The Indian Oil Axis Bank Premium Credit Card is the second fuel-focused offering from Axis Bank in collaboration with Indian Oil, following the Indian Oil Axis RuPay Credit Card. This premium version is designed for individuals who want to maximize savings on fuel while enjoying other lifestyle benefits.
One of the key features is the 6X EDGE Miles on all fuel transactions made at IndianOil outlets, making it an ideal card for those with significant fuel expenses. Along with fuel rewards, cardholders earn 2X EDGE Miles on grocery and supermarket spends of up to ₹5,000, catering to everyday spending.
The card comes with a joining fee of ₹1,000, which can be waived off by spending ₹30,000 annually, making it accessible for moderate spenders. Beyond fuel savings, cardholders can enjoy complimentary airport lounge access, enhancing the travel experience, and discounts on food delivery via Zomato, making it a versatile option for daily use.
With these benefits, the IndianOil Axis Premium Credit Card is an excellent choice for individuals looking for a well-rounded card that combines fuel savings with lifestyle perks. Whether you’re traveling, shopping for groceries, or dining in, this card offers strong rewards across multiple categories.
Overview
| Feature | Details |
|---|---|
| Card Type | Fuel and Rewards Credit Card |
| Reward Rate | Up to 4% cashback on fuel purchases at Indian Oil outlets |
| Reward Value | 1 reward point ≈ ₹0.20 |
| Annual Fee | ₹1,000 + GST (waived on spending ₹1,50,000 annually) |
| Unique Selling Points | High rewards on fuel, fuel surcharge waiver, accelerated rewards on other categories |
| Rating (out of 5) | 4.6 |
Indian Oil Axis Bank Premium Credit Card Charges
| Fee Type | Details |
|---|---|
| Joining Fee | ₹1,000 + GST |
| Renewal Fee | ₹1,000 + GST (waived on spending ₹1,50,000 annually) |
| Finance Charges | 3.6% per month (43.2% per annum) |
| Late Payment Fee | ₹300 to ₹1,000 based on the outstanding balance |
| Foreign Transaction Fee | 3.5% + GST |
| Rent Payment | 1% fee using third-party apps like CRED, Paytm |
| Education | 1% fee using third-party apps |
| Utilities | No additional charges |
Indian Oil Axis Bank Premium Credit Card Benefits
This card provides various benefits:
- Fuel Surcharge Waiver: 1% fuel surcharge waiver on transactions between ₹400 to ₹5,000 at Indian Oil fuel stations.
- Interest-Free Credit: Up to 50 days of interest-free credit from the date of purchase.
- EMI Options: Convert big purchases into easy monthly installments.
Welcome Benefits
| Welcome Benefit | Details |
|---|---|
| Cashback Offer | ₹250 cashback on first fuel transaction |
Rewards
| Spend Category | Reward Rate |
|---|---|
| Fuel Purchases at Indian Oil | Up to 4% cashback |
| Dining and Groceries | 2% cashback |
| Utility Bill Payments | 1.5% cashback |
| All Other Spends | 1 reward point per ₹100 spent |
| Reward Value | 1 point ≈ ₹0.20 |
| Rewards Expire in | 3 years |
Milestone Benefits
| Spending Milestone | Reward Earned |
|---|---|
| Annual Spend of ₹1,50,000 | Annual fee waiver |
Redemption
Reward points can be redeemed for:
- Fuel: Directly pay for fuel at Indian Oil stations using earned points.
- Gift Vouchers: Redeem points for shopping vouchers from top brands.
- Cashback: Convert points into statement credit.
Gift Vouchers Available
| Category | Brands |
|---|---|
| Shopping | Amazon, Flipkart |
| Electronics | Croma |
| Travel | MakeMyTrip, Cleartrip |
| Dining | Zomato, Swiggy |
| Entertainment | BookMyShow |
Airport Lounge Access
| Access Type | Details |
|---|---|
| Domestic Lounges | Complimentary access at select airports |
| International Lounges | Limited access available |
Forex Markup Fee
| Fee Type | Details |
|---|---|
| Forex Markup Fee | 3.5% + GST on all international transactions |
Indian Oil Axis Bank Premium Credit Card Eligibility
To apply for the Indian Oil Axis Bank Premium Credit Card, applicants must meet the following criteria:
- Age: 18 to 70 years
- Income: Stable income required
- Documents Required: Aadhar Card, PAN Card, proof of income (latest bank statements/salary slips, ITR), and residence proof.
Indian Oil Axis Bank Premium Credit Card Review
The Indian Oil Axis Bank Premium Credit Card is an excellent choice for frequent fuel buyers who wish to maximize their savings. With up to 4% cashback on fuel purchases, a fuel surcharge waiver, and additional cashback on dining and groceries, this card offers substantial value. The annual fee is reasonable and can be waived off by meeting the spending criteria, making it a budget-friendly option. The card’s various reward redemption options and straightforward savings make it practical for everyday use.
Overall Rating: 4.6
- Benefits: 4.7
- Fees: 4.5
- Customer Service: 4.4
Pros and Cons
| Pros | Cons |
|---|---|
| High cashback on fuel purchases. | Limited airport lounge access. |
| Fuel surcharge waiver. | High foreign transaction fee. |
| Annual fee waiver on meeting spend criteria. | Lower rewards on non-fuel transactions. |
Similar Cards to Indian Oil Axis Bank Premium Credit Card
| Feature | Indian Oil Axis Bank Premium Credit Card | BPCL SBI Card Octane | HPCL BoB ENERGIE Credit Card |
|---|---|---|---|
| Annual Fee | ₹1,000 + GST | ₹1,499 + GST | ₹499 + GST |
| Lounge Access | Limited domestic access | Limited domestic access | Not available |
| Reward Rate | Up to 4% cashback on fuel | 25 points per ₹100 spent at BPCL | Up to 24 points per ₹150 spent |
| Reward Value | 1 point ≈ ₹0.20 | 1 point ≈ ₹0.25 | 1 point ≈ ₹0.25 |
| Special Benefits | High cashback on fuel, surcharge waiver | High rewards on fuel, milestone benefits | High rewards on fuel, dining, groceries |
Relevant Links
To help our readers navigate our website and find additional relevant content, here are some internal links you might find useful:
For more detailed information about Axis Bank credit cards and other financial products, you can visit the official Axis Bank website.
FAQ
What is the annual fee for the Indian Oil Axis Bank Premium Credit Card?
The annual fee is ₹1,000 + GST, which is waived upon spending ₹1,50,000 annually.
How can I earn reward points with the Indian Oil Axis Bank Premium Credit Card?
You can earn up to 4% cashback on fuel purchases at Indian Oil fuel stations.
How can I redeem the reward points earned with the Indian Oil Axis Bank Premium Credit Card?
Reward points can be redeemed for fuel, gift vouchers, or cashback.
Does the Indian Oil Axis Bank Premium Credit Card offer any fuel benefits?
Yes, the card offers a 1% fuel surcharge waiver on transactions between ₹400 to ₹5,000 at Indian Oil outlets.
What are the milestone benefits of the Indian Oil Axis Bank Premium Credit Card?
The card offers an annual fee waiver upon spending ₹1,50,000 in a year.
Is the Indian Oil Axis Bank Premium Credit Card worth it for frequent fuel buyers?
Absolutely. With high cashback rates, a fuel surcharge waiver, and low fees, this card provides excellent value for those who regularly spend on fuel.
