IndianOil Axis Bank Credit Card Review
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.
- 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
- 10% off BookMyShow (capped) + dining discounts
- Fee waived at ₹3.5 lakh annual spend
- Fuel reward eligible spend capped ₹5,000/month
- Best value only at IOCL pumps
- Modest rewards off fuel/online
- No lounge access on the standard card
- Settlement band ₹400–₹4,000 for fuel rewards
Fees & rewards
| Item | Detail |
|---|---|
| Joining/annual fee | ₹500 + GST (waived on ₹3.5 lakh annual spend) |
| IOCL fuel | 4% value back (20 RP/₹100; ₹400–₹4,000; max ₹5,000/month) |
| Online spends | 1% value back (5 RP/₹100; ₹100–₹5,000) |
| Welcome | Up to 1,250 EDGE points on first fuel txns (30 days) |
| Fuel surcharge waiver | 1% at IOCL (₹400–₹4,000) |
| Movies | 10% off BookMyShow (cap ₹100/month) |
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 IOCL outlets on transactions of ₹400–₹4,000.
Data current as of June 2026, cross-checked against Axis Bank and . Confirm current terms on axis.bank.in before applying.