The IndianOil Axis Bank Premium credit card is a new launch from Axis Bank. While Axis Bank already has another co-branded IOCL credit card, this new Premium offering is a replacement for the erstwhile IndianOil Citibank Credit Card. Even if you were not holding the IOCL Citi card earlier, you can now apply for the IndianOil Axis Bank Premium credit card. Here are all the details on the new IOCL Axis Premium card and how it is different from the existing IOCL Axis offering.
Fees
| Joining Fee | Rs 1000+GST |
| Annual Fee | Rs 1000+GST |
| Welcome Benefit | 500 EDGE Miles on first spend within 30 days of issuance |
| Annual Fee Waiver | On spends of Rs 1 Lakh in a membership year except rent, wallet and insurance transactions |
The IndianOil Axis Bank Premium credit card comes at 2X the annual fee of the existing IOCL card but enjoys a much lower threshold for annual fee waiver. You can apply online for this card.
Rewards
This is where the IndianOil Axis Bank Premium card is again different from the existing IOCL card. We earn the new reward currency EDGE Miles on this compared to EDGE Reward points on the other one.
| Category | EDGE Miles | Value |
|---|---|---|
| IndianOil Fuel | 6 EDGE Miles/Rs 150 | 4% |
| Grocery and Supermarket | 2 EDGE Miles/Rs 150 | 1.3% |
| All other spends | 1 EDGE Mile/Rs 150 | 0.6% |
| Transportation & Tolls, Insurance, Wallet, Rent, Utilities, Govt. Transactions, Education | No Rewards | NIL |
- 6 EDGE Miles on every INR 150 spent at registered IndianOil fuel only for spends up to Rs 15,000 per statement. For spends above Rs 15,000, we earn 1 EDGE Mile/Rs 150.
- 3 EDGE Miles on every INR 150 spent at groceries and supermarkets only for spends up to Rs 5,000 per statement. For spends above Rs 5,000, we earn 1 EDGE Mile/Rs 150.
- 1% fuel surcharge waiver for IOCL fuel transactions. There is no transaction limit nor any upper cap on the fuel surcharge waiver with the IndianOil Axis Bank Premium credit card.
Rewards Redemption
The earned EDGE Miles can be redeemed either for fuel or even be used on Travel EDGE to book flights or transfer points. It is quite good to see a variety of redemption options here including points transfer!
| Redemption Option | Redemption Value |
|---|---|
| Fuel at IndianOil outlets | 1 EDGE Mile = Rs 1 |
| Bookings on Travel EDGE | 1 EDGE Mile = Rs 1 |
| Transfer to IOCL Xtrarewards | 3 EDGE Miles = 10 Xtrarewards |
| Transfer to partner airlines/hotels | 2 EDGE Miles = 1 Partner Point |
Complimentary Airport Lounge Access
- Domestic Airport Lounge Access: 8 visits/year (Maximum 2 visits/qtr). Check this list to see the list of eligible airport lounges for the IOCL Axis Premium credit card.
- International Airport Lounge Access: Not Available
IndianOil Axis Bank Premium credit card has a minimum spends requirement to get complimentary domestic airport lounge access. We now need spends of Rs 50,000 over a rolling period of last 3 calendar months to get complimentary airport lounge access. For example, if you need to access the airport lounge on 10th of March, then you should have spent Rs 50,000 in the period from 1st of December to 28th of February.
Pros and Cons
Pros
- 4% return on IOCL fuel spends
- Relatively higher cap of Rs 15,000 worth of fuel spends to get 4% rewards
- Fuel rewards for valid for all IOCL outlets
- No limits on fuel surcharge waiver
- Easy to get annual fee waiver with only IOCL fuel spends
- Complimentary domestic airport lounge access
Cons
- None
Should you get the IndianOil Axis Bank Premium credit card?
If you already hold the existing IOCL Axis credit card, there are a lot of good reasons to upgrade to the Premium card.
- A much higher cap of Rs 15,000 worth of fuel spends to get 4% rewards
- Annual fee waiver at spends of just Rs 1 Lakh
- Complimentary domestic airport lounge access
- No limits on fuel surcharge waiver
If you are looking for an IOCL co-branded credit card, then the new IndianOil Axis Bank credit card is the best right now. If you are looking for other fuel credit cards, do check out the list of the best fuel credit cards in India. Apply online for the IndianOil Axis Bank credit card.
Frequently Asked Questions
Yes, we get 8 visits per year to domestic airport lounges on this card.
Yes, this is a better option in our opinion.
IndianOil Axis Bank Premium Credit Card
