1 : 0.2 |
- Validity of Fuel Points: 2 years
- Redemption Fee: Rs 99 + GST
You can redeem fuel points at the RBL Bank Rewards Portal for a variety of options like flight, hotels, e-voucher, mobile recharge, and shopping.
But redemption rate is lowest in these categories.
Now, you can also notice from the table that the transfer ratio is 1:0.2 in this case.
Basically, transfer ratio is denoting the change in the value of fuel point after redemption.
Suppose you want to redeem 2000 fuel points of worth Rs 1000 for hotel booking at the RBL Reward Catalogue.
Now, obviously in this type of redemption option, the transfer ratio is 1:0.2.
So, when you redeem all your 2000 fuel points, each fuel point reduces from Rs 0.5 to Rs 0.1 (0.2 times) after the redemption. This leads to a total redemption amount of Rs 200 i.e., (Rs 1000*0.2) or (2000 fuel points * Rs 0.1).
It’s always a better deal to convert Fuel Points into XTRA REWARD Points and use them at the IOCL Pumps.
This redemption option has transfer ratio of 1:0.6, and 1 XRP = Rs 0.3
For redeeming same no. of points (as in above case) at the IOCL fuel stations, you can get redemption amount of Rs 600 i.e., (Rs 1000*0.6) or (2000 XRP * Rs 0.3).
Hence, we can easily get 3X more value than the previous one.
SBI SimpliSave Credit Card Review: Overview
| Feature | Details |
|---|---|
| Type | Reward Credit Card |
| Best For | Everyday Spending |
| Reward Rate | ~0.2% to ~1.7% |
| Joining Fee | Rs 499 + GST |
| Annual Fee | Rs 499 + GST |
| Annual Fee Waiver | On Annual Spend of Rs 1 Lakh |
| Welcome Benefit | 2000 Bonus Reward Points (worth Rs 500) |
Welcome Benefit
As a welcome benefit, new cardmembers receive 3000 fuel points worth Rs 1500. However, this is given under two conditions:
- Completing 1st transaction of above INR 500 within 30 days
- Payment of the annual fee
You need to complete both the condition to be eligible for the welcome benefit.
We can redeem these 3000 bonus points for gasoline purchases at IndianOil fuel pumps. This can give us a total redemption amount of Rs (3000*0.6) or Rs 1800.
Milestone Benefit
You get additional 1000 fuel points on achieving quarterly spend of Rs 75000. This can also be redeemed for fuel purchases with a redemption amount of Rs (1000*0.6) or Rs 600.
High spenders can leverage this benefit and earn up to 4000 additional fuel points per year.
But for that, they have to spend minimum Rs 3 lakhs in a year.
Note: These fuel points are credited in addition to your regular fuel points. You also earn regular fuel points on your spending at the same time.
How Much Can You Save On Fuel Purchase: A Case Study
Now, let us discuss a real case on total savings.
Suppose Amit has got a new RBL Bank Xtra Credit Card. He is doing a sales job and uses his bike to commute.
Due to rising fuel prices, he wants to compensate the cost and save some money on gasoline purchase.
Amit knows that milestone benefit can give him the most valueback.
So to achieve this, he hit the minimum spend of Rs 25000 every month.
Finally, he’s able to spend Rs 3 lakhs in the entire year.
Let us calculate his total savings.
| # Month | Total Spending | Regular Fuel Points | Additional Fuel Points | Valueback (%) |
|---|---|---|---|---|
| 1st | ₹25,000 | 2000 | – | 2.4% |
| 2nd | ₹25,000 | 2000 | – | 2.4% |
| 3rd | ₹25,000 | 2000 | 1000 | 3.6% |
| 4th | ₹25,000 | 2000 | – | 2.4% |
| 5th | ₹25,000 | 2000 | – | 2.4% |
| 6th | ₹25,000 | 2000 | 1000 | 3.6% |
| 7th | ₹25,000 | 2000 | – | 2.4% |
| 8th | ₹25,000 | 2000 | – | 2.4% |
| 9th | ₹25,000 | 2000 | 1000 | 3.6% |
| 10th | ₹25,000 | 2000 | – | 2.4% |
| 11th | ₹25,000 | 2000 | – | 2.4% |
| 12th | ₹25,000 | 2000 | 1000 | 3.6% |
| TOTAL | ₹3,00,000 | 24,000 | 4,000 | AVG. = 2.8% |
So, he has earned total 28,000 fuel points of worth Rs 14,000 in the entire year.
Amit is interested in redeeming all his fuel points as XTRA REWARD points. He wants to use these XRPs at IOCL petrol pumps for compensation on total fuel cost.
Therefore, after redemption, the total amount will be Rs 8400 or Rs (14,000 * 0.6).
Hence, on an average, Amit can use Rs 700 every month for buying petrol at IOCL stations.
Considering petrol cost of Rs 100 per Litre, Amit can get around 7 litres of petrol every month, with an average valueback of 2.8% in the year. This is the optimal valueback you can grab using RBL Bank Xtra Credit Card.
Fuel Surcharge Waiver
Cardmembers also get 1% fuel surcharge waiver on fuel purchase amount between Rs 500 and Rs 4000.
Total waiver of up to Rs 200 is given on the fuel surcharge every month.
Let us know about this waiver in more detail.
Suppose you’ve pumped petrol/diesel of Rs 3,000.
So, you’ll get 1% fuel surcharge waiver of Rs 30.
But, 18% GST, that is Rs 5.4, is also levied on the surcharge amount.
So, in total you’ll pay additional Rs 35.4 as fuel surcharge along with the main fuel cost. Hence, total payable amount is Rs 3035.4.
Note that you do not get fuel surcharge waiver immediately at the pumping stations.
Initially, you need to pay it while transacting, and then it is returned back to you. GST amount is not reversed.
COMPARISON: RBL Xtra Vs Other Top Fuel Cards
| Features | IndianOil RBL Xtra ✅ | BPCL SBI Octane | IDFC HPCL Power Plus | IndianOil RBL Regular |
|---|---|---|---|---|
| Valueback | 7.5% ✅ | 6.25% | 6.5% | 6% |
| Monthly Fuel Cap | ₹13,333 ✅ | ₹10,000 | ₹12,000 | ₹10,000 |
| Annual Fee | ₹1,500 + GST | ₹1,499 + GST | ₹499 + GST ✅ | ₹500 + GST |
| Annual Fee Waiver | Spend ₹2.75 Lakhs/Year | Spend ₹2 Lakhs/Year | Spend ₹1.5 Lakhs/Year ✅ | Spend ₹1.75 Lakhs/Year |
| Welcome Bonus | ₹1,500 ✅ | ₹1,500 ✅ | ₹500 | ₹500 |
| Airport Lounge | ❌ | ✅ 4/year | ✅ 4/year | ❌ |
| Best For | IndianOil loyalists | BPCL users | HPCL users | Budget seekers |
So, based on this comparison, the winner is IndianOil RBL XTRA Credit Card for maximum fuel savings; BPCL SBI Octane for overall benefits & IDFC HPCL Power Plus for budget-seekers.
What Could Be Better: My Concerns
Overall, I liked that this credit card has tried to provide optimum savings on gasoline purchase.
However, there are still some gaps that we can’t ignore.
We receive highest reward rate of 7.5%, which is far good when you compare with other best fuel credit card in India.
But, things change after the redemption.
As we’ve already discussed, the transfer ratio is 1:0.6 when you redeem XRPs at the IOCL Fuel Pumps.
So, even if you earn optimum fuel points by utilizing milestone benefit (as shown in the case study previously), you get valueback of only 2.8% for fuel purchase.
But, to be honest, banks hide the real return which you get after redemption.
For all other on-going spends, this is even lower, making it reliable only for buying petrol.
My other disappointment is that you don’t get any lounge benefits. So, if you’re a traveler and love chilling at lounges, this is another heartbreak you get😐.
Who Should Apply?
The IndianOil RBL Bank Xtra Credit Card is ideal for:
- IndianOil loyalists who predominantly fuel at IOCL stations
- High fuel spenders who can utilize milestone benefit (+2000 capping points) with average monthly spend of Rs 25,000.
- Users seeking maximum fuel savings without focusing on other categories
- Individuals with annual spending above ₹2.75 lakh (for fee waiver)
IndianOil RBL Bank Xtra Credit Card Review: Bottomline
The IndianOil RBL Bank Xtra Credit Card stands out as India’s most rewarding fuel credit card for IndianOil loyalists.
With up to 8.5% valueback (7.5% + 1% surcharge waiver), you get real savings every time you refuel.
You also get NCMC functionality on RuPay variant, which is like a savior at low-network locations like metro or bus-terminals.
It may not offer a wide range of lifestyle benefits, but when it comes to fuel savings, it performs where it matters most.
However, there are some disadvantages like no lounge benefits, and low transfer ratio on redemption of fuel points.
So, if you only care about fuel savings, you can opt for RBL Bank Xtra Credit Card. But if you are seeking diversified benefits, you can try BPCL SBI Octane or IDFC HPCL Power Plus Credit Card.
This was all about the RBL Bank Xtra Credit Card Review.
I hope this detailed guide have added some value.
If you want to ask anything about this review, you can write in the comment below. I am always there for you 😊
Till then… Happy Savings!!