Axis Bank Indian Oil Credit Card Review

By | March 24, 2023
Indian Oil Axis Bank Credit Card
Indian Oil Axis Bank Credit Card

Axis Bank has a 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 Axis Bank Indian Oil Credit Card.


TypeFuel Credit Card
Reward Rate0.2% – 4%
Annual Fee500 INR+GST
Best forIOCL Spends
USPSimple rewards system

Compared to all other fuel credit Cards in the India, Axis Bank Indian Oil Credit Card is a pretty decent credit card if your fuel spends are in the range of 5000 INR a month.

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*** Now as Lifetime FREE Card (for a Limited Period) ***

Joining Fees

Joining FeeRs.500+GST
Welcome Benefit100% Cashback on “fuel spends” in first 30 days,
Upto Rs.250
Renewal FeeRs.500+GST
Renewal Fee WaiverOn annual spends of Rs.50,000

Your joining fee is only partly offset by the welcome benefit. While that’s a disappointment, you will be okay with that after looking into the rewards that this card has to offer.


Spend TypeRewardsMax Cap / month
IOCL Spends20 Points / 100 INR (4%)1000 Points
Online Spends5 Points / 100 INR (1%)
Offline Spends1 Point / 100 INR (0.2%)
  • 1 Edge Reward Point = 0.20 INR (if used for vouchers)
  • Max. fuel spends per month = 5000 INR (with benefit)
  • Max. annual benefit = 2400 – 340 (partial joining fee) = 2060 INR (if you spend 5K INR every month)
  • Net annual gain = 3.4%

While 4% return on IOCL spends may seem generous, its actually not, as you can only get 3.4% max in a year and that too if you max out 5k/m spend every month.

This is possible by giving very poor offline spends. The idea is that those who swipe at fuel station is highly likely to spend offline as well and hence they manage the difference.

1% return on online spends is decent for a card of this type and fee range.

But of-course, if you have other super premium credit cards like Axis Magnus, then your reward rate would be much higher because of the potential value that can be derived from points transfer partners.

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

The card is designed in such a way that it makes sense to get it if you use it “only for fuel” with 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 not poor though.


  • Cardexpert Rating: 4/5

Its a decent credit card that rewards you good on fuel & online spends as edge rewards, which means easier redemptions too.

However, I generally suggest to stay out of any fuel credit cards as not all IOCL fuel stations are properly marked as IOCL internally, so you may not get the accelerated rewards as expected. This is the major issue with any fuel credit card in India.

But if you wish to give it a try, no harm in doing that, as it’s anyway a lifetime free credit card at the moment.

What’s your take on the new Indian Oil Axis Bank Credit Card? Feel free to share your thoughts in the comments below.

Author: Siddharth

Helping Indians to choose right credit cards, pick right offers and enjoy luxury vacations for less. Day & night exploring the spiritual reality of our human existence.

57 thoughts on “Axis Bank Indian Oil Credit Card Review

  1. Prashant Gupta

    Good card with better return than IOCL citi card. But almost all the of the iocl citi cards are lifetime free atleast i havent paid any fees. Comparable to ICICI HPCL coral amex card with same 4% return (2.5% cashback+1.5% payback points), i recently was bille Rs.199+taxes as fees for not crossing Rs.50K in a year.

    My take go with anyone ICICI or Axis. ICICI give lounge access as well and fees is less too but reward on other spends is only 0.5%.

    1. Siddharth Post author

      Thanks for the comparison. Does ICICI Amex work on IOCL swipe machines?

      1. Pranab

        Never tried this card in IOCL as the cashback and RPs are restricted at HPCL pumps and ‘ICICI POS’. NO cashback if swiped on any other POS.
        Also note: The cashback and RPs are for ICICI Coral HPCL Amex card only.

      2. Prashant Gupta

        @sidd. Havent used on iocl, but it should work on all machines accepting amex although the benefit of HP will not be there (4% return).



  2. Maulin

    Thanks Siddharth for the review.

    How much would you say is an edge reward point is worth? I haven’t seen any good redemption options on their site.

    1. Siddharth Post author

      20ps is the usual value. They’ve had decent set of instant vouchers. I’ll need to check what’s new from them (their rewards site is now down as we speak) but Yatra should be there if you’re into travel.

      1. Jatin chopra

        An edge reward is 20p at best. You can buy amazon vouchers which is as good as cash redemption now with amazon pay having so many options to spend.

  3. Pranab

    I’ve redeemed edge rewards for flipkart and amazon EGVs 2-3 weeks ago, the value is Re 0.20/point.

  4. Bharath

    Citibank IOC card gives better rewards than this.

    Rewards : IOC Spends – 4 rewards per 150
    Grocery/department stores – 2 rewards per 150 and rest others 1 round per 150

    1 RP equivalent to 1rupess if we redeem for petrol/diesel else 35ps

  5. Amann

    2 important questions:

    1. Fuel 4%- is there a max cap?
    2. Do we need to swipe at Axis EDC?

  6. Royce

    4% seems fine enough but they haven’t opened the card for Delhi, any ideas which cities they are live with this ?

  7. Bipin

    Website of AXIS bank says that for 48k annual spend on fuel, one will get 1920rs cashback.
    For the same amount, Citi card will give 1280 turbo points( =1280 rs). So for only fuel, Axis card is better. Or I am missing something?

  8. Bhavya

    Unable to redeem Axis edge reward points. The instant voucher redemption orders are getting cancelled on their own and bank is stating the reason for cancellation that customer requested cancellation !

  9. Sourabh Singh

    Is there any suitable credit card for Fleet Owners to make fuel payment which attracts decent cash back and also Fuel Station owners who have to make payment to Oil companies to the tune of 1Crore or more per month.
    Which card can give best returns or what will be the other way out to make payments of this nature

    1. Satyam Gupta

      Hey Sourabh and Siddharth
      For business transactions I won’t recommend that you take this card as the upper cap per month is upto ₹5000 only.
      Moreover I’ve been using this card since February now and this is THE MOST USELESS CARD I’ve come across, they never credit the reward points on this card on getting fuel from Indian Oil Pumps.
      I’ve been writing them emails since February and they reply that the transactions were done at NON IOCL pumps and when I sent them photos of that pump I received a reply that these transactions were done using a debit card.
      My experience soo far with axis Bank Select Card and Burgundy Debit Card has been best but with this card there always has been some or the other issue.
      And these replies are actually from their MD office when I wrote them emails with Photo proofs of the pumps.
      Now I don’t even receive replies from them
      They have been trying to be Dictators in a Democracy, they just don’t listen to their customers

      I’m almost a CA and now a Law student, planning to sue the bank for this non sense as they don’t have updated records and when asked to do the right thing they never reply satisfactory. If I win I’ll have another trophy in my room, otherwise we aren’t in a better place as of now.
      Few days back I had to literally travel far off to find the petrol pump where I purchased fuel in March for ₹5100(in agreegate) to get the photographs of that pump… Paid another ₹500 for fuel and ₹255 in Toll Charges, Axis Bank has lost it’s credibility.

      If anybody else can please suggest what I should do about it, you’re most welcome

      1. Azhar

        I also agree despite spending on Indian oil petrol pump reward points are not credited. I have experienced same issue

  10. Prashant Kumar

    It is the worst card I have ever used, Using from the last 4 month but didn’t get any reward points for fuel, when I called to customer care they told me you will only get points for fuel when the Indian Oil name comes in Transaction details. I have used this card on more than 10 Indian oil petrol pump but none of them used Indian oil in their name.


      Even I have faced the same issue since I got this in January this year. For this I needed to call CC frequently and placed service complaint registration. Then, they were closing the SR without any resolution. Afterwards, I told them to transfer the call to higher authorities and escalated the ongoing issue with SR no.s. I got all my rewards points with in 3 days after speaking to him. Try to escalate this issue with Nodal officer.

    2. Imran

      Reach out to Nodal Officer’s email address mentioned in the statement, it works – it did for me.

  11. Abhishek Maheshwari

    Recently I have ordered this card for my wife ( was pre-approved ), application process was smooth had to pay 590 rs as a joining fee ( 499+GST ). when I used it the first time at Indian oil, I got 250 cashback ( Joining offer ), reversal of fuel surcharge and 300 reward points.

    Now after that, I have used it two times and got only GST reversal ( no reversal of fuel surcharge and no reward points at the same fuel station ), Reading the comments above I feel I have made a mistake taking is a card, have raised the issue with my Relationship manager. Will keep on updating process as it goes

    1. Abhishek Maheshwari

      Update 1
      After mutiple complaints with both Rm and phone banking officer , i have received reward points , but still reversal of fule surcharge waiver is pending .
      Will update once that is resolved .

    2. Abhishek Maheshwari

      Update 2

      No action taken after 3rd complaint online, even RM is clueless regarding the refund of the fuel surcharge waiver. Planning to escalate the matter to the Nodal officer of axis bank.
      any suggestions?
      truly a pathetic card from axis will surrender before the end of the year …

      1. Siddharth Post author

        Feel free to share the complaint/SR number here or with bank’s social media handles. Might help at times.

        As always, its better to stay away from Fuel cards!

        1. Abhishek Maheshwari

          Agree , will avoid these cards in future. Planning to call costumer care again ( missed complaint number ) and will follow up with mails to axis bank nodal officer.

        2. Rajat Pimplikar

          Thanks Siddharth for the review. I am intrigued to know how do you manage your fuel spends if you don’t have a fuel credit card.

    3. Pm

      If I fill 500 petrol at IOC, I get charged 505 in statement, I tried call customer care they keep on telling it will reverse in next statement. Axis IOC card is making people fool by saying 4% value back, but here they charge fuel surcharge 1%+ and don’t waiver off, which end you getting only 2.5 to 3% as reward. Simply waste card.

    4. Abhishek Maheshwari

      Update 3

      Finally have given up and today have called Axis bank guys to surrender this card ..not with the hassel..
      I neither get fuel surcharge waiver nor rewards points

    5. Saurabh

      I got an updte from Axis cc how the reward points are working for this card.
      1st fuel transaction : Since it has 250 cashback , no reward points applicable
      2nd fuel transaction onwards : Normal 20 Points / 100 INR but can take upto 12 working days to be credited

      Fuel Surcharge reversal happened within 3 days in my case across all Indian Oil fuel transactions
      GST reversal on fuel surcharge will not be done

      All new Indian Oil Axis cards are being given as Rupay variant one
      Might be helpful

  12. Jasdeep Singh

    Anyone looking to get this card, please dont buy it. They are not reversing surcharge amount, moreover, reward points were also not credited to my account. I reconciled all my fuel transactions and found that 3900 reward points were not credited (i.e. Rs.780) and there is a surcharge reversal pending for 8-9 transactions.
    From May 2021 onwards only surcharge GST reversal is credited. I have made so many complaints but nothing has been done yet. They just keep asking for more time. You cannot trust them anymore. I have finally signed closure form. When i will get a call for retaining, lets see what option they give it to me.

  13. P m shinde

    I fill 500 petrol at IOC, I get charged 505 in statement, I tried call customer care they keep on telling it will reverse in next statement. Axis IOC card is making people fool by saying 4% value back, but here they charge fuel surcharge 1%+ and don’t waiver off, which end you getting only 2.5 to 3% as reward. Simply waste card. Not a single time I got surcharge reverse anytime.

  14. Utpal

    My monthly fuel expenditure is around 5k. Given the max caps, which fuel card would be best for me?
    I mostly use my Amex Platinum Travel or HDFC Regalia card. I mostly go to IOCL petrol pump near my residence even though there is an BPCL as well

    1. Siddharth Post author

      You’ve already landed in the right thread.

      With Axis IOCL you get a net gain of 3.4% if your monthly spend is 5K every month for a year. Pls check the updated rewards section.

      1. Rajendra Faye

        Please don’t go for Axis Indian Oil Card as they are making fool. I did 2 transaction of 200 at different IOCL petrol pump and they charge 211 each time in my statement. Means almost extra 5 percent. Neither reversal is done till date of surcharge nor any edge reward points received.

  15. Sohail

    First of all fuel cards are not that good but if you still want one then go with indian oil citi bank credit card. There terms & conditions are very transparent. I am using it for so many years. They always credit turbo points and they do nothing like what axis is doing with their indian oil card.
    All you have to do is swipe this card in any of the pos machine, there is only one condition and that is the indian oil pump should be citi authorised. For that citi bank will give you list of petrol pump names with there address that are citi authorised. If you follow that list, you will always get turbo points and surcharge reversal but if you use it on some other indian oil pump which is not citi authorised, you will only get surcharge waive off and not any turbo points. Redeeming turbo points is also very easy and in simple clicks you can redeem your points. minimum point required for redemption is 250 & another thing is that these turbo points never expire.
    There customer care is really good in comparison with hdfc and axis bank.

  16. Mo

    Hello Siddharth
    I’m a foreign student in India and this is my first credit card ever!
    I have no idea about whether I should pay tax (on debit cards, you don’t need to I guess) or how it works, etc!
    I also don’t own a vehicle so I know it’s not a good choice for me but this is the only pre-approved credit card I’ve ever got so I’m going with it.
    I mostly buy things online so that’s the only thing I’m going to use this card for.
    Can you explain some do’s and dont’s and a bit about the tax and limits?

    1. Xyz

      How you got the card if you don’t have Indian pan card or aadhar card. Even if you got it then please don’t spend more than 300000 in any financial year. You will be safe.

  17. Ravindra Kumar Kumawat

    This card is available LTF now. I applied for it. After multiple follow-ups, someone visited me to do the KYC. KYC was done around 6.30PM and the very next day card declined. This was the first decline for me as I hold around 6-7 cards. I applied through my wife’s number and it declined in just 10 minutes even without KYC. She does not hold any CC. Is the LTF offer is a gimmick or does someone actually get it?
    Note: My Zone, Flipkart, and IndianOil cards are on LTF offer.

    1. Kanj

      I have flipkart axis and iocl axis under this scheme. Flipkart card is working fine and gives rewards, but this iocl card not give any reward.

  18. Mugunthan

    Current Axis bank LTF offers through branch:

    MyZone, Neo, Flipkart and IndianOil.

    LTF offers are only provided through branches and not through customer care service.

  19. Black

    For all those who complain about not getting RP/cashback using the IOCL Axis card, please note the below how you may not qualify for the RPs:
    -All banks identify merchant type from the MCC (Merchant Category Code). If your IOCL outlet is not registered under an MCC recognized by Axis as fuel/petrol station, you will not get any RPs.
    -IOCL Axis card returns RPs only when you swipe/tap on an Axis POS machine linked to the outlet’s MCC which is identified as fuel/petrol station.
    -IOCL Axis card returns RP’s only when you buy fuel less than Rs 5000 and above Rs 100 in a single transaction. Even Re 1 less or more will void the eligibility.
    There may be cases when you have swiped on an Axis POS but no RP’s. A classic cause could be the swipe machine belongs to a tyre outlet or a retail outlet selling engine oil/coolant etc within the pump station premise. In this case the POS machine may not be registered under fuel station category MCC & you won’t get your RP’s.
    So the best and sure way to get RP’s is:
    -Go to an IOCL outlet (preferably company owned, company maintained if you could find one)
    -Inquire if they have Axis POS machine
    -If they have an Axis POS, inquire if the machine is registered under the same fuel outlet name and MCC and not under any secondary shops in his premise.
    -When all these things are confirmed, always fill fuel in this same station and while payment ask only the Axis POS to swipe/tap.
    Hope it helps. 🙂

    1. Abhishek

      Too much hassle for saving just 200 rs per month ( 1200 per year ) .

  20. Abhishek Chatterjee

    Axis Bank Indian Oil Credit Card now launched on RuPay Platform, Soon official announced.

  21. Parikshit Parasher

    This is a bad fuel card. They provide 20 edge reward on 100 rs petrol spent which boils down to 4 rs i.e 4% reward rate. Now catch is that even if you spent 1000 rs I’m single transaction on fuel you get only 20 edge reward points. Citibank Indian oil card is much better. I want to ask if i close this card withing 2 months of issuance , will it affect my CIBIL score.

  22. Amit Kumar Jain

    Following observation on the Axis Bank IOCL credit card after using 3 month.
    1. There is no 5% benefit available as Axis Bank Claims even Axis bank charge the surcharge of 1% + GST if your spending in a month is going beyond 5000 INR.

    2. Multiple flaws in their process. (a). Sales team as well as customer care team mentioned at the time of application that the points can be redeemed at Fuel station against Fuel purchase which is the false information. (b). Axis bank is falsely representing that card has saving of 5% which is false.

    3. Points can only be redeemed against the vouchers based on Axis partners. does not matter whether it suits you or not.

    4. Axis bank is losing credibility by giving such a false information and hiding the truth.

  23. saketh

    Can the RPs of IOCL card be combined with RPs of Magnus? If yes, can all the points be converted into miles at 5:4 running currently?

    1. Gaurav

      It’s a value less card Rs.10 +Gst is charged by Axis Bank while transactions are done at any Petrol pumps including Indian oil petrol pumps. It’s is trap by Axis Bank. I contacted customer care they are also saying it will charged. Better to close cArd.

  24. Shashank

    This card is coming up as Lifetime Free for now. Seems like a similar promo that Axis did for MyZone Credit Card.

  25. Ashutosh

    Considering the grievances against this card, did anyone approach RBI ombudsman for the complaints. If nothing, it will create pressure on Bank if many customers complain to RBI for same issue.

  26. Suraj

    Don’t get this card. This will give 4% on fuel spends only if the POS machine is from axis or iocl itself. Almost all of the IOCL stations use icici POS machine and axis Bank will not give reward points on it. I have been fighting with them on this for the last months and it’s still in process per them. Not worth at all.

    1. Ashutosh

      If the criteria for having Axis POS is not in T&C, why don’t you approach RBI ombudsman. I had a similar experience with one of the cards with another bank and after complaining with RBI, got all the retrospective reward points as well and heard that the bank provided the same to other customers. There is limited success of social media ranting and rather when there is a regulatory framework like RBI, better to approach them. As they say – Jago grahak jago

  27. Pranav Desai

    Request to review Bob Energie HP credit card. As the name suggests it’s a tie-up between Bob and HP. It says 24 RPs per 150 plus 1% surcharge waiver if paid through HP pay app; 10 RPs per 150 for utilities, grocery, and department stores. Yearly charges waived off on crossing 50k spends.


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