Kotak Mahindra Bank Limited and Indian Oil on Friday launched a co-branded fuel credit card. The IndianOil Kotak Credit Card will be available on the RuPay network. The customers of this credit card can earn reward points on refueling at any of the IndianOil fuel station in the country. These reward points can be redeemed to get free fuel at IndianOil fuel stations, the bank said in a statement.
Key features of IndianOil Kotak Credit Card:
Earn 4 percent back as reward points on refueling at IndianOil fuel stations – up to Rs 300 per month
Earn 2 percent back as rewards points on dining, grocery and other payments – up to Rs 200 per month
Earn 1 percent fuel surcharge waiver – up to Rs 100 per month
Interest – free credit period up to 48 days
Smart-EMI
Zero lost card liability
Contactless card - Tap and payIndianOil is the largest oil marketing company, with a network of over 34,000 fuel stations in the country.
Speaking about the collaboration, Vigyan Kumar, Executive Director (Retail Sales- North & East), IndianOil, said, "With this partnership, IndianOil is taking yet another concrete step towards ensuring digital interactions at all our fuel stations. Bettering our customer value propositions and experiences has always been a priority for us at IndianOil, and I am confident that this collaboration with Kotak Mahindra is a perfect addition to our bouquet of seamless and enhanced offerings to our customers."
"I am also happy to share that the IndianOil Kotak Credit Card will be exclusively launched on RuPay platform, strengthening the AatmaNirbhar Bharat vision of the Government of India," he added.
Frederick Dsouza, Business Head – Credit Cards, Kotak Mahindra Bank Ltd. said, "The product has been designed to encourage customers to put all their
purchases on this card. The strong brand and distribution network of
IndianOil is a great strength of this partnership. The Rupay platform will help
us extend innovative payment solutions to customers and drive wider
adoption of digital payments."
"NPCI is always committed to deliver customer-first experiences. For us,
innovation and technology are the key instruments to drive towards a better
and greater consumer experience and we are constantly working towards
bringing in simplified and best-in-class offerings for our customers. The
IndianOil Kotak RuPay Credit Card will give the cardholders a host of
privileges on fuel, grocery and dining spends, creating a seamless payment
experience with RuPay Contactless technology," said Rajeeth Pillai, Chief
– Relationship Management and Marketing, National Payments Corporation
of India.
