Indian Oil Axis Bank RuPay Credit Card – Apply Quick and Easy

Axis Bank and IOCL (Indian Oil Corporation Limited) have partnered to provide the Indian Oil Axis Bank Credit Card, a co-branded gasoline credit card. With this, the card seeks to offer almost the best savings rewards to people who are always spending their money on fuel. 

It is an initial coated card, which is issued at a small membership and yearly fee of Rs. 500. IOCL credit card benefits from rewarding the cardholder with an exceptionally high reward rate where on fuel spent at the filling station, 5% is rebated to the holder’s account, a reasonable reward rate of 1% on all online spending is also provided.

The inaugural credit card of Indian Oil, in collaboration with Axis Bank, provides a few additional benefits as it is an entry-level credit card. But you do get Movies and Dining privileges, where you have instant MovieTickets at a reduced price and a Partner restaurant at a preferential rate under the bank’s Dining Delights Program. In addition, there are the following privileges: waivers on fuel surcharge and many other privileges when using the Indian Oil Axis Bank Credit Card.

This is a quick overview of the Indian Oil Axis Bank Credit Card. Read on to learn more about this co-branded entry-level card.

Indian Oil Axis Bank RuPay Credit Card Details

• Joining Fees: Rs. 500 + GST
• Renewal Fees: Rs. 500 + GST
• Type of Reward: Reward Points
• Most suitable for: Shopping and Fuel
• Reward Points: 4% cash back on purchasing fuel at Indian Oil outlets.
• Welcome Benefits: Within 30 days of the card’s issue, you can receive 100% cashback (up to Rs. 250) on your first gasoline transaction.

Indian Oil Axis Bank RuPay Credit Card – Fees

• Rewards Redemption Fee: No fees
• Foreign Currency Markup: 3.5% of the transaction is worth
• Interest Rates: 3.6% Per Month, which equals 52.86% Per Annum
• Spend-Based Waiver: Waiver of Renewal Fee upon Spending Rs. 3.5 Lakh Per Year
• Cash Advance Charges: 2.5% of the transaction charge, with a minimum of 500 rupees.
• Cheque return: 2% of the total payment, with a minimum of Rs. 450.
• Fuel Surcharge: A 1% fuel surcharge waiver applies to transactions between Rs. 400 and Rs. 4,000.
• Over-limit penalty: 3% of the charge, with a minimum of 500 rupees.

Key Highlights of the Indian Oil Axis Bank Credit Card

• Earn up to 1,250 EDGE Reward Points (equal to Rs. 250 cashback value) on your first fuel purchases within 30 days of getting your card.
• Earn accelerated EDGE Reward Points for your everyday shopping.
• Earn 20 EDGE Reward Points for every Rs. 100 spent at IOCL petrol pumps.
• Earn 5 EDGE Reward Points for every Rs. 100 spent on online shopping.
• Earn 1 EDGE Reward Point for every Rs. 100 spent on all other card purchases.
• Get an instant value of up to 10% on movie tickets booked through BookMyShow.
• Under the Axis Bank EazyDiner program, you can enjoy a 15% discount (maximum Rs. 500) on your bill at partner restaurants.
• Save 1% on fuel surcharge fees at all petrol stations across India.
• Avoid the annual fee by spending Rs. 3.5 lakh or more in a year with your card.
• Alternatively, the annual fee is waived if your card spending exceeds Rs. 50,000.

Indian Oil Axis Bank RuPay Credit Card Rewards

The Indian Oil Axis Bank RuPay Credit Card goes beyond just swiping for gas. It rewards you for everyday purchases to fuel up your wallet with exciting rewards:

• Earn 20 EDGE Reward Points for every Rs. 100 spent on petrol or diesel at any Indian Oil Corporation Limited (IOCL) station across India! Get a 4% value back on your fuel expenses. This accelerated reward applies to transactions between Rs. 400 and Rs. 4,000, so you will be rewarded for both everyday fill-ups and longer journeys.
• Earn 5 EDGE Reward Points for every Rs. 100 spent on online transactions between Rs. 100 and Rs. 5,000.
• This card doesn’t stop rewarding you at the pump or online. You will earn 1 EDGE Reward Point for every Rs. 100 spent on almost all other purchases. Except for rent, wallet recharges, insurance, education fees, government payments, gold purchases, and utility bills.

Pros and Cons of Indian Oil Axis Bank Credit Card

Pros

• This card is best used for fuel station transactions; it offers a high cashback rate on a daily expense like petrol.
• Fuel incentives are available at all IOCL outlets.
• You can enjoy 10% off movie tickets purchased through BookMyShow.

Cons

• This card lacks travel benefits.
• The initial reward points offered are minimal compared to other cards, with a maximum of only 1,250 EDGE Reward Points.

Limit on Indian Oil Axis Bank Credit Card

The Indian Oil Axis Bank Credit Card’s credit limit is determined at the bank’s exclusive discretion. When determining a credit limit, Axis Bank takes into account several variables, and each person’s credit limit is different. The principal applicant’s yearly income, credit score, credit report, and payment patterns for both previous and present obligations are a few of these variables.

Features and Benefits of Indian Oil Axis Bank Credit Card

There is more to the Indian Oil Axis Bank Credit Card than just shopping every day. Its EDGE reward point system provides significant features and benefits for you. Below is a thorough explanation of how to use the benefits to their fullest:

• Welcome Boost: As a new cardholder, you will receive a welcome benefit of 100% cashback up to Rs 250 on your fuel purchases within the first 30 days of card issuance. This is a fantastic way to get started with significant savings.
• Shopping Benefits: For each Rs 100 spent on your card, you will earn 1 EDGE reward point, making every purchase contribute to your rewards pool.
• Shop Online and Get Rewarded: Do not miss out on rewards for your online shopping! You will earn 5 EDGE reward points for every Rs 100 spent on online transactions, making your digital purchases more rewarding. This offer is good for a minimum of Rs. 100 to Rs. 5,000 in monthly online transactions.
• Fuel Benefits: The Indian Oil Axis Bank Credit Card is a true bonanza at Indian Oil Corporation Limited (IOCL) pumps. You will earn 20 EDGE reward points for every Rs 100 spent on fuel. This benefit applies to transactions between Rs. 100 and Rs. 5,000 per Month.
• Fuel Surcharge Waiver: Save that extra bit on fuel expenses with a 1% fuel surcharge waiver on any transactions with this card that total between Rs. 200 and Rs. 5,000 every Month. This benefit helps you push your fuel budget further.
• Milestone Benefit: Spend Rs 50,000 in a year, and you will be rewarded with a fee waiver for the following year. This makes the card even more attractive for regular spenders.
• Redemption Options: Once you have collected enough EDGE reward points, you can save them for a variety of exciting options through the Axis Bank rewards catalog.
• Gift Vouchers: You can treat yourself or your loved ones with gift vouchers from popular brands.
• Travel and Merchandise: You can redeem your points for exciting traveling experiences or a wide range of merchandise options.
• Bill Payments: Ease your financial burden by using your points to pay utility bills or other recurring expenses.
• Dining Delights: Get up to 15% off at partner restaurants under the Axis Bank Dining Delights program.
• Entertainment Perks: Enjoy instant discounts on movie tickets booked through BookMyShow, making your movie nights more affordable.
• UPI Payments: By connecting your Indian Oil Axis Bank Credit Card to a UPI app like Google Pay, PhonePe, Paytm, etc., you may use your Rupay version of the card to make UPI payments. Even if their bank account is not adequately filled, users will still be able to use this feature to make UPI payments. With its generous reward program, welcome benefits, and additional perks, the Indian Oil Axis Bank Credit Card is a compelling choice for those who want to be rewarded for their everyday spending, especially on fuel and online purchases.

Eligibility Criteria Required to Apply For Indian Oil Axis Bank Credit Card

The Indian Oil Axis Bank RuPay Credit Card’s qualifying requirements are explained in full below:

Residency

• Indian Resident: You must be a citizen of India and have a permanent address within the country.
• NRI (Non-Resident Indian): You are still eligible to apply for this card even if you are an Indian citizen living abroad for employment, study, or other reasons. For the most recent details, it is advised to check directly with Axis Bank, as there may be unique criteria for non-resident individuals.

Age

• Primary Cardholder: The minimum age requirement is 18 years, and the maximum is 70 years.
• Add-on Cardholder(s): If you would like to add family members or dependents to your card for shared benefits, they must be at least 15 years old.

Documents You Need to Apply for the Axis Bank Indian Oil Credit Card

Documents Required to Apply for Axis Bank Indian Oil Credit Card:

• Proof of Identity
  • Passport
  • Aadhaar card
  • Driving License

• Address Proof
  • Ration Card
  • Passport
  • Voter ID
  • Aadhaar card (You can use it for both identity and address proof)

• Proof of Income
  • Salary Slip
  • IT Returns
  • Form 16

The bank might ask for additional documents during the application process, depending on your circumstances. In all cases, it is a good idea to have a soft copy of these documents readily available to upload during the online application process.

How Can Customers Apply for the Indian Oil Axis Bank Credit Card?

1. Head to the Source: Begin by visiting Axis Bank’s official website. This will ensure you get the latest information and security measures.
2. Navigate to Credit Cards: Once on the Axis Bank website, find the section dedicated to Explore Products and click on the Explore Products option. All the products offered by Axis Bank will pop up. As you go down to the cards section, you will find the “Credit Cards” option at the top.
3. Find Your Indian Oil Axis Credit Card: Within the Credit Card section, you will come across a lot of credit cards. You just have to locate the Indian Oil Axis Bank Credit Card. You can also search for the credit card from the search bar to save time.
4. Start Your Application: You must click on the “Apply Now” or “Apply Online” button or Know More for the above procedure. This will initiate the online application process.
5. Fill Out the Details: The application form will request your personal information, contact details, and employment details. Fill out each section accurately and completely to avoid delays.
6. Review and Submit: Once you have entered all the required information, carefully review it for any errors. After confirming everything is accurate, apply electronically.
7. Wait for Contact: Axis Bank will receive your application and assess your eligibility. They will typically get in touch with you within a few business days to discuss the next steps, which might involve document verification or finalising the approval process.

Conclusion

The Indian Oil Axis Bank Credit Card is a gasoline credit card that offers reward points in exchange for value-back on petrol purchases made at Indian Oil locations. This credit card offers other perks in addition to gasoline savings, such as reward points on your first fuel purchase, elimination of the annual fee, movie ticket discount, meal discount, etc. Before recently, though, you could also receive the yearly fee waiver by spending just Rs. 50,000. This requirement has been raised to Rs. 3.5 lakh annually, which may be challenging for many cardholders to meet.

All things considered, this is an exemplary credit card that offers good rewards in the form of reward points on your gasoline purchases. If you can afford to spend between Rs. 3,000 and Rs. 5,000 a month on petrol at Indian Oil fuel stores, you can apply for this credit card. Nonetheless, you may search for the best credit cards on the market if you are searching for a card that provides advantages in several categories.

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