By: OurMoneyGuide || Last updated on: June 5, 2024

The IndianOil Kotak Credit Card is a co-branded fuel credit card from Kotak Mahindra Bank, in partnership with Indian Oil Corporation Limited (IOCL). This fuel card provides special incentives on IndianOil (IOCL) fuel expenditure. It also gives higher reward on shopping and dining spends, and other lifestyle benefits.

Brief Summary

Our Rating

4.0 / 5

Best for those who spend upto ₹7500 on monthly fuel purchases, and are comfortable with being restricted only to IndianOil fuel pumps. You get 5% benefit on your fuel purchases – 4% on IndianOil fuel purchases and 1% fuel surcharge waiver.

The card is virtually free from the 2nd year onwards, if you spend ₹50,000 or more in the previous year, which is not comparatively high.

Pros & Cons of IndianOil Kotak Credit Card

Pros

  • Attractive reward of 5% on fuel spends
  • 2% reward on grocery purchases & dining expenditure
  • Annual spend requirement to get renewal fees waived off is not very high (₹50,000). 1st year annual fee is also partially compensated by welcome benefits.
  • Lifestyle benefits such as personal concierge

Cons

  • Cardholders are restricted to IndianOil (IOCL) pumps to avail special fuel benefits

Features & Benefits of the IndianOil Kotak Credit Card

5% earning on fuel purchases upto 7500 per month (4% on IndianOil fuel purchases & 1% fuel surcharge waiver) 

✔︎ 4% special benefit on IndianOil (IOCL) fuel purchases upto ₹7500 per month

You earn 24 reward points on every ₹150 you spend on IOCL fuel purchases (meaning 16 reward points worth ₹4, on every ₹100 spent) - 4% benefit

This benefit is valid only on IndianOil purchases upto ₹7500 per month, since you can earn a maximum of 1200 rewards points per month at this special rate.

1 reward point = ₹0.25 or 25 paise. Reward points are valid for 2 years, and can be redeemed as per options given below-
– Reward points can be redeemed for cashback, as a special introductory launch offer.
– Post the introductory launch offer, reward points need to be first converted to IndianOil reward points (IndianOil XTRAREWARDS). IndianOil XTRAREWARDS can then be directly redeemed at IndianOil outlets for fuel purchases. (300 Kotak reward points = 250 IndianOil XTRAREWARDS Points = ₹75 worth of fuel at IndianOil outlets. Hence 1 Kotak reward point = ₹0.25 or 25 paise worth of IndianOil fuel). For more details on these conversion values, and how to redeem points at IndianOil fuel pumps, please click here.
– You can also redeem reward points on the bank’s reward platform called Kotak Rewards, for various categories such as merchandise, e-vouchers, and more.

✔︎ 1% fuel surcharge waiver on all fuel purchases upto ₹10,000 per month

You get a 1% fuel surcharge waiver at all fuel stations-
– Only on fuel transactions between ₹100 and ₹5000, AND
– Only on total fuel purchases upto ₹10,000 per month (since the maximum surcharge waiver amount is restricted to ₹100 per monthly card billing cycle).

2% reward on grocery purchases and dining spends - on total spends upto ₹10,000 per month

You earn 12 reward points on every ₹150 you spend in these categories – meaning 8 reward points worth ₹2, on every ₹100 you spend in these categories (2% reward).

This benefit is valid only on total purchases upto ₹10,000 per month across these categories, since you can earn a maximum of 800 rewards points per month at this special rate.

1 reward point = ₹0.25 or 25 paise, and can be redeemed as explained in the previous section.

0.50% basic benefit on all other card spends || on all UPI spends 

You earn 3 reward points on every ₹150 you spend in these categories (meaning 2 reward points worth ₹0.50, on every ₹100 spent) - 0.50% benefit. 

1 reward point = ₹0.25 or 25 paise, and can be redeemed as explained in the previous section.

Complimentary personal accident insurance of ₹2 lakhs

You get ‘personal accident insurance’ coverage of ₹2 lakhs. This insurance feature is provided by NPCI (RUPAY), and aims to provide financial protection in case of accidental bodily injury resulting in disability or death.

For more detailed information about the Personal Accident Insurance coverage provided with the Indian Oil Kotak Credit Card, please click here.

Complimentary personal concierge services

You get exclusive personal concierge services at your fingertip. These services offer assistance with various lifestyle needs :
– Hassle-free gift and flower deliveries
– Seamless restaurant referrals and bookings
– Easy car rental and limousine reservations
– Exclusive golf reservations for your leisure
– Effortless movie ticket bookings and much more!

For detailed information on the specific concierge services offered with the Indian Oil Kotak Credit Card, click here.

Kotak customer care 

Please click here to see all options on how to contact the bank. 

Kotak ‘Everyday Specials

You get exclusive everyday special offers. These offers can be found on the official Kotak website and includes discounts, cashback, rewards, and other benefits across various categories such as dining, shopping, travel, and more.

IndianOil Kotak Credit Card Fees and Charges

Annual fee & annual fee offers


Annual feeAnnual fee offers
1st year joining fee₹499Welcome offer worth ₹250 : You earn 1000 Reward points worth ₹250, on spending ₹500 within 30 days of card issuance.
Renewal fee from 2nd year onwards₹499Renewal fee offer : Annual fee is not charged from the 2nd year onwards, if you spend ₹50,000 or more in the previous year.

Hence, the card is free if you spend ₹50,000 or more yearly.

Late payment fee

Late payment fee is charged if you do not pay even the minimum amount due on your card bill, before the bill due date. And is based on total payment due.

Amount dueLate fee
Less than ₹100NIL
₹101 to ₹500₹100
₹501 to ₹5,000₹500
₹5,001 to ₹10,000₹500
₹10,001 and above₹700

Foreign currency mark-up fee

3.50% of the transaction amount – this fee is charged when you use your card outside India.

Finance charges

3.50% per month (42% per annum)

Important note

– GST/ other applicable taxes as per current laws, will be applicable on all fees and charges
– Please click here to view all/updated fees & charges on this card

Eligibility Criteria

Some basic criteria is given below, there maybe additional requirements based on your profile, this is at the sole discretion of Kotak Mahindra Bank.

Minimum age18 years
Maximum age65 years
Residency Resident of India
Minimum incomeNot specified
Other criteriaRegular source of Income, good credit score preferably above 750, etc.

Application Process

Step-by-step guide

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

Steps –
1. Fill in the required details in the online application form, including personal and employment details, contact information, and income details.
2. Submit the application form along with the necessary documents such as identity proof, address proof, income proof and age proof.
3. Once your application is received, Kotak Mahindra Bank will review your application and verify the information provided.
4. Upon successful verification, you will receive a confirmation, and your IndianOil Kotak Credit Card will be dispatched to your registered mailing address.
Offline (face to face)  application processAlternatively, you can also apply for the IndianOil Kotak Credit Card by visiting the nearest Kotak Mahindra Bank branch, and submitting your application along with the necessary documents. To find the branch nearest to you, please visit here.
Tracking card application statusYou can track your credit card application status by clicking here – Kotak Credit Card Application Status

Necessary documents

Common documents required to attain a credit card are as follows. Additional documents may be required on a case-to-case basis, this is at the sole discretion of Kotak Mahindra Bank.

Required documents 
For salaried employees :
– Identification proof : Aadhaar card, PAN card, driving license, voter ID card, passport (any one)
– Address proof : Utility bill, ration card, passport, driving license, voter ID card (any one)
– Income proof : Salary slips, Form 16, income tax returns (any one)
– Age proof : 10th standard school certificate, birth certificate, passport, voter ID card (any one)

For self-employed professionals :
– Identification proof : Aadhaar card, PAN card, driving license, voter ID card, passport (any one)
– Address proof : Utility bill, ration card, passport, driving license, voter ID card , last two months’ bank statement (any one)
– Income Proof : Income tax returns with computation of income, certified financial documents, proof of business continuity (any one)
– Age proof : 10th standard school certificate, birth certificate, passport, voter ID card (any one)

Conclusion

The IndianOil Kotak Credit Card is a good fuel card for those who spend around ₹7,500 per month on fuel, and do not mind being restricted only to IndianOil outlets. On these spends one can earn upto 5% rewards on your fuel purchases.The card also gives a good reward rate of 2% on grocery purchases & dining expenditure.

The card is virtually free from the 2nd year onwards, if you spend ₹50,000 or more in the previous year, which is not comparatively high.

All in all, this is a very good fuel card to have in your wallet.