Axis Bank Indian Oil Credit Card Review

By | August 1, 2021
Indian Oil Axis Bank Credit Card
Indian Oil Axis Bank Credit Card

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 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 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.


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
  • 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.

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 a decent credit card that rewards you good 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 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.

What’s your take on the new Indian Oil Axis Bank Credit Card?

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.

33 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

  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.

    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

  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.


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