By: OurMoneyGuide || Last updated on: June 1, 2024

BPCL SBI Octane Credit Card provides one of the highest reward rate on fuel purchases – 7.25% on BPCL fuel purchases. This card is a co-branded credit card, and is a partnership between Bharat Petroleum Corporation Limited (BPCL) and the State Bank of India (SBI). This card is a premium fuel card – it has one of the highest annual fee amongst all fuel cards in the market, but also provides the best reward rate on fuel purchases (only at BPCL petrol pumps).

It also provides other benefits like airport lounge access within India, and a special reward rate of 2.50% on purchases at departmental stores, groceries, movies & dining.

Brief Summary

Our Rating

4.5 / 5

Best for those who spend upto ₹10,000 on monthly fuel purchases, and are comfortable with being restricted only to BPCL (Bharat Petroleum) fuel pumps – they can get a very high 7.25% reward rate on their fuel purchases.

You get milestone related benefits – vouchers worth ₹ 2,000 on achieving annual card spends of ₹3 lakhs. You also get complimentary lounge access in India – upto 4 times a year (maximum 1 time per calendar quarter).

1st year annual fee is compensated by the welcome offer of ₹1500, but the annual spend requirement (of ₹2 lakhs) to get annual fee waived is high .

Pros & Cons of BPCL SBI Octane Credit Card

Pros

  • Very attractive reward rate of 7.25%, on fuel spends at BPCL outlets 
  • 4 complimentary visits per year to domestic airport lounges in India (maximum 1 visit per calendar quarter).
  • Complimentary fraud liability cover of ₹1 Lakh.

Cons

  • Accelerated fuel rewards are only available at BPCL outlets
  • High annual card spend requirement ₹2 lakhs to get an annual fee waiver

Features & Benefits of the BPCL SBI Octane Credit Card

7.25% special benefit on fuel transactions at BPCL petrol pumps

✔︎ 6.25% special benefit on fuel purchases at BPCL petrol pumps – only on purchases upto ₹10,000 per month

You earn 25 reward points worth ₹6.25 , on every ₹100 you spend on BPCL fuel purchases. 

This benefit is valid only on BPCL fuel purchases upto ₹10,000 per month. Since you can earn a maximum of 2500 reward points at this special rate, in your monthly card statement cycle.

1 reward point = ₹0.25 or 25 paise. Reward points are valid for 2 years.
– You can redeem your reward points for BPCL vouchers on SBI Card's rewards redemption platform. Please click here, to view list of BPCL outlets where these vouchers are accepted.
– You can also redeem your reward points directly & instantly at 1200 select BPCL outlets, please click here to view the list of BPCL outlets where you can redeem reward points instantly.
– You can also redeem your reward points through SBI Card’s exclusive reward point program (Shop n Smile) for exclusive products in lifestyle, leisure, and travel categories. However one may get lower than ₹0.25 value for each reward point on Shop n Smile.

Fuel includes petrol, diesel, lubricants & Bharat Gas. On Bharat Gas , you get 6.25% special benefit rate only on purchases upto ₹2000 per month, since the maximum number of special reward points are capped at 500 reward points per monthly card statement cycle.

✔︎ 1% fuel surcharge waiver

Fuel surcharge is applicable only at BPCL fuel stations-
– Only on fuel transactions upto ₹4000, AND
– Only on fuel purchases upto ₹10,000 per month (since the waiver amount is capped at ₹100 per monthly card statement cycle)

2.50% reward on the following card spends – groceries || departmental stores || movies || dining

You earn 10 reward points worth ₹2.50, on every ₹100 you spend in these categories. 

This benefit is valid only on total card purchases upto ₹75000 per month, across these categories. Since you can earn a maximum of 7500 reward points at this special rate, in your monthly card statement cycle.

1 reward point = ₹0.25 or 25 paise, and can be used to purchase BPCL fuel as explained in the previous section above.

0.25% basic reward on all other spends

You earn 1 reward point worth ₹0.25, on every ₹100 you spend on all other card purchases. 

Exceptions : No reward points are given on the following card spends – non-BPCL fuel spends, rent payments, e-wallet loads.

Upto 0.66% additional benefit at ₹3 lakh annual card spend (milestone privileges)

You receive e-Gift Vouchers worth ₹ 2000 (from Aditya Birla Fashion, Yatra, or Bata/Hush Puppies), upon reaching annual card spend of ₹3 lakh.

Complimentary airport lounge access in India – 1 per quarter

You enjoy free visits to airport lounges in India – maximum once per calendar quarter (upto 4 times per year). For details on the list of applicable lounges, please click here.

SBI Card customer care

Please click here for all the options to contact the bank for various issues and escalations, including-
– Lost and stolen cards : you can block on your mobile app or internet banking OR through SMS option OR by calling customer care
– Complaints and grievances : including steps on how to escalate to higher levels in case your issue is not resolved
– Raise and manage disputes

3 lifetime-free add-on cards 

You can get add-on cards for your parents, spouse, children or siblings above the age of 18 years. For more details, and important terms and conditions, please click here.

BPCL SBI Octane Credit Card Fees and Charges

Annual fee


Annual feeAnnual fee offers
1st year joining fee₹1499Welcome offer : You get 6000 reward points worth ₹1500 , within 30 days of annual fee payment.
Renewal fee from 2nd year onwards₹1499Renewal fee offer : Annual fee is not charged from the 2nd year onwards, if you spend ₹2 lakh or more in the previous year.

Hence the card is virtually free if you spend ₹2,00,000 or more per year.

Late payment fee

Pending card statement amount
Late fee
Less than ₹500
Nil
₹501 to ₹1,000
₹400
₹1,001 to ₹10,000
₹750
₹10,001 to ₹25,000
₹950
₹25000 to ₹50000
₹1100
Over ₹50000
₹1300

Foreign currency transaction fee

3.50% of the transaction value.

Finance charges

3.50% per month (42% p.a.)

Important note

– GST/ other applicable taxes as per current laws, will be applicable on all fees and charges
– To view all/updated fees & charges on this card, please click here – BPCL SBI Octane Credit CardFees & Charges

Eligibility Criteria

Although your credit card eligibility is based on multiple parameters which can be assessed once you apply for a BPCL SBI Octane Card, there are certain basic criteria that all applicants must fulfil. 

Minimum ageSalaried individuals – 21 years or above
Retired pensioners – 40 years or above
Self-employed individuals – 25 years or above
Maximum age70 years
Occupation Salaried or self-employed
Other criteriaRegular source of income, good credit score preferably above 750, etc.

Application Process

Step-by-step guide

Online application process
The easiest way to apply is to click here – APPLY NOW , you shall be taken to the card application page on the SBI Card website. You can also visit official website of SBI Card and fill out the application form.

Steps :
– Fill out the Online Application form – personal details, mobile phone number, income, Aadhar / PAN number, along with some of the documents listed below.
– Click ‘Submit’ and you will receive an instant decision on the application basis the information provided.
– If your application is approved, you will receive a call from SBI Card team for verification.
– Post necessary verification, the card is issued to you.
– You will receive your physical credit card in approximately 15 working days post submission of all the requisite documents.
– Virtual card : In addition to this, SBI Card team will send an SMS on your registered mobile number with a link to generate your e-card. With this e-card you can view your credit card details digitally, even before your physical card reaches you, and start shopping online instantly.
Offline (face to face)  Application processYou can visit any of the nearest branches of the bank and talk to an executive regarding the process.

Documents required

List of documents
– PAN card copy
– Copy of Aadhaar card or any valid government address proof
– Income documents – Salary slip, income tax return etc., may be required depending upon the credit card eligibility & policy.

In addition to these, you may be asked to provide additional documents. Please click here for full details https://www.sbicard.com/en/eapply.page

Approval timeline & tracking your application status

Tracking application statusYou can track the status of your application in ‘Track Application’ section. You can see this section on :
– the home page (at the top section of the page titled – ‘Track your application’) OR
– on the e-apply page (at the bottom of the page titled – ‘Track Credit Card Application’).

Steps :
– Enter the application number/ reference number you would have received when applying for the card . Click on the Track button to check the status of your SBI Card application
– If you do not remember your application number/ reference number, then you have another option of retrieving your application number – by entering your first name and mobile number, and then pressing the button ‘Retrieve’.

Conclusion

BPCL SBI Octane Card is a great fuel card option for those who spend about ₹10000 per month on fuel, on these levels of fuel spends you can get a very high 7.25% reward rate on fuel purchases. So if you are eligible for this premium card, then this is probably the best fuel card in the marketplace.