Axis IOCL Credit Card

About Axis IOCL Credit Card

Are you watching the fuel meter more than the road lately? With petrol prices staying high, every liter counts, and the Axis IOCL Credit Card is designed to put some of that money back into your pocket.

This card offers a solid 4% value back on your fuel spends at IndianOil outlets. If you spend ₹5,000 on fuel every month, you could be looking at significant annual savings through reward points and surcharge waivers. It is a straightforward tool for anyone who drives daily and wants to turn a mandatory expense into a rewarding one.

Targeted at young professionals and commuters earning at least ₹21,000 per month, this card bridges the gap between a basic entry-level card and a specialized lifestyle card. It is perfect for those who spend heavily at IndianOil pumps but also enjoy a monthly movie or a nice dinner out.

What sets it apart:

• ✓ High fuel rewards: 4% value back at IndianOil vs. the standard 0.5% or 1% on most basic cards.
• ✓ Dual network choice: Available on both VISA and RuPay, allowing you to choose the network that fits your UPI payment needs.
• ✓ Low entry barrier: Accessible to those with a monthly salary of ₹21,000 and a credit score of 725.

Quick check: To qualify, you will need a minimum annual income of ₹3 lakh if you are salaried, or ₹4 lakh if you are self-employed, with a CRIF score above 725-750.

Let's break down why this card stands out in the crowded fuel card market:

Key Benefits and Features of the Axis IOCL Credit Card

The Axis IndianOil card is not just about the fuel pump; it packs enough lifestyle perks to keep it relevant for your weekend plans too. Here is a detailed look at how you can maximize this card.

Welcome Rewards to Get You Started

As soon as you activate your card, you get a head start on your savings. You receive 1,250 EDGE Reward Points as a welcome gift. For this specific welcome benefit, 1 reward point equals ₹0.25, giving you a total starting value of about ₹312. To get this, you must make a transaction of at least ₹100 within the first 30 days of getting the card.

The Fuel Savings Powerhouse

This is the main reason to carry this card in your wallet. When you refuel at authorized IndianOil outlets, you earn 20 EDGE Reward Points for every ₹100 spent. This effectively translates to a 4% value back. To make the most of this, keep your fuel transactions between ₹400 and ₹4,000.

In addition to the rewards, you get a 1% fuel surcharge waiver on your transactions. This waiver is capped at ₹50 per statement cycle, which covers about ₹5,000 worth of fuel monthly. If you are a heavy commuter, this waiver alone pays for a significant chunk of your annual fee.

Monthly Movie Discounts

If you enjoy catching the latest releases, this card offers a 10% instant discount on movie tickets booked through BookMyShow. While the cap is ₹100 per month, it is an easy benefit to use once every month, adding ₹1,200 to your total yearly savings.

Dining Delights

Axis Bank has a strong dining program, and the IOCL card is part of it. You can save up to 15% (up to ₹500) at partner restaurants across India. The catch is that your bill must be at least ₹2,500. It is a great feature for those monthly family dinners or outings with friends.

Fees and Annual Waiver

The card comes with a joining fee of ₹500 and an annual fee of ₹500. However, the bank rewards high spenders. If you spend more than ₹3.5 lakh in the preceding year, the annual fee for the next year is completely waived. This makes the card effectively free for those who use it as their primary payment method.

Eligibility and Credit Score Requirements

You can apply for this card if you are between 21 and 60 years old. Salaried individuals need a minimum monthly income of ₹21,000 (₹3 LPA). If you work for yourself, the bank looks for a yearly income of ₹4 lakh. Salaried applicants require a CRIF score of 725, while self-employed individuals must maintain a score of 750 or higher to ensure a smooth approval process.

How to Apply?

The application process for the Axis IOCL Credit Card is designed to be simple and digital. Here is how you can get started:

1. Visit the official Axis Bank website or a partner portal like BankKaro.
2. Navigate to the "Credit Cards" section and select the IndianOil Axis Bank Credit Card.
3. Enter your mobile number and PAN details to check for pre-approved offers.
4. Fill in your personal details, ensuring you meet the minimum income requirement of ₹21,000 per month.
5. Choose your preferred network (VISA or RuPay). If you want to link your card to UPI, RuPay is the way to go.
6. Complete the digital Video KYC (V-KYC) process as prompted by the bank.
7. Once the bank verifies your documents and credit score, your card will be dispatched to your registered address.

The bank may offer a different card variant based on your eligibility, so read the specific features of the card offered before you hit the final submit button.

Credit Limit and What to Expect

Credit limits are assigned based on your income, credit score, and existing banking relationship. Most applicants receive a starting limit between ₹25,000 and ₹1,50,000 based on their profile. Entry-level cards like the Axis IOCL offer a starting credit limit that allows for comfortable monthly fuel and utility spending. If you maintain a good repayment track record for 6-12 months, you will become eligible for a limit increase.

Comparison Table: Axis IOCL vs. Competitors

To see how this card stacks up against other popular fuel cards in India, look at the table below:

The Axis IOCL card is a fantastic choice if your neighborhood or commute route is dominated by IndianOil stations. While the ICICI HPCL Super Saver offers a slightly higher percentage, it restricts you to HPCL pumps. The Axis card's movie discount gives it a slight edge for those who want entertainment perks alongside fuel savings.

Documents Required for Axis IOCL Credit Card Application

You will need to submit the following documents when applying:

For Salaried Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, Voter ID, or Driving License
• Address Proof: Aadhaar Card, Passport, Utility Bills (not older than 2 months), Rent Agreement, or Property Tax Receipt
• Income Proof: Latest 3 months' salary slips and 6 months' bank statements
• Employment Proof: Office ID card or employment letter

For Self-Employed Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, Voter ID, or Driving License
• Address Proof: Aadhaar Card, Passport, Utility Bills (not older than 2 months), or Property Documents
• Income Proof: Latest 2 years' ITR with computation of income, 6 months' bank statements, and CA-certified financials
• Business Proof: Business registration certificate, GST registration (if applicable), or Shop Act License

Note: All documents must be self-attested. The bank may request additional documents during verification.

Who Should Get This Card?

Should you get this card? Here is who benefits most from the Axis IndianOil Credit Card:

The Daily Commuter: If you are a professional driving 30-40 km daily and spending roughly ₹4,000 to ₹6,000 on petrol every month at IndianOil, this card is a no-brainer. You will easily earn back your annual fee through reward points and the surcharge waiver.

The UPI Enthusiast: If you opt for the RuPay variant, you can link this card to your favorite UPI app. This allows you to earn rewards even on small merchant payments where you usually use a bank account, making it easier to reach that ₹3.5 lakh spend target for the fee waiver.

The Movie Buff on a Budget: If you watch a movie at the cinema at least once a month, the 10% discount helps offset the cost of your ticket. It is a simple, zero-hassle benefit that adds value outside of the petrol pump.

You might want to skip this card if... you rarely visit IndianOil outlets or if you do not own a vehicle. Since the accelerated rewards are strictly tied to a specific fuel partner, the card loses its primary value if you refuel at Shell or BPCL pumps. Also, if you are looking for travel perks like airport lounge access, this card will disappoint as it does not offer those features.

BankKaro Expert Review

Based on the card's features, the Axis IOCL Credit Card excels at providing consistent, high-value returns on fuel for the average Indian driver. The 4% reward rate is competitive and easy to understand. I particularly like that it includes movie and dining discounts, which are often missing from entry-level fuel cards.

The biggest limitation is the redemption value of the reward points. While you earn 20 points per ₹100, each point is worth ₹0.20 for general redemption. This means you need to accumulate a large number of points to see a massive impact. Additionally, the list of excluded spends (rent, insurance, utilities, and wallet loads) is quite long, which makes it harder to earn points on everyday bills.

Our verdict: Choose this card if you are looking for your first fuel-specific card and have a clear preference for IndianOil. It is a low-cost, high-utility card that performs exactly as advertised. If you spend enough to hit the annual fee waiver, the card becomes an excellent "set it and forget it" tool for your wallet.

Terms and Conditions

Before you apply, please keep these specific terms in mind:

• A minimum transaction of Rs.100 within 30 days is required to activate the card; otherwise, you will not be eligible for the welcome reward points.
• The bank may offer a different card variant based on your eligibility. Please carefully read the features of the card offered before submitting your application.
• Fuel rewards are only applicable on transactions between ₹400 and ₹4,000.
• EDGE Reward points are not earned on transactions like rent payments, insurance, wallet loads, and government services.
• Refer to the official Axis Bank website for the complete, legally binding terms and conditions document.