The SBI BPCL is a fuel credit card offered by the State Bank of India (SBI), which will be perfect for heavy fuel users. It is a collaboration between the SBI and Bharat Petroleum Corporation Limited and is one of the best fuel cards in India. In this post, we will see the eligibility criteria, fees and the application process for the SBI fuel credit card.
It is a co-branded fuel card that provides amazing fuel expenditure incentives and some benefits for your shopping and entertainment spending. It is perfect for those who spend up to 10000 INR on monthly fuel purchases only from BPCL fuel pumps. The SBI fuel credit card can give you 4.25% on fuel purchases and a 1% fuel surcharge waiver.
Fees
The BPCL SBI annual card fee for the first year is 499 INR. After you pay the joining price, you will receive 2000 reward points worth 500 INR as your welcome offer. The annual fee remains the same for card renewal from the second year. But you get a renewal fee offer where you will not be charged the renewal fee if you spent 50,000 INR or more in the previous year. Hence, the card can be said to be free if you spend 50,000 INR each year.
Eligibility Criteria
The eligibility for the credit card is based on multiple parameters. These parameters can be assessed once you apply for the credit card, as there are certain basic criteria that all applicants should fulfil. The minimum age for salaried individuals is 21 years and above, for retired pensioners are 40 years and above, and for self-employed individuals, it is 25 years and above. The maximum age to apply for this fuel card is 70 years. All applicants should have a regular source of income and a credit score of above 750.
The Application Process and Tracking the Status
The easiest way to apply for an SBI fuel card is the online application process. Once you are taken to the card application page on the SBI Card website, visit the official website of the BSI card and fill out the application form. Fill out all the personal details, income, phone number, Aadhaar or PAN number, along with the other documents. You can then click on ‘Submit’, after which you will receive an instant decision on the application based on the information you provide.
If approved, you may receive a call from the SBI Card team for verification. The card will be then issued to you, and you will receive the physical card within 15 working days. The team will also send an SMS to your registered mobile number with Alink to generate the e-card, which will help you view your credit card details digitally and start shopping online instantly. You can also apply for the BPCL SBI card offline by visiting the nearest SBI branch and talking to an executive about the process.
What are the Documents Required?
The necessary documents required for applying for an SBI fuel card include your PAN card, Aadhar card or any valid government address proof, and income documents like income tax returns, salary slips, etc, depending on the credit card eligibility and policy. Apart from this, you may also be asked to provide additional documents.
Approval Timeline and Tracking the Status
You can track the status of your application on ‘The track Application section on the homepage or on the Eapply page by entering the application number you received when applying for the card. You can then click the Track button and check the status of your application. If you do not remember the application number, you can retrieve it by entering your name and phone number and clicking on ‘Retrieve’.
Choosing the Right Card for Your Needs
The best fuel card will depend on your personal circumstances.
- Eligibility: some banks do not disclose all of their approval criteria. But your credit scores, income, and past relationship with the bank are some critical factors.
- Monthly fuel spend: All fuel cards have higher promotion benefits on fuel for a certain monthly fuel spend amount. The SBI fuel card gives a 3.25% benefit on fuel purchases on a maximum monthly fuel spend of 10000 INR and a 1% fuel surcharge waiver for fuel spending up to 10000 INR monthly.
- Whether you are comfortable with having more than one credit card: usually, fuel cards do not offer very high benefits on non-fuel spending. Hence, they should be in other cards which can give you high rewards on non-fuel purchases like travel and shopping.
- Annual fee: The SBI fuel card has a welcome offer of 500 INR for the first year joining fee. So you need to check the card’s yearly payments you consider buying.
To Conclude
We can say that your personal circumstances dictate the best fuel credit card for you. The SBI card is a great option if you spend more than 10,000 INR on fuel each month. If you make purchases of 50,000 INR per month, you can also avoid the annual fee for the card.