SBI Card and Bharat Petroleum Launch BPCL SBI Card

SBI Card, the credit card issuer and Bharat Petroleum, the leading petroleum company in India today announced the launch of the BPCL SBI Card – the most rewarding fuel co-branded credit card in the country. Offering up to 5% savings on fuel purchases, the BPCL SBI Card brings consumers the strongest savings proposition on fuel in the industry. Designed to offer maximum savings to the mass affluent consumer segment which spends a significant amount on fuel, the BPCL SBI Card will offer up to 70 litres of free fuel per year to cardholders. The BPCL SBI Card also bundles maximum value back on fuel with accelerated savings on other regular spends categories including Department Store & Grocery, Entertainment and Utility Bill payments, making it the most comprehensive and rewarding credit card in its segment.

Cardholders can earn rewards and save on fuel at 14000 Bharat Petroleum fuel stations across the country, making the BPCL SBI Card the only fuel co-brand card with such an extensive reach. Through Bharat Petroleum`s widespread network, SBI Card customers across the country can enjoy the benefits of the BPCL SBI Card and also get access to exclusive offers of Bharat Petroleum designed for SBI Card users. There will be no minimum transaction threshold for fuel spends, enabling customers to save with every swipe of their card.

The card combines best in class fuel savings with value back on various regular spends categories, thus addressing overall spending needs of cardholders. BPCL SBI Card will offer 5X Reward Points on every Rs 100 spent at Departmental Stores & Grocery, Movies & Dining and Utility Bills payment through Standing Instruction. Cardholders can avail instant redemption of reward points for free fuel at select Bharat Petroleum retail outlets or in the form of BPCL fuel vouchers valid at all Bharat Petroleum fuel stations across the country. Additionally, the reward points can be redeemed through SBI Card’s exclusive rewards program, Shop and Smile, for other categories of products.

Speaking on the launch of BPCL SBI Card Vijay Jasuja, CEO, SBI Card said, “Our association with Bharat Petroleum is a landmark addition to our co-brand relationships.  The BPCL SBI Card further strengthens our robust and varied co-branded card portfolio. Fuel is a key expenditure category in the consumption basket and contributes between 7-10% to overall spend in our portfolio. Through the BPCL SBI Card, our cardholders will be able to derive direct savings on fuel expenditure. The card offers the highest savings proposition on fuel in the industry with up to 5% value back on fuel purchases.  Together with providing industry best fuel benefits, our endeavor has been to make this a holistic credit card catering to all the major spending needs of a cardholder.  It offers accelerated reward points on major spend categories such as Department Store & Grocery, Movies and Dining and Utility Bills, making it a well-rounded primary card for our customers.

We have observed that with the move towards cashless payments, fuel spends through cashless modes are on rise. With an unmatched value proposition, we believe that the BPCL SBI Card will further encourage consumers to move their fuel spends to credit cards.  We expect to significantly increase customer acquisition through this product and believe that the BPCL SBI Card has the potential to become one of the largest selling co-branded cards in the country.”

Arun Singh, Executive Director (Retail), Bharat Petroleum while speaking on the launch said “Bharat Petroleum, with its robust network of more than 14,000 Fuel Stations spread across the length & breadth of the country, majority of which are automated and ‘Pure for Sure’ certified, offers a co-branded credit card with SBI Cards, with unmatched value propositions in the segment.

Now every fuel purchase at Bharat Petroleum Fuel Stations will give our customers upto 5% savings, including digital transactions cashback, while 5X reward points in other major categories such as groceries and departmental stores, dining, movies, etc. through this card. The reward points can be instantly redeemed for free fuel at our Fuel Stations throughout the country. BPCL SBI Card will initially be accepted at 1,200 select pumps in major cities, gradually expanding to our network.

Bharat Petroleum has been in the forefront to promote cashless payment options at our network. Currently 22% of our total sales is through these options, which is higher than the industry average. BPCL SBI co-branded card, catering to all the major spending needs of a cardholder, will play a major role in enabling our consumers to use more cashless payment options, to build a cashless society.”

The card brings value from the point of enrolment itself, offering 2000 bonus points worth Rs 500 on payment of joining fee. BPCL SBI Card also offers annual membership fee reversal on annual spends of Rs 50,000 or more on in the previous year. The card comes at an annual membership fee of Rs 499/. It has been launched on the Visa platform.