Head-to-head

BPCL SBI Card Octane vs HDFC Bank IndianOil Credit Card

Both cards are locked to one brand of pump, so the brand you actually fill up at decides first. After that it is the ceilings: the IndianOil HDFC card's 4.8% is only worth that when the points are redeemed for IndianOil fuel, and it stops at 150 points a month, about ₹3,000 of fuel, while Octane's 6.25% at BPCL runs to ₹10,000 of fuel and its 10X covers groceries, dining and movies as well. Octane costs ₹999 more a year, and on our arithmetic that gap repays itself at roughly ₹3,600 of fuel a month; below that, on a card that sees little but fuel, the cheaper IndianOil card nets more.

State Bank of IndiaBPCL SBI Card Octane

BPCL SBI Card Octane

State Bank of India

4.4

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HDFC Bank IndianOil Credit Card

HDFC Bank

4.0

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Our verdict

Provisional comparison: some conditions or reward ceilings still need verification. Treat the figures as examples, not a definitive winner.

On estimated renewal-year value (rewards + milestones − applicable fee including GST), the HDFC Bank IndianOil Credit Card wins 2 of our 3 modelled spending patterns. The BPCL SBI Card Octane takes the rest — so the right answer still depends on your mix. For a personal answer, put your real numbers into the recommender.

Net annual value, three ways

Ordinary eligible purchases, with no specific merchant channel assumed. Fees include GST after modelled waivers; only modelled milestones are included. Unsupported UPI earns zero. Welcome bonuses, transaction rounding and redemption costs are excluded. Methodology

Spending pattern	BPCL SBI Card Octane	HDFC Bank IndianOil Credit Card	Higher estimate
Everyday spender₹35,000/mo	₹4,200/yr	₹3,763/yr	BPCL SBI Card
Online-first shopper₹55,000/mo	₹5,100/yr	₹5,299/yr	HDFC Bank IndianOil
Frequent traveller₹1,10,000/mo	₹7,500/yr	₹8,755/yr	HDFC Bank IndianOil

Side by side

	BPCL SBI Card Octane	HDFC Bank IndianOil Credit Card
Joining fee	₹1,499	₹500
Annual fee	₹1,499	₹500
Fee waiver	Renewal fee of ₹1,499 reversed on annual spends of ₹2,00,000 or more in the preceding year	Renewal fee waived on annual spends of Rs 50,000 or more in the previous year.
Top reward rate	6.25%	4.8%
Base reward rate	0.25%	0.64%
Welcome bonus value	₹1,500	₹250
Forex markup	3.5%	3.5%
Lounge access	1/qtr domestic	—
Min salaried income	—	₹1,20,000/yr
Our rating	4.4 / 5	4.0 / 5

Verified 2026-09-10 (BPCL SBI) · 2026-09-10 (HDFC Bank). Confirm current terms on the issuer's site.

Frequently asked

Is the BPCL SBI Card Octane better than the HDFC Bank IndianOil Credit Card?

For most of the spending patterns we model, the HDFC Bank IndianOil Credit Card comes out ahead on net annual value (rewards minus fees). The BPCL SBI Card Octane still wins for some profiles — check the persona table for the pattern closest to yours.

Which card has the lower annual fee?

HDFC Bank IndianOil Credit Card has the lower annual fee (₹500 vs ₹1,499), before any waiver conditions.

Can I hold both cards?

Yes — banks assess each application independently, and pairing complementary cards is a common strategy. Mind the combined fees, your credit utilisation, and space out applications so multiple hard enquiries don't dent your score.

How is the net value calculated?

We estimate eligible ordinary rewards and modelled milestones, then subtract the renewal fee including GST after any modelled qualifying-spend waiver. Welcome bonuses and unconfirmed conditions are excluded. No merchant channel is assumed. Incomplete rules or caps make a comparison provisional; see the methodology.

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