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Old 27th July 2010, 14:21   #1
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Angry New trend: Credit card companies withdrawing fuel surcharge waiver and more!

I am card holder of ICICI Titanium credit card for the past 4 years.

This card use to come with fuel surchare waiver across all petrol pumps in India. Recently, i have received notification that this waiver will be withdrawan and will be limited to *certain* HPCL petrol pumps only. Not only that, the reward points eaned per 100 Rs. have been lowered to 1 (I think previously it was 5 reward points per 100 Rs. spend).

I also have an ABN Amro (RBS) Titanium One card, offering fuel surcharge waiver. But this too, as per their website, will be withdrawn after 1st September 2010. Also, cash back will be lowered from 1 % to 0.75 %.

Its becoming increasingly frustrating, for someone like me who does not want to carry cash to fill petrol, and on the other hand the credit card companies keep on withdrawing these waivers at their own will.

Aren't the CC companies taking customers for a ride ?
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Old 27th July 2010, 14:26   #2
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Originally Posted by DCEite View Post
Aren't the CC companies taking customers for a ride ?
Err...how are they taking customers for a ride? Usually this type of incentives are given to attract new customers, and no where it is mentioned that these are for life.

If you can find another CC provider, who is still giving fuel-charge waiver, you can always use it's services.

Nitin
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Old 27th July 2010, 14:30   #3
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Few months ago, Indian Oil outlets would not accept Citibank CC. Citibank had a Indian Oil card and the outlets would pre-empt you from using it.
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Old 27th July 2010, 14:30   #4
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No wonder they tried pushing me upgrade from my existing ABN Amro (then) Gold card to Titanium One, first by offering 5K one time annual upgrade followed by free upgrade, for both of which I refused.

Anyway, I haven't got any intimation on the waiver on fuel surchage from RBS yet. Yes, if this is removed, it becomes a real pain to carry cash to fill in fuel. But I haven't been able to see it in their website or did I miss something here - Welcome to The Royal Bank of Scotland N.V. India?

Probably RBS is going in for a tie-up with one of those oil companies. Would be delighted, if they offer a 5-6% discount + surcharge waiver on Shell fuel pumps
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Old 27th July 2010, 14:30   #5
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I never use a credit card at a petrol pump. You never know what happens to it when they walk away with it. They could have a small card reader to read the details from your card to clone it.
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Old 27th July 2010, 14:35   #6
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I havent got any message from Citibank yet. I use their Indian oil titanium card. If they withdraw the fuel surcharge waiver, I will simpley close the account.
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Old 27th July 2010, 14:41   #7
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Originally Posted by Samurai View Post
I never use a credit card at a petrol pump. You never know what happens to it when they walk away with it. They could have a small card reader to read the details from your card to clone it.
But then the same logic would hold true for restaurants as well rite?
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Old 27th July 2010, 14:42   #8
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Originally Posted by Samurai View Post
I never use a credit card at a petrol pump. You never know what happens to it when they walk away with it. They could have a small card reader to read the details from your card to clone it.
And my contri to the OT - Not sure about your place but in all my experience of filling up in Delhi/NCR and BLR, almost all petrol pumps have the card swipe machine(s) placed next to the filling machine itself.

Yes what you mentioned was surely the case till about 5-6 years ago, not in recent past I have seen this practise at petrol pumps.

Besides, the card could be cloned anywhere. For that matter, the riskiest of places is a restaurant. I am not sure why can't we have portable/cordless swipe machines in India too using which a card could be swiped right infront of cardholder - whether be it at a petrol pump or an eating joint or wherever..
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Old 27th July 2010, 14:42   #9
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I have ICICI and HDFC. Have not got any SMS/call from them regarding this so far.
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Old 27th July 2010, 14:49   #10
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I have HDFC and Deutche one, haven't received such information so far !!
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Old 27th July 2010, 14:57   #11
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Keep a tab on the important messages field in your bill. Deutche had removed this feature from my card long back. I responded by cancelling the card, next minute.
Any idea why the surcharge is being charged on fuel?
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Old 27th July 2010, 15:10   #12
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Even I haven't received any intimation from ICICI bank, there is no mention in their website nor any news site.

Well, if they decide to do away with the waiver, the we will have to treat it as a as an expense for the privilege of using the credit card at fuel pumps. I don't think its an unfair practice, since we have the option of paying cash as well (no charge on that till now, thankfully).

The financial impact on us switching to cash would be like:
Monthly fuel cost: 5000
Average Payment delay: 25 days (considering a max 50 day credit limit)
Savings bank rate of interest: 3.5%

So the loss of interest comes to: 5000 x 25 x 3.5% / 365
= Rs 11.98 per month.
(Interest is now computed on a daily basis in banks)

Not to mention, the pain of carrying cash.

But if banks decide to charge us on EVERY transaction made, credit cards will soon be history
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Old 27th July 2010, 15:30   #13
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infact I am receiving a upgraded card from HDFC which has no fuel surcharge. It is a gold to Titanium upgrade.
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Old 27th July 2010, 15:33   #14
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What exactly is this fuel surcharge ? I could never understand the logic.

Who benefits from this surcharge - the oil company or the bank ?

Why is this surcharge levied at all ?

Quote:
Originally Posted by Samurai View Post
I never use a credit card at a petrol pump. You never know what happens to it when they walk away with it. They could have a small card reader to read the details from your card to clone it.
Even I prefer to use cash at petrol pumps. It is faster and avoids any distraction.

I use credit card at petrol pump only on Sunday morning, when there is absolutely no rush.

And yes, it is always better if the card is swiped in front of you.

Rohan
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Old 27th July 2010, 15:36   #15
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Quote:
Originally Posted by aargee View Post
Anyway, I haven't got any intimation on the waiver on fuel surchage from RBS yet.
It will be effective 10th September 2010. Please go through their website :

Welcome to The Royal Bank of Scotland India

Quote:
Originally Posted by Samurai View Post
I never use a credit card at a petrol pump. You never know what happens to it when they walk away with it. They could have a small card reader to read the details from your card to clone it.
Most of the pumps near my place have the card swipe machine near the filling machine. Besides, i make it a point to keep a close eye on the attendent.

Quote:
Originally Posted by Abeer View Post
I have ICICI and HDFC. Have not got any SMS/call from them regarding this so far.

Quote:
Originally Posted by aroop View Post
Even I haven't received any intimation from ICICI bank, there is no mention in their website nor any news site.

If you have ICICI Titanium card, check your last statement for the announcement. Otherwise customer care can confirm you the same.
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