The IndianOil Axis Bank Credit Card has long been one of the most popular fuel credit cards in India. With a low annual fee of ₹500 and up to 4% value back on fuel purchases at IndianOil outlets, it continues to attract regular fuel spenders. Over the years, the card has seen a few changes, but it still offers meaningful savings for IndianOil customers.
In this review, we take a closer look at the IndianOil Axis Bank Credit Card’s rewards, benefits, fees, and latest changes to help you decide if it is still worth getting in 2026.
IndianOil Axis Bank Credit Card Key Highlights
| Feature | Details |
|---|---|
| Joining Fee | ₹500 + GST |
| Annual Fee | ₹500 + GST |
| Fuel Rewards | Up to 4% value back at IndianOil outlets |
| Online Rewards | 1% value back |
| Fuel Surcharge Waiver | 1% waiver on eligible fuel transactions |
| Welcome Benefit | 1250 EDGE Reward Points worth ₹250 |
| Network | RuPay |
| Annual Fee Waiver | ₹3.5 lakh annual spends |
| UPI Support | Yes |
The IndianOil Axis Bank Credit Card is a fuel-focused credit card that offers up to 4% value back on IndianOil fuel purchases. It also comes with UPI support through the RuPay network, a fuel surcharge waiver, and rewards on online spending.
Fees
| Joining Fee | ₹500+GST |
| Annual Fee | ₹500+GST |
| Welcome Benefit | 1250 EDGE Reward Points (worth ₹250) on the first fuel transaction within 30 days of card issuance |
| Annual Fee Waiver | Spend ₹3.5 lakh in a card anniversary year (excluding rent, wallet and insurance transactions) |
The IndianOil Axis Bank Credit Card charges a joining and annual fee of ₹500 plus GST. New cardholders can earn 1250 EDGE Reward Points worth ₹250 on their first fuel transaction within 30 days.
The annual fee is waived on spending ₹3.5 lakh in a card anniversary year. For a fuel-focused credit card, this is a fairly high waiver threshold and may be difficult for many users to achieve. The card is issued on the RuPay network and supports UPI linking.
Rewards
| Category | EDGE Reward Points | Reward Rate |
|---|---|---|
| IndianOil Fuel | 20 RP per ₹100 | 4% |
| Online Purchases | 5 RP per ₹100 | 1% |
| All Other Purchases | 1 RP per ₹100 | 0.2% |
| Insurance, Gold & Jewellery, Wallet, Rent, Utilities, Government and Education Transactions | No Rewards | Nil |
The biggest benefit of this card is the 4% value back on fuel spends at IndianOil outlets. However, accelerated rewards are available only on fuel transactions between ₹400 and ₹4000. The maximum eligible fuel spend is capped at ₹5000 per calendar month.
The card also offers a 1% fuel surcharge waiver on eligible fuel transactions. The waiver is capped at ₹50 per statement cycle, effectively limiting the benefit to around ₹5000 of fuel spends per month.
One thing the card gets right is simplicity. The accelerated fuel rewards work across all IndianOil outlets, regardless of the fuel pump or POS machine used. There is no need to look for a specific payment terminal to earn the advertised reward rate.
Other Benefits
The IndianOil Axis Bank Credit Card also comes with a few lifestyle benefits. Cardholders get a 10% instant discount on BookMyShow movie ticket bookings, capped at ₹100 per month. The card also offers dining discounts through the Axis Bank Dining Delights program at participating restaurants.
These benefits are nice additions, but most users will choose this card for its fuel rewards rather than its lifestyle features.
Rewards Redemption
EDGE Reward Points can be redeemed through the Axis Bank EDGE Rewards Portal for gift vouchers, merchandise, and other redemption options. For the IndianOil Axis Bank Credit Card, each EDGE Reward Point is generally valued at ₹0.20, which is used to calculate the card’s reward rates. Popular redemption options include Amazon and Flipkart gift vouchers.
Pros and Cons
Pros
- Up to 4% value back on fuel spends at IndianOil fuel stations
- Accelerated fuel rewards work across all IndianOil outlets
- 1% rewards on eligible online shopping transactions
- Affordable ₹500 annual fee
- RuPay variant supports UPI payments
- 1% fuel surcharge waiver on eligible fuel transactions
Cons
- 4% fuel rewards capped at ₹5000 fuel spends per month
- No rewards on insurance, rent, utility, education and government payments
- Annual fee waiver requires ₹3.5 lakh yearly spending
- Low base reward rate of 0.2% on regular spending
- Limited value if you do not regularly refuel at IndianOil outlets
- No airport lounge access or travel benefits
Who Should Get the IndianOil Axis Bank Credit Card?
The IndianOil Axis Bank Credit Card is best suited for:
- Regular IndianOil customers who refuel primarily at IOCL outlets
- Users with fuel spends of up to ₹5000 per month
- Cardholders looking for a low-fee fuel credit card
- Users who prefer a RuPay credit card with UPI support
- Existing Axis Bank customers looking for a simple fuel rewards card
Who Should Skip It?
You may want to consider other options if:
- Your fuel spends regularly exceed ₹5000 per month
- You are looking for airport lounge access or travel benefits
- Most of your spending is online shopping rather than fuel
- You want a card with a lower annual fee waiver requirement
- You prefer cashback over reward points
Effective Return on Fuel Spends After Annual Fee
The IndianOil Axis Bank Credit Card offers its maximum fuel rewards on up to ₹5000 of fuel spends per month. At a 4% reward rate, this translates to rewards worth ₹200 per month or ₹2400 per year.
Assuming you pay the annual fee of ₹500 plus GST (₹590), your net annual benefit comes down to approximately ₹1810.
| Particulars | Amount |
|---|---|
| Monthly Fuel Spend | ₹5000 |
| Annual Fuel Spend | ₹60,000 |
| Annual Fuel Rewards (4%) | ₹2400 |
| Annual Fee (Including GST) | ₹590 |
| Net Annual Benefit | ₹1810 |
| Effective Return After Fee | 3.02% |
Even after including the annual fee, the card delivers an effective return of around 3% on ₹60,000 of annual fuel spends. The return can be slightly higher if you also factor in the fuel surcharge waiver and welcome benefit.
IndianOil Axis Bank Credit Card vs IndianOil Kotak Credit Card
Both cards are designed for IndianOil customers and offer similar fuel savings. However, the IndianOil Kotak Credit Card has a significantly lower annual fee waiver requirement and better rewards on non-fuel spending categories.
| Feature | IndianOil Axis Bank Credit Card | IndianOil Kotak Credit Card |
|---|---|---|
| Joining Fee | ₹500 + GST | ₹449 + GST |
| Annual Fee | ₹500 + GST | ₹449 + GST |
| Annual Fee Waiver | ₹3.5 lakh spends | ₹50,000 spends |
| Fuel Rewards | 20 EDGE RP per ₹100 (4%) | 24 RP per ₹150 (4%) |
| Fuel Reward Cap | ₹5000 fuel spends per month | 1200 RP per statement cycle (equivalent to ₹7500 fuel spends) |
| Fuel Surcharge Waiver | 1% up to ₹50 per statement | 1% up to ₹100 per statement |
| Online Shopping Rewards | 1% | 0.5% |
| Grocery & Dining Rewards | No accelerated rewards | 2% rewards |
| Base Reward Rate | 0.2% | 0.5% |
| UPI Support | Yes (RuPay) | Available on RuPay variant |
| Welcome Benefit | 1250 EDGE RP worth ₹250 | 1,000 Reward Points worth ₹250 |
| Airport Lounge Access | No | No |
The IndianOil Axis Bank Credit Card is the better choice if you value 1% rewards on online spending and want a simple fuel card with RuPay UPI support.
The IndianOil Kotak Credit Card is the stronger option for most users. It offers the same 4% fuel rewards, a higher fuel reward cap, double the fuel surcharge waiver limit, accelerated rewards on grocery and dining spends, a better base reward rate, and a much easier annual fee waiver requirement of ₹50,000 per year.
For pure fuel spending, the IndianOil Kotak Credit Card is currently the better all-round IndianOil fuel credit card.
Should You Get the IndianOil Axis Bank Credit Card?
The IndianOil Axis Bank Credit Card is still a decent option for regular IndianOil customers, but it is no longer as compelling as it once was. The card’s biggest drawback is the ₹3.5 lakh annual fee waiver requirement, which is difficult to justify given the relatively low rewards outside fuel spends.
That said, if your monthly fuel spends are around ₹5000 and you primarily refuel at IndianOil outlets, the card can still deliver good value. The ability to earn accelerated rewards across all IndianOil fuel stations is another plus.
If Axis Bank is offering the card as a lifetime free (LTF) card, it becomes much easier to recommend. In that case, you can use it exclusively for IndianOil fuel purchases without worrying about annual fee waiver conditions.
Heavy fuel spenders may want to consider alternatives such as the BPCL SBI Card Octane, while those looking for other IndianOil fuel cards can also explore the IndianOil Kotak Credit Card. Also, check out our article on best fuel credit cards in India to see more options.
Frequently Asked Questions
Is the IndianOil Axis Bank Credit Card worth it?
The card can be worth considering if you regularly refuel at IndianOil outlets and spend up to ₹5000 per month on fuel. However, the ₹3.5 lakh annual fee waiver requirement makes it less attractive than before.
What is the reward rate on the IndianOil Axis Bank Credit Card?
The card offers 4% value back on eligible fuel spends at IndianOil outlets, 1% on online purchases, and 0.2% on most other eligible transactions.
What is the annual fee for the IndianOil Axis Bank Credit Card?
The card charges a joining fee and annual fee of ₹500 plus GST. The annual fee is waived on spending ₹3.5 lakh in a card anniversary year.
Does the IndianOil Axis Bank Credit Card offer fuel surcharge waiver?
Yes. The card offers a 1% fuel surcharge waiver on eligible fuel transactions between ₹400 and ₹4,000, subject to a maximum waiver of ₹50 per statement cycle.
Can I use the IndianOil Axis Bank Credit Card for UPI payments?
Yes. The card is issued on the RuPay network and can be linked with supported UPI apps for eligible transactions.
What is the maximum fuel spend eligible for 4% rewards?
The 4% reward rate is capped at ₹5000 of fuel spends per calendar month at IndianOil outlets.
Can I earn rewards on UPI transactions with the IndianOil Axis Bank Credit Card?
Yes. Eligible UPI transactions made using the RuPay variant earn rewards as per Axis Bank’s applicable rewards policy.
What is the maximum reward I can earn on fuel spends each month?
The card offers 20 EDGE Reward Points per ₹100 spent on fuel at IndianOil outlets. Since accelerated rewards are capped at ₹5000 of fuel spends per month, the maximum fuel reward is 1,000 EDGE Reward Points, worth ₹200 per month.
IndianOil Axis Bank Credit Card
Thanks for the detailed review! I’ve been considering the IndianOil Axis Bank Credit Card but wasn’t sure if it was worth it. Your insights on the fuel rewards and the overall benefits really helped clarify things for me. I appreciate the pros and cons listed; it makes the decision-making process much easier!
Will edge points be rewarded if we are using it in fuel pumps via UPI apps like gpay
Yes
Not you will not get cashback i have tried
So, I have to buy vouchers? Or can I convert to cash? Vouchers are costly
No cash redemption. We need to redeem for vouchers.
what are charges for points redemption
Rs 49+GST for 300-10K EDGE RP
Rs 99+GST for >10K EDGE RP
Can these edge points be combined with the points from Magnus?
Yes, everything is visible as one EDGE Rewards balance when we go for points transfer.
@CardMaven bro, how will transfer work if I have both cards, do I get 5:4 ratio or 10:1 ? The 5:4 transfer ratio on this card would be really amazing … please clarify ?
Yes, it will be 5:4 ratio if you have a HNI card.
What happens to the transfer ratio when we have ATLAS?
Atlas earns EDGE Miles not EDGE RP.
Is this card eligible for Axis Gift Edge and Travel Edge accelerated reward points?
Gyftr – Probably yes as this is an EDGE Rewards card
Travel EDGE – No
HI, If the IndianOil Axis Bank credit card will not earn any EDGE Rewards for fuel spends then what is the benefit.
It does earn EDGE reward points on fuel as of today.