SBI Card on Tuesday announced launch of 'BPCL SBI Card Octane' in association with Bharat Petroleum Corporation Ltd (BPCL), offering maximum savings to consumers who spend a significant amount on fuel.
The credit card has been designed to offer maximum savings to the well-heeled consumer segment which spends a significant amount on fuel.
The BPCL SBI Card Octane brings 25X reward points on spends for BPCL fuel and MAK Lubricants, Bharat Gas (LPG) spends (website and app only) and BPCL's 'In & Out' convenience store spends, SBI Card said in a release.
The card offers 7.25 per cent value back (including 1 per cent surcharge waiver) on fuel and lubricant spends at BPCL fuel stations and 6.25 per cent value back on Bharat Gas spends, it added.
It also bundles in accelerated savings on other regular spend categories, including departmental store and grocery, dining and movies.
Card holders can avail the benefit from over 17,000 BPCL fuel stations across the country, and there will be no minimum transaction threshold for fuel spends, enabling customers to save with every transaction, the pure-play credit card company said.
"Launch of this BPCL SBI Card Octane bolsters partnership of SBI Card with BPCL. The card will bring consumers the highest savings proposition on fuel in the industry, thus making it a preferred choice in the segment. This launch will surely aid and bolster digital payments growth in India," SBI Chairman Dinesh Khara said.
Among others, the card holders can get exclusive benefits such as complimentary domestic airport lounge access, milestone benefits worth Rs 2,000 on annual spends of Rs 3 lakh, in the form of e-gift vouchers.
The card also comes with a complimentary fraud liability cover of Rs 1 lakh.
"This launch is in line with our continued endeavour to offer our customers the best-in-class products with superior value. In addition to the savings on fuel and lubricants across Bharat Petroleum's vast network across India, the card will also offer accelerated reward points on major spend categories," said Ashwini Kumar Tewari, MD & CEO, SBI Card.
One can get 6,000 bonus points worth Rs 1,500 on payment of annual membership of Rs 1,499. However, there will be a fee reversal in case of yearly spends of Rs 2 lakh or more in the previous year, the release said.
"Our partnership with SBI Card ensures that we continuously endeavour to provide value to our customers through innovative products and offerings. The BPCL SBI Card Octane is one of our contributions towards digitally empowering society," BPCL Chairman & Managing Director K Padmakar said.