RBL Bank launches fuel credit card with IOCL

economictimes.indiatimes.com:

RBL Bank 'Xtra Credit Card' customers will be saving 8.5% on fuel purchases, the highest in the segment as compared to other co-branded fuel credit cards in the industry, said senior officials of Indian Oil Corporation (IOCL).

RBL Bank, after its partnership with IOCL, is expecting its credit card portfolio to moderately grow by 12-15% during the current fiscal year, compared to the industry growth of 20-25%.
The bank has a current market share of 5.04% of the total outstanding credit cards, according to data from the Reserve Bank of India.

«We have a base of 5.2 million customers on our credit card and will continue to to moderately grow this base and increase banking relationship and have new customer acquisition at a moderate level,» said Bikram Yadav, business head-credit cards at RBL Bank, at the launch event in Leh. RBL Bank will be issuing this new card via the Mastercard network.

This partnership with IOCL will offer up to 8.5% savings on fuel purchases to its customers who can earn 15 fuel points for every ₹100 spent, which will be capped at 2,000 points per month.

RBL Bank's fuel card is the latest entrant in the market that has the likes of the IDFC First Power+ credit card with Hindustan Petroleum which offers 5% in savings and the SBI Octane card with Bharat Petroleum which offers 6.25% in savings.