The new 'American Express RPM Credit Card' also offers its holders up to 10 per cent savings on petrol at HPCL outlets.
"Together, we bring a world-class product with special privileges and superior benefits to car owners in India," K L Murlidhara, vice president and country manager, American Express said in a statement.
The American express RPM credit card aims to deliver increased convenience in policy premium payments and genuine savings on fuels to the rapidly growing base of car owners and ICICI Lombard policyholders, he said.
Card members would have the option to authorise their insurance renewal charge on the new RPM credit card, besides receiving the five per cent guaranteed saving on fuel bills when they use the card to purchase fuel at HPCL outlets.
The new card also exempts the 2.5 per cent service charge levied on other credit cards on fuel purchase.
Moreover, the card members would also get an additional 2.5 per cent savings on the fuel expense by earning five times membership rewards points, that can be redeemed to get free fuel at HPCL outlets.
The card members can choose to issue standing instructions to American Express to pay their recurring, utility bills such as telephone, cell-phone, electricity etc. and for each such sign up they would get 500 bonus MR points.