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.
Table of Contents
Joining Fees
- 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.
Rewards
- 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
Bottomline
- 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?
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%.
Thanks for the comparison. Does ICICI Amex work on IOCL swipe machines?
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.
@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).
CAN BE THERE BE DETAIL REVIEW OF AXIS BANK MILES AND MORE CARD ANYTIME SOON. PLEASE DO IT
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.
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.
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.
I’ve redeemed edge rewards for flipkart and amazon EGVs 2-3 weeks ago, the value is Re 0.20/point.
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
2 important questions:
1. Fuel 4%- is there a max cap?
2. Do we need to swipe at Axis EDC?
Has anyone got this card as LTF ?
Will the Indian Oil Axis Card be given in Chennai?
4% seems fine enough but they haven’t opened the card for Delhi, any ideas which cities they are live with this ?
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?
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 !
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
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.
PLEASE DONT BUY THIS CARD.
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