IndianOil Axis Bank Premium Credit Card

IndianOil Axis Bank Credit Card is a co-branded credit card partnership with IndianOil  offers wide range of rewards & benefit mostly related to fuel. But not benefit related to fuel only but also offer rewards on Grocery, travel benefit like complimentary lounge access and also discounts on zomato and much more. Axis bank already have one IndianOil card but that is basic one this is premium card with higher joining and annual fee. It is replacement of IndianOil Citi Bank credit Card. lets see the details of this card one by one which make easier for you to make decision on this card.

JOINING FEE
Rs. 1000+GST
RENEWAL FEE
Rs. 1000+GST
BENEFITS
2 Domestic Lounge Access per quarter In Year.
REWARDS &CASHBACK
30% off on Zomato which is 2 times in a month & maximum discount is Rs.150.

Features & Benefits

Welcome Benefits

  • Get 500 Edge miles on first transaction within 30 days of card issuance.

Edge Miles

  • Earn 6X edge miles on every Rs.150 spent on fuel at Indianoil outlet only. Maximum cap is 600 edge miles that is upto Rs.15000 per statement, after that continue to earn 1edge miles on every Rs.150.
  • Earn 2X edge miles on every Rs.150 spent on grocery and supermarkets up to Rs.5000 per statement, after that 1 edge miles on every Rs.150.
  • On all other spent earn 1edge miles on every Rs.150.
  • No Edge miles reward on utilities, Education, Rent, wallet, Government payment, Insurance.

Airport Lounge

  • Get 2 complimentary domestic airport lounge access per quarter on spending Rs.50000 in previous three months.

Fuel Surcharge Waiver

  • Get 1% unlimited fuel surcharge waiver on Iocl fuel outlet. There is no upper cap & GST charge along fuel surcharge is non refundable.

Spend Based Waiver

  • The annual fee of Rs.1000 is waived off if you have spent Rs. 1 lakh in previous year.

Dining Benefits

  • You can get upto 25% off at partner resturant with Axis bank dining delight via Eazydiner. Maximum discount is Rs.800 per order twice a month.
  • 30% off on Zomato which is 2 times in a month & maximum discount is Rs.150

Redemption of Edge Miles

  • The account holder can convert edge miles to partner miles under Axis bank points transfer program which is 2 Edge miles = 1 Partner point.
  • 2 EDGE Miles = 1 Partner points for Air France-KLM, Ethiopian Airlines, Etihad Airways, IHGR Hotels & Resorts, Qatar Airways, Singapore Airlines, Turkish Airlines, United Airlines, Marriott International, Vistara, ITC, SpiceJet, AirAsia
  • You can directly use edge miles for fuel purchases 1 Edge mile = 1Rs. which is best convenient way to use.
  • You can also convert 3 Edge Miles = 10 XTRAREWARDS which is IOCL loyalty points.
  • You can directly book flights and hotel on Axis bank Travel edge portal using ede miles directly.

Fees & Charges

Foreign Currency Markup

  • The card come with high foreign currency markup fee that is 3.5% of total transaction amount. So if you are looking of any international travel & transaction credit card you can choose other cards that have zero or very less markup fee.

Finance Charges & Cash withdrawal Fee

  • Interest rate is 3.75% per month that is 55.55% per annum.
  • Cash withdawal fee is min Rs.500 upto 2.5% of cash withdrawal amount.
  • Pros & Cons

Pros

  • Good rewards on fuel spends with high capping that is Rs.15000.
  • No Limit on fuel surcharge waiver.
  • 8 complimentary lounge access in year. 2 per quarter

Cons

  • No International Lounge access.
  • Forex markup fee is high.
  • Final Thoughts

IndianOil Axis Bank Premium Credit Cardis a very good credit card giving very good rewards on fuel, grocer & supermarkets. The annual fee waiver spend criteria is also only Rs 1lakh which can be easily achieved. so if you have a car you can save good amount on fuel. If you are occasional traveller you will enjoy 2 lounge access per quarter and also can convert accumulated edge miles in flights and hotels so if you look overall this card is must have card.

  • Frequently Asked Questions
Is IndianOil Axis bank premium card lifetime free?

No, it is not lifetime free. It comes with annual fee of Rs.1000.

You will get only domestic lounge access 8 in a year, 2 per quarter based on spend criteria that Rs.50000 in previous 3 month.

Yes the annual fee is waived off on spending Rs. 1lakh in previous year.

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