IndianOil Axis Bank Premium Credit Card: Great for Co-branded Fuel Benefits

Rewards Program

• 6 EDGE Miles per Rs. 150 spent: On IOCL fuel outlets in India, up to Rs. 15,000 cumulative monthly fuel spends
• 2 EDGE Miles per Rs. 150 spent: On grocery and supermarket, up to Rs. 5,000 monthly spends made in this category
• 1 EDGE Mile per Rs. 150 spent: On all other spending categories, including IOCL fuel, grocery and supermarket spends made beyond the monthly capping on 6X and 2X rewards
• Excluded Categories: Spends made on utilities, rent, insurance, transportation and tolls, government and educational institutions, and wallet are not going to accrue any EDGE Miles

Here, IOCL spends earn 4% EDGE Miles but only up to Rs. 15,000 fuel spends in a month. If you are an average spender when it comes to fuel and only use your vehicle only for general commute within the city, then this capping may not affect you. But if you travel extensively every month and your monthly fuel spends exceed this limit then you can end up losing out on the accelerated benefits.

Redemption Options

You can redeem the earned EDGE Miles against a variety of options which give different value-back as discussed below – 

Fuel*: You can use the EDGE Miles directly for fuel purchases at IndianOil outlets, where 1 EDGE Mile = Rs. 1.

Partner Miles: Under the Axis Bank Miles Transfer program, you can redeem EDGE Miles against Partner Miles or Points to use them for travel bookings. For this, you must have at least 510 EDGE Miles to redeem. Here,

• 2 EDGE Miles = 1 Partner Points
  Applicable for Air France-KLM, Ethiopian Airlines, Etihad Airways, IHGR Hotels & Resorts, Qatar Airways, Singapore Airlines, Turkish Airlines, United Airlines, Marriott International, Vistara, ITC, SpiceJet, and AirAsia.
• 3 EDGE Miles = 10 XTRAREWARDS (IOCL loyalty points)

Travel EDGE Portal*: EDGE Miles can be used to book flights, hotels and experiences via Axis Bank Travel EDGE portal.

Rewards Catalogue*: You can utilise your earned EDGE Miles to purchase products and gift vouchers listed in the rewards catalogue.

Partner Outlets: You can opt for instant offline redemption of your EDGE Miles while shopping at select retail outlets. (Effective 30 Jun 2024)

SMS-Based: Under this instant redemption option, you can use your EDGE Miles via SMS while shopping at participating retail merchants. (Effective 30 Jun 2024)

Cashback: EDGE Miles can be redeemed as cashback which is adjusted against your card outstanding via Pay By Rewards feature. (Effective 15 Aug 2024)

*To avail these redemption options, you must have at least 500 EDGE Miles available to redeem.

While redeeming the accrued EDGE Miles against fuel purchases at IOCL outlets seems easy and hassle-free at a good redemption ratio of 1:1, converting them to IOCL loyalty points at a ratio of 3:10 appears to be a much better deal. However, if we consider the value of each XTRAREWARD which is equal to around Rs. 0.30, then:

3 EDGE Miles = 10 XTRAREWARDS = Rs. 3 (as 1 XRP = Rs. 0.30, so 10 XRP = Rs. 3)

Therefore, whether you convert EDGE Miles to XTRAREWARDS or use them directly to purchase IOCL fuel, the final redemption value-back ratio stays the same as 1:1.

Besides redeeming your EDGE Miles for fuel purchases, you can explore other options depending on your needs and preferences as well. For instance, if you are travelling via any of the partner airlines or staying at partner hotels then converting Miles to their loyalty points may be a better choice for you. Though the final value-back can vary based on the redemption option you opt for.

Other Card Benefits

• Fuel Surcharge Waiver: 1% unlimited fuel surcharge waiver on fuel spends made at all IOCL outlets across India
• Welcome Bonus: 500 EDGE Miles on making the first card transaction within 30 days of card issuance
• Zomato Discount: 30% off, up to Rs. 150 per order twice a month, on food delivery worth Rs. 200 or more via Zomato using the code ‘AXISIOCL’
• Complimentary Lounge Access: Up to 8 visits to select domestic airport lounges in India, maximum 2 visits per quarter on spending Rs. 50,000 in the previous 3 months**
• Annual Fee Waiver: Applicable on reaching Rs. 1 lakh annual spends
• Dining Benefit: 25% off, up to Rs. 800 per order twice a month, on dining via EazyDiner under Axis Bank Dining Delights program

**The spending criteria is not applicable for a newly issued card for the issuance month and for the following 3 months.

IndianOil Axis Bank Premium Credit Card is suitable for you if fuel spends make a considerable portion of your monthly expenses. Moreover, this card also gives a decent value-back on food-related expenses in the form of EDGE Miles on groceries and discount offers on Zomato food delivery and dining bills.

Though the card fee of Rs. 1,000 might seem like an added expense, the spend-based fee waiver condition of Rs. 1 lakh annual spends is quite easily achievable even for a low spender.

Opt for this card if:

• You are an IOCL loyalist
• You have a personal vehicle which you use for your daily commute and spend a significant amount on fuel
• You want a card with complimentary domestic airport lounge access
• You are comfortable with redeeming your rewards against fuel purchase to maximise savings
• You prefer to get a card with diverse redemption options, instead of getting direct cashback or discount

Look for other card options if:

• You do not want any limitations/capping on your rewards earning
• You want a card with better overall lifestyle benefits
• You want better value-back on fuel but do not have any fuel brand preference
• You are looking for savings options on international spends

Given below are some other fuel credit cards co-branded with leading fuel providers, like IndiaOil, HPCL and BPCL, which you can explore and choose from:

BPCL SBI Card Octane

4_/5

Joining fee: ₹1499

Annual/Renewal Fee: ₹1499

7.25% value back on BPCL fuel expenses

10X rewards on dining, movies, groceries & departmental store spends

Co-branded

Fuel

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Product Details

• 25 reward points per Rs. 100 spent on BPCL fuel, lubricants & Bharat Gas; 1 reward point on others
• 1% fuel surcharge waiver, up to Rs. 100 per month, on BPCL fuel spends of up to Rs. 4,000
• 6,000 reward points as welcome bonus on fee payment, 1 RP = Rs. 0.25
• 4 complimentary visits per year to domestic Visa lounges in India
• Fee waived on Rs. 2 lakh annual spends & Rs. 2,000 e-gift voucher on Rs. 3 lakh annual spends

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ICICI HPCL Super Saver Credit Card

3.5_/5

Joining fee: ₹500

Annual/Renewal Fee: ₹500

Up to 6.5% savings on HPCL fuel spends

5% back on grocery & utilities

Fuel

Check Eligibility

Product Details

• 4% cashback, max. Rs. 200 per month, on HPCL spends & 1% on fuel surcharge
• Save additional 1.5% as 6 reward points per Rs. 100 spent on HPCL fuel via the HP Pay app
• 2 reward points per Rs. 100 spent on other retail purchases, 1 RP = Rs. 0.25
• Rs. 100 cashback on recharge via HP Pay app & 2,000 reward points as joining bonus
• 1 domestic airport lounge access per quarter on spending Rs. 35,000 in the previous quarter

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IDFC FIRST Power+ Credit Card

3.5_/5

Joining fee: ₹499

Annual/Renewal Fee: ₹499

Up to 6.5% value-back on HPCL fuel spends

30 rewards per Rs. 150 spent on grocery, utilities & IDFC FIRST FASTag

Co-branded

Reward Points

Fuel

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Product Details

• 5% savings as 30 rewards per Rs. 150 spent on HPCL fuel & LPG
• 1.5% savings as 6 Happy Coins per Rs. 100 spent on HP Pay app
• 3 rewards per Rs. 150 spent on UPI & other purchases, 1 RP = Rs. 0.25
• 1 complimentary domestic airport lounge access per quarter on min. monthly spends of Rs. 20,000
• 25% off, up to Rs. 100, on movie tickets once per month & annual fee waived on Rs. 1.5 lakh annual spends

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IndianOil Axis Bank Credit Card

3_/5

Joining fee: ₹500

Annual/Renewal Fee: ₹500

Save up to 5% on IOCL fuel spends

1% back as 5 EDGE reward points per Rs. 100 spent on online shopping

Co-branded

Fuel

Check Eligibility

Product Details

• 4% back as 20 EDGE reward points per Rs. 100 spent on IOCL fuel
• 1% fuel surcharge waiver of up to Rs. 50 per month on fuel spends of Rs. 400 to Rs. 4,000
• 1 EDGE reward point per Rs. 100 spent on other spends, 1 EDGE reward point = Rs. 0.20
• 100% cashback, up to Rs. 250, as EDGE rewards on the 1st fuel spend made within the 1st 30 days
• Annual fee waived off on Rs. 3.5 lakh annual spends and up to 15% off on dining via EazyDiner

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IndianOil HDFC Credit Card

3_/5

Joining fee: ₹500

Annual/Renewal Fee: ₹500

Up to 6% savings on IndianOil fuel spends

5% fuel points on groceries and bill payment spends

Co-branded

Fuel

Check Eligibility

Product Details

• 5% fuel points on spends done at IndianOil outlets
• 1% fuel surcharge waiver, up to Rs. 250 per month, for IOCL fuel spends of Rs. 400 and above
• 1 fuel point per Rs. 150 spent on other purchases, including UPI, where 1 fuel point = Up to Rs. 0.96
• Complimentary IndianOil XTRAREWARDS Program (IXRP) membership on joining
• Annual fee waived off on spending Rs. 50,000 in a year

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IndianOil Kotak Credit Card

3_/5

Joining fee: ₹449

Annual/Renewal Fee: ₹449

Up to 5% savings on card spends made on IndianOil fuel

2% back as 12 reward points per Rs. 150 dining and grocery spend

Co-branded

Fuel

Check Eligibility

Product Details

• Save 4% as 24 reward points per Rs. 150 IndianOil fuel spend
• 1% fuel surcharge waiver of up to Rs. 100 per month on IOCL fuel spends between Rs. 100 to Rs. 5,000
• 3 reward points per Rs. 150 spent on others; 1,000 reward points on making a spend of min. Rs. 500 in the 1st month
• 300 Reward Points = 250 IndianOil XTRAREWARDS = Rs. 75 (1 RP = Rs. 0.25; 1 XTRAREWARDS = Rs. 0.30)
• Annual fee waived off on Rs. 50,000 annual spends

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