SBI Card and Bharat Petroleum have released a new co-branded card, dubbed BPCL SBI, with benefits on fuel purchases in India.

The BPCL SBI Card offers up to 5% savings on fuel purchases, providing around 70 litre of free fuel per year for mass affluent consumer segment, at 14,000 Bharat Petroleum fuel stations.

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In addition to the value back on fuel, cardholders will also be eligible for accelerated savings on routine spends such as grocery, entertainment, utility bills and department store.

The credit card is designed to allow instant redemption of free fuel reward points or BPCL fuel vouchers.

Customers could also redeem the reward points for other categories through SBI Card’s exclusive rewards programme, called Shop and Smile.

SBI Card CEO Vijay Jasuja said: “With an unmatched value proposition, we believe that the BPCL SBI Card will further encourage consumers to move their fuel spends to credit cards.

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“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.”

Bharat Petroleum executive director of retail Arun Singh said: “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.”