This credit card is designed to deliver greater savings and rewards on your fuel spending. It is great for drivers and frequent visitors to Indian Oil Corporation (IOCL) petrol pumps. Indian Oil Axis Bank Credit Card is a CO-branded card.
Card Type: Rupay /Fuel
Rewards:
- Earn accelerated reward points on fuel purchases at Indian Oil Corporation (IOCL) outlets:
- Earn 20 Edge Rewards points for every Rs 100 spent
- This benefit ranges from Rs 100 to Rs 5000 per month.
- Earn reward points on other spending categories:
- On transactions of Rs 100 to Rs 5000, you get 5 Edge Reward Points for every Rs 100 spent.
- 1 Edge Reward point for every Rs. 100 spent on other categories On Indianoil Axis Bank Credit Card
Fees:
- Joining Fee: 500 +Applicable Taxes
- Annual Fee: 500 +Applicable Taxes
- Add On Card Joining Fee: Nill
- Add On Card Annual Fee: Nill
- Card Replace Fee: Nill
- Finance Charge: 3.6% Per Month
- Over Limit Penalty: 2.5% Of the Limit Amount
Benefits:
- Welcome, offer:
- Up to Rs. 250 cashback on fuel purchases within the first 30 days of card issuance (subject to change).
- Annual fee waiver: Avoid the annual fee if your yearly spending exceeds Rs. 50,000.
- Fuel surcharge waiver: Get an exemption from fuel surcharge on all your fuel transactions.
- Complimentary airport lounge access: Spending Rs 5000 in 1 month gets you domestic airport lounge benefits every 3 months.
- Movie ticket discounts: You get 25% off when you book movie tickets for Rs 100
- Other benefits:
- Rs. 2 lakh personal accident cover.
- Rs. 25,000 lost card liability cover.
- Rs. 1,399 roadside assistance.
- Low interest rates (0.75% to 3.5% per month, translating to 9% to 42% annually).
Eligibility criteria:
- Age 21 t0 60 years
- Salaried or self-employed
- Salary of INR 25,000 per month
- Income Tax Return of INR 7.5 L
Required Document
- Pan Card
- Aadhar Card
- Income Proof
- Address Proof
Pros & Cons
Pros
- High Rewards on Fuel: Earns a good reward rate (up to 4% as reward points) on fuel purchases at Indian Oil stations, which can be a significant benefit for frequent drivers.
- Fuel Surcharge Waiver: You can save Rs 50 a month at the petrol pump by paying a 1% fuel surcharge.
- Decent Rewards on Other Spends: Provides you 1% reward points on all other categories
- Welcome Bonus: Get Rs 250 cashback on fuel purchases worth Rs 250 within 30 days of card issuance.
Cons
- Limited Reward Categories: With the help of this card, you do not get some good reward points for spending on food, travel, or any other category.
- Reward Caps: You can earn reward points up to a certain limit with the help of this card.
- Lower Rewards on Non-Fuel Spends: You get many reward points on categories other than fuel.
- Limited Airport Lounge Access: This card does not provide any airport lounge access benefits.
Drivers who spend more mainly at Indian Oil stations This is a good card for them so if you don’t spend heavily on fuel then it’s best not to get it.
Please Read Our other credit card reviews
Disclaimer
CredBanking will not be responsible for any change in fees, rewards, or others, whether small or big, because we have obtained the information from the bank’s website and internet.