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Updated Oct 2026·By Arun, Chartered Accountant·3 min read·Cross-checked vs issuer MITC & RBI·How we research
Verified October 2026 against the issuer’s current product page, terms and notices: Fee ₹500 + GST a year, waived on ₹3.5 lakh spend in a card year. 20 EDGE points per ₹100 on IndianOil fuel bills of ₹400–₹4,000 (about 4%), capped at 1,000 points a month; 1 point per ₹100 elsewhere; no points on rent, wallet, insurance, gold, utilities or government spends. Up to 1,250 welcome points on the first fuel purchase within 30 days. Fuel surcharge waiver capped at ₹50 per statement. Up to 10% off BookMyShow; EazyDiner up to 15% off. Forex 3.5%; interest 3.75% a month.
Verified against Axis Bank (October 2026): Joining/annual fee ₹500 + GST (waived on ₹3.5 lakh annual spend). 4% value back on IOCL fuel — 20 reward points per ₹100 (settlement ₹400–₹4,000; max eligible ₹5,000/month). Welcome up to 1,250 EDGE points on the first fuel transaction made within 30 days of card issuance. 1% IOCL fuel surcharge waiver. 1% value back online (5 RP per ₹100, ₹100–₹5,000). Up to 10% instant discount on BookMyShow movie tickets; up to 15% off dining via EazyDiner (max ₹500/month, min bill ₹2,500). Confirm terms on axis.bank.in before applying.
IndianOil Axis Bank Credit Card Review
Axis Bank · IndianOil (IOCL) fuel co-brand · Visa / RuPay
Our score: 7.5 / 10
Fee: ₹500 (waivable)
4% on IOCL fuel
1% on online
Fuel surcharge waiver
The IndianOil Axis Bank Credit Card is a fuel co-brand for drivers who fill up at IndianOil (IOCL) outlets. It delivers a strong 4% value back on IOCL fuel, plus online rewards and movie discounts, for a low, easily-waived fee. Here is the verified review.
TL;DR: A ₹500 fuel card (waived at ₹3.5 lakh spend) giving 4% value back on IndianOil fuel (20 reward points per ₹100, on settlements ₹400–₹4,000, up to ₹5,000/month), 1% back online, a 1% fuel surcharge waiver and a 1,250-point welcome. Add up to 10% off BookMyShow tickets and EazyDiner dining discounts. Excellent for IOCL loyalists; respect the ₹5,000/month fuel cap.
What we like
4% value back on IndianOil (IOCL) fuel
1% fuel surcharge waiver at IOCL
1% value back on online spends
Up to 1,250 EDGE points welcome
Up to 10% off BookMyShow + EazyDiner dining discounts
Fee waived at ₹3.5 lakh annual spend
Watch out for
Fuel reward eligible spend capped ₹5,000/month
Best value only at IOCL pumps
Base earn just 1 EDGE point per ₹100; 3.5% forex markup
No lounge access on the standard card
Settlement band ₹400–₹4,000 for fuel rewards
Fees & rewards
ItemDetailJoining/annual fee₹500 + GST (waived on ₹3.5 lakh annual spend)IOCL fuel4% value back (20 RP/₹100; ₹400–₹4,000; max ₹5,000/month)Online spends1% value back (5 RP/₹100; ₹100–₹5,000)WelcomeUp to 1,250 EDGE points on first fuel transaction (within 30 days)Fuel surcharge waiver1% at IndianOil outlets (₹400–₹4,000; max ₹50 per statement)MoviesUp to 10% off movie tickets on BookMyShow
Eligibility & documents
Age
18 to 70 years
Income
Per Axis norms
Recommended CIBIL
~720+
Network
Visa / RuPay (UPI-linkable)
Best for
Regular IndianOil fuel buyers
Documents
PAN, Aadhaar, income & address proof
Fuel value — the real math
At 20 reward points per ₹100 (≈4% value) on IOCL fuel, a driver spending ₹5,000/month on IndianOil fuel maxes the eligible cap and earns meaningfully more than a general card returns — plus the 1% surcharge waiver on top. Online spends add 1% back, and the welcome points and movie discount round it out. The value concentrates at IOCL pumps, so it rewards loyalty to IndianOil specifically.
Who this card is for
Best fit: drivers who regularly fuel at IndianOil and want maximum fuel value cheaply.
Skip if: you fuel elsewhere or want a broad everyday rewards card.
How to apply & how to cancel
Apply: via axis.bank.in. Cancel: call Axis customer care after clearing dues; redeem points first.
Final verdict
The IndianOil Axis Bank Credit Card is one of the better budget fuel cards for IOCL loyalists — 4% on IndianOil fuel, a surcharge waiver, online rewards and a low, waivable fee. Just respect the ₹5,000/month fuel cap and remember the value is concentrated at IndianOil; pair it with a flat-rate card for everything else.
Frequently asked questions
How much fuel value does it give?
4% value back on IndianOil (IOCL) fuel — 20 reward points per ₹100, on settlements of ₹400–₹4,000, up to ₹5,000 of eligible spend per month.
What is the fee?
₹500 + GST joining/annual, waived on ₹3.5 lakh annual spend.
Does it reward non-fuel spends?
Yes — 1% value back on online spends, plus a BookMyShow discount and dining offers.
Is the fuel surcharge waived?
Yes — a 1% fuel surcharge waiver applies at IndianOil outlets on transactions of ₹400–₹4,000, capped at ₹50 per statement cycle.
Data current as of October 2026, cross-checked against Axis Bank’s product page, T&C and Key Fact Sheet. Confirm current terms on axis.bank.in before applying.
Opens Axis Bank’s official website. Check current fees & eligibility before applying.
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ArunChartered Accountant
Arun is a Chartered Accountant with 14 years in finance leadership. He writes and maintains every review and calculator on CreditSmart, cross-checking each figure against issuer MITC documents, RBI notifications and official rate sheets before publication. He accepts no commissions or payments from card issuers.
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