IndianOil Axis Bank Credit Card Review

The IndianOil Axis Bank Credit Card is a co-branded fuel credit card that has garnered attention for its attractive rewards and benefits. Issued by Axis Bank in collaboration with IOCL (Indian Oil Corporation Limited), this credit card is specifically designed to provide significant savings for individuals who frequently spend on fuel. As an entry-level card, it offers a host of features at a nominal annual fee of Rs. 500, making it an appealing choice for those looking to maximize their fuel-related expenses.

The IndianOil Axis Bank Credit Card offers an exceptional benefit of earning a remarkable 5% reward rate on fuel expenses at IOCL filling stations. This attractive reward system enables cardholders to accumulate significant savings on their fuel purchases, making it an excellent option for individuals who heavily depend on their vehicles for everyday commuting or traveling. Furthermore, the card provides a respectable 1% reward rate on online transactions, adding to its appeal for frequent online shoppers.

While the card may not offer an extensive range of additional benefits, it does provide some notable perks. Cardholders can enjoy dining and movie benefits, including instant discounts on movie tickets and discounted rates at partner restaurants through the bank’s Dining Delights Program. Moreover, users can benefit from fuel surcharge waivers and other exclusive advantages that come with the IndianOil Axis Bank Credit Card.

In this review, we will delve deeper into the features and benefits offered by the IndianOil Axis Bank Credit Card. By exploring its rewards program, cost-effectiveness, and associated privileges, we aim to provide you with a comprehensive understanding of this entry-level co-branded offering by Axis Bank and IOCL. Whether you are a frequent fuel spender or an avid online shopper, this review will help you evaluate if the IndianOil Axis Bank Credit Card is the right choice for you.

Features and Benefits

• Welcome Benefits: As a warm welcome to new cardholders, the IndianOil Axis Bank Credit Card offers an attractive 100% cashback on fuel transactions made within 30 days of card issuance, with a maximum cashback of up to Rs. 250*. This initial benefit allows users to enjoy immediate savings on their fuel expenses, making it a compelling incentive to start using the card.
• Reward Rates: This exclusive fuel card boasts excellent reward rates across various spending categories. Notably, cardholders can enjoy a remarkable 5% reward rate* on fuel spends at IOCL filling stations. This high reward rate ensures that every time you refuel your vehicle, you earn significant savings that accumulate over time. Additionally, the card offers a decent reward rate of 1%* on online spends, making it a versatile option for those who frequently make online purchases.
• Movie & Dining Benefits: Cardholders can indulge in exciting movie experiences with the IndianOil Axis Bank Credit Card. By booking movie tickets through BookMyShow, users can avail an instant 10% discount*, enhancing their entertainment experience while enjoying savings at the same time. Additionally, the card offers enticing dining benefits through the Axis Bank EazyDiner Program. Users can enjoy up to 15% off* on dining bills at partner restaurants, with a maximum discount of Rs. 500*. This feature allows cardholders to savor delicious meals at a discounted price, making dining out even more enjoyable.
• Fuel Surcharge Waiver: The IndianOil Axis Bank Credit Card provides the added advantage of fuel surcharge waivers*. Cardholders can enjoy a waiver of 1% on fuel surcharges across all fuel stations in India, making their fuel purchases even more cost-effective. This benefit ensures that users save on surcharges, enhancing their overall fuel-related savings.
• Additional Benefits: Apart from the aforementioned features, the IndianOil Axis Bank Credit Card offers a range of additional benefits that add value to cardholders’ overall experience. These benefits may include access to exclusive offers, discounts, and promotional deals from time to time, further enhancing the savings potential of the card.

Indian Oil Axis Bank Credit Card Rewards

• Fuel Purchases: With the Indian Oil Axis Bank Credit Card, fuel purchases become even more rewarding. Cardholders can earn an impressive 20 EDGE Points* for every Rs. 100 spent on fuel purchases at all IOCL stations across India. This generous reward rate applies to transactions ranging from Rs. 100 to Rs. 5,000, allowing users to accumulate points quickly while fueling up their vehicles. These EDGE Points can be redeemed for a wide range of exciting rewards, enhancing the overall value of the card.
• Online Shopping: The card also offers attractive rewards for online shopping enthusiasts. Users can earn 5 EDGE Points* for every Rs. 100 spent on online transactions, including purchases made on e-commerce platforms, utility bill payments, and more. This reward rate is applicable for transactions between Rs. 100 and Rs. 5,000, providing ample opportunities to earn points while enjoying the convenience of online shopping.
• All Other Spends: The rewards program of the Indian Oil Axis Bank Credit Card extends beyond fuel and online shopping. For all other expenditures made using the card, users can earn 1 EDGE Point* for every Rs. 100 spent. This includes a wide range of categories such as retail purchases, dining bills, travel expenses, and more. By earning EDGE Points on all their spends, cardholders can maximize their rewards and turn everyday purchases into valuable benefits.

Eligibility Criteria

To ensure that individuals meet the necessary qualifications for obtaining the Indian Oil Axis Bank Credit Card, the following eligibility criteria must be fulfilled:

• Residency: The primary cardholder must be either an Indian resident or a Non-Resident Indian (NRI)*. This criterion ensures that the card is accessible to a wide range of individuals, including both residents and non-residents who have a valid Indian connection.
• Age Requirement: The age of the primary cardholder should fall within the range of 18 years to 70 years*. This age limit ensures that the card is available to adult individuals who are legally eligible to enter into credit card agreements. It allows individuals to apply for the card and enjoy its benefits throughout a significant portion of their adult lives.
• Add-On Cardholders: The option to include add-on cardholders is available with the Indian Oil Axis Bank Credit Card. However, the age requirement for add-on cardholders is set at over 15 years*. This provision allows individuals to extend the benefits of the card to family members, such as children or spouses, who may require supplementary cards for their own use.

By adhering to these eligibility criteria, interested individuals can ensure that they meet the necessary requirements for the Indian Oil Axis Bank Credit Card. It is important to note that meeting these criteria does not guarantee card approval, as the final decision is subject to the bank’s discretion and additional factors such as income and creditworthiness may also be considered.

How to Apply for the IndianOil Axis Bank Credit Card?

Obtaining the IndianOil Axis Bank Credit Card is a simple and convenient process. Whether you prefer applying online or offline, there are options available to suit your preference. Here are the steps to apply for the card:

Offline Application

• Visit the nearest Axis Bank branch at your convenience to apply for the IndianOil Axis Bank Credit Card.
• Obtain a physical application form from the bank’s representatives or the customer service desk.
• Fill in the required details accurately and completely in the application form.
• Submit the duly filled application form along with any necessary documents as requested by the bank.

Online Application

• Start the application process by clicking on the “Apply Now” button located at the top of the page.
• Navigate to the “Explore Products” section and select “Cards” followed by “Credit Cards”.
• Look for the IndianOil Axis Bank Credit Card among the available options.
• Click on the “Apply Online” button associated with the IndianOil Axis Bank Credit Card.
• Follow the subsequent steps as guided by the online application portal to complete your application.

By following these steps, you can successfully apply for the IndianOil Axis Bank Credit Card either offline by visiting a branch or online through the Axis Bank website. Make sure to provide accurate information and fulfill any document requirements to increase the chances of a smooth application process.

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FAQs

What is the annual fee for the IndianOil Axis Bank Credit Card?

The IndianOil Axis Bank Credit Card has a nominal annual fee of Rs. 500.

What is the reward rate for fuel spends with the IndianOil Axis Bank Credit Card?

The card offers a high reward rate of 4% on fuel spends at IOCL filling stations.

Is the Amazon Prime membership still available as a benefit with the IndianOil Axis Bank Credit Card?

No, the complimentary Amazon Prime membership benefit has been withdrawn.

Are there any similar fuel credit card options to consider alongside the IndianOil Axis Bank Credit Card?

Yes, two comparable options to explore are the ICICI Bank HPCL Super Saver Credit Card and the BPCL SBI Credit Card, both of which are entry-level fuel credit cards with a joining fee of Rs. 500.

Conclusion

If you’re in search of an entry-level fuel credit card, the IOCL Axis Bank credit card presents an enticing option. With a substantial reward rate of 4% on fuel spending, this card can help you save significantly on your fuel expenses. Additionally, you can enjoy an accelerated reward rate of 1% on online spends, further enhancing its appeal for avid online shoppers.

However, it’s important to note that the reward rate for offline spends, excluding fuel transactions, is relatively low at just 0.20%. While the card used to offer complimentary Amazon Prime membership in the past, this benefit has been withdrawn, which may disappoint frequent Amazon shoppers who were relying on this perk.

Before finalizing your decision, it’s recommended to explore two of its closest competitors: the ICICI Bank HPCL Super Saver Credit Card and the BPCL SBI Credit Card. These cards also fall under the category of entry-level fuel credit cards and, similar to the IOCL Axis Bank Credit Card, they come with a modest joining fee of just Rs. 500.

By comparing the features, rewards, and additional benefits offered by these cards, you can make an informed choice that aligns with your fuel spending habits and overall financial requirements. It’s always wise to consider multiple options and evaluate them based on your personal preferences and needs.

Author: Vedanti KiranVedanti is a female finance writer, currently pursuing her studies at Hansraj College. She has a passion for writing and travelling, and her articles on the stock market, finance, investment, and cryptocurrency are well-researched and informative. With her unique perspective on the world of finance, Vedanti is a go-to source for those seeking insights into the world of finance.