While a 4% and 1% reward rate seems like a good value-back for an entry-level card, accelerated earning is limited to a monthly transaction value of Rs. 5,000 for each category. Spends beyond this threshold will not earn any value-back, not even at base rate. This means you can save up to Rs. 250 per month, which makes annual savings of Rs. 3,000. Consumers whose monthly fuel spends exceed Rs. 5,000 should look for fuel cards with high capping or fewer restrictions.
Axis Bank
IndianOil Axis Bank Credit Card
Co-branded
Fuel
1st Year Fee: ₹500* Plus Applicable Taxes
Fuel Savings
5% value-back at IOCL outlets as rewards
Online Shopping
Get 1% back on online spends as rewards
Movie Discount
10% off on BookMyShow App or Website
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About Indian Oil Axis Bank Credit Card
Indian Oil Axis Bank Credit Card is designed for individuals who are looking for ways to save on their fuel expenses. The card offers value-back to the consumers in the form of accelerated reward points at IndianOil outlets along with accelerated earning on online shopping. Cardholders can also avail rewards as welcome benefit, along with discount on BookMyShow and dining bills. Much like other fuel credit cards in this fee range, benefits on Indian Oil Axis Bank Credit Card also come with a certain capping. However, cardholders who maximize the earnings in the bonus categories (fuel and online shopping), along with making good use of the additional perks, can easily get more value than the fee charged.
Indian Oil Axis Bank Credit Card Rewards Program
Cardholders can avail up to 4% value-back on fuel transactions through the accelerated reward points model. Below mentioned are the details regarding the same:
- 4% value-back on fuel transactions by earning 20 EDGE reward points per Rs. 100 spent at any IOCL outlets1
- 1% value-back by earning 5 EDGE reward points per Rs. 100 spent on online shopping2
- 1 EDGE reward point on every Rs. 100 spent on other categories, except on rent, wallet, insurance, gold/jewellery, utilities & government-related spends
Other Features & Benefits
Apart from fuel and online shopping benefits, Indian Oil Axis Bank Credit Card also offers benefits on movies, dining and more. Details are given below:
Welcome Benefit
- EDGE reward points equivalent to the value of 1st fuel transaction made within the 1st 30 days of card issuance3
Movie Discount
- 10% discount4 on booking movie tickets through BookMyShow app or website
Fuel Surcharge Waiver
- 1% fuel surcharge waiver of up to Rs. 50 per statement cycle on fuel spends worth Rs. 400 to Rs. 4,0005
Axis Indian Oil: Fees and Charges
| Fee Type | Amount | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Joining Fee | Rs. 500 | ||||||||||
| Annual Fee | Rs. 500 | ||||||||||
| Finance Charges | 3.50% p.m. | 42% p.a. | ||||||||||
| Late Payment Charges |
|
Things to Know Before you apply
Get this card if:
You want to save on your fuel spends without paying a high annual fee
You spend Rs. 5,000 on fuel every month and would be able to maximize the benefit
You prefer online shopping over store visits and wish to save on your this spending category
Other Fuel Credit Cards to Consider
BPCL SBI Card Octane
ICICI HPCL Super Saver Credit Card
IDFC FIRST Power+ Credit Card
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What do we like about this card?
Indian Oil Axis Bank Credit Card is a good option for beginners who wish to save on their fuel spends, as they can get 4% value-back on fuel, along with a decent reward rate across other spending categories. However, the total savings from bonus categories (fuel and online shopping) are capped at Rs. 250 per month (Rs. 200 on fuel and Rs. 50 on online spends). Fuel spends beyond Rs. 5,000 in a month and fuel spends made at outlets other than Indian Oil will not earn any reward points. This limits the overall earning potential. Moreover, high annual fee waiver condition of Rs. 3.5 Lakh makes it less appealing for those who seek low or zero annual fee cards. Hence, consumers who have limited fuel spends can consider this card, whereas those who spend a substantial amount on fuel every month should consider other fuel credit cards with fewer restrictions.
Pros
- 4% value-back on fuel spends as reward points
- 1% value-back on online shopping
- 10% discount on movie tickets booked via BookMyShow
Cons
- Total accelerated value-back capped at Rs. 250
- Fuel surcharge waiver capped at Rs. 50 per month
- High annual fee waiver condition of Rs. 3.5 Lakh
Frequently Asked Questions
Everything you need to know about this credit card
Indian Oil offers co-branded credit cards with Axis Bank, HDFC Bank, Kotak Mahindra Bank and RBL Bank. Among all its co-branded cards, Indian Oil RBL XTRA Credit Card comes with the highest saving potential, albeit at a comparatively higher annual fee of Rs. 1,500.
You can earn maximum 1,000 EDGE Reward Points on Indian Oil Fuel Spends and maximum 250 reward points on online shopping. There is no limit on reward earnings across other eligible categories.
EDGE Reward Points can be redeemed through Axis Bank’s EDGE Reward Portal against vouchers and merchandise.
Maximum discount on movie ticket booking via BookMyShow is capped at Rs. 100 per month.
Spends made on rent, wallet, insurance, EMI, cash withdrawals, fee & charges, GST and payment reversals are not eligible for spend-based fee waiver.
Footnotes
- Applicable on fuel transactions between Rs. 400 and Rs. 4,000 per month. Maximum eligible spends per month are capped at Rs. 5,000.
- Applicable on online transactions between Rs. 100 and Rs. 5,000. Maximum eligible spends per month are capped at Rs. 5,000.
- Benefit capped at 1,250 EDGE reward points worth Rs. 250.
- Maximum discount capped at Rs. 100 per month.
- Fuel spends are identified by MCC 5541, 5542 & 5983 and waiver is applicable only on UPI transactions done via credit card.
- Spends made on rent, wallet, insurance, EMI, cash withdrawals, fee & charges, GST and payment reversals are not eligible for spend-based fee waiver. For customers on-boarded before 20th Apr 2024, the previous annual spending condition of Rs. 50,000 is still applicable. For them, the new waiver condition of Rs. 3.5 lakh annual spends is going to be applicable on anniversary dates that come on or after 20th Apr 2025.
Rupanshi Thapa
Rupanshi is a personal finance writer, specializing in credit cards and consumer finance. Her work is committed to helping readers navigate the complex world of credit with confidence– whether they are selecting the right credit card, optimizings rewards, managing debt, or improving their financial well-being. Through her detailed insights and actionable advice, she guides readers towards smarter financial choices.
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