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The IndianOil Kotak Credit Card is a co-branded fuel credit card between two leading organisations, Indian Oil Corporation Limited (IOCL) and Kotak Mahindra Bank. This fuel card provides special incentives on IndianOil (IOCL) fuel expenditure, shopping and dining spends. The card also provides other lifestyle benefits.

Brief Summary

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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.

IndianOil Kotak Credit Card

on Kotak Mahindra Bank website

IndianOil Kotak Credit Card

Special Benefits

5% benefit – on IndianOil fuel purchases

Other Benefits

Personal concierge service

Minimum Income

Not specified

Annual Fee

₹ 499

Annual Fee Offers

Welcome offer worth ₹ 250

Renewal fee waived at annual card spend of ₹ 50,000

IndianOil Kotak Credit Card : Summary Table

5% earning on fuel purchases
4% special benefit on IndianOil fuel purchases
1% fuel surcharge waiver
4% earning on IndianOil fuel purchases : You earn 16 reward points worth ₹4, on every ₹100 you spend at IndianOil (IOCL) fuel outlets – this is valid only on purchases upto ₹7500 per month. 1 reward point = ₹0.25 or 25 paise.
On monthly purchases beyond ₹7500, you earn basic benefit rate of 0.50%.

1% fuel surcharge waiver at all fuel stations – valid only on fuel transactions between ₹100 and ₹5,000, AND on upto total fuel spends of ₹10,000 per month.
On monthly fuel purchases beyond ₹10,000, your fuel surcharge% will fall below 1% since the maximum monthly fuel surcharge waiver amount is capped at ₹100 per month.
2% special benefit on grocery and dining spendsYou earn 8 reward points worth ₹2 , on every ₹100 you spend on grocery shopping and dining expenditure – this is valid only on total combined spends upto ₹10,000 per month. 1 reward point = ₹0.25 or 25 paise.
On monthly combined spends (across grocery and dining) beyond ₹10000, you earn basic benefit rate of 0.50%.
0.50% basic benefit on all other purchasesYou earn 2 reward points worth ₹0.50 , on every ₹100 you spend on all other purchases.
Complimentary insurance coverYou get complimentary personal accident insurance coverage of ₹2,00,000.
Personal concierge servicesPersonal concierge services at your fingertip, including –
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!
₹499 annual feeAnnual fee offers –
Welcome offer : You get 1000 reward points worth ₹250, on doing a single transaction of ₹500 or more within 30 days of card issuance
Renewal fee offer : Annual fee is not charged from the 2nd year onwards, if you spend ₹50,000 or more in the previous year.

Pros & Cons

Benefits of using the IndianOil Kotak Credit Card

  • Attractive benefit rate of 5% on monthly fuel spends
  • Good benefit rate of 2% on grocery purchases & dining expenditure
  • Annual spend target 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

Limitations and drawbacks to consider

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

Comparing with Competitor Fuel Credit Cards

Features
HDFC Indian Oil Credit Card
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Axis Bank Indian Oil Credit Card
Our Rating
       
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Rewards Rate 0.2% – 4.8%

0.20% – 4%

Other benefits Fuel Surcharge Waiver Fuel Surcharge Waiver
Annual Fee ₹500

₹500

Annual Fee Offers Zero renewal fees – if minimum spending in the previous year is ₹50,000 Zero renewal fees – if minimum spending in the previous year is ₹50,000
Minimum Income Over ₹10,000 monthly for salaried individuals and over ₹6 Lakhs per annum for self-employed individuals.

Not Specified

Full Review of the IndianOil Kotak Credit Card

IndianOil Kotak Credit Card

Features & Benefits of IndianOil Kotak Credit Card

5% earning on fuel purchases : 4% on IndianOil fuel purchases & 1% fuel surcharge waiver

✔︎ 4% special benefit on IndianOil (IOCL) fuel purchases – only on fuel expenses of upto ₹7,500 per month

Earning rewards : You earn 24 reward points on every ₹150 you spend in this category (IndianOil fuel purchases) = 16 reward points on every ₹100 you spend = ₹4 on every ₹100 purchase (since 1 reward point = ₹0.25 or 25 paise).

Restrictions on earning special benefits : This special benefit is valid only on IndianOil (IOCL) purchases upto ₹7,500 per monthly credit card statement cycle, since the maximum number of special reward points is capped at 1,200 per month. After the first ₹7,500 spent in this category during the month, you shall receive a basic benefit rate of 0.50% (2 reward points worth ₹0.50, on every ₹100 you spend).

Redeeming reward points :

  • During the introductory launch offer, Kotak reward points can be converted to cashback, 1 reward point = ₹0.25 cashback.
  • After the expiry of the introductory offer,
    reward points can be converted to IndianOil Rewards Program (IndianOil’s XTRAREWARDS Points) in multiples of 300 only , through Kotak’s Mobile Banking app or Net Banking.
    – XTRAREWARDS Points are redeemed at the IndianOil outlets for fuel.
    300 Kotak reward points = 250 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 IOCL 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 of latest brands, movie vouchers, travel, and mobile recharges. One easy option is e vouchers, for details please click here. 1 reward point = ₹0.25 or 25 paise on Kotak Rewards platform.

Other important information : Kotak reward points are valid for two years. IOC XTRAREWARDS Points are valid forever.

✔︎ 1% fuel surcharge waiver on all fuel purchases – on all fuel spends up to ₹10,000 per month.

This is valid on fuel purchases at all fuel stations, only on fuel transactions between ₹100 and ₹5,000, AND on total fuel purchases upto ₹10,000 per month (since the maximum surcharge waiver amount is ₹100 per monthly card billing cycle).

On monthly fuel purchases beyond ₹10,000, your fuel surcharge waiver would fall below 1% since the maximum waiver amount is fixed at ₹100 per monthly card statement cycle. For example if you purchase fuel worth ₹20,000 during the month, you will get maximum fuel waiver of ₹100 and your effective fuel waiver% would be 0.50%.

2% special benefit on grocery & dining expenses

Earning rewards : You earn 12 reward points on every ₹150 you spend in this category (grocery purchases and dining expenses) = 8 reward points on every ₹100 you spend = ₹2 on every ₹100 you spend (since 1 reward point = ₹0.25 or 25 paise).

Restrictions on special benefits : Special earning rate in this category is valid only on combined purchases of upto ₹10,000 per monthly credit card statement cycle, since the maximum number of special reward points is capped at 800 per month. After the first ₹10,000 spent in this category during the month, you shall receive a basic benefit rate of 0.50% (2 reward points worth ₹0.50, on every ₹100 you spend).

Redeeming reward points & other important information : same as described in the above section

0.50% basic benefit on all other spends

Earning rewards: You earn 3 reward points on every ₹150 you spend = 2 reward points on every ₹100 you spend = ₹0.50 or 50 paise on every ₹100 you spend (since 1 reward point = ₹0.25 or 25 paise).

Restrictions on basic benefit: There are no monthly limits on earning reward points.

Redeeming reward points & other important information: same as described in the above section.

Other Cardholder Benefits

Personal accident insuranceYou get ‘personal accident insurance’ coverage of ₹2,00,000. 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 refer here or contact Kotak Mahindra Bank for the most accurate and up-to-date details.
Personal concierge servicesYou 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!

You can contact 1800-26-78729 for concierge and assistance. The concierge services aim to enhance the cardholder’s experience and provide personalised assistance for convenience and comfort.

For detailed information on the specific concierge services offered with the Indian Oil Kotak Credit Card, refer here or contact Kotak Mahindra Bank for the most accurate and up-to-date details.
Everyday SpecialsYou get exclusive everyday special offers. These offers can be found on the official Kotak website and may include discounts, cashback, rewards, and other benefits across various categories such as dining, shopping, travel, and more.
Rupay offersYou get exclusive offers and benefits for Rupay cardholders. These offers can be found on the Rupay website and include discounts, cashback, and other rewards on various spending categories.
Free add-on cardThe Indian Oil Kotak Credit Card offers the option to get a free add-on card, which provides all the benefits and features enjoyed on the primary credit card.

– Benefits for add-on cardholder : The add-on cardholder can enjoy the same privileges and perks as the primary cardholder.
– Customizable spend limit : The primary cardholder can set the spending limit on the add-on card according to his/her preference and requirements.
– Separate spend tracking : Each add-on card will have separate spend tracking, allowing the primary cardholder to monitor expenses individually for each card.
24/7 customer supportKotak Mahindra Bank is always available to assist you, please click here for all the options to contact the bank.
Rupay contactless paymentYou get the convenience and security of contactless payments through the Rupay contactless feature.

– PIN-free transactions : For transactions up to ₹5000, you can simply tap your credit card on the payment reader without entering a PIN.
– Enhanced security : With contactless payments, the credit card never leaves your hand, reducing the risk of loss or counterfeit.
– Multiple security layers : Rupay Contactless payments are supported by multiple layers of security, ensuring protection against fraudulent or unauthorised transactions.
Security featuresChip and PIN technology – security for offline transactions : In the past, credit cards typically used a magnetic stripe located on the back of the card to store and transact data. However, the latest generation of credit cards usually includes a CHIP and PIN feature, which provides enhanced security. Only you know your PIN, so even your card is lost it is unlikely to be misused since BOTH the physical card and the PIN is required to spend on the card

Two-factor authentication – security for online transactions : When making an online transaction, you usually approve your online transaction through a One-time Password (OTP) which you get on your mobile phone . Since only you know the OTP, the card is unlikely to be misused unless someone has access to BOTH your card details AND your mobile phone. This ensures a safe online purchase experience.

SMS alerts and notifications – for both offline and online transactions : For your peace of mind, you usually get free SMS alerts and notifications for all your credit card transactions. Hence you will know about all transactions on your card. In the unlikely scenario of your card being misused, you would still get these alerts and notifications – which will help you to immediately block your credit card.

Important 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 age 18 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 & Tracking Application Status

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.

Apply Now

on Kotak Mahindra Bank website

Frequently Asked Questions

How can I check my reward points balance on the IndianOil Kotak Credit Card?

To check your IndianOil Kotak Credit Card reward points balance, there are various channels available to you, such as the Kotak mobile banking app, net banking portal, or contacting customer service at Kotak Mahindra Bank. These channels can provide real-time information on your rewards points balance.

Can I redeem my reward points for non-fuel purchases?

Besides fuel purchases, you can redeem your accumulated reward points for an extensive range of non-fuel items such as merchandise, e-vouchers, movie vouchers, travel, and mobile recharges – on Kotak rewards platform called Kotak Rewards.You can get further details by exploring the rewards catalogue on Kotak Rewards.

How can I apply for an Indian Oil Kotak Credit Card?

To apply for an Indian Oil Kotak Credit Card quickly and conveniently from your home or office, you can click here OR visit the Kotak website. Ensure that you fill out the application form correctly and submit all necessary documents. Alternatively, you can go to one of the nearest branches of Kotak Mahindra Bank in person or contact customer service via phone.

Can I track my Indian Oil Kotak Credit Card transactions and statements online?

Tracking your Indian Oil Kotak Credit Card transactions and statements through online means is simple! Both the net banking portal and mobile banking app offered by Kotak Mahindra Bank allow users 24/7 access to manage their credit card accounts conveniently from any device.

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