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

Introduction

The IndianOil Axis Bank RuPay Credit Card, issued by Axis Bank in collaboration with IOCL (Indian Oil Corporation Limited), is an entry-level co-branded fuel credit card. It is primarily designed for individuals who frequently spend on fuel, offering significant savings opportunities. Key differentiating benefits include a high reward rate on fuel transactions at IOCL stations, accelerated rewards on online shopping, and instant discounts on movie tickets and dining experiences.

Welcome Benefits

• Earn up to 1,250 EDGE Reward Points (worth ₹250) on your first fuel transaction made within 30 days of card issuance.
• This offer is valid only once and applies only to the Primary Card, not to add-on cards.

Fees

• 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 the previous card anniversary year.
  • Rent transactions and wallet load transactions will not be considered for this 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.
• Rewards 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) for retail purchases and cash.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver for transactions between ₹400 and ₹4,000.
  • Maximum waiver of ₹50 per statement cycle.
  • GST charged on fuel surcharge is non-refundable.
  • Applicable for fuel MCC category at any fuel outlet in India.
• Cash Advance Charges (Cash Withdrawal Fees): 2.5% of the total transaction 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 ₹10,000.
  • 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, No Max Cap on 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 done on Axis Bank Credit Cards. GST will be applicable as notified by Government of India.
• Dynamic Currency Conversion Markup: 1.5% plus taxes 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 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.

Rewards

• Accelerated Reward Points on Fuel:
  • Earn 20 EDGE Reward Points per ₹100 spent on fuel purchases at all IOCL stations across India.
  • This benefit offers a 4% value back on fuel transactions.
  • Applicable for transactions between ₹400 and ₹4,000.
  • Maximum eligible spends per calendar month: ₹5,000.
  • Accelerated EDGE Rewards will be credited within 24 days from the date of transaction.
• Accelerated Reward Points on Online Shopping:
  • Earn 5 EDGE Reward Points per ₹100 spent on online shopping.
  • This offers a 1% value back on online shopping.
  • Applicable for transactions between ₹100 and ₹5,000.
  • Maximum eligible spends per calendar month: ₹5,000.
• Standard Reward Points: Earn 1 EDGE Point for every ₹100 spent on all other transactions.
• Exclusions for Earning Reward Points: Spends on Rent, Wallet, Insurance, Education, Government Institutions, Gold/Jewellery, and Utilities will not be eligible for earning EDGE Rewards.
• Movie Benefits:
  • Instant 10% discount on movie ticket bookings on BookMyShow app or website.
  • You need to apply the necessary offer from the offers section of BookMyShow.
• Dining Benefits:
  • Up to 15% discount (up to ₹500) on dining bills at partner restaurants under the Axis Bank EazyDiner Program (Dining Delights Program).
• Wednesday Delight: Beat the mid-week blues with exciting offers every Wednesday:
  • Instant savings of up to 15% on flights & hotels via Goibibo and MakeMyTrip.
  • 10% off on orders via Swiggy.
  • 10% off up to ₹1,000 on Tira.

Rewards Redemption Guide

• The EDGE Points earned on the IndianOil Axis Bank Credit Card can be redeemed against shopping/travel vouchers or product purchases from the given catalog on the Axis Bank EDGE Rewards Portal.

Card Eligibility Criteria

• Primary Cardholder Age: Must be between 18 years and 70 years.
• Add-on Cardholder Age: Must be over 15 years of age.
• Residency: The cardholder must be an Indian resident or a Non-Resident Indian (NRI).
• Documents Required:
  • 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 criteria and documents are indicative, and the bank reserves the right to approve or decline applications and may require additional documents.

Card Review

The IndianOil Axis Bank RuPay Credit Card is an entry-level fuel credit card that is particularly well-suited for individuals with high fuel consumption at IOCL stations, offering a competitive 4% value back on fuel spending. It also provides a decent 1% value back on online shopping and includes valuable lifestyle benefits such as movie ticket discounts and dining offers. However, its reward rate for general offline spending (excluding fuel) is relatively low at 0.20%, and it does not offer any travel benefits like lounge access. While the welcome benefit of 1,250 EDGE Reward Points (worth ₹250) is modest, the card's primary value lies in its fuel-centric rewards and fee waiver conditions.

Pros

• Excellent cashback/reward rate on fuel transactions at IOCL petrol pumps, a daily necessity.
• Get 10% off on movie tickets booked via BookMyShow.
• Accelerated rewards on online shopping.
• Renewal fee waiver on achievable annual spending.

Cons

• Does not provide any travel benefits like lounge access.
• Modest welcome benefit.
• Low reward rate (0.20%) for general offline spending (except fuel).

Important Product Details

• 100% value up to 1,250 EDGE Reward Points on the first fuel transaction made within 30 days of card issuance.
• Earn 20 Reward Points on every ₹100 spent at IOCL petrol pumps.
• Earn 5 Reward Points on every ₹100 spent on online shopping.
• Earn 1 EDGE Point per ₹100 on all other spends with the card (with specific exclusions).
• Instant discount of up to 10% on movie tickets on BookMyShow.
• Up to 15% discount (up to ₹500) on dining bills at partner restaurants under the Axis Bank EazyDiner Program.
• 1% fuel surcharge waived at all fuel stations across India for transactions between ₹400 and ₹4,000, with a maximum waiver of ₹50 per statement cycle.
• Renewal fee waived off on annual spends of ₹3.5 lakh.
• High interest rate of 3.75% per month (55.55% per annum).
• Foreign currency markup of 3.5%.
• Reward redemption fee of ₹99 per transaction.

Other Details

• Annual Value Chart (Illustrative based on ₹1,68,000 annual spends):
  • Fuel Spends at IOCL (₹60,000): Annual Benefits of ₹2,400
  • Fuel Surcharge Waiver: Annual Benefits of ₹600
  • Online Shopping (₹42,000): Annual Benefits of ₹420
  • Movie ticket booking on BookMyShow (₹12,000): Annual Benefits of ₹1,200
  • Others (₹54,000): Annual Benefits of ₹108
  • Activation Benefits: ₹250
  • Annual Fee Waiver: ₹500
  • Total Annual Benefits: ₹5,478
  • Equivalent to approximately 60 Litres of free fuel (considering fuel price at ₹90/litre).
• The terms and conditions of the IndianOil Axis Bank credit card will be updated w.e.f 20th June'25.
• Application for the card can be done online or offline by visiting an Axis Bank branch.