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

Introduction

The IndianOil Axis Bank Credit Card, issued by Axis Bank, is positioned as a mid-range credit card designed to offer significant value back on fuel transactions, accelerated rewards on online shopping, and various lifestyle benefits. Its primary differentiating features include a high reward rate at IndianOil fuel outlets, instant discounts on movie tickets via Bookmyshow, and a comprehensive dining program, alongside a spend-based annual fee waiver.

Welcome Benefits

• Earn 100% valueback on your first fuel transaction within the first 30 days of card issuance, up to 1250 EDGE REWARD Points.

Fees

• Joining Fee: ₹500
• Annual Fee:
  • 1st Year: Nil
  • 2nd Year onwards: ₹500
• Spend-Based Waiver: The annual fee is waived if you spend more than ₹3,50,000 in a card anniversary year.
  • Transactions not considered for waiver: 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.
• 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
• Finance Charges (Retail purchases and cash): 3.75% per month (55.55% per annum)
• Cash Withdrawal Fees: 2.5% (Minimum ₹500) of the cash amount
• 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 Maximum Cap on 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: ₹99 per transaction on the EDGE REWARDS platform
• Rent Transaction Fee: 1% plus taxes will be applicable on each rental transaction. GST will be applicable as notified by Government of India.
• Dynamic Currency Conversion Markup: 1.5% plus taxes will be applicable 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.
• Fuel Surcharge Waiver:
  • Enjoy a 1% fuel surcharge waiver.
  • Applicable for transactions in India at any fuel outlet, with a settlement amount between ₹400 to ₹4000.
  • Maximum waiver of ₹50 per statement cycle.
  • GST charged on fuel surcharge is non-refundable.
  • Only applicable for fuel MCC category.

Rewards

• Base EDGE REWARD Points: Earn 1 EDGE REWARD Point on every ₹100 spent with your Credit Card.
  • Spends on Insurance, Gold/Jewellery, Wallet, Rent, Utilities, Government Institutions, and Education will not be eligible for earning EDGE REWARDS.
• Accelerated Reward Points at IOCL Fuel Outlets:
  • Enjoy a benefit of 4% value back on fuel transactions by earning 20 reward points per ₹100 spent at any IOCL fuel outlet in India.
  • Applicable for transactions where the settlement amount is between ₹400 to ₹4000.
  • Maximum eligible spends per calendar month: ₹5000.
  • Accelerated EDGE Rewards will be credited within 24 days from the date of transaction.
  • Only applicable for the fuel category.
• Accelerated Reward Points at Online Shopping:
  • Enjoy a benefit of 1% value back on online shopping by earning 5 reward points per ₹100 spent.
  • Applicable for transactions at online merchants between ₹100 and ₹5,000.
  • Maximum eligible spends per calendar month: ₹5,000.
• Instant Discount on Bookmyshow:
  • Get an instant discount of up to 10% on your movie ticket booked via the Bookmyshow app or website.
  • You need to apply the necessary offer from the offers section of the Bookmyshow website or app.
• Dining Delights: Enjoy exceptional dining experiences at top restaurants across India with the Axis Bank Dining Delights Program.
• Wednesday Delight Offers:
  • 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.

Rewards Redemption Guide

• For options to redeem your points, check the EDGE loyalty rewards catalogue.
• A Reward Redemption fee of ₹99 per transaction is applicable on the EDGE REWARDS platform.

Card Eligibility Criteria

• Primary Cardholder: Must be 18-70 years of age.
• Add-on Cardholder: Must be over 15 years of age.
• Residency: 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 copy.
  • Residence proof: Driving License / Electricity Bill / Landline Telephone Bill.

Card Review

The IndianOil Axis Bank Credit Card is well-suited for individuals who frequently purchase fuel at IndianOil outlets and engage in regular online shopping. Its strong value proposition on fuel, coupled with online shopping rewards and entertainment discounts, makes it a compelling choice for everyday spending.

• Pros: High value back on IOCL fuel, decent rewards on online shopping, instant movie ticket discounts, dining benefits, and a clear path to annual fee waiver. The welcome benefit also provides a good start.
• Cons: A reward redemption fee applies, and there are specific transaction limits for accelerated rewards and fuel surcharge waiver. Certain spend categories are excluded from earning base rewards, and high finance charges apply if balances are not paid in full.

Important Product Details

• Positive Highlights:
  • Earn 4% value back (20 reward points per ₹100) on fuel transactions at IOCL outlets.
  • Receive 1% value back (5 reward points per ₹100) on online shopping.
  • Get an instant discount of up to 10% on movie tickets booked via Bookmyshow.
  • Annual fee waiver for spending ₹3,50,000 in a card anniversary year.
  • Welcome benefit of 100% valueback on first fuel transaction, up to 1250 EDGE REWARD Points.
  • Access to the Axis Bank Dining Delights Program and exclusive Wednesday offers on travel, food, and shopping.
  • 1% fuel surcharge waiver, capped at ₹50 per statement cycle.
  • Estimated annual benefits of ₹5,478 for annual spends of ₹1,68,000, including approximately 60 litres of free fuel (considering ₹90/litre).
• Negative Highlights:
  • An annual fee of ₹500 applies from the second year if the spend-based waiver condition is not met.
  • A reward redemption fee of ₹99 is charged per transaction on the EDGE REWARDS platform.
  • High finance charges of 3.75% per month (55.55% per annum) on retail purchases and cash advances.
  • Cash withdrawal fees are 2.5% (minimum ₹500) of the cash amount.
  • A foreign currency transaction fee of 3.5% and a Dynamic Currency Conversion markup of 1.5% apply.
  • Transaction fees are levied on rent payments (1% + taxes), education payments via third-party apps (1%), and cumulative spends exceeding specified limits on wallet loads, fuel, utilities, and online skill-based gaming platforms.
  • Certain spend categories, including Insurance, Gold/Jewellery, Wallet, Rent, Utilities, Government Institutions, and Education, are excluded from earning base EDGE REWARDS.
  • Accelerated rewards and fuel surcharge waiver benefits have specific transaction amount limits and monthly caps.

Other Details

• The bank reserves the right to approve or decline applications for the credit card.
• The list of required documents for eligibility is indicative, and actual requirements may vary on a case-to-case basis.
• The terms and conditions of the IndianOil Axis Bank Credit Card will be updated effective 20th June 2025.
• Available credit card services include Credit Limit Increase, Instant Loan on Credit Card, Credit Card against Fixed Deposit, Grab Deals, Convert Purchases Into EMIs, and Credit Card Control Center.