IndianOil HDFC Bank Credit Card
This co-branded card rewards fuel purchases at any Indian Oil (IOCL) pump — the country's largest fuel retail network — with 5% back as Fuel Points, and extends the same 5% rate to groceries, utility bills and telecom payments, each subject to a separate 100-Fuel-Point monthly ceiling. Take Suresh, who puts ₹4,000 a month through an IOCL pump: with the 250-point cap that applies for the first six months, then 150 points a month afterward, he comes out to roughly ₹2,000 of value in year one and about ₹1,730 in each year after, on top of ₹480 saved annually from the 1% surcharge waiver. Where you redeem the points matters a lot — a Fuel Point converts to 96 paise when used against fuel but drops to just 20 paise anywhere else — so the card's upside is genuine but concentrated in one use case, all for a ₹500 fee that's waived once annual spending crosses ₹50,000.
Key features
What this card is built to do — the highlights that actually matter.
Welcome Benefit
~₹250 in vouchers, points or cashback on card activation
4.8% on Fuel
5 Fuel Points per ₹100 (~4.8% in rupees) at IndianOil outlets, capped 150 FP a month (250 FP for the first 6 months). Card swipe at IOCL POS only — paying at the pump by UPI earns the base rate, not 5%.
4.8% on Groceries
5 Fuel Points per ₹100 (~4.8%) on groceries (MCC 5411/5499/5921/5462), capped 100 FP a month; min txn ₹150
Annual Fee Waiver
Fee of ₹500 + 18% GST (₹590 all-in)/yr fully waived when you spend ₹50,000/year
Fuel Surcharge Waiver
1% waiver on fuel transactions, capped at ₹250/month
UPI Linked
Link to PhonePe, GPay or Paytm and earn credit card rewards on UPI payments
Full reward structure
| Category | Type | Rate | Monthly cap |
|---|---|---|---|
| Fuel | reward points | 4.8% | ₹144 |
| Groceries | reward points | 4.8% | ₹96 |
| Utility Bills | reward points | 4.8% | ₹96 |
| Other | reward points | 0.64% | — |
Fees & charges
| Charge | Amount |
|---|---|
| Annual fee (incl. 18% GST) | ₹590 |
| Joining fee (incl. 18% GST) | ₹590 |
| Forex markup | 3.5% |
| Fuel surcharge waiver | 1%, cap ₹250 |
Perks & benefits
Estimated annual value beyond rewards — ~₹600/yr in total.
fuel waiver ~ ₹600 /yr
1% fuel surcharge waiver at all Indian fuel stations (minimum ₹400 per transaction), capped ₹250 per billing cycle
Should you get it?
Best for: IndianOil regulars who want straightforward fuel savings, Households who want fuel savings without paying a high annual fee
Entry tier — great for first-time and lower-spend users.
Strongest value if you spend heavily on Fuel ( 4.8% back).
✓ Pros
- 5% fuel points at IndianOil — up to about 50 litres of free fuel a year
- 5% Fuel Points on groceries and on utility/telecom bills too (100 Fuel Points a month each)
- 1 Fuel Point per ₹150 (~0.64%) on everything else, including UPI
- 1% fuel surcharge waiver and a low ₹500 fee
✕ Cons
- Monthly fuel-point caps tighten after the first 6 months
- No airport lounge, forex or insurance benefits
- Redemption friction is real — minimum 500 points in multiples of 500, plus ₹99 + GST per catalogue request and ₹50 for cashback
- Rent, wallet loads, government payments, EMI, insurance and jewellery earn nothing at all
- General spends earn only 1 Fuel Point per ₹150 (~0.64%) — this is a fuel card first
- The accelerated 5% needs a card swipe at the IOCL POS; paying at the pump by UPI earns the base rate
Eligibility & documents
Age
21 –60 years
Min. income
₹12,000 /mo
How to redeem rewards
Ways to convert what you earn into real value.
🎁 Free fuel at IndianOil outlets via IXRP (₹0.96 a point — the only route worth using)
🎁 Catalogue products and vouchers (₹0.20 a point, ₹99 + GST handling charge per request)
🎁 Cashback against the statement (₹0.20 a point, ₹50 charge)
🎁 Airmiles conversion (₹0.25 a point) or SmartBuy flights and hotels (₹0.20)
🎁 Minimum 500 Fuel Points per redemption, in multiples of 500; points valid 2 years
What your HDFC Reward Points are worth
Realistic value per point by redemption route — the difference is what most people leave on the table.
Statement credit / catalogue Standard catalogue & cashback
Gift vouchers (SmartBuy) Brand & e-gift vouchers
SmartBuy flights & hotels BEST Up to ₹0.50/pt on travel via SmartBuy
The concern Value is concentrated in three capped categories — fuel, grocery and utilities. Outside them the base rate is 1 Fuel Point per ₹150 (~0.64%), and points are worth 96 paise only if you burn them as fuel; every other route pays about 20 paise. Paying at the pump by UPI also forfeits the 5%.
The bottom line
Pump availability alone makes the IndianOil HDFC card the natural fuel-card choice for most of the country. Car owners will clear the ₹50,000 waiver threshold almost without trying. It won't excite anyone, but it does its one job well — a sound pick for anyone who regularly fuels up at IOCL.
Sources & verification
Fees, reward rates, and benefits for the IndianOil HDFC Bank Credit Card are taken from HDFC Bank 's official Most Important Terms & Conditions (MITC) and fee schedule — see the card's official page . Last verified 5 Aug 2026 . Reviewed by Devchandra Sah . Always confirm current details on the issuer's site before applying. How we research →
Independence. CardAdvisor is an independent editorial publication. We are not affiliated with, endorsed by, sponsored by, or authorised to act for HDFC Bank . All issuer names, product names, and payment-network marks are the property of their respective owners and appear here for identification and comparison only. Card faces shown on this site are our own original illustrations — we do not display or host issuer card artwork or logos.
Value timeline
Every real-world change to this card's rewards, fees and benefits we've tracked — newest first, each linked to its source.
Tracking since 2019 · 6 changes · last change May 2026
▲ Revaluation ▼ Devaluation ◆ Neutral / reversed
2026 1 change — 1 cut
▼ Fee Effective 15 May 2026
Dynamic currency conversion markup raised to 1.75%
1% markup → 1.75% markup
HDFC's MITC: "Dynamic currency conversion Markup Fee: With effect from 15th May 2026, a Markup fee of 1.75% will be levied on all transactions carried out in Indian Currency at an international location or at merchants which are located in India but registered overseas." This is separate from, and stacks on top of, the card's ordinary foreign-currency markup. It is the charge you pay for accepting a terminal's offer to bill you in rupees while abroad - always decline that offer and pay in the local currency. It also catches India-based purchases from merchants registered overseas, which is easy to trigger without leaving the country. The PIXEL MITC dates the same change 17 May 2026.
Verification: HDFC Bank ↗ · Confidence: High
2025 3 changes — 3 cuts
▼ Fee Effective 1 Jul 2025
1% fee added on rent, wallet loads and online gaming
No category surcharge on rent, wallet loads or gaming → 1% on rent (cap Rs 4,999 per transaction); 1% on wallet loads and on online skill-based gaming above Rs 10,000 a calendar month (cap Rs 4,999 a month)
HDFC's MITC: "Rent Pay Transactions: W.e.f. 1st July 2025, 1% fee on transaction amount will be levied on rental transactions... Fee capped at Rs 4999 per transaction"; "Wallet Loading (excl PayZapp) - W.e.f. 1st July 2025, 1% fee will be levied on Wallet loading spends exceeding Rs 10,000 in a calendar month"; "Online Skill based Gaming - W.e.f. 1st July 2025, 1% fee... exceeding Rs 10,000 in a calendar month". These are charges on top of the fact that most HDFC cards already earn zero reward points on the same categories - you pay to spend, and earn nothing for it. PayZapp wallet loads are exempt from the wallet fee.
Verification: HDFC Bank ↗ · Confidence: High
▼ Fee Effective 1 Jul 2025
1% fee on utilities above Rs 50,000 and on third-party education payments
No surcharge on utility or education payments → 1% on utility spends above Rs 50,000 a calendar month (cap Rs 4,999 a month); 1% on education paid through third-party apps
HDFC's MITC: "Utility Charges: 1% fee will be levied on utility spends exceeding Rs 50,000 per Calendar month for consumer cards... Fee capped at Rs 4999 per month"; "Education Charges: 1% fee... on Education transactions done through third party applications like (but not limited to) CRED, Nobroker, Cheq etc." Paying school or college fees DIRECTLY to the institution is not charged - only routing them through a third-party app is. A 1% fee also applies to fuel transactions above Rs 15,000.
Verification: HDFC Bank ↗ · Confidence: High
▼ Reward Effective 1 Jul 2025
Insurance reward points capped, online gaming stops earning
Insurance uncapped on most cards; online skill-based gaming earned points → Insurance capped at 2,000 reward points a month (5,000 on Diners Black, 10,000 on Infinia); online skill-based gaming earns nothing
HDFC's MITC: "With effect from 1st July 2025, Reward Points accrued for insurance transactions will have a maximum cap of... 2000 per month for all other credit cards" and "With effect from 1st July 2025, Online Skill-Based gaming transactions will not earn Reward Points/CashPoints on all the cards." Insurance premiums are a common way to hit a milestone quickly, so the cap matters more than its size suggests.
Verification: HDFC Bank ↗ · Confidence: High
2024 1 change — 1 cut
▼ Fee Observed 26 Jun 2024 · Effective 1 Aug 2024
1% fee on large fuel/utility/rent spends added
No fee on fuel, utility or rent spends; free statement-credit redemption → 1% fee (cap ₹3,000) on fuel >₹15,000, utility >₹50,000 & third-party rent; ₹50 statement-credit redemption fee
From 1 Aug 2024 HDFC applied a 1% fee (capped ₹3,000/txn) across its consumer cards — including IndianOil — on any single fuel transaction above ₹15,000, utility above ₹50,000, and rent paid via third-party apps, and began charging ₹50 for reward-point statement-credit redemption. For a typical IOCL commuter the fuel-fee threshold is rarely hit, so day-to-day impact is small.
Verification: CardAdvisor Research · Confidence: High
2019 1 change — 1 neutral
◆ Launch Effective 25 Sept 2019
IndianOil HDFC Bank co-branded fuel card launched
HDFC Bank and IndianOil launched their co-branded fuel credit card — aimed at non-metro cities and towns — earning 5% as Fuel Points at 27,000+ IndianOil (IOCL) outlets plus on groceries and bill payments, redeemable for up to 50 litres of free fuel a year, on a low ₹500 fee waived at ₹50,000 annual spend, available on both RuPay and Visa.
Verification: HDFC Bank ↗ · Confidence: High
↓ Show all 6 changes Each change links to the issuer's own document — bank T&C, MITC, notice, press release or product page — where one is public. Where the bank published nothing, it's marked CardAdvisor Research and verified against the card's current terms. Independent of the live terms shown above. This timeline is one card's slice of our market-wide change record across every tracked card.
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Quick summary
Type Entry credit card
Reward rate 0.64%–4.8%
Best for IndianOil regulars who want straightforward fuel savings
Joining fee ₹500
Annual fee ₹500
Reviewed by
Devchandra Sah · Cards tested, miles earned, trips booked — for over a decade
Last verified 5 Aug 2026
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