Indian Oil Corporation Limited and Axis Bank collaborated and co-branded the Axis Bank Indian Oil Credit Card to be used by customers as a fuel credit card. The credit card offers amazing savings on fuel spending targeting those who often spend fuel purchases.
It is a base-level credit card which means the joining and annual card renewal fees are nominal at Rs. 500. The Axis Bank Indian Oil Credit Card offers impressive rewards as high as 5% on all fuel transactions in any of the IOCL filling stations across the country, and also a 1% rate on all online transactions which is pretty decent.
Due to its entry-level status, you get limited benefits and enjoy dining and movie benefits. This means discounted rates on dining bills at all partner restaurants signed up on the Axis Bank’s Dining Delights Program and instant discounts when purchasing movie tickets.
To top it all, there is an add-on card option for a secondary cardholder. This is a great card for users to get a waiver on fuel surcharge and so much more using the Axis Bank Indian Oil Credit Card co-branded card by IOCL and Axis Bank.
Contents
Axis Bank Indian Oil Credit Card – Main Highlights
| Purpose | Fuel & Shopping |
| Joining/ Renewal Fee | Rs. 500 + GST |
| Eligibility | Resident or Non-Resident Indian
Employed or Self-Employed Age: between 18 and 70 years Add-on cardholder: over 15 years Annual Income: Rs. 4.5 lakhs and above Credit Score: 700 or more (No Defaults) |
| Credit Card Type | Reward Points |
| Benefits |
|
Axis Bank Indian Oil Credit Card – Features and Benefits
The Axis Bank Indian Oil Credit Card packs a lot of features and benefits that offer you great rewards from various categories, fuel transactions and many more. Using this card means you get high rewards and value on all your online and offline transactions. Below are some of the major benefits and features of the Axis Bank Indian Oil Credit Card:
- You get 100% cashback as a welcome benefit on all fuel transactions within the first 30 days of card issuance (up to Rs. 250).
- You get accelerated reward points up to 20 points on all Rs. 100 transactions at IOCL outlets on fuel, this offers 4% value back only available for MCC 5541 fuel. This is only applicable if you spend between Rs. 200 and Rs. 5,000 monthly on fuel.
- You enjoy a 1% value back with 5 reward points on every Rs. 100 you spend shopping online and it applies when you spend from Rs. 100 to Rs. 5,000 online.
Joining and Renewal Charge
There is an annual joining fee of Rs. 500 + GST when you apply for the Axis Bank Indian Oil Credit Card after which you get to pay another Rs. 500 the next year for card renewal.
Eligibility
To be eligible for this card, you have to be an Indian national or a non-Indian national residing in India, from 18 to 70 years of age, and add-on cardholders must be over 15 years old. You also must have a good credit score (700 or above) and an annual income of Rs. 4.5 lakhs and above.
Note: Please note that the bank reserves the right to deny or accept your application.
Movie and Dining
Using the Axis Bank Indian Oil Credit Card accords you entertainment benefits and an instant 10% discount when you purchase movie tickets on BookMyShow. You get this offer by applying for it during payment from the “offer” section. There are also dining benefits of up to 15% discount (up to Rs. 500) on dining bill payments at partner restaurants on the Axis Bank EazyDiner Program.
Milestone Benefit / Renewal Charge Waiver
The annual renewal charge can be waived off the next year if you hit the milestone spend of up to Rs. 50,000 in the previous year.
Fuel Surcharge Waiver
You will get a 1% fuel surcharge waiver while using the Axis Bank Indian Oil Credit Card at IOCL filling stations across India and it applies to maximum spending from Rs. 200 to Rs. 5,000. This means you get free fuel of up to 60 litres annually.
Required Documents
The following documents are required of you when applying for the Axis Bank Indian Oil Credit Card.
- Proof of Address: Aadhar Card, Driver’s License, Utility bills, Passport, Voter ID Card, or any approved ID.
- Proof of Identification: PAN Card, Voter ID Card, Aadhar Card, Driver’s License, or any government-approved ID.
- Proof of Income: Salary slips (3 months), Bank Statement (3 months) or ITR (for self-employed applicants).
Additional Features of IDFC FIRST Millennia Credit Card
- Foreign Exchange Rates: The Axis Bank Indian Oil Credit Card offers a 3.5% markup on all foreign transaction payment amounts for all international payments.
- Interest Rates: There is a 3.4% monthly interest rate up to 49.36% annually on the credit card.
- Cash Withdrawal Fees: For cash withdrawal at ATMs, you will be charged 3.4% on each amount withdrawn subject to a minimum of Rs. 500 per withdrawal depending on which is higher.
- Zero Liability: Cardholders are not liable for any unauthorized or fraudulent transactions on their cards after reporting the lost card to Axis Bank.
Conclusion
Axis Bank Indian Oil Credit Card is an entry-level card but it offers great benefits, especially on fuel and shopping both online and offline transactions. So, if you are considering this card, it is best to note that it offers instant discounts on movie ticket purchases and dining bill payments all at partner merchants under agreement with Axis Bank and Indian Oil Corporation Limited. You get 4% rewards on your fuel purchases with 1% accelerated reward rates on all online payments.
However, you only get a low 0.20% reward rate on offline spending. Once you hit the Rs. 50,000 milestone in a year, you get a waiver on the annual card renewal fee, this is possible with frequent fuel spending at IOCL filling stations across India.
This is a decent credit card and is best for people who spend from Rs. 4,000 to Rs. 5,000 easily within a month on fuel across Indian Oil filling stations. So, if you want to get this card not that you would benefit more when you own a car but you can also check out other amazing cards that offer great crazy benefits on our page.
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