By: OurMoneyGuide || Last updated on: May 8, 2024

The IndianOil Axis Bank Credit Card is a credit card partnership between two leading organisations, Indian Oil Corporation Limited (IOCL) and Axis Bank. This fuel credit card provides attractive incentives on fuel expenditure. It also provides benefits on your shopping & entertainment spending.

Most credit cards in India do not provide any reward points for fuel purchases. Hence, it’s critical for heavy fuel users to take a close look at the best fuel cards in India.

Brief Summary

Our Rating

4.0 / 5

Best for those who spend upto ₹5000 on monthly fuel purchases, and are comfortable with being restricted only to IndianOil fuel pumps. You get 5% benefit on fuel purchases, including a 1% fuel surcharge waiver.


Half of the 1st year annual fee is compensated by welcome benefits worth ₹250. The annual card spend requirement to waive off annual fee from 2nd year onward is comparatively high (₹3.50 lakhs).

Pros & Cons of IndianOil Axis Bank Credit Card

Pros

  • Attractive fuel benefit rate of 5% (4% on IndianOil fuel spends and 1% fuel surcharge waiver)
  • Half of first year annual fee is compensated by welcome benefit of ₹250

Cons

  • Accelerated fuel rewards are only available at IndianOil (IOCL outlets), so one needs to plan more in terms of going to particular fuel pumps to get fuel filled
  • Not ideal for high fuel spenders – those spending more than ₹ 5,000 per month
  • High annual card spend requirement of ₹3.50 lakhs to get annual fee waiver from 2nd year onwards

Features & Benefits of the IndianOil Axis Bank Credit Card

5% benefit on IndianOil fuel purchases – on purchases upto ₹5000 per month

✔︎ 4% special benefit on IndianOil (IOCL) fuel purchases, on purchases upto ₹5000 per month
You earn 20 EDGE rewards points worth ₹4, on every ₹100 you spend on IOCL fuel purchases. This benefit is applicable only on-
– fuel transactions between ₹400 and ₹4000
– on total fuel purchases upto ₹5000 per month, since you can earn a maximum of 1000 EDGE reward points per monthly card statement cycle

1 EDGE reward point = ₹0.20 or 20 paise. You can redeem EDGE reward points on Axis Bank EDGE Rewards platform for a range of gift vouchers, products, and more. You can access the Axis Bank EDGE Rewards platform through the Axis Bank EDGE Rewards Portal, mobile app, or Internet banking. Click here for more details.

Reward points are valid for 3 years.

✔︎ 1% fuel surcharge waiver, on fuel purchases upto ₹5000 per month
You get a 1% fuel surcharge waiver only on-
– fuel transactions between ₹400 and ₹4000
– on total fuel purchases upto ₹5000 per month, since the maximum waiver amount is capped at ₹50 per month.

1% benefit on ‘online shopping

You earn 5 reward points worth ₹1, on every ₹100 you spend on online shopping. This benefit is applicable only on-
– online transactions between ₹100 and ₹5000
– on total online purchases upto ₹5000 per month

1 reward point = ₹0.20 or 20 paise, and can be redeemed on Axis Bank EDGE Rewards platform.

0.20% basic benefit on all other card purchases

You earn 1 EDGE rewards point worth ₹0.20 (20 paise), on every ₹100 you spend on all other card purchases.

Exceptions : No reward points are given on the following card spends – rent, wallet, insurance, gold/jewelry, utilities, and government transactions.

Dining offers in partnership with EazyDiner (Dining Delights Program) : 15% discount (upto ₹500) once a month, at participating restaurants

This program is offered by Axis Bank, in partnership with EazyDiner. You get a 15% discount up to ₹500 on your restaurant orders, at over 4000 restaurants nationwide. For a list of participating restaurants and more information, please visit here. Minimum order amount required is ₹2500. 

Hence you get a 15% discount on orders between ₹2500 and ₹3333. On orders above ₹3333, your discount percentage falls below 15% since the maximum discount is fixed at ₹500. For example, if your order amount is ₹5000, you will get a maximum discount of ₹500 and your discount percentage would be 10%. And if your order amount is ₹1800, you get no discount since the minimum order value to avail the discount is ₹2500.

This offer can be redeemed once every month.

10% discount (upto 100 per month) at Bookmyshow

You get 10% discount on Bookmyshow app or website. Please click here for details.

Axis Bank 24/7 customer care

Please click here for all the options to contact the bank for various issues and escalations.

IndianOil Axis Bank Credit Card Fees and Charges

Annual fee & annual fee offers


Annual fee
Annual fee offers
1st year joining fee
₹500
Welcome offer worth maximum ₹250 : You get 1250 EDGE reward points worth ₹250, on your first fuel purchase of ₹250 or more, within 30 days of card issuance.

Note – If the first fuel purchase transaction amount is below ₹250, you get EDGE reward points worth the value of the fuel transaction. For example if your 1st fuel transaction is of ₹100, you get 500 EDGE reward points worth ₹100.
Renewal fee from 2nd year onwards
₹500
Renewal fee offer : Annual fee is not charged from the 2nd year onwards, if you spend ₹3.50 lakhs or more in the previous year.
(following spends will not be counted as eligible spends towards this spend-based fee waiver offer – rent, wallet, insurance, EMI transactions, cash withdrawals, fee, charges and GST, reversals, temporary credit and reversal of temporary credit for a disputed transaction)
*There is no annual fee for add-on cards

Late payment fee

Late payment fee depends on the total payment due

Amount due
Late fee
Less than ₹500
Nil
₹501 to ₹5,000
₹500
₹5,001 to ₹10,000
₹750
More than ₹10,000
₹1200

Foreign currency transaction fee
3.50% of the transaction value.

Finance charges
3.6% per month.

Please note
– GST/ other applicable taxes as per current laws, will be applicable on all fees and charges
– To view all/updated fees & charges on this card, please click here – IndianOil Axis Bank Credit Card Fees & Charges

Eligibility Criteria

Age and residential requirementsThe primary cardholder must be between 18 and 70 years of age , and can be a resident of India or an NRI

The add-on cardholder must be over 15 years of age, and can also be a resident of India or an NRI.
Minimum income requirementNot specified. Must have stable income
Credit score considerations Credit score of 750 and above is preferably required.

Please note that these criteria are only indicative and the bank reserves the ultimate right to approve or decline applications for IndianOil Axis Bank Credit Card.

Application Process

Step-by-step guide

Online application process
The easiest way is to click here – APPLY NOW , you shall be taken to the card application page on the Axis Bank website. You can also visit official website of the bank and fill out the application form.

– The bank’s website and mobile app offer a user-friendly interface that makes the application process quick and easy
To apply, simply provide your personal details such as your mobile phone number, income, PAN number, along with the required documents
If you are a new customer, the card limit will be fixed based on your income.
Offline (face to face)  application processYou can visit any of the nearest branches of the bank and talk to an executive regarding the process.
Tracking credit card application statusTo track your credit card application status, please click here – Axis Bank Credit Card Application Status

Necessary documents

Documents list
– PAN card photocopy
– Colour photograph
– Income proof : Latest payslip/Form 16/IT return copy
– Residence proof (any one of the following) : Passport , ration card, electricity bill, landline telephone bill
– Identity proof (any one of the following) : Passport, driving license, PAN card, Aadhaar card

Please note that this list is only indicative. Documents required may vary on a case-to-case basis.

Conclusion

IOCL Axis Bank Credit Card is a good fuel card option for those who spend about ₹5000 per month on fuel, and do not mind being restricted only to Indian Oil fuel outlet. On these spends one can get not only 5% rewards on fuel purchases.

This card also gives 1% on online shopping and has an attractive dining program.