Indian Oil Axis Bank RuPay Credit Card, Rewards and Benefits, Joining Fees Charges, Apply Online

Indian Oil Axis Bank RuPay Credit Card: Introducing the Indian Oil Axis Bank Credit Card, a strategic collaboration between Axis Bank and Indian Oil Corporation Limited (IOCL) designed to offer significant savings for frequent fuel spenders. Positioned as an entry-level card, it provides a gateway to cost-effective fuel transactions with nominal joining and annual fees of just Rs. 500.

Fueling your savings, the card boasts an impressive 5% reward rate on fuel spends at IOCL filling stations, making it a lucrative choice for those who frequently hit the road. Additionally, online spends earn a respectable 1% reward rate, ensuring rewards beyond just fuel purchases.

Despite its entry-level status, the card doesn’t skimp on benefits. Cardholders are treated to dining and movie perks, including instant discounts on movie tickets and discounted rates at partner restaurants through the bank’s Dining Delights Program. This adds value to everyday indulgences, enhancing the cardholder experience beyond fuel savings.

Furthermore, the Indian Oil Axis Bank Credit Card extends benefits such as fuel surcharge waivers, contributing to overall savings on fuel expenses. While it may not offer an extensive array of additional benefits, its focus on fuel-related advantages ensures that cardholders receive tangible value where it matters most.

Rewards and Benefits

Enticing Movie Offers

• 10% Instant Discount on Movie Tickets: Cardholders enjoy a 10% instant discount on movie ticket bookings via BookMyShow, enhancing their movie-watching experiences with valuable savings. 3

Fuel Rewards Rate

• High Reward Points on Fuel Transactions: Earn 20 Reward Points per Rs. 100 on fuel transactions at IOCL stations, maximizing rewards for frequent fuel spenders. Additionally, earn 5 Reward Points per Rs. 100 on online shopping and 1 EDGE Point per Rs. 100 on all other spends with the card, ensuring valuable rewards on various transactions.

Reward Redemption

• Versatile Reward Redemption: The earned Reward Points are redeemable for shopping/travel vouchers and a variety of products available on the Axis Bank EDGE Rewards Portal, providing flexibility in reward redemption.

Additional Benefits

• Fuel Surcharge Waiver: Enjoy a waiver of the 1% fuel surcharge at all fuel stations nationwide for transactions ranging between ₹400 and ₹4,000, ensuring cost-effective fuel purchases.
• Interest Rate and Foreign Currency Transactions: The credit card’s interest rate stands at 3.6% per month (equivalent to an annual rate of 52.86%). Additionally, a markup fee of 3.5% is applied to foreign currency transactions made with the card, ensuring transparency in international transactions.
• Cash Advance Charges: In case of cash advances made using the card, a fee of 2.5% of the transacted amount is levied, with a minimum charge of ₹500, providing access to additional funds when needed.

Zero Liability Protection

• Enhanced Security: Cardholders are protected by Zero Liability Protection, ensuring that they are not liable for any fraudulent transaction made with the card post reporting the loss of the card to the bank, providing peace of mind and security.

Fees & Charges

Spend Based Waiver

• Renewal Fee Waiver: Enjoy the benefit of the renewal fee being waived off upon achieving annual spending of Rs. 50,000, providing added value and cost savings for cardholders.

Rewards Redemption Fee

• No Rewards Redemption Fee: Cardholders can redeem their rewards without incurring any redemption fees, ensuring seamless and cost-effective reward utilization.

Foreign Currency Markup

• Foreign Currency Transactions: A foreign currency markup of 3.5% is applied to the transaction amount, ensuring transparency in international transactions.

Interest Rates

• Competitive Interest Rates: The card offers an interest rate of 3.4% per month, equivalent to 49.36% per annum, providing competitive financing options for cardholders.

Fuel Surcharge Waiver

• Cost-Effective Fuel Transactions: Benefit from a 1% fuel surcharge waiver at all filling stations across India for transactions between Rs. 200 and Rs. 5,000, ensuring savings on fuel expenses.

Cash Advance Charges

• Cost-Effective Cash Advances: Avail cash advances with a fee of 3.4% of the total transaction amount, with a minimum charge of Rs. 500.

Add-on Card Fee

• No Add-on Card Fee: Enjoy the convenience of add-on cards without incurring any additional fees, providing flexibility in card usage for supplementary cardholders.

Product Details

• Kickstarting your journey with a bang, the card offers a generous 100% cashback, up to Rs. 250, on your first fuel transactions within 30 days of card issuance. This welcome gesture sets the tone for the incredible savings that lie ahead.
• Fueling your rewards, the card earns you a whopping 20 Reward Points for every Rs. 100 spent at Indian Oil Corporation Limited (IOCL) petrol pumps, ensuring substantial returns on your fuel expenses. Meanwhile, online shopping becomes even more rewarding with 5 Reward Points earned for every Rs. 100 spent, making every online transaction count.
• For all other spends, the card doesn’t disappoint, offering 1 EDGE Point per Rs. 100 spent, ensuring rewards across a wide spectrum of purchases. Whether it’s groceries, utilities, or leisure activities, every swipe earns you closer to your next reward.
• Movie buffs rejoice as the Axis Bank Fuel Plus Credit Card unlocks instant discounts of up to 10% on movie tickets booked via BookMyShow, adding excitement to your entertainment outings. Meanwhile, dining experiences are elevated with discounts of up to 15%, up to Rs. 500, on dining bills at partner restaurants through the Axis Bank EazyDiner Program, ensuring delightful culinary adventures without burning a hole in your pocket.
• Moreover, bid farewell to pesky fuel surcharges, as the card grants a 1% waiver on fuel transactions at all fuel stations across India, offering seamless and cost-effective fueling experiences wherever you go.
• But the benefits don’t end there. The Axis Bank Fuel Plus Credit Card rewards loyalty, with renewal fees waived off on annual spends of Rs. 50,000, ensuring that your commitment to the card is duly recognized and rewarded.

Pros/Cons

Pros

• Fuel Cashback: This card is exceptionally well-suited for transactions at petrol stations, providing outstanding cashback on fuel purchases, which are an essential daily requirement.
• Movie Ticket Discount: Avail a 10% discount on movie tickets when booked through BookMyShow, enhancing entertainment experiences with valuable savings.

Cons

• Lack of Travel Benefits: While this card excels in providing cashback for fuel transactions, it lacks any travel benefits, which might be a drawback for frequent travelers.
• Limited Welcome Benefit: The card offers a modest cashback of Rs. 250 only on the first transaction, lacking a substantial welcome benefit typically offered by other cards.

Indian Oil Axis Bank RuPay Credit Card Features and Benefits

The IndianOil Axis Bank RuPay Credit Card is a specialized fuel card that offers attractive reward rates across various categories, especially in fuel and entertainment. Here are the key benefits and features of this card:

Welcome Benefits

• 100% Cashback: Earn 100% cashback up to Rs. 250 on fuel transactions made within 30 days of card issuance as a welcome benefit.

Movie & Dining Benefits

• Movie Ticket Discounts: Enjoy an instant 10% discount on movie ticket bookings via BookMyShow, enhancing your entertainment experiences with valuable savings.
• Dining Discounts: Avail up to 15% off, up to Rs. 500, on dining bills at partner restaurants under the Axis Bank EazyDiner Program, adding value to dining experiences.

Rewards

• Fuel Purchase Rewards: Earn 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.
• Online Shopping Rewards: Receive 5 EDGE Points per Rs. 100 spent on online shopping for transactions between Rs. 100 and Rs. 5,000.
• General Spending Rewards: Gain 1 EDGE Point per Rs. 100 on all other spends with the card.

Reward Redemption

• Flexible Redemption: Redeem the earned EDGE Points against shopping/travel vouchers or product purchases from the given catalog on the Axis Bank EDGE Rewards Portal.

Eligibility Criteria

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

Documents Required

To apply for the IndianOil Axis Bank RuPay Credit Card, the following documents are typically required:

• Identity Proof: Aadhar Card, PAN Card, Voter’s ID, Passport, etc.
• Address Proof: Aadhar Card, Utility bills, Driving License, etc.
• Income Proof: Latest bank statements/salary slips or latest ITR.

How to Apply for the IndianOil Axis Bank RuPay Credit Card

Online Application:

1. Visit the Official Website: Navigate to the Axis Bank website and locate the IndianOil Axis Bank RuPay Credit Card page.
2. Fill in Your Details: Provide the necessary information as prompted, including personal and contact details.
3. Submit Your Application: Once you’ve filled in all the required fields, review your details and click on the “Apply Online” button to submit your application.

Offline Application:

1. Visit a Branch: Head to the nearest Axis Bank branch in your locality.
2. Collect and Fill the Application Form: Request for the IndianOil Axis Bank RuPay Credit Card application form and complete it with accurate details.
3. Submit the Form: Hand over the filled application form along with any required documents to the bank representative.

IndianOil Axis Bank RuPay Credit Card Review

Are you curious about the perks and benefits offered by the IndianOil Axis Bank RuPay Credit Card? Let’s delve into a comprehensive review to help you gauge its suitability for your needs.

Fuel Rewards: Enjoy a lucrative reward rate of 4% on fuel spending, making it an attractive option for frequent drivers.

Online Spending Bonus: Earn an accelerated reward rate of 1% on online transactions, adding value to your digital purchases.

Offline Spending Rewards: While fuel transactions fetch high rewards, offline spending (excluding fuel) earns a modest reward rate of 0.20%.

Former Perk Withdrawal: It’s worth noting that the card previously offered complimentary Amazon Prime membership, which has been discontinued. This may disappoint frequent Amazon shoppers.

Comparison with Competitors

Before making your decision, it’s essential to weigh the IndianOil Axis Bank RuPay Credit Card against its competitors, such as the ICICI Bank HPCL Super Saver Credit Card and BPCL SBI Credit Card.

While all these cards offer entry-level fuel benefits with a nominal joining fee of Rs. 500, each has its unique perks and drawbacks. Consider factors like reward rates, additional benefits, and your spending habits to determine the best fit for you.

Share Your Experience

If you’re already a cardholder of the IndianOil Axis Bank RuPay Credit Card, we’d love to hear about your experience. Feel free to share your insights and feedback in the comments section below.

In conclusion, the IndianOil Axis Bank RuPay Credit Card presents an enticing proposition for fuel enthusiasts and online shoppers alike. However, evaluating its features alongside competitor offerings is crucial to ensure it aligns with your financial goals and lifestyle preferences.