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

Introduction

The IndianOil Axis Bank Credit Card is an entry-level, co-branded fuel credit card issued by Axis Bank in collaboration with IOCL (Indian Oil Corporation Limited) on the RuPay network. It is designed for individuals who frequently spend on fuel, offering significant savings opportunities. Key benefits include a high reward rate of 4% value back on fuel transactions at IOCL stations, 1% value back on online shopping, and instant discounts on movie ticket bookings.

Welcome Benefits

• Earn 1,250 EDGE Reward Points worth ₹250.
• This benefit is applicable on the first fuel transaction made with the newly issued credit card within 30 days of card issuance.
• The offer is valid only once and applies only to the Primary Card, not to add-on cards.

Fees & Charges Breakdown

• Joining Fee: ₹500 + GST
• Annual Fee:
  • 1st Year: Nil
  • 2nd Year onwards: ₹500 + GST
• Spend-Based Waiver:
  • The renewal fee is waived on annual spending of ₹3.5 Lakh in a card anniversary year.
  • Rent transactions and wallet load transactions will not be considered for waiver.
  • All EMI transactions, cash withdrawals, fees, charges & GST, Insurance spends, temporary credit, and reversal of temporary credit for a disputed transaction will not be considered for waiver.
• Reward Redemption Fee: ₹99 per transaction on the EDGE REWARDS platform.
• Foreign Currency Markup: 3.5% of the transaction value.
• Interest Rates (Finance Charges): 3.75% per month (55.55% per annum) on retail purchases and cash.
• Fuel Surcharge Waiver:
  • 1% fuel surcharge is waived for transactions between ₹400 and ₹4,000.
  • Maximum waiver of ₹50 per statement cycle.
  • GST charged on fuel surcharge is non-refundable.
  • Applicable only for fuel MCC category.
  • Settlement amount for availing the offer is calculated as Original amount + Fuel surcharge + 18% GST on fuel surcharge.
• Cash Advance Charges: 2.5% of the total cash amount (Minimum ₹500).
• Add-on Card Joining Fee: Nil
• Add-on Card Annual Fee: Nil
• Card Replacement Fee: Nil
• Cash Payment Fee: ₹175
• Duplicate Statement Fee: Waived
• Charge Slip Retrieval Fee or Copy Request Fee: Waived
• Outstation Cheque Fee: Waived
• Mobile Alerts for Transactions: Free
• Hotlisting Charges: Nil
• Balance Enquiry Charges: Waived
• Overdue Penalty or Late Payment Fees:
  • Nil if Total Payment Due is less than ₹500.
  • ₹500 if total payment due is between ₹501 - ₹5,000.
  • ₹750 if total payment due is between ₹5,001 - ₹10,000.
  • ₹1200 if total payment due is greater than ₹10001 - ₹50000.
  • ₹1300 if total payment due is greater than ₹50000.
  • 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 Penalty: 2.5% of the over limit amount (Minimum ₹500).
• Cheque Return or Dishonor Fee or Auto-Debit Reversal: 2% of the payment amount subject to Minimum ₹500, with no maximum cap on the fee.
• Surcharge on Purchase or Cancellation of Railway Tickets: As prescribed by IRCTC/Indian Railways.
• G.S.T: As per existing government norms.
• Rent Transaction Fee: 1% plus taxes will be applicable on each rental transaction. GST will be applicable as notified by the Government of India.
• Dynamic Currency Conversion Markup: 3.5% plus taxes 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 (Specific Categories):
  • 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.

Rewards & Cashback Structure

• Earning Rate:
  • Fuel Spends: Earn 20 EDGE Reward Points per ₹100 spent on fuel purchases at all IOCL stations across India.
    • This applies to transactions between ₹400 and ₹4,000.
    • Maximum eligible spends per calendar month for accelerated rewards: ₹5,000.
    • Accelerated EDGE Rewards will be credited within 24 days from the date of transaction.
    • This offers a 4% value back on fuel transactions.
  • Online Shopping: Earn 5 EDGE Reward Points per ₹100 spent on online shopping.
    • This applies to transactions between ₹100 and ₹5,000.
    • Maximum eligible spends per calendar month for accelerated rewards: ₹5,000.
    • This offers a 1% value back on online shopping.
  • Other Spends: Earn 1 EDGE Reward Point per ₹100 spent on all other transactions.
    • Exclusions for earning EDGE Rewards: Spends on Insurance, Gold/Jewellery, Wallet, Rent, Utilities, Government Institutions, and Education.
• Reward Redemption:
  • EDGE Points earned can be redeemed against shopping/travel vouchers or product purchases from the given catalog on the Axis Bank EDGE Rewards Portal.

Travel, Lounge & Lifestyle Perks

• Movie Offers:
  • Get an instant discount of up to 10% on movie ticket bookings via the BookMyShow app or website.
  • Users need to apply the necessary offer from the offers section of the BookMyShow platform.
• Dining Discounts:
  • Enjoy discounted rates and exceptional dining experiences at top restaurants across India with the Axis Bank Dining Delights Program.
• Travel Benefits: Not applicable.
• Lounge Access: Not applicable for domestic or international lounge access.
• Golf Benefits: Not applicable.
• Insurance Benefits: Not applicable.
• Wednesday Delight: Beat mid-week blues with exciting offers every Wednesday, including:
  • Instant savings of up to 15% on flights & hotels via Goibibo and MakeMyTrip.
  • 10% off on orders via Swiggy.
  • 10% off up to ₹1000 on Tira.

Card Eligibility Criteria & Income Requirements

• Primary Cardholder Age: Must be between 18 years and 70 years.
• Add-on Cardholder Age: Must be over 15 years of age.
• Residency: The applicant should either be a Resident of India or a Non-Resident Indian (NRI).
• Required Documents:
  • PAN Card photocopy or Form 60.
  • Proof of income: Latest payslip / Form 16 / IT return copy.
  • 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.
• The bank reserves the right to approve or decline applications for the credit card.

Credit Card Review

The IndianOil Axis Bank Credit Card is a strong contender for an entry-level fuel credit card, particularly for those who frequently refuel at IOCL stations. It offers a competitive 4% value back on fuel spending and a decent 1% value back on online shopping. However, its benefits are largely concentrated on fuel and online purchases, with a low reward rate for other offline spending categories.

Pros

• Excellent reward rate (4% value back) on fuel transactions at IOCL petrol pumps, a daily necessity.
• Offers a 10% instant discount on movie tickets booked via BookMyShow.
• Provides a decent 1% value back on online shopping.

Cons

• Does not offer any travel benefits, including lounge access.
• The welcome benefit of 1,250 EDGE Reward Points (worth ₹250) is not substantial.
• The reward rate for general offline spending (excluding fuel) is low (0.20%).

Important Product Details

• This is a co-branded credit card offered by Axis Bank and Indian Oil Corporation Limited (IOCL).
• It operates on the RuPay network.
• Positioned as an entry-level credit card with nominal fees.
• Offers a 4% value back on fuel spending at IOCL outlets.
• Provides a 1% value back on online shopping.

Other Details

• The Terms & Conditions of IndianOil Axis Bank Credit Card have been updated with effect from August 28, 2026.
• The terms and conditions of IndianOil Axis Bank credit card will be updated with effect from June 20, 2025.
• Estimated Annual Value Chart (based on annual spends of ₹1,68,000):
  • Annual Benefits: ₹5,478
  • Fuel Spends at IOCL (₹60,000): ₹2,400 in benefits
  • Fuel Surcharge Waiver: ₹600 in benefits
  • Online Shopping (₹42,000): ₹420 in benefits
  • Movie ticket booking on BookMyShow (₹12,000): ₹1,200 in benefits
  • Other Spends (₹54,000): ₹108 in benefits
  • Activation Benefits: ₹250
  • Annual Fee Waiver: ₹500
  • Annual Free Fuel: Approximately 60 Litres (considering fuel price at ₹90/litre).
• Application Process:
  • Online: Applicants can click on the "Apply Now" button, fill in their details, and submit the application.
  • Offline: Applicants can visit the nearest Axis Bank branch and apply by filling out a physical application form.