MyFinCards
IndianOil Axis Bank Premium Credit Card

Joining Fee

₹1,000

Annual Fee

Rs. 1000 (Reversed on annual spends of Rs. 0.3 Lakhs)

Forex Markup

3.5% + GST

INTERNATIONAL
Axis Bank
Fuel
Rewards
Lifestyle
Best For: Frequent IndianOil fuel station users, Grocery shoppers, Food delivery enthusiasts

IndianOil Axis Bank Premium Credit Card

Rewards Structure

Base Reward Rate

1% on spends

Point Value

1 Point = ₹0.25

Pros

  • 6X EDGE MILES on IOCL fuel spends
  • 1% unlimited fuel surcharge waiver at IOCL outlets
  • 2 complimentary domestic lounge accesses per quarter
  • Annual fee waiver on ₹30,000 spend
  • 500 EDGE MILES welcome benefit
  • 30% off on Zomato up to twice a month

Cons

  • Accelerated fuel rewards capped at ₹15,000/month
  • Accelerated grocery rewards capped at ₹5,000/month
  • Foreign currency markup of 3.5%
  • High finance charges at 3.75% per month

Hidden Catches (Transparency Policy)

To build trust with our users, we highlight the fine print that issuers often tuck away in policy documents.

Accelerated 6X fuel rewards revert to 1X above ₹15,000/month spend at IOCL

Accelerated 2X grocery rewards revert to 1X above ₹5,000/month

GST on fuel surcharge is non-refundable

1% transaction fee on cumulative fuel spends exceeding ₹50,000 in a statement period

1% transaction fee on wallet loads above ₹10,000, utilities above ₹25,000, and online gaming above ₹10,000 per statement period

Dynamic Currency Conversion markup of 1.5% + GST on international transactions in Indian currency

Key Benefits & Features

Wednesday Delight: Up to 15% off on flights & hotels via MakeMyTrip, 10% off on Swiggy, 10% off up to ₹1000 on Tira

Eligibility Criteria

Age Requirement

18+ Years

Occupation

SALARIEDSELF_EMPLOYED

Required Documents

IDENTITY Proof

PAN Card photocopy
Form 60

INCOME Proof

Latest payslip
Form 16
IT Return

ADDRESS Proof

Driving License
Electricity Bill
Landline Telephone Bill
Official Terms & Conditions

About IndianOil Axis Bank Premium Credit Card

The IndianOil Axis Bank Premium Credit Card is a RuPay-powered card designed for frequent IndianOil fuel station visitors, grocery shoppers, and food delivery enthusiasts. With a joining and annual fee of ₹1,000, the card delivers strong value through accelerated rewards and practical everyday benefits. New cardholders receive 500 EDGE MILES as a welcome bonus upon completing their first transaction within 30 days of issuance. At the heart of this card is its fuel reward structure. Cardholders earn 6 EDGE MILES on every ₹150 spent at IOCL fuel outlets (up to ₹15,000 per month), plus a 1% unlimited fuel surcharge waiver at all IndianOil stations. Grocery and supermarket spends earn 2 EDGE MILES per ₹150, while all other eligible purchases earn a base rate of 1 EDGE MILE per ₹150 with no earning cap. Beyond fuel and groceries, the card offers 2 complimentary domestic airport lounge visits per quarter, 30% off on Zomato food orders (up to twice a month), and access to the Axis Bank Dining Delights program. Wednesday Delights provide additional savings on flights, hotels, and food platforms. The annual fee is waived on spends of ₹30,000 or more, and total annual benefits can exceed ₹27,000, making this card a compelling choice for IndianOil loyalists seeking well-rounded everyday rewards.

Expert Review

Our Verdict

4% value back on fuel at IOCL outlets with 6X rewards, lounge access & Zomato discounts for ₹1000/year.

Frequently Asked QuestionsAbout IndianOil Axis Bank Premium Credit Card

ELIGIBILITYWhat are the eligibility criteria for the IndianOil Axis Bank Premium Credit Card?
To apply for the IndianOil Axis Bank Premium Credit Card, the primary cardholder must be between 18 to 70 years of age and should be a resident of India. These criteria are indicative, and Axis Bank reserves the right to approve or decline applications based on its internal assessment. No minimum income requirement is explicitly stated for this card.
DOCUMENTSWhat documents are required to apply for the IndianOil Axis Bank Premium Credit Card?
The documents required include a PAN Card photocopy or Form 60, proof of income such as the latest payslip, Form 16, or IT return, and residence proof such as a Driving License, Electricity Bill, or Landline Telephone Bill. Please note that this list is indicative and documents required may vary on a case-to-case basis.
FEESWhat are the joining and annual fees for the IndianOil Axis Bank Premium Credit Card?
The IndianOil Axis Bank Premium Credit Card has a joining fee of ₹1,000 + GST and an annual fee of ₹1,000 + GST. However, the annual fee is waived off if you spend ₹30,000 or more in an anniversary year. Add-on cards have no joining or annual fee.
FEESHow can I get the annual fee waived on the IndianOil Axis Bank Premium Credit Card?
You can get the annual fee waived by spending ₹30,000 or more in an anniversary year. This spend-based waiver means that if your total eligible spends during the card anniversary year meet or exceed ₹30,000, the annual renewal fee of ₹1,000 + GST will not be charged for the following year.
REWARDSWhat rewards do I earn on fuel spends at IOCL outlets?
You earn 6 EDGE MILES on every ₹150 spent at any IOCL (IndianOil) fuel outlet in India. This accelerated reward is valid for transactions up to ₹15,000 per month. For spends above ₹15,000 per month at IOCL outlets, you continue to earn the base rate of 1 EDGE MILE on every ₹150 spent. Additionally, you get a 1% unlimited fuel surcharge waiver at all IOCL outlets.
REWARDSWhat rewards do I earn on grocery and supermarket spends?
You earn 2 EDGE MILES on every ₹150 spent on grocery and supermarket purchases. This accelerated reward applies to transactions up to ₹5,000 per month, allowing you to earn up to 33 EDGE MILES in this category. For spends above ₹5,000 per month on groceries, you will continue to earn the base rate of 1 EDGE MILE on every ₹150 spent.
REWARDSWhat is the base reward rate on all other spends?
The IndianOil Axis Bank Premium Credit Card offers an uncapped base earn rate of 1 EDGE MILE on every ₹150 spent on all eligible purchases. These EDGE MILES are credited directly to your EDGE account. Note that certain restricted categories and MCCs (Merchant Category Codes) may be excluded from earning rewards.
BENEFITSWhat is the welcome benefit on the IndianOil Axis Bank Premium Credit Card?
As a welcome benefit, you receive 500 EDGE MILES upon making your first transaction within 30 days of card issuance. This welcome benefit is applicable only in the first year of card membership. Make sure to complete your first transaction within the 30-day window to activate and receive these bonus EDGE MILES.
BENEFITSDoes the IndianOil Axis Bank Premium Credit Card offer airport lounge access?
Yes, the IndianOil Axis Bank Premium Credit Card offers 2 complimentary lounge accesses per quarter at select domestic airports in India. This means you can enjoy up to 8 complimentary lounge visits per year. Please refer to the Axis Bank website for the list of associated airports and applicable terms and conditions.
BENEFITSWhat dining and food delivery benefits does the card offer?
The card offers two food-related benefits: First, you get 30% off on food delivery via Zomato using coupon code AXISIOCL. The maximum discount is capped at ₹150 per order, applicable on a minimum spend of ₹200, and can be availed up to 2 times per month. Second, you can enjoy exceptional dining experiences at top restaurants across India through the Axis Bank Dining Delights Program.
BENEFITSWhat is the Wednesday Delight offer on this card?
The Wednesday Delight offer gives cardholders exciting mid-week benefits every Wednesday, including instant savings of up to 15% on flights and hotels booked via MakeMyTrip, 10% off on orders placed via Swiggy, and 10% off up to ₹1,000 on Tira. These offers help you save on travel, food, and beauty-related purchases every week.
FEESWhat are the finance charges and late payment fees on this card?
The finance charge (interest) is 3.75% per month (55.55% per annum). Late payment charges are: Nil for outstanding below ₹500; ₹500 for ₹501–₹5,000; ₹750 for ₹5,001–₹10,000; and ₹1,200 for amounts above ₹10,001. An additional ₹100 charge is levied if the Minimum Amount Due is not paid for two consecutive cycles, applicable until cleared.
INTERNATIONALCan I use the IndianOil Axis Bank Premium Credit Card for international transactions?
Yes, you can use the card internationally. However, a foreign currency transaction markup of 3.5% of the transaction value applies. Additionally, a Dynamic Currency Conversion markup of 1.5% + GST is applicable for international transactions performed in Indian currency at international locations. Given these charges, it is advisable to use this card primarily for domestic spends, especially fuel at IOCL outlets.
FEESWhat are the cash withdrawal charges on the IndianOil Axis Bank Premium Credit Card?
Cash withdrawal using the IndianOil Axis Bank Premium Credit Card attracts a fee of 2.5% of the amount withdrawn, with a minimum charge of ₹500. Additionally, interest charges of 3.75% per month will apply on the withdrawn amount from the date of withdrawal until full repayment. It is recommended to avoid using your credit card for cash withdrawals due to the high associated costs.
APPLICATIONHow do I apply for the IndianOil Axis Bank Premium Credit Card?
You can apply for the IndianOil Axis Bank Premium Credit Card online by clicking the 'Apply Now' button on the Axis Bank website's credit card page. You will need to submit your KYC documents including PAN Card or Form 60, income proof (latest payslip, Form 16, or IT return), and residence proof. The card is available on the RuPay network and is primarily suited for individuals who frequently purchase fuel at IOCL outlets.

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