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

IndianOil Axis Bank RuPay Credit Card

The IndianOil Axis Bank RuPay Credit Card is a co-branded fuel credit card issued by Axis Bank in collaboration with IOCL (Indian Oil Corporation Limited). Designed as an entry-level card, it comes with a nominal joining and annual fee, primarily aiming to provide significant savings on fuel expenses. Cardholders can enjoy a high reward rate on fuel spends at IOCL filling stations and a decent reward rate on online shopping. Beyond fuel benefits, the card also offers dining and movie perks through instant discounts on movie tickets and reduced rates at partner restaurants under Axis Bank's Dining Delights Program, along with fuel surcharge waivers and other advantages. The terms and conditions of this card are set to be updated effective June 20, 2025.

Welcome Benefits

• Earn up to 1250 EDGE REWARD points (worth ₹250) on your first fuel transaction made with the IndianOil Axis Bank Credit Card within the first 30 days of card issuance.
• This offer is valid only once and applies only to the Primary Card, not to add-on cards.
• This benefit represents 100% value back on fuel for the initial transaction.

Fees

• Joining Fee: Rs. 500 + GST
• Annual Fee: Rs. 500 + GST (Nil for the 1st year as per one source; Rs. 500 + GST from the 2nd year onwards as per another source)
• Spend-Based Waiver: Annual fee is waived off on annual spending of Rs. 3,50,000 in a card anniversary year.
  • Rent transactions, wallet load transactions, 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 this waiver.
• Add-on card joining fee: Nil
• Add-on card annual fee: Nil
• Card replacement fee: Nil
• Cash payment fee: Rs. 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
• Finance charges (Retail purchases and cash): 3.75% Per Month (55.55% Per Annum)
• Cash withdrawal fees: 2.5% of the cash amount (Minimum Rs. 500)
• Overdue penalty or Late payment fees:
  • Nil if Total Payment Due is less than Rs. 500
  • Rs. 500 if total payment due is between Rs. 501 - Rs. 5,000
  • Rs. 750 if total payment due is between Rs. 5,001 - Rs. 10,000
  • Rs. 1200 if total payment due is greater than Rs.10,000
  • 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 penalty: 2.5% of the over limit amount (Minimum Rs. 500)
• Cheque return or dishonor fee or auto-debit reversal: 2% of the payment amount subject to Minimum Rs. 500, with no maximum cap on the fee.
• Surcharge on purchase or cancellation of railway tickets: As prescribed by IRCTC/Indian Railways.
• Foreign currency transaction fee: 3.5% of the transaction value.
• G.S.T: As per existing government norms.
• Reward Redemption Fee: INR 99 per transaction on the EDGE REWARDS platform (one source states Nil, but bank's official T&C indicates Rs. 99).
• Rent Transaction fee: 1% plus applicable taxes on each rental transaction done on Axis Bank Credit Cards. GST will be applicable as notified by the Government of India.
• Dynamic Currency Conversion markup: 1.5% plus applicable taxes will be applied 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.
  • A 1% transaction fee will be applied to 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.

Rewards

• Fuel Benefits:
  • Enjoy 4% value back on fuel transactions by earning 20 reward points per INR 100 spent at any IOCL fuel outlet in India.
  • Applicable for fuel transactions between INR 400 to INR 4000.
  • Maximum eligible spends for accelerated rewards: INR 5000 per calendar month.
  • Only applicable for the fuel category (MCC).
• Fuel Surcharge Waiver:
  • Get a 1% fuel surcharge waiver for fuel spends in India at any fuel outlet.
  • Applicable for transactions between INR 400 to INR 4000.
  • Maximum waiver of INR 50 per statement cycle.
  • GST charged on fuel surcharge is non-refundable.
  • Only applicable for the fuel MCC category.
• Online Shopping:
  • Enjoy 1% value back on online shopping by earning 5 reward points per INR 100 spent.
  • Applicable for online merchant transactions between Rs. 100 and Rs. 5000.
  • Maximum eligible spends for accelerated rewards: INR 5000 per calendar month.
• General Spends:
  • Earn 1 EDGE REWARD point on every INR 100 spent on all other transactions with your credit card.
  • Exclusions: Spends on Insurance, Gold/Jewelry, Wallet, Rent, Utilities, Government Institutions, and Education will not be eligible for earning EDGE REWARDS.
• Movies:
  • Get an instant discount of up to 10% on movie tickets booked via the BookMyShow app or website.
  • Users need to apply the necessary offer from the offers section of the BookMyShow website or app.
• Dining:
  • Enjoy exceptional dining experiences at top restaurants across India with the Axis Bank Dining Delights Program.
  • Get up to 15% off (maximum Rs. 500) on dining bills at partner restaurants under the Axis Bank EazyDiner Program.
• Lifestyle & Wednesday Delights:
  • Beat mid-week blues with exciting offers every Wednesday, including:
    • 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

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

Card Eligibility Criteria

Eligibility Rules

• The primary cardholder should be between 18-70 years of age.
• Add-on cardholder(s) should be over 15 years of age.
• The individual should either be a Resident of India or a Non-Resident Indian.

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.
• Note: The above list is indicative, and required documents may vary on a case-to-case basis.

Card Review

The IndianOil Axis Bank RuPay Credit Card is a solid option for individuals seeking an entry-level fuel credit card. It offers an attractive 4% value back on fuel spending at IOCL stations, which is a significant saving on a daily necessity. The card also provides a decent 1% value back on online shopping. However, its reward rate for general offline spending (excluding fuel) is relatively low at 0.20%.

Pros

• Best suited for transactions at petrol stations, offering excellent value back on fuel.
• Provides an instant 10% discount on movie tickets booked via BookMyShow.
• Offers dining discounts through the Axis Bank Dining Delights program.
• Annual fee waiver on achieving a reasonable spending threshold.

Cons

• While strong on fuel and online shopping, this card does not provide any travel benefits like lounge access.
• The welcome benefit, 1,250 EDGE Reward Points worth ₹250, is not substantial compared to other cards.
• Reward redemption on the EDGE REWARDS platform incurs a fee of INR 99 per transaction.

Important Product Details

• Earn up to 1250 EDGE Reward Points (worth ₹250) on your first fuel transaction within 30 days of card issuance.
• Get 20 Reward Points per Rs. 100 spent on fuel purchases at IOCL stations (for transactions between Rs. 400 and Rs. 4,000, up to Rs. 5,000 eligible spends per month).
• Receive 5 Reward Points per Rs. 100 spent on online shopping (for transactions between Rs. 100 and Rs. 5,000, up to Rs. 5,000 eligible spends per month).
• Earn 1 EDGE Point for every Rs. 100 spent on all other transactions, excluding Insurance, Gold/Jewelry, Wallet, Rent, Utilities, Government Institutions, and Education.
• Instant discount of up to 10% on movie tickets on BookMyShow.
• Up to 15% discount (max Rs. 500) on dining bills at partner restaurants under the Axis Bank EazyDiner Program.
• 1% fuel surcharge waiver at all fuel stations across India (for transactions between Rs. 400 and Rs. 4,000, max waiver of Rs. 50 per statement cycle).
• Renewal fee waived off on annual spends of Rs. 3.5 lakh.
• Reward Redemption Fee: INR 99 per transaction on the EDGE REWARDS platform.
• Foreign currency markup is 3.5%.

Other Details

• Value Chart (based on illustrative annual spends of Rs. 168,000):
  • Annual Benefits from Fuel Spends at IOCL (Rs. 60,000): Rs. 2,400
  • Annual Benefits from Fuel Surcharge Waiver: Rs. 600
  • Annual Benefits from Online Shopping (Rs. 42,000): Rs. 420
  • Annual Benefits from Movie ticket booking on BookMyShow (Rs. 12,000): Rs. 1,200
  • Annual Benefits from Other Spends (Rs. 54,000): Rs. 108
  • Activation Benefits: Rs. 250
  • Annual Fee Waiver Benefit: Rs. 500
  • Total Annual Benefits: Rs. 5,478
  • Equivalent Annual Free Fuel: 60 Litres (Considering Fuel price at INR 90/litre)
• The terms and conditions of the IndianOil Axis Bank Credit Card will be updated effective June 20, 2025.