IndianOil Axis Bank Premium Credit Card
The IndianOil Axis Premium Credit Card is a special credit card by Axis Bank made for fuel savings, created together with IndianOil. It’s designed for people who frequently spend on fuel and other daily expenses. This card offers better benefits compared to its less premium version, the IndianOil Axis RuPay Credit Card.
Cardholders earn 6X EDGE Miles on fuel at IndianOil outlets, 2X on groceries up to ₹5,000 per month, and 1X on other expenses. The ₹1,000 joining fee can be waived by spending ₹30,000 annually. Additional perks include two free domestic lounge visits per quarter if you spend ₹50,000 in the previous three months, plus food delivery discounts on Zomato.
While the rewards are attractive, there can be issues if some IndianOil stations aren’t recognized properly, which may affect rewards. Still, since it’s currently a lifetime-free card, trying it out comes with no risk and could be worth it for frequent fuel spenders.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
IndianOil Axis Bank Premium Credit Card: Features and Benefits
The IndianOil Axis Bank Premium Credit Card is a great choice for people who regularly buy fuel, shop for groceries, and want extra rewards for everyday spending. It offers EDGE Miles, lifestyle perks, and travel benefits to help cardholders get more value from their spending.
Earn EDGE Miles on Fuel, Groceries, and Other Purchases
The card rewards you with EDGE Miles for different types of spending:
- Fuel: Earn 6X EDGE Miles for every ₹150 spent at IndianOil outlets across India, up to 600 EDGE Miles. After spending ₹15,000 on fuel, the earning rate goes back to 1X EDGE Mile per ₹150.
- Groceries: Earn 2X EDGE Miles for every ₹150 spent at supermarkets, with a maximum of 33 EDGE Miles on spending up to ₹5,000.
- Other Spending: Earn 1 EDGE Mile per ₹150 spent on other eligible purchases.
- Exclusions: EDGE Miles are not earned on payments like transportation, tolls, utilities, insurance, education, government fees, digital wallets, or rent.
How to Redeem EDGE Miles
The EDGE Miles you earn can be used in different ways:
- Fuel at IndianOil Outlets: 1 EDGE Mile = ₹1
- Airlines and Hotels: Convert 2 EDGE Miles = 1 Partner Point with airlines and hotels like Air France-KLM, Etihad Airways, Qatar Airways, Singapore Airlines, Turkish Airlines, United Airlines, Marriott, IHGR Hotels & Resorts, Air India, ITC, SpiceJet, and AirAsia.
- IOCL Rewards: Convert 3 EDGE Miles = 10 XRPs
- Travel Edge Portal: 1 EDGE Mile = ₹0.20 for bookings
These options let you choose how to use your rewards, whether for fuel, travel, or hotel stays.
Extra Benefits
- Zomato Discount: Get 30% off on Zomato orders twice a month. Minimum spend is ₹200 and the max discount is ₹150 per order, adding up to ₹3,600 in savings per year.
- Airport Lounge Access: Enjoy 2 free domestic lounge visits per quarter (8 per year) if you spend ₹50,000 in the last 3 months.
- Fuel Surcharge Waiver: Save 1% on fuel at IndianOil outlets. Note that GST on the fuel surcharge is not refundable.
Comparing IndianOil Credit Cards
IndianOil offers two types of credit cards:
- Basic IndianOil Card: Good for simple spending and fuel rewards.
- IndianOil Axis Premium Credit Card: Offers higher rewards, lifestyle perks, and travel benefits for a small extra fee.
The Premium card is better for people who want more rewards and extra features.
Who Should Get This Card?
- People who spend regularly on fuel and groceries
- Frequent travelers who want lounge access
- Users who want flexible reward redemption through IOCL Rewards or partner points
- Anyone looking for extra savings on food deliveries and lifestyle benefits
Key Points to Remember
- Reward Rates: 6X EDGE Miles on fuel, 2X on groceries, 1X on other spends
- Flexible Redemption: Use EDGE Miles for fuel, travel, hotels, or IOCL Rewards
- Lifestyle Perks: Zomato discount and free lounge visits
- Fuel Surcharge Waiver: 1% savings on fuel purchases
- Good Mid-Tier Option: Offers more features than the basic card
By keeping track of your spending and reward limits, you can maximize the benefits of this card. It is especially useful for fuel buyers, grocery shoppers, and travelers.
IndianOil Axis Bank Premium Credit Card Review
Overall, the IndianOil Axis Bank Premium Credit Card is ideal for anyone looking to earn rewards while spending on fuel and groceries. Its EDGE Miles program, Zomato discounts, lounge access, and flexible redemption options make it a well-rounded card for everyday and travel use.
Is this card lifetime free?
No, it’s not. But you can skip the ₹1,000 + GST annual fee if you spend ₹1 lakh in a year.
Are there any welcome benefits?
You’ll earn 500 EDGE Miles when you make your first transaction within 30 days of getting the card.
Who can apply for this card?
Indian residents aged between 18 and 70 with a good credit score can apply.
What documents are needed to apply?
You’ll need a PAN card or Form 60, income proof, and residence proof.
Can I use EDGE Miles for partner points?
Yes, you can turn them into partner points for brands such as Air France-KLM, Qatar Airways, Marriott, and others at a 2:1 rate.
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