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Home Personal Finance

IndianOil Axis Bank Credit Card Review-Paisabazaar.com

Updates Finance by Updates Finance
July 14, 2022
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IndianOil Axis Bank Credit Card Rating
Reward Points            ★★★
Fuel Benefits              ★★★
Annual Fee                 ★★★
Additional Benefits   ★★
Overall Rating ★★★★

Axis Bank in collaboration with IndianOil has launched a fuel credit card i.e. IndianOil Axis Bank Credit Card. You can get up to  4% value back on your fuel purchases at IndianOil through this card. You can also avail 1% fuel surcharge waiver. Apart from fuel, you can avail exciting offers and benefits on other categories as well such as entertainment, dining, etc. Keep reading to know more about this credit card in detail.

Key Highlights of IndianOil Axis Bank Credit Card

IndianOil Axis Bank Credit Card
Card Type Entry-level
Best Suited for  Fuel
Joining Fee Rs. 500
Annual Fee Rs. 500 (Waived off on spending Rs. 50,000 in a year)
Welcome Benefits 100% cashback (Up to Rs. 250) on your fuel transactions in the first 30 days of card issuance
Best Feature 4% value back on your fuel spends at IndianOil outlets
Paisabazaar’s Rating ★★★ (3/5)

Must Read: Top Fuel Credit Cards in India 2022

Welcome Benefit-  Avail 100% Cashback within 30 days

You can earn cashback up to Rs.250 on all fuel transactions performed on the credit card within the first 30 days of card issuance. Take a look at the table below for better understanding-

Parameters Example 1 Example 2 Example 3
Amount Spent Rs. 100
Rs. 150
Rs. 100
Rs. 300
Rs. 100
Rs. 100
Rs. 100(post 30 days of card issuance)
Total Amount Spent Rs. 250 Rs.  400 Rs. 300
Cashback Received Rs. 250 Rs. 250 Rs.250

 

The welcome benefit offered by this card is pretty decent. However, there are a few conditions that must be kept in mind that you can avail this cashback of Rs. 250 only once and the transactions performed within 30 days of the card issuance are eligible for cashback. As shown in example 3, that transaction of Rs. 100 made post 30 days of card issuance is not applicable to avail this cashback.

Up to 4% Value back on Fuel Transactions

You can avail up to 4% value back on your fuel transactions through the accelerated reward points. However, these reward points can be earned in the following manner-

  • 4% value back on fuel transactions by earning 20 reward points per Rs. 100 spent at any IOCL outlets which is applicable on fuel transactions made between Rs. 100 and Rs. 5,000 per month
  • 1% value back by earning 5 reward points per Rs. 100 spent on online shopping. Applicable on online transactions made between Rs. 100 and Rs. 5,000

If you are a loyal customer of IndianOil outlets,then this credit card provides satisfactory benefits on fuel transactions in the form of reward points. You must keep in mind that your spending capability on fuel expenses must be over Rs.5,000 to avail this benefit. However, if your needs and requirements are quite different from this credit card, you can look for other fuel co-branded credit cards available in the market  probably at a  lower annual fee such as ICICI Bank HPCL Credit Card.

Fuel Surcharge Waiver

You can avail 1% fuel surcharge waiver on fuel transactions between Rs. 200 to Rs. 5,000. The maximum waiver in a billing cycle is capped at Rs. 50 despite being associated with IndianOil, fuel surcharge waiver can be availed at all petrol pumps across the country. However, for a fuel credit card, the surcharge waiver could have been slightly better.

Other Benefits

As you know this card lets you save on your fuel expenses, but the best part about this credit card is that it also provides benefits on various other categories as mentioned below-

Category Benefits
Movie Tickets Get 25% off (up to Rs. 100) on movie tickets booked via BookMyShow.This benefit can be availed only twice a month
Dining Discount 15% off on dining at over 800 restaurants via the Culinary Treats program
Annual Fee Waiver: Annual fee will be waived off on spending Rs. 50,000 in a year
Reward Points 1 eDGE reward point on every Rs. 100 spent via this credit card

 

For a credit card with an annual fee of just Rs. 500, these benefits are quite satisfactory as along with savings on fuel transactions, you can also save money on other categories such as dining, entertainment. Not only this, you can also avail plethora of vouchers and discounts by earning eDGE reward points.

Should You Opt for this Card?

Do you commute on daily basis? If your answer is yes,then this is the right credit card for you. To help  you decide better, we have laid down a few points considering for whom the card will be an ideal choice. The card is ideal for you if:

  • You are a frequent fuel purchaser and commute on a daily basis
  • Majority of your fuel purchases are from IndianOil outlets
  • You can pay the annual fee of Rs. 500

Must Read: Best Credit Cards in India 2022

Limitations of IndianOil Axis Bank Credit Card

It is true that you can save money on fuel expenses with this credit card, but still, this card might not be the one you are looking for. Before applying, take a look at some of the limitations of this card-

  • Fuel Surcharge waiver capping is low and quite similar to any other category-specific credit card
  • Fuel discount is only available at IndianOil outlets, which is again a restricted option



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