Axis Bank in partnership with Indian Oil Corporation Limited (IOCL) has launched a co-branded credit card named Indian Oil Axis Bank Credit Card. This new co-branded credit card offers 20X accelerated reward points on fuel spends at IOCL outlets and waiver of fuel surcharge. Additionally, card members can also avail 5X accelerated reward points on online shopping and 10% instant discount on movie ticket bookings via BookMyShow.
Indian Oil Axis Bank Credit Card is available on Visa Platinum platform and is enabled for contactless transactions. Transactions up to Rs. 2,000 can be made by just tapping the card on POS machines without entering the PIN thereby smoothening the payments at crowded fuel stations.
Eligibility Criteria
The eligibility criteria for Indian Oil Axis Bank Credit Card is very generic on Axis Bank website. However, I believe, you should be able to get this card if you fulfill below criteria:
- Age should be between 18 to 70 years
- Salaried:
- Salary account with Axis Bank: Net Monthly income > Rs. 15,000
- Salary account with other Banks: Net Monthly income > Rs. 25,000
- Self Employed: Net Monthly income > Rs. 50,000 or ITR > Rs. 6 Lakhs
Fees
Indian Oil Axis Bank Credit Card comes with following fees:
- Joining fee: Rs. 500 + GST
- Renewal fee: Rs. 500 + GST
Annual fee would be waived off on annual spends greater than Rs. 50,000 which is quite decent.
Features
Indian Oil Axis Bank Credit Card tries to target the segment who spend substantially on fuel and well as online. Hence it blends the rewards on both these categories by providing accelerated reward points.
Welcome Benefits
- 100% cashback up to Rs. 250 on all fuel transactions within first 30 days of card issuance
This offer covers the joining fee by 50% which is nice. However a cashback up Rs. 500 would have made this even sweeter, virtually making this card free.
Rewards
Indian Oil Axis Bank Credit Card comes with accelerated reward points on fuel and online transactions.
- 20X reward points on fuel transactions at IOCL outlets, 4% reward rate, maximum 1,000 reward points per month
- 5X reward points on online shopping, 1% reward rate
- 1 reward point per Rs. 100 spent on other categories, 0.20% reward rate
Fuel surcharge waiver
- 1% fuel surcharge waiver at any fuel outlet in India for transactions between Rs. 200 to Rs. 5,000
There is no mention of maximum fuel surcharge waiver one can avail in a month on Axis Bank website. However, I believe, there is a maximum monthly cap on this amount.
BookMyShow Discount
- 10% instant discount on movie tickets booked via BookMyShow website or app
This offer could have been better as BookMyShow most of the time runs better offer than this.
Other benefits
- 20% off at restaurants participating in Dining Delights program
- Convert purchases over Rs. 2,000 to EMI
Drawbacks
Though Indian Oil Axis Bank Credit Card tries to be an all rounder card, it misses the target. Below are some of the prominent drawbacks of this card:
- Low default reward rate: The default reward rate of 0.20% is miniscule. Many recently launched co-branded credit cards have default reward rate upwards to 1%. This is the biggest disappointment from Indian Oil Axis Bank Credit Card.
- Inadequate welcome benefits: The welcome benefit covers just 50% of the joining fee. Many other fuel cards provide way better welcome benefits covering entire cost of joining fee. I would have been great if Axis Bank has covered entire joining fee in form of cashback.
- Low monthly limit of reward points for fuel spends: The cap of 1,000 reward points per month, ~ Rs. 200, on fuel spends is really low. I wish Axis Bank should have provided a better cap on this.
Verdict
Indian Oil Axis Bank Credit Card, even with it’s nuances, is a decent fuel card and hence features in my list of best credit cards for fuel spends in India. 5% reward rate (4% normal + 1% fuel surcharge waiver) on fuel spends is great. Accelerated reward points on online spends and 10% discount on BookMyShow surely adds value to this card. However low default reward rate of 0.20% and low monthly limit of reward points on fuel spends is really a bummer.
If you are looking out for a fuel card, you may consider Indian Oil Axis Bank Credit Card. However I wouldn’t recommend it to be your primary driver as there are many other better lifestyle credit cards available in Indian market.
What do your take on new Indian Oil Axis Bank Credit Card? Let me know in comments below.
