Home / Reviews / BPCL SBI Octane Credit Card Review

BPCL SBI Octane Credit Card Review

BPCL SBI Octane credit card- a co-branded offering from State Bank of India’s SBI Card and Bharat Petroleum Corporation Limited (BPCL) is the best fuel credit card in the Indian market right now. Although few cards such as HPCL IDFC First power plus card have come up to give it a competition, the BPCL SBI Octane card still remains the most rewarding with only downside being comparatively low number of BPCL fuel stations.

The Bharat Petroleum SBI Octane card offers near market-best 7.25% (6.25% + 1% fuel surcharge waiver ) value-back benefits on fuel purchases. Reward rate for spend on other categories such as groceries, department stores, movies and dining is 2.5%, which is also decent as compared to most fuel cards. The tap-to-pay contactless payment card comes on VISA.

Other than Octane card, BPCL and SBI also offer another card – ‘BPCL SBI credit card‘. But Octane offers better benefits even though it comes with higher fees.

However, as with most good things, this card also comes with limitations. Read on to know those and to know whether or not this card is a right fit for you in this BPCL SBI Octane card review.

bpcl sbi octane credit card review, benefits, features, fees and charges.

BPCL SBI Octane Credit Card Highlights

Card TypeFuel
Joining FeeRs 1499 + GST
Annual FeeRs 1499 + GST (waived off on annual spend of Rs 2 lakh or more
Welcome Offer6,000 bonus reward points equal to Rs 1,500 upon payment of joining fees
Key Benefits– Up to 7.25% savings (6.25% + 1% surcharge waiver) on fuel purchases at BPCL outlets
– Up to 2.5% savings on other spends such as groceries, department stores, movies and dining.

BPCL SBI Octane Credit Card – Fees and Charges

Joining fee

Rs 1499 + GST

Annual fee

Rs 1499 + GST. The annual card renewal fee is reversible on a spend of Rs 2 lakh or more in a year.

Finance charges

3.50% per month (42% APR)

Late payment fees

The following payment fee is charged by the bank on late payment of minimum amount due.

From Rs. 0 – Rs.500: NIL
Rs. 500 – Rs. 1000: Rs 400.
Rs. 1000 – Rs. 10,000: Rs 750.
Rs. 10,000 – Rs. 25,000: Rs 950
Rs. 25,000 – Rs. 50,000: Rs 1100
More than Rs. 50,000: Rs 1300.

Cash advance fee

A transaction fee of 2.5% or Rs 500/-, whichever is higher on cash withdrawals.

See full rates and charges on SBI website.

BPCL SBI Octane Credit Card – Benefits & Perks

Welcome Bonus

As a welcome bonus, you get 6,000 reward points equivalent to Rs 1,500 on the payment of joining fees. These reward points will be credited to your account within 30 days. That basically amounts to joining fee waiver if you look at it that way.

Annual Fee Waiver

The annual fee is Rs 1,499. But its reversible on a spend of Rs 2 lakh or more in a year.

Fuel Benefits

6.25% reward points but with limitations

The “25X Reward Points on fuel purchases at BPCL” simply means 25 points. As the value of 1 reward point is Rs 0.25, the effective value of 25X reward points comes as 6.25%. This reward rate is applicable on BPCL fuel, Lubricants and Bharat gas (Website & App only) purchases.

Surcharge waiver

The card offers 1% fuel surcharge waiver up to a number of transactions. Read conditions below.

Conditions:

  • 1% fuel surcharge waiver on every BPCL transactions of up to Rs 4,000
  • GST on surcharge still applicable
  • Maximum 2500 reward points per billing cycle.
  • Maximum fuel surcharge waiver of Rs 100 per month (per billing cycle)

Calculating Reward Points

Let’s say you fuel up with Rs 1,000 at a BPCL station with SBI Octane card, this is how much you’ll save:

  • Total fuel charge: Rs 1,000
  • Fuel surcharge: -Rs 10 (1%)
  • Fuel surcharge waived off- +Rs 10 (1%)
  • Fuel surcharge GST: +Rs 1.8 (1.8%)
  • 6.25% savings: +Rs 62.5
  • Total savings: Rs 60.7 (around 6.07%).

Keep in mind that the savings on fuel are capped at 2500 reward points i.e., Rs 625. Add on Rs 100 fuel surcharge waived-off (if you utilise all) and you are looking at a maximum saving of around Rs 700 on a fuel spend of Rs 10000 in a month.

However, the savings take a hit if you factor in the annual renewal fee of Rs 1499.

Note: The calculation is for illustration use only and may differ depending on your spend.

Benefits on other purchases

  • Get 10 reward points on every Rs 100 purchase on groceries, departmental stores, dining & movies. That’s a 2.5% reward rate on such spends. The monthly limit on these purchases here is maximum 7500 reward points, equivalent to Rs 1,875 per month.
  • Earn 1 reward point on every Rs 100 spent in other categories excluding e-wallets and non-BPCL fuel spends). Means you get Rs 2.5 back on every such Rs 1000 spent.

Reward Points Redemption

You can redeem the reward points instantly at select BPCL outlets or convert them into BPCL vouchers using the Shop & Smile catalog. These vouchers can also be redeemed at select BPCL fuel stations.

Privileges & Perks

Lounge access

You get 4 complimentary lounge access in a year ( 1 per quarter) at domestic VISA lounges. Here is the list of lounges. No shared lounge access for add-on card holders.

4 lounge access per year is pretty decent considering BPCL SBI Octane is primarily a fuel card.

Milestone privileges:

You get e-gift vouchers worth Rs 2000 from the retailer of your choice on an annual spend of Rs 3 lakh or more. The options are Aditya Birla Fashion Or Bata/Hush Puppies or Yatra.

The milestone benefits are pretty much useless here considering the spend requirement. There are better cards to spend over Rs 3 lakh with annually.

Other privileges:

  • You get a fraud liability cover of Rs 1 lakh with this card.
  • You can get add-on cards with no additional fees.
  • Convert transactions of over Rs 2500 in EMIs within 30 days of transaction.

Eligibility Criteria

  • The applicant should of age 21-70 years
  • Occupation can be salary or self-employed.
  • Monthly salary of Rs 25,000 or more, Or, ITR of minimum Rs 5 lakh along with CIBIL score in the range of 700-900 is recommended for increasing approval odds. However, this is not Bank’s mandatory criteria and depends on the Bank.

BPCL SBI Octane Card- Apply Online

For faster processing, you can apply online for SBI BPCL Octane credit card through SBI Card website. You can fill the form online and submit the scanned documents as required.

Bottomline

If saving on fuel spends is your primary concern, and you are fine with fuelling at Bharat Petroleum outlets only, then BPCL SBI Octane is the right card for you. It offers you better rewards than most of the other fuel cards in the market.

Consider this is a straight up fuel credit card with complimentary benefits on the side. The joining and annual fees are higher as compared to other similar cards but so are the rewards.

However, if BPCL fuel stations are not your preferred choice and you would rather go with IndianOil or HPCL, there are still great offers in the market.

Take a look at the other cards below and compare for yourself to get the right idea.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top