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

IndianOil Axis Bank Premium Credit Card

The IndianOil Axis Bank Premium Credit Card is designed for individuals who frequently spend on fuel, offering a comprehensive suite of rewards and benefits beyond just fuel savings. This card is a must-have for those seeking a dedicated fuel credit card, providing accelerated rewards on fuel purchases at IndianOil outlets and grocery spends. Cardholders can also enjoy travel privileges like complimentary airport lounge access, along with lifestyle benefits such as discounts on food delivery through Zomato and dining offers via Eazydiner. It carries a joining fee of ₹1,000 + GST, which can be waived by meeting specific annual spending criteria.

Welcome Benefits

• Enjoy 500 EDGE Miles on your first spend within 30 days of card issuance.
• This welcome benefit is applicable to the customer only in the first year, upon completing the first transaction and activating the card within 30 days of card issuance.

Fees

• Joining/Annual Fee: ₹ 1,000 + GST.
• Annual Fee Waiver: Annual fee waived off on spends of ₹ 1,00,000 and above in an anniversary year.
• Add-on card Joining/Annual Fee: Nil.
• Cash Withdrawal Fee: 2.5% on the amount withdrawn (Minimum ₹500).
• Finance Charges - Interest: 3.75% Per Month (55.55% Per Annum).
• 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 INR 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 Over limit amount (excluding fees, charges and taxes).
• Returned Payment Charge (Cheque / ECS / ACH / SI bounce charge): 2% of payment amount (Minimum Rs. 450, No Maximum cap on the fee).
• Fuel Transaction Charge: 1% (+GST) of Transaction Amount. Surcharge refunded for spends done at IOCL fuel outlets.
• Railway Ticket Booking Surcharge: As prescribed by IRCTC / Indian Railways.
• Rent Surcharge: 1% + GST per transaction will be applicable on each rental transaction done with IndianOil Axis Bank Premium Credit Card.
• Statement Request (beyond 3 months): Nil.
• Reissue of Lost, Stolen or Damaged Card: Nil.
• Foreign Currency Transactions: 3.50% of Transaction value.
• Dynamic Currency Conversion Markup: 1.5% + GST will be applicable on Axis Bank Credit Cards for each International transaction performed in Indian currency at International location or transactions performed in Indian currency with merchants located in Indian but registered in foreign nation.
• Transaction Fee:
  • 1% will be applicable on education payments made via third-party apps. However, payments and transactions made directly through education institutional websites, or their POS machines will not incur this fee.
  • Cumulative spends exceeding INR 10,000 on wallet loads, INR 50,000 on fuel, INR 25,000 on utilities, and INR 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.
• Reward Redemption Fee: Nil.

Rewards

• Fuel Benefits

  • Accelerated Rewards at IndianOil Fuel Outlets:
    • Earn 6 EDGE Miles on every ₹ 150 spent at any IOCL fuel outlet in India.
    • Transact up to ₹ 15,000 per month to avail the 6X offer.
    • Continue to earn 1 EDGE Mile on every ₹ 150 spent for spends above ₹ 15,000 per month.
  • Fuel Surcharge Waiver: Get 1% unlimited fuel surcharge waiver on fuel purchases at all IOCL fuel outlets across India. GST charged on fuel surcharge is non-refundable.

• Grocery & Supermarket Benefits

  • Accelerated Rewards at Grocery & Supermarket Spends:
    • Earn 2 EDGE Miles on every ₹ 150 spent on Grocery & Supermarket spends.
    • Transact up to ₹ 5,000 per month to earn up to 33 EDGE Miles at this rate.
    • Continue to earn 1 EDGE Mile on every ₹ 150 spent for spends above ₹ 5,000 per month.

• Base Rewards

  • Uncapped base earn of 1 EDGE Mile on every ₹ 150 spent on all other eligible spends.

• Dining Benefits

  • 30% off on Zomato: Get 30% off on food delivery at Zomato with coupon code AXISIOCL.
    • Maximum discount is capped at ₹ 150 per order.
    • Offer is applicable on minimum spending of ₹ 200.
    • Customer can avail the discounts up to 2 times in a month, allowing for a benefit worth ₹3,600 annually.
  • Dining Delight: Enjoy exceptional dining experiences at top restaurants across India with the Axis Bank Dining Delights Program, offering up to 25% discount (capped at ₹800) via Eazydiner.

• Travel Benefits

  • Domestic Lounge Access: Enjoy 2 complimentary lounge access per quarter (8 visits annually) at select domestic airports.
    • Eligibility for lounge access: Cardholders are eligible by spending ₹50,000 or more in the previous three months.

• Wednesday Delight

  • Instant savings of up to 15% on flights & hotels via MakeMyTrip.
  • 10% off on orders via Swiggy.
  • 10% off up to Rs. 1000 on Tira.

Rewards Redemption Guide

• EDGE Miles will be credited directly to the customer’s EDGE account.
• EDGE Miles Earning Restrictions: No EDGE Miles shall be earned for the following transactions: transportation and tolls, utilities, insurance, educational institutions, government institutions, wallets, and rent.
• Redemption Options:
  • 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, IHGR Hotels & Resorts, Qatar Airways, Singapore Airlines, Turkish Airlines, United Airlines, Marriott International, Air India, ITC, SpiceJet, AirAsia).
    • 3 EDGE Miles = 10 XRPs (IOCL Rewards).
  • Bookings on Travel Edge Portal: 1 EDGE Mile = ₹0.20.

Card Eligibility Criteria

Eligibility

• Primary Cardholder should be 18-70 years of age.
• The individual should be a resident of India.
• The above criteria are only indicative, and the bank reserves the ultimate right to approve or decline applications.

Documentation

• 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 only indicative. Documents required may vary on a case-to-case basis.

Card Review

The IndianOil Axis Bank Premium Credit Card is an excellent choice for individuals who frequently commute and spend significantly on fuel, or those looking for their first fuel-focused credit card. Its generous reward rate of 6X EDGE Miles for every ₹150 spent at IndianOil outlets makes fueling up particularly rewarding and economical. Beyond fuel, the card provides a well-rounded rewards program with 2X EDGE Miles on grocery spending and 1X EDGE Miles on all other eligible expenses, catering to everyday spending needs. The complimentary airport lounge access, offering two free domestic visits per quarter, adds significant value for travelers. However, this lounge benefit is conditional on spending ₹50,000 or more in the preceding three months, which might be a challenge for some users whose primary spending is concentrated on fuel. The 30% discount on Zomato, available twice a month, further enhances the card's value proposition by providing tangible savings on food deliveries. Overall, this card is a strong contender for those who prioritize fuel and grocery rewards, coupled with select lifestyle and travel perks, provided they can meet the spend-based criteria for maximizing benefits. It is crucial to monitor the spending caps on accelerated EDGE Miles for fuel (₹15,000/month) and groceries (₹5,000/month) to ensure maximum benefit realization.

Important Product Details

• The card is most suited for fuel expenses.
• Offers spend-based airport lounge access.
• Cardholders are eligible for up to 2 complimentary domestic airport lounge visits each quarter, provided they spend ₹50,000 or more in the previous three months.
• Provides a 30% discount on food orders with Zomato (up to ₹150 per order, twice a month, on a minimum spend of ₹200).
• Offers accelerated 2X EDGE Miles for grocery and supermarket spends up to ₹5,000 per month.
• Earns 6X EDGE Miles on fuel spends at IndianOil outlets, capped at ₹15,000 per month.
• An unlimited 1% fuel surcharge waiver is applicable at IndianOil outlets (GST on surcharge is non-refundable).
• No EDGE Miles are earned for transactions in categories such as transportation and tolls, utilities, insurance, educational institutions, government institutions, wallets, and rent.
• The annual fee of ₹1,000 + GST can be waived on annual spends of ₹1,00,000 or more.
• Transactions made for rent, wallet, and insurance payments will not count towards the spend threshold for the annual fee waiver.

Other Details

• The terms and conditions of IndianOil Axis Bank Premium Credit Card will be updated effective 20th June'25.