IndianOil Axis Bank Premium Credit Card – Benefits, Fees & Eligibility

Introduction

The IndianOil Axis Bank Premium Credit Card, issued by Axis Bank, is positioned as a mid-range credit card primarily focused on fuel-related benefits. It offers accelerated rewards on fuel purchases at IndianOil outlets and grocery spending. Key differentiating benefits include complimentary domestic airport lounge access, discounts on food delivery via Zomato, and a comprehensive rewards program that allows redemption for fuel or conversion to partner points.

Welcome Benefits

• Enjoy 500 EDGE Miles on your first transaction within 30 days of card issuance. This benefit is applicable only in the first year.

Fees

• Joining Fee: ₹1,000 + GST
• Annual Fee: ₹1,000 + GST
• Spend-Based Waiver:
  • The joining fee can be waived by spending ₹30,000 or more in a year.
  • The annual fee can be waived off on spends of ₹30,000 and above in an anniversary year.
  • For subsequent years (from the second year onwards), annual charges can be waived by spending ₹1 lakh in a card anniversary year.
  • Transactions made for rent, wallet, and insurance payments will not count towards the spend threshold for the annual fee waiver.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% of the transaction value
• Interest Rates: 3.75% Monthly (55.55% Annually)
• Fuel Surcharge: 1% (+GST) of the transaction amount. A 1% unlimited fuel surcharge waiver is offered on fuel purchases at all IndianOil fuel outlets across India. GST charged on fuel surcharge is non-refundable.
• Cash Advance Charges: 2.5% on the amount withdrawn (Minimum ₹500)
• Add-on card Joining/Annual Fee: Nil
• Late Payment Charges:
  • Nil if outstanding amount is less than ₹500
  • ₹500 if outstanding amount is between ₹501 and ₹5,000
  • ₹750 if outstanding amount is between ₹5,001 and ₹10,000
  • ₹1,200 if outstanding amount is greater than ₹10,001
  • An additional ₹100 charge will be levied if the 'Minimum Amount Due (MAD)' is not paid for two consecutive cycles and will apply until the MAD is cleared.
• Over Limit Charge: 2.5% (Minimum ₹500) of the over limit amount (excluding fees, charges, and taxes)
• Returned Payment Charge (Cheque / ECS / ACH / SI bounce charge): 2% of payment amount (Minimum ₹450, No Maximum cap on the fee)
• Railway Ticket Booking Surcharge: As prescribed by IRCTC / Indian Railways
• Rent Surcharge: 1% + GST per transaction will be applicable on each rental transaction.
• Dynamic Currency Conversion Markup: 1.5% + GST will be applicable for each international transaction performed in Indian currency at an international location or transactions performed in Indian currency with merchants located in India but registered in a foreign nation.
• Transaction Fee:
  • 1% will be applicable on education payments made via third-party apps. Payments and transactions made directly through education institutional websites or their POS machines will not incur this fee.
  • Cumulative spends exceeding ₹10,000 on wallet loads, ₹50,000 on fuel, ₹25,000 on utilities, and ₹10,000 on online skill-based gaming platforms within a statement period will attract a 1% transaction fee.
• Cash Deposit at Citi branches: ₹175 per deposit
• Reissue of lost, stolen or damaged card: Nil
• Statement Request (beyond 3 months): Nil

Rewards

• Accelerated Rewards at IndianOil Fuel Outlets:
  • Earn 6 EDGE Miles for every ₹150 spent at any IndianOil fuel outlet in India.
  • This accelerated rate is applicable for transactions up to ₹15,000 per month, with a maximum cap of 600 EDGE Miles.
  • For spends above ₹15,000 per month on fuel, you will earn 1 EDGE Mile for every ₹150 spent (base rate).
• Accelerated Rewards at Grocery & Supermarket Spends:
  • Earn 2 EDGE Miles for every ₹150 spent on grocery and supermarket purchases.
  • This accelerated rate is applicable for transactions up to ₹5,000 per month, with a maximum of 33 EDGE Miles earned at this rate.
  • For spends above ₹5,000 per month on groceries, you will earn 1 EDGE Mile for every ₹150 spent (base rate).
• All Other Eligible Spends: Earn 1 EDGE Mile for every ₹150 spent.
• Exclusions for EDGE Miles Earning: No EDGE Miles shall be earned for transactions related to transportation and tolls, utilities, insurance, educational institutions, government institutions, wallets, and rent.
• Movie & Dining:
  • Zomato Discount: Get an instant 30% discount on food delivery at Zomato.
    • Use Coupon code AXISIOCL.
    • Maximum discount is capped at ₹150 per order.
    • Offer is applicable on a minimum spending of ₹200.
    • Customer can avail the discounts up to 2 times in a month, allowing for a potential benefit worth ₹3,600 annually.
  • Dining Delights: Enjoy 25% discount on dining via Eazydiner (up to ₹800) and exceptional dining experiences at top restaurants across India with the Axis Bank Dining Delights Program.
• Travel:
  • Domestic Lounge Access: Enjoy 2 complimentary domestic airport lounge visits each quarter (8 visits annually) at select domestic airports.
  • Eligibility for lounge access requires spending ₹50,000 or more in the previous three months.
• Wednesday Delight: Beat the mid-week blues with exciting offers every Wednesday:
  • Instant savings of up to 15% on flights & hotels via MakeMyTrip.
  • 10% off on orders via Swiggy.
  • 10% off up to ₹1,000 on Tira.

Rewards Redemption Guide

• EDGE Miles are credited directly to the customer’s EDGE account.
• EDGE Miles can be redeemed for fuel at IndianOil outlets, converted to partner points (airlines/hotels), or redeemed on Axis Bank's Travel Edge portal.
• Redemption Values:
  • For Fuel at IndianOil Outlets: 1 EDGE Mile = ₹1
  • Miles Transfer (Partner Points):
    • 2 EDGE Miles = 1 Partner Point (Air France-KLM, Ethiopian Airlines, Etihad Airways, IHG Hotels & Resorts, Singapore Airlines, Turkish Airlines, United Airlines, Air India, ITC, SpiceJet, and AirAsia).
    • 3 EDGE Miles = 10 XRPs (IOCL Rewards). This is considered one of the most rewarding conversions.
  • Bookings on Travel Edge: 1 EDGE Mile = ₹0.20

Card Eligibility Criteria

• Eligibility:
  • Primary Cardholder should be 18-70 years of age.
  • The individual should either be a Resident of India.
  • The above criteria are indicative, and the bank reserves the ultimate right to approve or decline applications.
• Documents Required:
  • PAN Card photocopy or Form 60.
  • Proof of income: Latest payslip / Form 16 / IT return.
  • Residence proof: Driving License / Electricity Bill / Landline Telephone Bill.
  • The above list is indicative, and documents required may vary on a case-to-case basis.

Card Review

The IndianOil Axis Bank Premium Credit Card is a fantastic option for individuals who frequently spend on fuel, especially at IndianOil outlets, or those seeking their first dedicated fuel credit card. Its generous reward rate of 6X EDGE Miles per ₹150 spent on fuel makes fueling up economical and rewarding. The card also provides a well-rounded rewards program with 2X EDGE Miles on grocery spending and 1X EDGE Miles on other eligible expenses, catering to everyday spending needs.

A standout feature is the complimentary domestic airport lounge access, offering up to two free visits each quarter, enhancing travel comfort. However, this benefit is tied to a spending criterion of ₹50,000 in the previous three months, which might be challenging for users whose primary spending is limited to fuel. The 30% discount on Zomato, available twice a month, adds significant value for food deliveries.

Pros:

• High reward rate on fuel at IndianOil outlets.
• Accelerated rewards on grocery and supermarket spends.
• Complimentary domestic airport lounge access.
• Significant discounts on Zomato food orders.
• Flexible EDGE Miles redemption options, including direct fuel redemption and partner point transfers.
• Annual fee waiver is achievable with moderate spending.

Cons:

• Complimentary airport lounge visits are spend-based, requiring ₹50,000 in the previous three months.
• Accelerated EDGE Miles earning on fuel and groceries has monthly caps, after which the base rate applies.
• Certain transaction categories (e.g., rent, wallet, insurance) do not earn EDGE Miles and do not count towards fee waiver thresholds.

Overall, this card is a great option for people who frequently purchase fuel and groceries and want to earn rewards and benefits. Users should be mindful of the limits on accelerated EDGE Miles earning and track their spending to maximize benefits.

Important Product Details

• Most suited for fuel expenses.
• Offers spend-based airport lounge access (2 free domestic visits per quarter, subject to ₹50,000 spend in previous 3 months).
• Provides a 30% discount on food orders with Zomato (max ₹150/order, min ₹200, twice monthly).
• Accelerated 2X EDGE Miles for grocery spends (up to ₹5,000/month).
• Earns 6X EDGE Miles for every ₹150 spent at IndianOil outlets (up to ₹15,000/month).
• Offers an unlimited 1% fuel surcharge waiver at IndianOil outlets.
• Annual fee waiver on spends of ₹30,000 or more.
• Illustrative annual benefits can exceed ₹27,000 based on an annual spend of ₹3,00,000.

Other Details

• The terms and conditions of the IndianOil Axis Bank Premium Credit Card will be updated effective June 20, 2025.
• The card is not a lifetime-free card.
• EDGE Miles can be converted to various partners including Air France-KLM, Ethiopian Airlines, Etihad Airways, IHGR Hotels & Resorts, Qatar Airways, Singapore Airlines, Turkish Airlines, United Airlines, Marriott International, Vistara, ITC, SpiceJet, and AirAsia in a 2:1 ratio for most partners.
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