| Last Modified On 3/10/2024 |
FAQs
Q1) What is a Fleet Card used for?
It is used by Fleet Operators for procuring fuel from oil marketing companies using an HDFC Bank purchase credit card.
Q2) Is a Fleet Card a credit card?
Yes, it is a purchase credit card – a type of commercial credit card from HDFC Bank designed for specific programs.
Q3) How much does a Fleet Card cost?
There are no charges for issuance or card usage however there is a flat interest rate charged on the purchase transactions made by Fleet operators. The charges vary as per credit period offered by HDFC Bank.
Q4) What is a Fleet Card online used for?
Fleet cards are used on the designated portals of the oil marketing companies for recharging their respective online wallets.
Q5) Do Fleet Cards help save money?
Fuel surcharge is not applicable on fuel purchase transactions thus saving some cost to Fleet operators.
Q6) When does the payment settlement happen to Oil Marketing Company?
T+1 day, T being the transaction date i.e. settlement happens on the next working day of HDFC Bank.
Q7) What is credit cycle period for Fleet card?
There are multiple credit cycle periods upto 37 days for all Fleet card variants. The options are: 22 days (15+7), 28 days (21+7) & 37 days (30+7).
Q8) What is the minimum payment amount?
Payment Term: 100% Minimum Amount Due (MAD) to be cleared by due date, no revolving of credit is allowed.
Q9) Who does the loyalty card documentation for the fleet owner?
Documentation and loyalty card issuance is the responsibility of the Oil Marketing Company’s officer.
Q10) Can the Fleet card be used for any type of purchases?
No, HDFC Bank Fleet purchase cards are designed specifically for purchasing fuel from selected oil marketing companies only and will not work elsewhere.
Q11) What are the benefits of a Fleet Card?
A Fleet Card is a type of Purchase Credit Card. With this card, fleet operators can purchase fuel from oil marketing companies for the company’s fleet. The most important benefit of this card is that it does not come with a fuel surcharge. This means cost savings for the fleet operators. These cards are designed for purchasing fuel only, which means streamlined expense management. Also, there is no card issuance or usage fee, however, a flat interest rate is charged on the purchase transactions.
Q12) What are the rules of Fleet Card?
A Fleet Credit Card is restricted to purchasing fuel. The card cannot be used to pay for any other expenses.
