Axis Bank has recently launched a new co-branded fuel credit card in partnership with Indian Oil Corporation Ltd, powered by Visa. The card not only gives handsome return on fuel spends, but also a decent return on online spends. Here’s the detailed review of the same.
- Joining/Annual Fee: Rs.500+GST (Renewal fee waived on Rs.50k Spend)
- Welcome Benefit: 100% Cashback on “all fuel spends” in first 30 days, upto Rs.250
Your joining fee is partly set off by the welcome benefit. While that’s a disappointment, you should be okay with that after looking into the rewards that this card has to offer.
- IOCL Spends: 4% as Edge Rewards (Spend Range: Rs.100-Rs.5000 p.m.)
- Online: 1% as Edge Rewards
- Offline: 0.02% as Edge Rewards
4% return on IOCL spends is very generous and that’s possible because of the poor rewards on offline spends. 1% returns on online spends too is really good for a card of this type and fee range.
Features & Benefits
- Fuel Surcharge Waiver: 1% (Spend Range: Rs.100-Rs.5000 p.m.)
- Bookmyshow: Get 10% off up to Rs 100 on your transaction with your IndianOil Axis Bank Credit Card
- Cardexpert Rating: 4/5
Its truly a great card that rewards you with 4% return on fuel spends as edge rewards, which means easier redemptions too. The card is designed in such a way that it makes sense to get it if you’ve fuel spends in the range of Rs.4000 – Rs.5000 a month, with which you’ll also get annual fee waiver.
If not, you’ll need to spend the remaining amount offline/online for waiver which will reduce your overall return on spend. But then even the returns on online spends are as good as most other entry-level cards launched recently.
So its overall a rewarding card for beginners with pretty decent returns on online/fuel spends.
What’s your take on the new Indian Oil Axis Bank Credit Card?