Beware - Net 2.455% overhead on fuel via HDFC Diners Club Black ("DCB") at HPCL Petrol Pump with ICICI POS terminal
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- The statement showed a charge of Rs 1965.09 which is an overhead of Rs 66.09 or 3.48%.
- I did get a reversal (1% surcharge waiver) of Rs 19.46. So, the net overhead was 66.09-19.46 = Rs 46.63 or 2.455%.
I do not remember seeing such a high percentage on other credit cards in the past. I'll try them on my next refuelling, examine the statements closely and update this discussion. I did use an HDFC easyShop Platinum debit card recently and there was absolutely no overhead. I was charged exactly what I paid for.
Anyone got any insights or relevant data to share on the overhead of using various credit cards at petrol pumps? Please avoid mentioning cobranded fuel cards or something like SC Super Value Titanium or HDFC Bharat cards, both of which are no longer issued.
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The minimum fuel surcharge is ₹10 plus GST. ₹10 + ₹1.8 =₹11.8 in your case. 1% surcharge waiver.
- I have used an IDFC Select First Credit Card at the same petrol pump using the same ICICI POS machine to fuel up for Rs 2799.
- I was charged Rs 2832.03 which is an overhead of Rs 33.03 or 1.18%.
- I was refunded Rs 27.99 as fuel surcharge waiver. So the net overhead was only Rs 5.04 or 0.18%.
I believe that is extremely reasonable since you get interest free credit for around a month. In case of IDFC First Select it can also help meet the monthly spend target of Rs 25000 beyond which you start getting 10x reward points.
@Siva1Bopparaju 4% cashback only at authorised IOCL Outlets, (COCO- Company owned and Company Operated) ie you will get cashback at IOCL Outlets run by IOCL only
Update -
- I have used an HDFC Infinia Credit Card at the same petrol pump using the same ICICI POS machine to fuel up for Rs 1899.
- I was charged Rs 1921.41 which is an overhead of Rs 22.41 or 1.18%.
- I was refunded Rs 19.02 as fuel surcharge waiver. So the net overhead was only Rs 3.39 or 0.18%.
I pulled up my past statements for SBI IRCTC Platinum, Citi Rewards, HDFC TIMES Platinum and ICICI Sapphiro credit cards and the net overhead on fuel is 0.18%, just like IDFC First Select and HDFC Infinia at the same petrol pump.
So, I can safely conclude that it is probably the Diners Club network that attracts a net overhead of 2.455%. MasterCard and VISA are at 0.18% and probably RuPay too. Note that these percentages are inclusive of the 1% fuel surcharge reversal offered by almost all credit cards.
TL;DR - Do not use a Diners Club credit card to pay for fuel. Use VISA, MasterCard or RuPay.
Can we use Flipkart Axis Bank credit card for fuel purchase? What is the fuel surcharge? How to get waiver? Do we get 1.5 percent cashback on this fuel purchase? Can we use it on any petrol pump?
No 1.5 percent cashback on fuel. You only get 1% fuel surcharge waiver
@dexter_greycells I feel you bro. Same thing happened with me few days back at HPCL Petrol Pump.
An amount of Rs. 4,863.56 was been charged against the transaction for Rs. 4700. Surcharge waiver given is Rs. 48.15. Therefore, I have been net charged 2.4555% on my transaction of Rs. 4700. Earlier, I used to use my OLA SBI CC or Flipkart Axis CC for fuel but then I started to use my HDFC Diners Black. Aftet this fiasco, I will revert to using Visa/MasterCard CCs again.
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Filled 300 worth petrol with axis Indian oil credit at Indian oil pump swipe charged 311.8 and got 3.08 rebate
Total 8.72 charged extra it means 2.9%
I can't understand how we save money with fuel branded credit Cards