Axis Bank Indian Oil Credit Card Review

Axis Bank Indian Oil Credit Card Review

The rising cost of fuel is putting a dent in practically everyone’s wallet. People would find comfort if they could save some money on fuel purchases in such a situation. In the same vein, Indian Oil and Axis Bank have collaborated to introduce a credit card with a lot of fuel-based offers. Customers can make cashless payments at Indian Oil outlets and earn exciting rewards and cashback.

Discounts on shopping and movie tickets are also available with the Axis Bank Indian Oil credit card, as are dining benefits thanks to Axis Bank’s Dining Delights partnership with select restaurants. Here is our review of the Axis Bank Indian Oil credit card, where we delve deep into the pros, cons, rewards, cashback, and more. We attempt to answer the question of whether you should get one for yourself or not?

Fees and Charges

LabelFees
Joining Fees Rs. 500
Annual Fees Rs. 500 (waived on spending over Rs 50,000 in a year)
Interest rate Interest rate: 3.4% per month (49.36% per annum)

Pros & Cons

Pros
  • You will earn a welcome incentive of 100% cashback up to Rs 250 on your first fuel transaction when you use this credit card.
  • For all fuel transactions undertaken at Indian Oil Corporation Limited petrol pumps around the country, you will receive 20 reward points per Rs 100 spent.
  • You’ll also get a 1% fuel surcharge waiver on any transactions between Rs 200 and Rs 5,000 every month.
  • On Zoomcar, you can save up to Rs.1,500 on your bookings.
  • Get a 30% discount on your hotel reservations at Fab Hotels.
  • On all OYO bookings, you will be eligible for a 30% discount.
  • On domestic flight bookings made through Goibibo, a 5% discount is offered.
  • On bookings booked through Booking.com, you can get up to 10% cashback.
  • PharmEasy is offering a discount of up to 25% off your first order from this card.
  • The Axis Bank Indian Oil credit card also has entertainment rewards, like a flat discount on movie tickets through BookMyShow.
Cons
  • Poor offline spend rewards
  • Almost negligible lifestyle benefits on offer

Rewards and Cashback

  • 1 Edge reward point for every Rs 100 spent
  • All your fuel purchases will earn you accelerated reward points. For every Rs 100 paid, you will receive 20 reward points.
  • For all your online shopping, you will receive 5 reward points for every Rs 100 spent.
  • Offline spends get you just 1 point per Rs 100 spent.

Who Should get an Axis Bank Indian Oil Credit Card?

The advantage of this credit card is that it offers you a good return on your fuel spends, given you spend around Rs 5,000 on fuel transactions in a month. For that spend, you can get a maximum of 1000 points, which are convertible into Rs 200 of value every month and Rs 2,400 a year. Rs 2,400 return on a spend of Rs 60,000 is a superb deal (4% return).

You can pair it with an Axis Bank Vistara credit card (review) that gets you benefits on your travel spending.

Eligibility Criteria

1. Age

  • The primary cardholder shall be between the ages of 18 and 70.
  • Add-on cardholders must be at least 15 years old.

2. Location

  • The person can be either an Indian resident or a non-Indian resident.

3. Documents

  • A photocopy of your PAN card or Form 60 is required
  • Photograph (in color)
  • Most recent payslips/Form 16/IT returns as proof of income.
  • Proof of residency (any of the following):
  • Ration Card
  • Passport
  • Electricity slips
  • Telephone bill (landline)
  • Proof of identity (any of the following):
  • Driver’s license
  • Passport
  • Aadhaar card
  • PAN card

Rating and Reviews

Source: Axis Bank

  • Cashback and Rewards 4/5 – A 4% return on fuel spending is a solid deal for a card in this category.
  • Fees and charges 3.5/5 While Rs 500 as joining and annual fees are slightly steep, a fee waiver of Rs 50,000 in a year should be easily achievable.
  • Eligibility 4/5 The Axis Bank Indian Oil credit card does not have unusually high eligibility criteria and should be obtainable with a decent income stream and good credit score.
  • Overall 4/5 Although Axis Bank offers credit cards with fuel surcharge waivers, the Axis Bank IndianOil credit card has the advantage of not being restricted to just that benefit. You can use this card to get benefits and privileges when shopping online, booking movie tickets, and filling up fuel at IOC pumps.

Conclusion

It’s a superb credit card that delivers you a good amount of Axis Edge points on fuel purchases, making redemptions easier. The card is constructed in such a way that it makes sense if you plan to use it “just for fuel” and spend between Rs 4000 and Rs 5000 per month, with an annual fee waiver included. If you don’t, you’ll have to spend the remaining money on waivers offline or online, lowering your overall return on investment.

FAQs

Which Axis Card is best for fuel?

The Axis Bank Indian Oil credit card is a card that not only saves you money on petrol but also on other expenses. The card comes with a long list of benefits and features, including fuel savings, accelerated reward points, and surcharge waivers.

How can I redeem my Axis Indian Oil Credit Card points?

You can use the rewards catalog on Axis Bank’s website or mobile app to redeem your Axis Edge reward points.

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