IndianOil Axis Bank Credit Card is a co-branded fuel credit card issued by Axis Bank in collaboration with IOCL (Indian Oil Corporation Limited). The card is solely aimed at providing great saving opportunities to those who spend very often on fuel. It is an entry-level card and hence comes with a nominal annual fee of Rs. 500. The card 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. Other than this, the cardholders get fuel surcharge waivers and many more benefits with the IndianOil Axis Bank Credit Card. Read on to learn more about this entry-level co-branded offering by Axis Bank and IOCL.
- Joining Fee- Rs. 500+GST
- Renewal Fee- Rs. 500+GST
- Best Suited For- Fuel | Shopping
- Reward Type- Reward Points
- Welcome Benefits- 100% cashback (up to Rs. 250) on all fuel transactions made within 30 days of card issuance.
Rewards and Benefits
- 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
- Spend based Waiver- Renewal fee waived off on annual spending of Rs. 50,000.
- 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. 200 and Rs. 4,000
- Cash Advance Charge- 3.4% of the total transaction amount (Minimum Rs. 500).
- Add-on Card Fee- Nil
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 15% discount up to Rs. 500 on dining bills at partner restaurants under the Axis Bank EazyDiner Program.
- 1% fuel surcharge waived at all fuel stations across India.
- Renewal fee waived off on annual spends of Rs. 50,000.
Indian Oil Axis Bank Credit Card Features and Benefits
The IndianOil Axis Bank Credit Card is an exclusive fuel card that comes with great reward rates over different categories including fuel and others. Some of the most important benefits and features of this card are as follows:
Welcome Benefits:
- 100% cashback (up to Rs. 250) on fuel transactions made within 30 days of card issuance as a welcome benefit.
Movie & Dining Benefits:
- Instant 10% discount on movie ticket bookings on BookMyShow.
- Up to 15% off up to Rs. 500 on dining bills at partner restaurants under the Axis Bank EazyDiner Program.
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.
Indian Oil Axis Bank Credit Card Eligibility Criteria
The eligibility requirements that the applicants need to fulfill in order to get approved for the IndianOil Axis Bank Card are as follows:
- 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.
Documents Required
The documents required to apply for the Axis Bank IndianOil Credit Card are as follows:
- 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 Credit Card?
One can apply for the IndianOil Axis Bank online as well as offline at their convenience. To apply offline, you can simply visit the nearest Axis Bank branch to you and apply by filling in the physical application form. And if you want to apply online, you can proceed further as follows:
- Click on the Apply Now button at the top of the page.
- Under the option ‘Explore Products,’ select ‘cards’ and then ‘Credit Cards.’
- Find and select the IndianOil Axis Bank Credit Card.
- Click on apply online and proceed further accordingly.
Conclusion
If you’re looking for an entry-level fuel credit card, the IOCL Axis Bank credit card is certainly worth considering as you get a pretty high reward rate of 4% on fuel spending. Apart from this fuel benefit, the card also offers an accelerated reward rate of 1% on online spends. However, the reward rate for offline spends (except for fuel transactions) is very low (just 0.20%).
Also, this card earlier used to offer complimentary Amazon Prime membership, which has now been withdrawn and the decision is a bit disappointing for the cardholders who are frequent shoppers at Amazon. 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.
