Fuel credit cards are generally not suitable for most cases. But with rising fuel prices, this expense has become a major part of our monthly expenses. Hence, I have been searching for fuel credit cards to see if there is one that can offer good benefits. Here is the review of the IndianOil Axis Bank Credit Card.
Axis Bank in association with IndianOil has launched Fuel Credit Card i.e. IndianOil Axis Bank Credit Card. You can get up to 4% value back on your fuel purchases at IndianOil through this card. You can also avail 1% fuel surcharge waiver. Apart from fuel, you can also avail exciting offers and benefits on other categories as well such as entertainment, dining etc. Keep reading to know about this credit card in detail.
This is one of those fuel cards that will be compatible with your existing credit cards.
Overview
| Type | Fuel Credit Card |
| Reward Rate | 0.2% – 4% |
| Annual Fee | |
| Best for | IOCL Spends |
| USP | Simple rewards system |
Axis Bank Indian Oil Credit Card is a good fuel credit card if your fuel expenses are in the range of Rs 5000 per month.
Fees and charges
Annual fee waiver of Rs 50000 means we need to spend only Rs 4200/month on fuel to make the card LTF. This card is being issued LTF for a limited period of time.
| Joining/Annual Fee | |
| Welcome Benefit | 100% cashback up to Rs 250 on fuel transactions within 30 days of card issuance |
| Annual Fee Waiver | On spends of Rs 50000 in a membership year |
Features & Benefits
- Fuel surcharge waiver: 1% (Spending range: Rs.100-Rs.5000 per month)
- Bookmyshow: Get 10% off up to Rs.100 on your transactions with your IndianOil Axis Bank Credit Card
Rewards Points
| CATEGORY | EDGE REWARDS | MAX CAP / MONTH |
|---|---|---|
| IOCL (IndianOils) | 20 Points / 100 INR (4%) | 1000 Points |
| Online Spends | 5 Points / 100 INR (1%) | – |
| All other purchases | 1 Point / 100 INR (0.2%) | – |
- There is no cap on fuel transaction rewards in a month.
- The 4% Fuel Rewards will be valid only for purchases between Rs.100 to Rs.5000.
- 1% fuel surcharge waiver on transactions between Rs 200 and Rs 5000. Maximum discount of Rs 50 per statement.
With effect from 15 November 2023, the IndianOil Axis Bank Credit Card will not earn any EDGE Rewards for the following categories:
Rewards redemption
Rewards can be redeemed from the Axis Bank Edge Rewards portal. Each EDGE Reward Point is worth 20 paise for all redemption options. We also have Amazon and Flipkart gift vouchers for redemption.
Final thoughts
This is a great credit card that gives you good rewards on fuel and online spending as edge rewards, which means easy redemption too.
IndianOil Axis Bank Credit Card is one of the rare fuel credit cards with great benefits. To get annual fee waiver we need to spend Rs 4200 per month on fuel. This should be easy for most of us.
The card is designed in such a way that it makes sense to get it if you use it “only for fuel”, with expenses in the range of Rs 4000 to Rs 5000 per month, with annual Fee waiver will also be available. ,