IndianOil Axis Bank Credit Card Review

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Fuel credit cards are generally not a good fit for most cases. But with rising fuel costs, this expense has become a large part of our monthly expenses. So, I have been exploring fuel credit cards to see if there is one that can provide good benefits. Here is a review of the IndianOil Axis Bank Credit Card. This is one of the fuel cards that would be a good fit with your existing credit cards.


SegmentEntry Level
VariantsVisa and Rupay
Annual FeeRs 500+GST
Reward Rate0.2% to 4%

Fees and Charges

Joining and Annual FeeRs 500+GST
Welcome Gift100% cashback up to Rs 250 on fuel transactions within 30 days of card issuance
Annual FeeRs 500+GST
Annual Fee WaiverOn spends of Rs 50000 in a membership year

The annual fee waiver at Rs 50000 means we need to spend only Rs 4200/month on fuel to make the card LTF.


The IndianOil Axis Bank card earns EDGE Reward points for transactions.

IndianOil Fuel20 RP per Rs 1004%
Online Purchases5 RP per Rs 1001%
All other purchases1 RP per Rs 1000.2%
  • 4% fuel rewards will only be valid for purchases between Rs 100 and Rs 5000.
  • Accelerated EDGE RP for fuel are capped at 1000 RP per month. This caps the maximum fuel for 4% return at Rs 5000 per calendar month. It should be enough for majority but little on the less side for cars considering fuel prices.
  • 1% fuel surcharge waiver for transactions between Rs 200 and Rs 5000. Maximum waiver of Rs 50 per statement. This caps the fuel surcharge waiver at Rs 5000 worth of fuel spent in a statement cycle.

We get the 4% EDGE Rewards benefit for using any fuel pump and any POS. No restrictions. You just have to use an IOCL fuel pump. This is where the IOCL Axis credit card is better than the IOCL Citibank card.

Excluded transactions for rewards

Effective 15th November 2022, the IndianOil Axis Bank credit card will not earn any EDGE Rewards for the below categories:

x   Rent

x   Utilities

x   Educational Services

x   Government Institutions

Other Benefits

  • 10% instant discount on BookMyShow
  • Up to 20% discount with Axis Bank Dining Delights

Rewards Redemption

The rewards can be redeemed from the Axis Bank EDGE Rewards Portal. Each EDGE Reward Point is worth Rs 20 paise for all redemption options. We have Amazon and Flipkart gift vouchers for redemption as well.

Should you get the IOCL Axis Bank credit card?

The IndianOil Axis Bank credit card is one of the rare fuel credit cards with good benefits. We need to spend Rs 4200 per calendar month to get an annual fee waiver. So, if your fuel spends are between Rs 4200 to Rs 5000 per calendar month, you can look at this card as one of the options. Do take care not to spend beyond Rs 5000 per month on fuel with the IOCL Axis credit card. Anything beyond that will neither get accelerated rewards not fuel surcharge waiver.

If you are looking for other fuel credit cards, do check out the list of the best fuel credit cards in India. For a higher spending on fuel close to Rs 10000 per month, also check out the BPCL SBI Card – Octane.

I am passionate blogger and youtuber since 2018 and self study Programmer.

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