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Axis Bank Indian Oil Credit Card

(3.2/5)

Entry Level Paid Credit Cards

Best For: Fuel

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Axis Bank Indian Credit Card is an entry level fuel focused credit card from Axis Bank which is co-branded with Indian Oil. This card is one of the most rewarding fuel credit cards for Indian Oil customers. This card gives attractive valueback on spend on fuel at Indian Oil fuel stations. In addition to that, this card comes with attractive discounts on lifestyle expenses such as dining and movies.

Features and Benefits

Features and benefits available in this credit card

Cashback

Reward Points

Airmiles

Airport Lounge

Utility Bills

Insurance

NPS

Education

Government Payment

Fuel

Rent

Giftcards

Jewellery

Wallet Load

Rewards on EMI

Welcome Bonus

Travel

Dining

Shopping

Interest

Joining and Renewal Benefits

First fuel transaction within 30 days on card issuance gets 100% valueback upto Rs.250 in the form of Edge Reward Points (Maximum upto 1250 Edge Reward Points as Welcome Benefits.

First fuel transaction within 30 days on card issuance gets 100% valueback upto Rs.250 in the form of Edge Reward Points (Maximum upto 1250 Edge Reward Points as Welcome Benefits

Cashback and Rewards

Fuel: 20 Edge Reward Points of every Rs.100 Spend on fuel at Indian Oil fuel station ( = 4% Valueback). Transaction must be between Rs.400 and Rs.4,000 to earn reward points. Total transactions upto Rs.5,000 spend on fuel in a calendar month, earns reward points. Any spend above Rs.5,000 including all transactions on fuel in a month, does not earn any reward points.
Fuel Surcharge Waiver: 1% fuel surcharge waiver on transactions between Rs.400 and Rs.4,000. Maximum surcharge waiver upto Rs.50 per monthly statement cycle.
Restaurent Payments Discount: Discount on Restaurant Payment through Eazydiner App: 15% Discount upto Rs.500 on Minimum Order of Rs.2,500. Discount available once in a month.
Movie Tickets Discount: 10% discount upto Rs.100 per month on the tickets purchased through BookMyShow (offer valid till 31st Mar’25, may be extended).
Other Spend: 1 Edge Reward Point on every Rs.100 spend (0.20% Valueback). Reward points redeemable on products and brand vouchers on Axis Bank’s rewards catalogue (www.edgerewards.axisbank.co.in).

Fuel Surcharge Waiver

1% fuel surcharge waiver on transactions between Rs.400 and Rs.4,000. Maximum surcharge waiver upto Rs.50 per monthly statement cycle.

Forex mark-up Fee

4.13% including GST

Joining and Renewal Benefits

First fuel transaction within 30 days on card issuance gets 100% valueback upto Rs.250 in the form of Edge Reward Points (Maximum upto 1250 Edge Reward Points as Welcome Benefits.

First fuel transaction within 30 days on card issuance gets 100% valueback upto Rs.250 in the form of Edge Reward Points (Maximum upto 1250 Edge Reward Points as Welcome Benefits

Cashback and Rewards

Fuel: 20 Edge Reward Points of every Rs.100 Spend on fuel at Indian Oil fuel station ( = 4% Valueback). Transaction must be between Rs.400 and Rs.4,000 to earn reward points. Total transactions upto Rs.5,000 spend on fuel in a calendar month, earns reward points. Any spend above Rs.5,000 including all transactions on fuel in a month, does not earn any reward points.
Fuel Surcharge Waiver: 1% fuel surcharge waiver on transactions between Rs.400 and Rs.4,000. Maximum surcharge waiver upto Rs.50 per monthly statement cycle.
Restaurent Payments Discount: Discount on Restaurant Payment through Eazydiner App: 15% Discount upto Rs.500 on Minimum Order of Rs.2,500. Discount available once in a month.
Movie Tickets Discount: 10% discount upto Rs.100 per month on the tickets purchased through BookMyShow (offer valid till 31st Mar’25, may be extended).
Other Spend: 1 Edge Reward Point on every Rs.100 spend (0.20% Valueback). Reward points redeemable on products and brand vouchers on Axis Bank’s rewards catalogue (www.edgerewards.axisbank.co.in).

Fuel Surcharge Waiver

1% fuel surcharge waiver on transactions between Rs.400 and Rs.4,000. Maximum surcharge waiver upto Rs.50 per monthly statement cycle.

Forex mark-up Fee

4.13% including GST

Reward Redemption

Reward points can be redeemed in following ways.

To purchase merchandise and brand vouchers from Axis Rewards Catalogue. Value of 1 Reward Point = Rs.0.20
To convert the points into Airmiles or Hotel Loyalty Program Points. Click here for more details about the Axis Bank’s Airmiles Transfer Program. Conversion Rates are following
- Vistara, ITC, SpiceJet, Air Asia = 10 EDGE REWARD Points = 1 Partner Point
- Other Partners: 20 EDGE REWARD Points = 1 Partner Point
Reward Redemption Fee
- Rs.117 including GST on every redemption against reward catalogue
- Rs.235 including GST on every redemption against airmiles

Fee and Charges

Think of these as small investments to keep your credit card running smoothly.

Joining fee
(INR including GST)

₹ 590

Renewal fee
(INR including GST)

₹ 590

Annual Spend Target
for Renewal Fee Waiver (INR)

₹ 350000

Pros

Aspects that make this credit card amazing.

Good valueback on fuel transactions on Indian Oil fuel station
Eligible for instant discount offers of Axis Bank which are quite frequent
Eligible for additional offers and cashback through Axis Bank’s GrabDeals portal (http://grabdeals.axisbank.com)
Easy approval and low eligibility criteria

Cons

Aspects this credit card lacks.

Maximum total value of fuel transaction that earns reward points, is Rs.5,000 per month. This may not be sufficient for many users. Spend above Rs.5,000 in a month does not earn any reward points.
Joining benefit does not fully cover the Joining Fee.
Very low reward rate on regular spend
Reward redemption fee of Rs.117 including GST is additional burden on a reward rate which is already very low except Indian Oil transactions.

Spend Categories with No Cashback / Rewards

No reward points on following.

Insurance
Gold / Jewellery
Wallet
Rent
Utility bills
Government payments
Education

Rent, wallet load, insurance, EMI transactions, cash withdrawal and credit card related charges are not considered for renewal fee waiver criteria.

Transaction Fee applicable on following spend categories.

Rent: 1.18% Transaction Fee (including GST) on rent payment
Education: 1.18% Transaction Fee (including GST) on education related payments done on third party apps (for example CRED etc.). However, education payments done directly on institute’s website will not incur any Transaction Fee
e-Wallet Load: 1.18% Transaction Fee (including GST) on cumulative spend exceeding Rs.10,000 in a monthly statement cycle on e-wallet loading
Utility Bills: 1.18% Transaction Fee (including GST) on cumulative spend exceeding Rs.25,000 in a year on e-wallet loading
Fuel: 1.18% Transaction Fee (including GST) on cumulative spend exceeding Rs.50,000 in a monthly statement cycle on fuel
Online Skill-Based Gaming Transaction Fee: 1.18% Transaction Fee (including GST) on cumulative spends of Rs 10,000 or more on online skill-based gaming platforms i.e. in a statement cycle
Surcharge on Purchase or Cancellation of Railway Tickets: As prescribed by IRCTC / Indian Railways.

Add-on Cards

Currently, Axis Bank in not issuing Add-on credit cards to new customers.

Eligibility Criteria

Age: 18 years to 70 years
Resident of India or Non-resident India
Income: Rs.25,000 net in-hand salary per month or ITR of Rs.3 Lacs (not an officially declared criteria but based on past approval of the card)

Important Links

Axis Bank GrabDeals Portal for Additional Cashback and Instant Discount Offer using Axis Bank’s Credit Card: https://grabdeals.axisbank.com
Axis Bank’s rewards catalogue to redeem reward points on products and brand vouchers: www.edgerewards.axisbank.co.in
Link to convert reward points into airmiles: Click here

Upcoming Changes

N/A

Rating & Leave your comment here about this credit card

(3.2/5)

SpendWisely’s Rating for this Credit Card

(3.2/5)

Ratings you can trust: honest, unbiased, and backed by SpendWisely’s expertise.

Reward Value

(4)

Lifestyle Benefits

(2)

Ease of Reward Redemption

(3)

Value for Money

(4)

Customer Service

(3)

Axis Bank’s Indian Oil Credit Card is a very popular and rewarding fuel focused credit card. This card is considered as one of the best credit card for fuel spend on Indian Oil fuel stations. If you have regular spend on Indian Oil fuel station, you can consider this credit card. Except fuel spend on Indian Oil (IOCL), this card is not useful. This is a paid credit card and comes with an annual fee of Rs.590 including GST. So, the fee is recovered only if you have annual fuel spend of Rs.14,750 or more on Indian Oil (IOCL). Ideally, one should consider this credit card if average monthly spend on fuel at Indian Oil is Rs.1,500 or more.

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Axis Bank Indian Oil Credit Card

Features and Benefits

Joining and Renewal Benefits

Cashback and Rewards

Fuel Surcharge Waiver

Forex mark-up Fee

Joining and Renewal Benefits

Cashback and Rewards

Fuel Surcharge Waiver

Forex mark-up Fee

Reward Redemption

Fee and Charges

Pros

Cons

Spend Categories with No Cashback / Rewards

Add-on Cards

Eligibility Criteria

Important Links

Upcoming Changes

Rating & Leave your comment here about this credit card

Rating & Leave your comment here about this credit card

SpendWisely’s Rating for this Credit Card

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Quick Link

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Axis Bank Indian Oil Credit Card