Axis Bank Indian Oil Credit Card Review

By | December 19, 2019

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.

Indian Oil Axis Bank Credit Card
Indian Oil Axis Bank Credit Card

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?

Author: Siddharth

A Credit Card addict, minting reward points & air miles for years. Obsessed with aviation, airport lounges and luxury hotels. Helping Indians choose a right credit card and enjoy luxury travel at affordable cost.

14 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%.

    Reply
    1. Siddharth Post author

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

      Reply
      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.

        Reply
      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).

        Reply
  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.

    Reply
    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.

      Reply
      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.

        Reply
  3. Pranab

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

    Reply
  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

    Reply
  5. Amann

    2 important questions:

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

    Reply
  6. Royce

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

    Reply
  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?

    Reply

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