Although the crude oil prices have fallen in 2024, domestic fuel prices have not come down. There are a number of fuel credit cards in India which can come to the aid of the middle class Indian in their fight against inflation. The ICICI HPCL Coral Credit Card aims to provide significant benefits for fuel purchases, coupled with lifestyle perks that enhance its value. In this blog we take a deep dive into the details of this credit card including its benefits, fees, eligibility criteria, and potential drawbacks.
Overview of the ICICI HPCL Coral Credit Card
The ICICI HPCL Coral Credit Card is a collaborative product between ICICI Bank and Hindustan Petroleum Corporation Limited ("HPCL"). It is designed specifically for those who frequently purchase fuel at HPCL outlets. By focusing on maximizing savings on fuel transactions, the card also includes various lifestyle benefits to enrich user experience, making it a popular choice among credit card users.
Benefits of the ICICI HPCL Coral Credit Card
1. Reward Points on Fuel Purchases
Reward System: 2.5% cashback on purchase of fuel at HP petrol pumps on minimum purchase of INR 500. Max cashback capped at INR 100.
2. Cashback Offer
In addition to reward points, the card offers a 0.5% cashback on all other transactions. Get 2 reward points on all other spends. Value of 1 reward point = INR 0.25. General cashback rate: 0.5%.
3. Movie Benefits
25% discount on booking movie tickets up to INR 100
4. Fuel Surcharge Waiver
Cardholders enjoy a waiver on fuel surcharges for transactions ranging from INR 400 to INR 5,000 at HPCL outlets, with a monthly cap of INR 250.
Considerations for the ICICI HPCL Coral Credit Card
1. Limited Benefits Outside Fuel Purchases
While the ICICI HPCL Coral Credit Card excels at fuel rewards, its advantages diminish for users who do not refuel frequently at HPCL stations.
2. Atrocious Capping Of Benefits
Fuel cashback is capped at INR 100 per month, similarly movie ticket discount is also capped at INR 100 per month.
Fees and Charges
Understanding the fees linked to the ICICI HPCL Coral Credit Card can help you manage your finances effectively.
Joining Fee: 199 + GST.
Annual Fee (Second year onwards): 199 + GST.
Interest Rate: 3.67% per month (annual interest rate - 44%).
Interest On Cash: 2.49% per month (annual interest rate - 29.88%).
Forex Marku: 3.5%
Cash Withdrawal Fee: 2.5% on advanced amount , subject to minimum of INR 300.
Rewards Redemption Fee: INR 99
Late Payment Charges: 0-1200 depending on the outstanding amount.il
Eligibility Criteria
It is essential to know the eligibility criteria for applying for the ICICI HPCL Coral Credit Card.
1. Age Requirement
Applicants must be between 21 and 60 years old. This age bracket targets working professionals who can manage credit responsibly.
2. Income Stability
Minimum income criterion has not been specified by ICICI on its website.
3. Credit History
A good credit score, is crucial for approval. This emphasizes the importance of maintaining a healthy financial record for better chances of getting approved.
Final Thoughts
The ICICI HPCL Coral Credit Card is overall a disappointing offering from ICICI. It has atrociously low cappings on the benefits it offers. There are a number of credit cards that offer far superior benefits then this card.
You can read a more detailed review of this card and its rating by our expert here.