Indian Oil Axis Bank Credit card Review

Indian Oil Axis Bank Credit Card is another good co-branded fuel card which helps you save expenses on fuel.

I already wrote about why you should use correct credit cards for fuel expenses to save on money. You may visit the link on how and why I use co-branded fuel credit card for filling my vehicle’s tank.

Overview of the card

Axis Bank launched this card in partnership with Indian Oil with the following fee structure

• Annual Charges – Rs 500 + GST
• Renewal Fee – Rs 500+GST
• Renewal Fee waiver on spends of Rs 50,000  

Benefits on IOC Axis Bank Card

Welcome Benefit – Rs 250 (if same or higher fuel spends done within 30 days)

Reward points

• Fuel Spends at IOCL Fuel Outlets* – 4%
• Surcharge Reversal* – 1% (No GST reversal)
• Online shopping* – 1%
• Other Regular spends – 0.2%

Bookmyshow benefit – 10% discount

* All benefits on fuel and online spends capped at Rs 5000 spend per month and anything above the capping amount will be like other regular spends earning 0.2% reward rate.

How to redeem Axis Bank Reward points

Axis bank rewards its users with Edge Reward Points wherein the value of 1 Edge reward point is Rs 0.20 (and here for fuel spends, we get 20 edge reward points). These can be redeemed at their portal https://edgerewards.axisbank.co.in/  to buy gift cards, travel and other vouchers etc.

My take on this

The card is really great for fuel spends and the reward rate is also high, however as mentioned above the capping is for Rs 5000 spends / month.

To maximize the benefit of this card, you can only use this card for Fuel spends at each month of Rs 5000 and will gain Rs 2400 annually and card would be eligible for annual fee waiver.
If you count annual fee and GST non reversal, you will gain Rs 2042 (3.4%) in first year.

The net reward rate of 3.4% is great but only if you use this card exclusively for fuel spends every month Rs 5000. Subsequently you will get 4% benefits and if combined with Axis Privilege, then you can even get 8% reward rate which would be highest.

If you have fuel spends higher than Rs 5000/month, my suggestion is to go for Citibank Indian Oil Credit card which I myself use which will be automatically transferred as a Axis card.

Although Axis bank is acquiring the Citibank Credit card business in India, Axis bank has committed that the Citi users will be given another Axis card without reducing the rewards for Citi users. Citi users may be given this Axis IOC card with 30K annual fee reversal feature. Fingers crossed here!!!!

Keep reading and please keep sharing… More Bachat on the way!!!