By Ankur Mittal
Updated On October 8, 2021

IndianOil Axis Bank Credit Card is a co-branded fuel credit card by Axis Bank in collaboration with IOCL (Indian Oil Corporation Limited). It is an entry-level card and offers a particularly high reward rate of 5% on fuel spends at IOCL filling stations and a decent reward rate of 1% on online spends.

Bening an entry-level credit card, although it doesn’t offer many additional benefits, you however do get dining and movie benefits with instant discounts on movie tickets and discounted rates at partner restaurants under the bank’s Dining Deleghts Program. Read on to learn more about this entry-level co-branded offering by Axis Bank and IOCL.

Best Suited For

Fuel | Shopping |

Joining Fee

Rs. 500 (plus applicable taxes)

Reward Type

Fuel Points |

Product Details

  • 100% cashback (up to Rs. 250) on all fuel transactions made within 30 days of card isssuance.
  • 20 Reward Points on every Rs 100 spent at IOCL fuel outlets.
  • 5 Reward Points on every Rs. 100 spent on online shopping.
  • 1 EDGE Point per Rs. 100 on all other spends with the card.
  • Instant discount of up to 10% on movie tickets on Book My Show.
  • Up to 20% discount on dining bills at partner restaurants under the Axis Bank Dining Delights Program.
  • 1% fuel surcharge waived at all fuel stations across India.
  • Renewal fee waived off on annual spends of Rs. 50,000.

Rewards and Benefits

Welcome Benefits

100% cashback (up to Rs. 250) on all fuel transactions made within 30 days of card issuance

Movie & Dining

10% instant discount on movie ticket bookings on BookMyShow

Rewards Rate

20 Reward Points per Rs. 100 on fuel transactions at IOCL stations, 5 Reward Points per Rs. 100 on online shopping and 1 EDGE Point per Rs. 100 on all other spends with the card

Reward Redemption

Reward Points redeemable for shopping/travel vouchers and products (from the given product catalog) on Axis Bank EDGE Rewards Portal.

Travel

N/A

Golf

N/A

Domestic Lounge Access

N/A

International Lounge Access

N/A

Insurance Benefits

N/A

Zero Liability Protection

Cardholder shall not be liable for any fraudulent transaction made with the card post reporting the loss of card to the bank

Fees & Charges

Joining Fee

Rs. 500 (plus applicable taxes)

Renewal Fee

Rs. 500 (plus applicable taxes)

Spend based Waiver

Renewal fee waived off on annual spending of Rs. 50,000.

Rewards Redemption Fee

Nil

Rewards Redemption Fee

Nil

Foreign Currency Markup

3.5% of the transaction amount.

Interest Rates

3.4% per month (49.36% per annum)

Fuel Surcharge

1% of Fuel Surcharge waived at all filling stations across India for transactions between Rs. 400 and Rs. 5,000

Cash Advance Charge

3.4% of the total transaction amount (Minimum Rs. 500).

Add-on Card Fee

Nil

Indian Oil Axis Bank Credit Card Welcome Benefits:

You get a 100% cashback (up to Rs. 250) on fuel transactions made within 30 days of card issuance as a welcome benefit.

Indian Oil Axis Bank Credit Card Rewards:

  • 20 EDGE Points per Rs. 100 spent on fuel purchases at all IOCL stations across India for transactions between Rs. 100 and Rs. 5,000.
  • 5 EDGE Points per Rs. 100 spent on online shopping for transactions between Rs. 100 and Rs. 5,000.
  • 1 EDGE Point per Rs. 100 on all other spends with the card.

Reward Redemption:

The EDGE Points earned on the IndianOil Axis Bank Credit Card can be redeemed against shopping/travel vouchers or product purchases from the given catalog on the Axis Bank EDGE Rewards Portal.

Movie & Dining Benefits:

  • Instant 10% discount on movie ticket bookings on BookMyShow.
  • Up to 20% off on dining bills at partner restaurants under the Axis Bank Culinary Treats Program.

Eligibility criteria for Indian Oil Axis Bank Credit Card

  • The cardholder must be an Indian resident or an NRI.
  • The age of the primary cardholder must be between 18 years and 70 years.
  • Add-on cardholder(s) must be over 15 years of age.

Bottom Line:

If you’re looking for an entry-level fuel credit card, IOCL Axis Bank credit card is certainly worth considering as you get a pretty high reward rate of 4% on fuel spends. Apart from this fuel benefit, the card also offers an accelerated reward rate of 1% on online spends. However, the reward rate on offline spends (except fuel transactions) is very low (just 0.20%). Before you make your mind, do check out two of its closest competitors- ICICI Bank HPCL Super Saver Credit Card ans BPCL SBI Credit Card. These are also entry-level fuel credit cards and just like IOCL Axis Bank Credit Card, these cards also come with a joining fee of just Rs. 500.

What’s your opinion on this co-branded offering by Axis Bank? And how do you think it stacks up against the competitors? Do let us know in the comments. If you’re an existing cardholder, feel free to share your experience.

FAQs:

The EDGE Reward Points on your Axis Bank Credit Card can be redeemed against shopping/travel vouchers and product purchases (from the given catalog of products) on Axis Bank EDGE Rewards Portal.

No, you don’t get any cashback on movie ticket bookings on BookMyShow, instead, you get an instant discount of 10% on booking movie tickets on BookMyShow.

You get accelerated (20X) Reward Points on fuel spends at IOCL filling stations across India. You also get a 1% surcharge waiver on all fuel spends made with the IOCL Axis Bank Credit Card.

You get a 100% cashback (up to Rs. 250) on fuel transactions made within 30 days of card issuance.

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