Indian Oil Axis Bank Credit Card
Axis Bank · RuPay
Why this card?
- 4% back in reward points on fuel at Iocl, up to ₹200 a month; 0.2% on other spends
- ₹500 joining and annual fee; renewal fee waived on ₹3.5 lakh yearly spend
- 1% fuel surcharge waiver
Card details
- Issuer
- Axis Bank
- Network
- RuPay
- Annual Fee
- ₹500
- Joining Fee
- ₹500
- Reward Type
- points
- Best Reward Rate
- 4% on fuel at iocl (capped at ₹200/month)
- Forex Markup
- 3.5%
- Domestic Lounge
- None
- Min. Monthly Income
- ₹15,000
- Rates verified
- 2026-10-06
Our verdict
The Indian Oil Axis card offers about 4% value back at IndianOil through EDGE Reward Points, capped at ₹200 a month (on up to ₹5,000 fuel spend). Online shopping earns about 1% back as points (capped at ₹50 a month), while utilities earn nothing and the base rate is about 0.2%. The ₹500 fee is waived at ₹3.5 lakh annual spend.
Pros
- 20 EDGE Reward Points per ₹100 at IndianOil = about 4% value back, capped at ₹200 a month
- 5 EDGE Reward Points per ₹100 on online shopping (about 1%, capped at ₹50 a month)
- 1% fuel surcharge waiver at IndianOil, up to ₹50 per statement cycle
- Welcome benefit of up to 1,250 EDGE points on the first fuel transaction within 30 days
- Fee waived at ₹3.5 lakh annual spend
Cons
- Points redemption carries a ₹99 fee per transaction and is not instant like cashback
- No lounge access
- 3.5% forex markup
- Utility, insurance, gold, wallet and rent spends earn no points
Frequently Asked Questions
Which airlines can I transfer Indian Oil Axis EDGE Miles to?
Axis EDGE Miles can be transferred to Air India Flying Returns, British Airways Avios, Singapore Airlines KrisFlyer, Club Vistara, and others at varying ratios. Air India and Singapore Airlines typically give the best per-mile redemption value.
Is this better than HDFC IndianOil card for fuel?
The Axis card has no fuel reward cap (unlike HDFC IndianOil's ₹250/month limit), making it better for heavy fuel users. The HDFC card has simpler redemption and wider bank acceptance. For fuel-only use, Axis Indian Oil wins at high volumes; HDFC wins for simplicity.