Axis Bank
IndianOil
The IndianOil Axis Bank Credit Card is an entry-level co-branded card designed primarily for individuals looking to reduce their monthly fuel expenses. With a budget-friendly joining and annual fee of Rs.
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Data last updated 7 June 2026.
At a Glance
Annual Fee
₹500
Joining Fee
₹500
Fee Waiver
Spend ₹3,50,000 annually
Lounge Access
See details
Forex Markup
3.5%
Effective Yield
0.2% – 5%
Our Take
CreditGully Rating
Based on CreditGully editors' analysis. Not influenced by card issuers.
The IndianOil Axis Bank Credit Card is an entry-level co-branded card designed primarily for individuals looking to reduce their monthly fuel expenses. With a budget-friendly joining and annual fee of Rs. 500, it serves as an accessible gateway to credit card rewards. Since it is issued on the RuPay network, users can seamlessly link this card to UPI applications, combining the ease of digital payments with the card's standard reward benefits.
The standout features of this card are its accelerated rewards, which deliver 4% value-back on fuel transactions at IOCL outlets and 1% value-back on online shopping. Beyond fuel savings, the card provides modest lifestyle benefits, including a welcome bonus of matching reward points on your first fuel purchase within 30 days, a 10% discount on movie tickets via BookMyShow, and a dining discount of up to 15% through EazyDiner. However, these benefits are limited by strict caps, such as a monthly reward earning ceiling of Rs. 250 across fuel and online categories combined.
Ultimately, this card is ideal for beginners and moderate spenders who spend around Rs. 5,000 per month on fuel and prefer shopping online. Those with much higher fuel spending might find the reward caps restrictive and may find it difficult to meet the high Rs. 3.5 Lakh annual spending requirement needed to waive the yearly fee.
What We Like
We like that the IndianOil Axis Bank Credit Card offers an attractive 4% value-back on fuel alongside 1% on online shopping for a low annual fee of Rs. 500. Additionally, its integration with the RuPay network allows users to conveniently earn rewards on day-to-day UPI transactions while enjoying movie and dining discounts.
Pros
- ✓Earn 4% value-back in the form of reward points on fuel spends at IOCL stations
- ✓Get 1% value-back on online shopping transactions
- ✓Save 10% on movie ticket bookings made through BookMyShow
- ✓Enjoy up to 15% discount on dining bills at partner restaurants via EazyDiner
Cons
- ✗Total accelerated monthly value-back is capped at Rs. 250
- ✗Fuel surcharge waiver is limited to a maximum of Rs. 50 per billing cycle
- ✗The threshold for the annual fee waiver is set at a high Rs. 3.5 Lakh in previous year spends
Get This Card If
- ✓You want to save on your fuel spends without paying a high annual fee
- ✓You spend Rs. 5,000 on fuel every month and would be able to maximize the benefit
- ✓You prefer online shopping over store visits and wish to save on your this spending category
Earning & Redemption
How You Earn
| Category | Reward rate | Yield % | Cap |
|---|---|---|---|
| IndianOil (IOCL) Fuel Stations | 20 EDGE Points per ₹100 | 4.00% | Maximum eligible spends per calendar month: ₹5000 |
| Accelerated Online Shopping | 5 EDGE Points per ₹100 | 1.00% | ₹5,000 spend per month |
| Base Retail Spends | 1 EDGE Point per ₹100 | 0.20% | No Upper Cap |
| Excluded Categories (2026 Update) | No Points Earned | 0.0% | — |
Milestone Rewards
| Spend | Benefit | Value | Summary |
|---|---|---|---|
| ₹0.0 Lakh | Welcome Bonus1,250 pts | ₹250 (Fuel Value) | 1,250 EDGE points awarded on the first fuel transaction within 30 days. |
| ₹0.5 Lakh | Fee Waiver | ₹500 + GST Savings | Annual fee waived for the next year if annual spends exceed ₹50,000. |
Redemption Value
| Channel | Value per point | Verdict |
|---|---|---|
| IOCL Fuel (Pay with Points) | ₹0.20 per point5:1 Ratio | Best Value (Directly redeem at IOCL outlets via the EDGE Rewards portal) |
| EDGE Rewards Catalogue | ₹0.20 per point5:1 Ratio | Avoid (Standard ₹99 + GST redemption fee applies; poor catalogue value) |
What You Need to Know
The 'Premium' Confusion
This is the standard card. The 'Premium' variant has a ₹1,000 fee and lounge access.
Impact: Users expecting lounge access will be disappointed with this standard variant.
Fuel Surcharge Cap
1% surcharge waiver is capped at ₹50 per statement cycle.
Impact: The waiver is only effective for the first ₹5,000 of fuel monthly.
New Fuel Transaction Fee
Effective April 2026, a 1% fee applies to single fuel transactions >₹10,000.
Impact: This card is useless for commercial or heavy SUV refueling beyond the cap.
Utility Exclusion
Utility payments no longer earn any points on this card as of the 2026 update.
Impact: Users should shift all electricity and water bills to an Axis ACE or Airtel card.
Essential Fine Print
Reward Exclusions
Excluded Categories: Rent payments, Wallet loading, Insurance, Government services, Educational services, and EMI transactions.
Welcome Offer
Earn 100% valueback on fuel
Get upto 1250 EDGE REWARD Points on first fuel transactions with your IndianOil Axis Bank Credit Card within first 30 days of card issuance.
Dining Benefits
Axis Bank Dining Delights
Up to 15% discount at partner restaurants in India through EazyDiner.
Milestone Benefits
Annual Fee Waiver
Renewal fee waived on annual spends of over ₹3,50,000.
Additional Features
4% valueback for spends at IndianOil outlets
20 Reward Points per ₹100 spent at IndianOil outlets. (Get upto 1250 EDGE REWARD Points on first fuel transactions with your IndianOil Axis Bank Credit Card within first 30 days of card issuance)
Online Shopping Rewards
5 Reward Points per ₹100 spent on online shopping (minimum ₹100, maximum ₹5,000 per transaction).
10% BookMyShow Discount
Get instant discount upto 10% on your movie ticket booked via Bookmyshow app or website.
Fees & Charges
| Fee Type | Amount / Details |
|---|---|
| Joining Fee | ₹500 |
| Annual / Renewal Fee | ₹500 |
| Fee Waiver Threshold | Spend ₹3,50,000 annually |
| Forex Markup | 3.5% |
| Reward Redemption Fee | ₹99 per redemption |
| Fuel Surcharge Waiver | 1% surcharge |
Eligibility Criteria
Age
Primary cardholder must be between 18 and 70 years of age.
Income
Must have a steady, verifiable income.
Ready to apply for IndianOil?
Annual fee: ₹500 · Waived on ₹3,50,000 spend
Frequently Asked Questions
Annual fee
₹500
0.2% – 5% yield