As fuel prices keep rising over the years, people must figure out ways to drive economically. Some tricks and tips help you save a few bucks every time you step outside in your vehicle. Fuel credit cards are the latest addition to this list. Many financial lenders and banks are providing the services of a fuel credit card. A fuel credit card is an added step toward your savings journey.
What is a fuel credit card?
A fuel credit card works by allowing you to save some money on your fuel purchases. It offers you a wide range of benefits and facilities every time you fill your fuel tank. In addition to that, you also get various offers in other sectors such as dining, shopping, entertainment, etc.
To get your hands on a fuel credit card, you should visit the nearest branch of the bank you wish to obtain the card. Alternatively, you can also choose to apply for the form online. You will be required to enter your details and submit the relevant documents.
Let us highlight the eligibility criteria if you want to obtain a fuel credit card. Although the exact criteria might differ from bank to bank, the common eligibility norms are mentioned below.
· The applicant is supposed to fulfil the minimum age mentioned by the bank.
· The application must have a good credit score.
· The applicant must fall under the income bracket prescribed by the bank.
Advantages of Owning a Fuel Credit Card
Since people learned about fuel credit cards, most of them are trying to get one. The reason behind this is obvious, as these cards offer many advantages. Some of those benefits are mentioned down below.
· Fuel Saving – The most significant advantage of owning a fuel credit card is saving a decent amount of money. When you use your credit card to fill petrol, a fuel surcharge is included in your bill. This is where fuel credit cards can help. Most of these cards provide you with a fuel surcharge waiver. The cardholder can expect to save anywhere between 1-2.5% on every fuel payment this way.
· Expense tracking and budgeting – Fuel credit cards can play an important role in helping you track your expenses. They do so by providing you with a detailed record of your fuel expenses in the past. Access to these details allows you to plan your next road trip accordingly.
· Protection from fraud – Credit cards offer robust fraud protection compared to other forms of payment. A fuel credit card promises safe transactions. You can expect security features like two-factor authentication, chip technology, etc. These advanced security features protect your financial information and ensure you are not held liable for unauthorised transactions.
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· Reward Points and Cashbacks – Another exciting reason to own a fuel credit card is that you receive reward points and cashback on fuel payments. For every fuel transaction that you make, you receive a certain percentage of the amount back. This amount can be availed for your next fuel payment. Not just reward points, you can also expect to receive gift vouchers, cashback, travel rewards, etc.
· Convenience – Carrying a card and making prompt payments with a simple swipe is convenient. Instead of cash, you can pull out your fuel credit card the next time you buy fuel.
· Improved credit score – A fuel credit card allows you to build and improve your credit history. You can expect an increase in your credit score through timely payments, responsible use of the card, and consistent use. A good credit score goes a long way as it helps you get better interest rates for a mortgage loan.
· Additional benefits – Fuel credit cards also have perks like travel insurance, roadside assistance, and purchase protection. In addition to these, you may be eligible for discounts on hotel stays and dining. These complimentary benefits can be used for better travel. These additional benefits may vary based on the card issuer and the type of your card. For this reason, it is best to assess the benefits offered by various lenders and choose a card relevant to how you travel.
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Fuel credit cards are a solution to the rising prices of fuel. With plenty of benefits, these cards can be relied on for safe and comfortable payments. They reduce your overall fuel expense and offer various other services. With the facility of a fuel surcharge waiver, you can reduce your overall credit card interest rates too. Visit your nearest bank or the bank’s official website for application details.