How Credit Card can help you save on Fuel Costs - Kotak Bank

22 MAY, 2020

The convenience of commuting by their own vehicle is indispensable for most and allows to keep away from all the hassles that come with public transport. Public transport, while economically and environment-friendly, is not the most convenient option for many. However, we cannot overlook the constant rise in the fuel prices across the country. This cost can eat into a major chunk of your monthly budget. The good news is that you can save on fuel costs using your credit card.

Effectively using a credit card will not only let enjoy driving your vehicle worry-free, but also avail several offers on your fuel refill. Read on to know the different ways in which credit cards can lower your expenditure on fuel:

Cashback offers – Cashback offers bring you some great value on spending your money. When you make a certain transaction using your credit card, you earn back a fixed amount. This fixed amount may be refunded to you in your bank account or added as part of your credit card limit. The amount can be directed towards making fuel purchases.

Reward points – As the name suggest, reward points let you enjoy rewards in the form of points. Each time you make spends at given fuel stations, you earn a set of reward points. You may also earn points through different spends including on airplane tickets, groceries, appliances and more. Post accumulating a significant amount of points, you can use the same to pay for your daily fuel refill.

Surcharge waiver on fuel credit cards – Banks also offer the benefits of surcharge waiver with credit cards. Most credit cards include a transaction fee. This fee is also popularly known as a surcharge. When you use a credit card that waives of the surcharge, it reduces a part of total costs on your expenditure. Making use of this benefit can aid in significantly bringing down the budget blow caused by high fuel prices.

Now that you know the different ways to save on fuel costs using your credit card, you must make use of it smartly. If you don’t have your fuel credit card yet, it is the perfect time to apply for one. Evaluate the benefits and features to ensure that you get the best of your credit card shopping experience.

Additional Read: The best credit card benefits that you can avail

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.