IndianOil Axis Bank Premium Credit Card
Co-branded
Reward Points
Fuel
1st Year Fee: ₹1,000* Plus Applicable Taxes
Fuel
5% value back on IOCL fuel spends
Lounge Access
8 domestic lounge visits every year
Rewards
2X rewards on everyday spends
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About IndianOil Axis Bank Premium Credit Card
IndianOil Axis Bank Premium Credit Card is a co-branded fuel credit card and the migrated version of IndianOil Citi Credit Card. It offers 4% value back on IOCL fuel spends, along with a 1% fuel surcharge waiver, increasing the overall value back to 5% on fuel spends. While the incremental reward rate of fuel spends comes with monthly capping, the surcharge waiver benefit, which is usually capped for most credit cards, is unlimited.
One of the key highlights of this card is its unique reward structure. Unlike other co-branded fuel cards like HDFC IndianOil, Axis IndianOil, or IndianOil RBL Credit Cards, which offer general reward points, this card offers value back in the form of EDGE Miles. Cardholders can redeem accumulated EDGE Miles not only for IOCL fuel spends but also for flight bookings with 10+ partner airlines, making it a great choice for frequent travellers.
Beyond fuel benefits, the card stands out by offering up to 8 complimentary domestic lounge visits every year, currently the highest among all co-branded fuel credit cards. Additionally, it offers savings on dining spends, including discount on Zomato and exclusive offers under the Dining Delights program, which further add to its benefits.
Overall, IndianOil Axis Bank Premium Credit Card is an excellent choice for IOCL loyalists looking for a fuel credit card with flexible reward redemption options.
Note: This Card is not available on Paisabazaar. The content on this page is for information only. To express interest in this card, please visit Axis Bank’s website.
Rewards Program
Reward Earning
- 6 EDGE Miles per Rs. 150 spent on IOCL fuel outlets in India, up to Rs. 15,000 cumulative monthly fuel spends1
- 2 EDGE Miles per Rs. 150 spent on grocery and supermarket, up to Rs. 5,000 monthly spends made in this category2
- 1 EDGE Mile per Rs. 150 spent on other categories3
Reward Points Redemption
Fuel: Redeem EDGE Miles directly for fuel purchases at IndianOil outlets at a value of 1 EDGE Mile = Rs. 1.
Other Features & 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 transaction within 30 days of card issuance.
Zomato: 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’.
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 months6.
Annual Fee Waiver: Annual fee waiver on spending Rs. 1 Lakh in a year.
Fees & Charges
| Fee Type | Amount | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Joining Fee | Rs. 1,000 + Taxes | ||||||||||
| Annual Fee | Rs. 1,000 + Taxes | ||||||||||
| Finance Charges | 3.60% per month (52.86% p.a.) | ||||||||||
| Late Payment Charges |
|
Things to Know Before you apply
Get this card if
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 maximize savings
You are looking for a card with diverse redemption options, instead of getting direct cashback or discount
Consider other options if
You do not want any limitations/capping on your rewards earning
You want better value-back on fuel but do not have any fuel brand preference
You are looking for savings options on international spends
Paisabazaar Review
What do we like about this card?
As of now, IndianOil Axis Bank Premium Credit Card is the only fuel credit card that offers value back through EDGE Miles instead of regular reward points. Cardholders can earn accelerated rewards not only on fuel expenses but also on everyday expenses, including grocery and supermarket purchases, with flexible redemption options. Unlike other co-branded fuel credit cards, this card allows 1:1 redemption of EDGE Miles for IndianOil fuel spends and also offers the option to convert them into 10+ partner airline points, making it a reasonable pick for frequent travellers.
Pros
- Accelerated rewards on IOCL & other day to day spends
- Redemption of rewards against IOCL fuel spends at a 1:1 ratio
- Unlimited fuel surcharge waiver with no maximum capping
- Up to 8 complimentary domestic lounge visits every year
- Redemption of rewards against 10+ partner airlines
Cons
- Low redemption value against IOCL Loyalty Points
- Capping on accelerated EDGE Miles earning categories
- No international lounge access benefits
- Welcome benefits worth Rs. 500, lesser than the joining fee
- High forex markup fee of 3.5%
Conclusion
IndianOil Axis Bank Premium Credit Card is a great option for daily commuters who are loyal to IndianOil and want to avail fuel and travel benefits on a single card. While primarily designed for fuel spends, it offers value back through EDGE Miles, which can be redeemed not only for fuel but also for flight bookings with 10+ partner airlines, allowing cardholders to save on travel expenses. Additionally, benefits like up to a 30% discount on Zomato and exclusive dining offers through the Dining Delights program further enhance its overall value.
Frequently Asked Questions
Everything you need to know about this credit card
IndianOil Axis Bank Premium Credit Card is a co-branded fuel credit card that offers up to 5% value back on fuel spends. Cardholders earn 6 EDGE Miles for every Rs. 150 spent at IOCL fuel outlets, along with a 1% unlimited fuel surcharge waiver.
Yes, the card offers up to 8 complimentary domestic lounge visits per year, subject to a minimum spend of Rs. 50,000 in the previous quarter. Also, a maximum of 2 visits per quarter can be availed.
No, IndianOil Axis Bank Premium Credit Card does not offer renewal benefits. However, cardholders can get an annual fee waiver by spending Rs. 1 Lakh in a year.
The card offers up to 5% value back on IOCL fuel spends, which includes 4% through 6 EDGE Miles per Rs. 150 spent at IOCL fuel outlets and 1% through the fuel surcharge waiver.
Yes, the card offers up to 25% dining discount at partner restaurants under the Dining Delights program. Additionally, cardholders can save up to Rs. 300 per month on Zomato food deliveries using this credit card.
At the time of joining, the card offers 500 EDGE Miles (worth Rs. 500) upon making the first transaction within 30 days of card issuance.
Footnotes
- For monthly spends above Rs. 15,000, cardholders will continue to earn the base reward rate of 1 EDGE Mile per Rs. 150 spent.
- For monthly spends above Rs. 5,000, cardholders will continue to earn the base reward rate of 1 EDGE Mile per Rs. 150 spent.
- Spends made on utilities, rent, insurance, transportation and tolls, government and educational institutions, and wallet are not going to accrue any EDGE Miles.
- For this, you must have at least 510 EDGE Miles to redeem.
- To avail these redemption options, you must have at least 500 EDGE Miles to redeem.
- The spending criteria is not applicable for a newly issued card for the issuance month and for the following 3 months.
Click here to know More Terms and Conditions
Shruti Sharma
Shruti Sharma is a skilled content writer with a passion for simplifying personal finance for consumers. Specializing in credit cards and financial planning, she offers valuable insights that empower individuals to make informed financial choices. Through her writing, she shares practical tips and guides readers through the nuances of credit card usage.
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