IDFC First Bank has launched its first co-branded credit cards in partnership with HPCL. We have two fuel credit card variants – Power and Power+. Both are on the Rupay Select platform and are decent fuel credit cards with savings on fuel spends. Here is a review of the entry-level IDFC First Bank HPCL Power credit card.
|Annual Fee||Rs 199+GST|
|Rewards||0.3% to 2.5%|
|Ideal Monthly Spends||Rs 5000|
Fees and Charges
|Joining Fee||NIL till 30th April 2023|
|Welcome Benefit||Rs 250 cashback on 1st HPCL fuel transaction of Rs 250 and above and others|
|Annual Fee||Rs 199+GST|
|Annual Fee Waiver||Rs 50000 spend in an anniversary year|
It seems like IDFC First Bank has realized that there are drawbacks of offering LTF credit cards. While Wealth variant is still LTF, it has set an annual fee against entry-level fuel credit cards. But to be fair, Rs 199 annual fee is ok for this credit card.
There are a few other welcome benefits that can be availed within 30 days of card setup:
- 5% cashback up to Rs 1000 on the transaction value of 1st EMI conversion
- ₹150 Discount on order above ₹500 on Swiggy
- ₹500 Discount on ZoomCar rentals
- Discount up to 50% on Domestic and International Rental Cars with Eco Rent A Car and EuroCard
- HPCL Fuel and LPG: 15 RP/Rs 150 ~2.5% Return on up to Rs 5000 spend every month
- Utilities and Groceries: 15 RP/Rs 150 ~2.5% Return on up to Rs 4000 spend every month
- IDFC FASTag: 15 RP/Rs 150 ~2.5% Return on up to Rs 2000 spend every month
- All Other Spends: 2 RP/Rs 150 ~0.3% Return
- Non HPCL Fuel, Insurance, EMI Transactions: No Rewards
- Extra 1.5% cashback (as Payback points) on using HP Pay
- 1% fuel surcharge waiver
The returns on fuel, utilities and groceries are good enough for a card of this segment. But outside that, there is not much benefit of using the IDFC First Power credit card.
HP Pay is a scan-and-pay app through which we can pay for fuel and gas cylinders. This is possible if the fuel pump has an HP Pay QR code. But, there is an extra charge of 1% for using credit cards on HP Pay. So, the 1.5% benefit is not of much use.
Each reward point is equal to 25 paise and can be redeemed as a statement credit. This is one of the best benefits of this card. There is no restriction that we need to redeem the rewards for fuel or vouchers. Statement credit is always better and makes more sense than those options.
But, there is a redemption charge. IDFC First Bank charges Rs 99 + GST for every reward point redemption. So, it is better to accumulate points and then redeem them.
- Complimentary Roadside Assistance up to 4 times per year
- 1% Fuel Surcharge Waiver up to Rs 100 per statement cycle. This will be applicable on fuel transaction value of Rs 200 to Rs 5000.
The complimentary RSA is one of the unique privileges for a card of this segment. It covers many of the RSA services that we get as a paid cover from the vehicle showroom.
The IDFC First Bank HPCL Power credit card is a good option if your fuel spends are up to Rs 5000 per month. With many cashback cards not offering rewards on fuel, it has become essential to hold a fuel credit card. We can meet the annual fee waiver by only using this card for fuel.
The second plus point of this card is it is on Rupay. Sooner or later, it will get onboarded to Rupay on UPI and we can use it UPI transactions too.
But, there is a con too. It is not for this card but for IDFC First Bank. IDFC First Bank does not issue two credit cards to one customer. So, if you already have another IDFC First Bank credit card then you cannot get this one.