Our Money Guide

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.

The IndianOil Axis Bank Credit Card is a credit card collaboration 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.

Brief Summary

Our Rating
4.0 / 5

Our View :

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 target to waive off annual fee from 2nd year onward is comparatively low (₹50,000).

IndianOil Axis Bank Credit Card

on Axis Bank website

IndianOil Axis Bank Credit Card

Special Benefits

5% benefit on IndianOil fuel purchases

Other Benefits

Dining program

Minimum Income

Not specified

Annual Fee

₹ 500

Annual Fee Offers

Welcome offer worth ₹250

Renewal fee waiver at minimum yearly card spend of ₹50,000

IndianOil (IOCL) Axis Bank Credit Card : Summary Table

5% earning on fuel purchases
4% special benefit on IndianOil (IOCL) fuel expenses
1% fuel surcharge waiver
4% special benefit on IndianOil (IOCL) fuel expenses : You earn 20 reward points worth ₹4 , on every ₹100 you spend at IOCL fuel outlets – only on purchases between ₹ 100 and ₹ 5,000 per month. 1 reward point = ₹0.20 or 20 paise.

1% fuel surcharge waiver at all fuel stations : only on all fuel spends between ₹200 and ₹5,000 per month
1% benefit on ‘online shoppingYou earn 5 reward points worth ₹1 , on every  ₹ 100 you spend on online shopping – on purchases between  ₹ 100 and  ₹ 5,000 per month. 1 reward point = ₹0.20 or 20 paise.
0.20% benefit on all other purchasesYou earn 1 reward points worth ₹ 0.20 (20 paisa), on every ₹100 you spend on all other purchases.

Exceptions : no reward points are given on the following payments – rent, utilities, educational services, and government institutions
Dining benefits : 
– 15% discount at restaurants, in partnership with EazyDiner
You get a 15% discount up to ₹500 , at over 4,000 restaurants nationwide. Minimum order amount of ₹2,500.

Hence you get a 15% discount on orders between ₹2,500 and ₹3,333. On orders above ₹3,333, your discount% will be below 15% since maximum discount is fixed at ₹500.

This offer can be redeemed once every month.
10% discount on BookmyshowYou get 10% discount on Bookmyshow app or website. Please click here for details.
Exclusive deals on Axis Grabdeals platformAxis Grabdeals is a platform where Axis Bank presents its exclusive tieups with a large variety of partners. There are more than 50 exclusive deals available on Axis Grabdeals – from large online stores, fashion, groceries, travel etc. 

For details, please visit click here – Axis Grabdeals Platform
₹500 annual feeAnnual fee offers –
– Welcome offer worth ₹250 : You get 100% cashback on your 1st fuel transaction within 30 days of card issuance – maximum ₹250 cashback. So if your 1st fuel transaction is ₹250 or more (within 30 days of card issuance), you will get ₹250 cashback.
– Renewal fee offer : Annual fee is not charged from the second year onwards , if you spend ₹50,000 or more in the previous year (following spends will not be counted as eligible spends towards this spend-based fee waiver offer – rent payments, wallet loads, insurance spends, EMI transactions, fees & charges on the card, cash withdrawals , GST)

Pros and Cons

Benefits of using the Axis Bank Indian Oil Credit Card

  • Very attractive fuel benefits rate of 5% – 4% on monthly IndianOil fuel spends and 1% fuel surcharge waiver
  • Low annual spend target (of ₹50,000) to get renewal fees waived off
  • Half of first year annual fee is compensated by welcome benefits of ₹250
  • So, overall it is a very good entry level fuel card – since it gives accelerated rewards on fuel upto a monthly fuel spend of ₹5,000 , and also has a low annual fee waiver threshold of ₹50,000
  • Additional benefits are available on Axis Grabdeals, where the bank’s exclusive partnerships are presented to all its customers

Limitations and drawbacks to consider

  • 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

Comparing with Competitor Fuel Credit Cards

Features
Axis Bank Indian Oil Credit Card
Our Rating
       
APPLY NOW
BPCL SBI Credit Card
Our Rating
       
APPLY NOW
HPCL BOB ENERGIE Credit Card
Our Rating
       
APPLY NOW
Standard Chartered Super Value Titanium Card
Our Rating
       
APPLY NOW
Rewards Rate 0.20% – 4%

0.5% – 4.25%

0.3% – 4%

5%

Other benefitsFuel Surcharge WaiverFuel Surcharge WaiverFuel Surcharge WaiverFuel Surcharge Waiver
Annual Fee ₹500

₹499

₹499

₹750

Annual Fee Offers Zero renewal fees – if minimum spending in the previous year is ₹50,000

Zero renewal fees – if minimum spending in the previous year is ₹50,000

Zero renewal fees – if minimum spending in the previous year is ₹50,000

Annual Fee Reversal on meeting ₹90,000 spends

Minimum IncomeNot SpecifiedNot SpecifiedOver ₹3,60.000 for salaried individuals and ₹ 4,80,000 for self-employed individuals.₹55,000

Full Review of the IndianOil Axis Bank Credit Card

IndianOil Axis Bank Credit Card

Features & Benefits of IndianOil Axis Bank Credit Card

5% special benefit on fuel purchases

✔︎ 4% special benefit on IndianOil (IOCL) fuel expenses

Earning reward points : You earn 20 EDGE rewards points on every ₹100 purchase = ₹4 on every ₹100 purchase (since 1 reward point = ₹0.20 or 20 paise)

Restrictions / limits on special benefits : You earn special benefits on IOCL fuel expenses , only on fuel purchases between  ₹100 and  ₹5,000 per month.

Redeeming reward points : You can redeem EDGE reward points on Axis Bank Rewards platform, on a range of exciting offers, including merchandise, gift vouchers, travel bookings, and more. 1 reward point = ₹0.20 or 20 paise. For example, 1000 reward points can be converted to ₹200 worth of a wide range of vouchers, products, to book travel etc. You can access Axis Bank Rewards platform through the Axis Bank Rewards Portal, mobile app or internet banking.

Other important information : Reward points are valid for 3 years.

✔︎ 1% fuel surcharge waiver

Applicable fuel stations and brands : Fuel surcharge is applicable at all petrol stations. Restrictions on waiver benefits :

– Applicable only on minimum ₹200 fuel spend per month
– Applicable only on a maximum of ₹5,000 fuel spend per month (since the maximum waiver amount is capped at ₹50 per month)

0.20% basic benefit on all other purchases

Earning reward points : You earn 5 EDGE rewards points on every ₹100 purchase = ₹1 on every ₹100 purchase (since 1 reward point = ₹0.20 or 20 paise). Exceptions : no reward points earned for rent, utilities, educational services, and government institutions.

Redeeming reward points & other important information : same as explained in above sections

Dining Benefits – Dining Delights Program

Participating restaurant partners : Dining Delights is an exclusive program for Axis Bank Credit and Debit Cardholders in partnership with EazyDiner, a popular online restaurant reservation platform.This program offers customers exciting discounts and offers at top restaurants across India. For a list of participating restaurants and more information, please visit here.

Discounts and offers : You can avail of a 15% discount at participating restaurants in India by making a transaction between ₹2500 to ₹3333 – since the maximum discount is capped at ₹500 and minimum order amount is ₹2500. 
On orders above ₹3,333, your discount% will be below 15% since maximum discount is fixed at ₹500. For example if your order amount is ₹5000, you will get the maximum discount of ₹500 and your discount% will fall to 10%.

Important terms & conditions
– 15% discount on dining spends upto ₹3,333 (since maximum discount is ₹500) 
– Minimum order value – ₹2500 
– Valid twice per month
– Offer valid till 30th June 2024
– Offer applicable on booking via the Axis Bank Dining Delights Program on EazyDiner 
– Escalations: ED Concierge Board Number & email ID : Phone No.7861004444 Email: booking@eazydiner.com

Additional Benefits on Axis Grabdeals

Axis Grabdeals is a platform where Axis Bank presents its exclusive tieups with a large variety of partners. There are more than 50 exclusive deals available on Axis Grabdeals – from large online stores, fashion, groceries, travel etc. 

One should especially look out for seasonal offers around the festive seasons. For details, please visit click here – Axis Grabdeals Platform

Other Cardholder Benefits

24/7 customer supportYour bank is always available; please click here for all the available options to contact the bank.
Security featuresChip and PIN technology – security for offline transactions : In the past, credit cards typically used a magnetic stripe located on the back of the card to store and transact data. However, the latest generation of credit cards includes a CHIP and PIN feature, which provides enhanced security. Only you know your PIN, so even your card is lost it is unlikely to be misused since BOTH the physical card and the PIN is required to spend on the card

Two-factor authentication – security for online transactions : When making an online transaction, you approve your online transaction through using a One-time Password (OTP) which you get on your mobile phone . Since only you know the OTP, the card is unlikely to be misused unless someone has access to BOTH your card details AND your mobile phone. This ensures a safe online purchase experience.

SMS alerts and notifications – for both offline and online transactions : For your peace of mind, you get free SMS alerts and notifications for all your credit card transactions. Hence you will know about all transactions on your card. In the unlikely scenario of your card being misused, you would still get these alerts and notifications – which will help you to immediately block your credit card.

Card Fees and Charges

Annual fee & annual fee offers

Annual feeAnnual fee offers
1st year joining fee₹500Welcome offer worth ₹ 250 : Within 30 days of the card’s issuance, you get  ₹250 cashback on your first fuel purchase of ₹250 or more.
Renewal fee from 2nd year onwards₹500Renewal fee offer : Annual fee is not charged from the 2nd year onwards, if you spend ₹50,000 or more in the previous year.

Hence the card is virtually lifetime free , if you spend ₹50,000 or more each year
*There is no annual fee for add-on cards

Late payment fee

Late payment fee depends on the total payment due

Amount dueLate fee
Less than ₹500NIL
₹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 A minimum Cibil 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.

Applying & Tracking Application Status

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.

Choosing the right fuel credit card for your needs

As you have seen , the best fuel card depends on your personal circumstances. Some of the main points you should look at –

EligibilityWhile the minimum income has not been specified for this card, you should have a stable income and good credit scores. Generally a credit score of 750 & above is considered acceptable to get the Axis Bank Indian Oil credit card.
Your monthly fuel spend Fuel cards give higher promotion benefits on fuel , for a certain monthly spend amount on fuel. For example IOCL Axis Bank Card gives 5% benefit on Indian Oil fuel transactions – on maximum monthly fuel expense of ₹5,000 at IOCL outlets
Are you comfortable having more than 1 card ?Fuel credit cards normally do not offer very high benefits on non-fuel spending. Hence they are best when you get them IN ADDITION to one or two other cards, which give you high rewards on your important non-fuel spending such as shopping, travel, etc.
Annual feeDoes your card offer welcome benefits which are more or less the same as the 1st year joining fees – this card compensates about half the 1st year annual fee as we have seen (through a welcome offer worth ₹250) .

Will your yearly card spending help you meet the annual spend target to get fee waived off – in the case of IOCL Axis Bank Credit Card, if you spend ₹50,000 every year, it will be virtually free since the annual fee will be waived off at this level of annual spend.

Conclusion

As you can see, your personal circumstances would dictate the best card for you.

IOCL Axis Bank Credit Card is a great fuel card option for those who spend about ₹5,000 per month on fuel, and do not mind being restricted only to Indian Oil fuel outlet. On these spends one can not only get 5% rewards on fuel purchases, but these level of spends will also help you meet the annual spend target of ₹50,000 to get annual fee waived, which will make this card virtually free.

This card also gives 1% on online shopping and has an attractive dining program. All in all the card is a solid fuel card option.

Apply Now

on Axis Bank website

Frequently Asked Questions

What are the benefits of Axis Bank IOCL Credit Card?

  • Axis Bank IOCL Credit Card offers various benefits to its users, including accelerated rewards of 4% on fuel purchases at IOCL petrol pumps, and 1% fuel surcharge waiver. Besides fuel, the card also offers higher benefits on online spends and has a good dining and movies program.
  • Low annual spend target (of ₹50,000) to get annual fee waived off from the 2nd year onwards
  • Half of first year annual fee is also compensated by welcome offer of ₹250

What is the credit limit for Axis Bank IOCL Credit Card?

  • The credit limit for Axis Bank IOCL Credit Card varies based on the applicant’s income, creditworthiness and other factors. The bank will evaluate the applicant’s income, credit history, and other factors before deciding on the credit limit.

Can I convert my Axis Bank IOCL Credit Card purchases into EMIs?

  • Axis Bank IOCL Credit Cardholders can convert their purchases into easy EMIs through the ‘Axis Pay Later’ feature. The feature allows cardholders to convert their high-value transactions into EMIs and repay them over a flexible tenure of their choice. You can consider this option in case you are unable to pay the full credit card bill in time, which should always be your 1st choice.

Is there any joining bonus for Axis Bank IOCL Credit Card?

  • Yes, Axis Bank IOCL Credit Card offers a joining bonus to its customers. The bank gives a cashback of ₹250 – on your first fuel purchase/s of ₹250 or more, within 30 days of card issuance
Compare Products
Action Add Product
Image
Title
Price
Stock Status
Quantity
Add To Cart
Review
IndusInd Nexxt Credit Card
IndusInd Nexxt Credit Card
0 customer review
Yes Bank BYOC Credit Card
Yes Bank BYOC Credit Card
0 customer review
Air India SBI Platinum Card
Air India SBI Platinum Card
0 customer review
Air India SBI Signature Card
Air India SBI Signature Card
0 customer review
SBI Etihad Guest Card
Etihad Guest SBI Card
0 customer review
SBI Etihad Premier Card
Etihad Guest SBI Premier Card
0 customer review
SimplySAVE UPI SBI Card
SimplySAVE UPI SBI Card
0 customer review
Paytm SBI Card
Paytm SBI Card
0 customer review
Apollo SBI Card
Apollo SBI Credit Card
0 customer review
SBI Ola Card
OLA Money SBI Credit Card
0 customer review