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IndianOil Axis Bank RuPay Credit Card Review

The IndianOil Axis Bank RuPay credit card is a uniquely tailored card offering a multi-reward experience with less to no downsides. Its convenient payment options include a host of customized benefits and rewards. It has helped the card gain popularity among customers, especially among a user base that regularly visits a Indian Oil fuel station.

In this article, we will review the IndianOil Axis Bank RuPay credit card, understand how it works, where it works best, its benefits and rewards, and cons. Let’s get to it.

IndianOil Axis bank RuPay credit card

IndianOil Axis Bank RuPay Credit Card Overview

The IndianOil Axis Bank RuPay Credit Card is primarily a co-branded fuel credit card offered by Axis Bank and Indian Oil Corporation Limited (IOCL). It is tailored for customers who need a cost-efficient credit card for daily fuel expenses.

This co-branded fuel card offers a surcharge waiver at fuel outlets with a 4% value back on fuel transactions and reward points. Additionally, the card also provides fair value earning points and discounts on movie tickets and shopping-related expenses.

Key features
Fuel Surcharge Waiver4% Earnings
Welcome Benefits100% Cashback up to ₹250
Reward Points 5 Reward Points per INR 100
IOCL Fuel Outlet Benefits20 Reward per INR 100
Dining DiscountsUp to 15% at Partner Restaurants
Annual Fee Waiver (INR 500)If Annual Spending Exceeds INR.50,000
Bookmyshow Offer10% Discount per Transaction
International AcceptanceGlobal Transactions at Only 1% Plus Taxes

IndianOil Axis Bank Credit Card Benefits & Rewards

The co-branded IndianOil Axis Bank Credit Card offers several features atop the highly advantageous and practical fuel surcharge waiver.

Fuel Benefits

The credit card offers an impressive fuel rewards program where cardholders can earn a 4% fuel surcharge waiver at Indian Oil fuel outlets. It provides a substantial saving opportunity for those who regularly refuel their vehicles.

Welcome Benefits

Cardholders can earn 100% cashback up to INR 250 on the first fuel transaction made within 30 days of card activation.

IOCL Fuel Outlet Points

Cardholders can earn 5 to 20 Reward Points for every INR 100 they spend at any Indian Oil Fuel Station. They can redeem these reward points for multiple payments at fuel stations, shopping outlets, and the Bookmyshow portal. Such rewards make this credit card an ideal choice for regular commutes and a cost-saving experience.

Dining Discounts

The Card holders can get up to 15% dining discount at partner restaurants and food joints across India.

Annual Fee Waiver

The annual fee of INR 500 is waived on this card when the cardholder spends more than INR 50,000 a year. It offers another cost-saving feature for customers looking to reduce their credit card costs.

Bookmyshow Offer

Cardholders get a 10% discount for every transaction they make on Bookmyshow. It helps them save costs on movie ticket bookings and credit card spending.

International Acceptance

Customers can use the IndianOil Axis Bank RuPay Credit Card for a variety of global transactions online at only 1% plus taxes. Such cost-effective domestic and international payments make this card a rewarding product for cardholders.

Cons of the IndianOil Axis Bank RuPay Credit Card

This credit card does come with some downsides that you must consider, especially if they can cause some inconvenience for you.

Fuel Station Credit Card

This co-branded credit card is for customers who regularly need to refuel their vehicles and spend a lot of money on it. Those who do not need cannot fully benefit from the rewards this card offers, such as the fuel surcharge waiver.

The card does have some dining and movie-ticket-booking discount offers, but it is still an IndianOil fuel-station-specific credit card.

India-based Credit Card

While you can use this credit card to make international payments from India, you cannot use it for any local payments abroad. It is accepted only in India.

High Spending Requirement

The cardholder has to spend more than INR 50,000 a year to avail the annual fee waiver. It is not possible for customers with limited monthly expenses.

Interest Rates and Charges

All of us are familiar with credit card interest rates and how high they can be. Nevertheless, it is worth mentioning that the IndianOil Axis Bank RuPay credit card charges 2.5% of the cash amount for every withdrawal, and late payment charges are over INR 750 if the due is between INR 5,000 and 10,000.

Is this the right Credit Card for you?

As mentioned above, the IndianOil Axis Bank RuPay credit card is for customers who regularly refuel their vehicles. You can go for it if that is your requirement. If not, the card also offers additional benefits like dining discounts, Bookmyshow discount offers, and international acceptance for online payments.

To determine whether you should go for this credit card, you must evaluate your regular credit card requirements and see if they align with the benefits that this one offers.

Here are few other credit cards co-branded by IOCL with different banks that you can compare to get a better view:

How to apply for IndianOil Axis Bank credit card?

Applying online is the fastest and most convenient way for credit cards. You can visit the Axis Bank’s website to fill-in the application for IndianOil credit card.

The eligibility criteria for this credit card are simple but subject to changes as the bank reserves the right to make final evaluations and decisions based on different applications.

The cardholders should be salaried or self-employed, resident or non-resident Indian, and between the age of 18 and 70.

The application for IndianOil Axis Bank Credit keeps getting easier as online applications and fast approval requirements are in high demand by customers. However, you should keep a list of documents in hand before applying.

  1. Pan Card
  2. Aadhaar Card
  3. Driver’s License
  4. Passport
  5. Voter’s ID
  6. Aadhaar Card
  7. Driver’s License
  8. Proof Of Income (3 Latest Salary Slips)
  9. Bank Statement (Last 3 Months)

Conclusion

The IndianOil Axis Bank RuPay credit card is perfect for individuals who regularly refuel at Indian Oil petrol stations. They can benefit from the fuel surcharge waiver, reward points program, and dining discount offers.

If you are a high spender with this card, you get the additional benefit of the annual fee waiver that saves more costs. However, the card is not as rewarding as Visa or Mastercard when it comes to international use.

In short, the IndianOil Axis Bank RuPay credit card is ideal for daily fuel expenses.

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