Axis IOCL Credit Card – Features, Eligibility & How to Apply

Imagine You are on an infinite road trip with an empty gas tank. Pull into an Indian Oil Corporation Limited (IOCL) gas station and swipe your Axis Bank IOCL Credit Card for instant fuel surcharge waivers, cash-back rewards, and exclusive discounts. 

The same card will delight you with a discounted dinner, and you can redeem accrued reward points for shopping vouchers. Convenient? The Axis Bank IOCL Credit Card is specifically designed to save you on fuel purchases. This is done with reward points, restaurant discounts, and cashback on an exhaustive spending list. 

In this blog, I will take you through everything you should know about the Axis Bank IOCL Credit Card, from its features and benefits to its eligibility, fees, and how to get the best out of it. Other fuel credit cards will also be compared so you can make your best decision accordingly.

What Is the Axis Bank IOCL Credit Card?

The Axis Bank IOCL Credit Card is a co-branded fuel credit card launched in association with Indian Oil. This has been done so regular fuel purchasers can save money and thus benefit from additional lifestyles. Users get accelerated reward points on fuel buys at IOCL stations and can avail themselves of the most exciting rewards, including cash back and discounts.

This card best suits frequent travellers, commuters, and people who constantly refuel from the IOCL station. This card saves you the extra money you spend on fuel and rewards you on the overall cost with many offers and discounts.

Axis Bank IOCL Credit Card: Key Features

1. Annual & Joining Fees

• Joining Fee: ₹500 + GST
• Annual Fee: ₹500 + GST (Nil if ₹50,000 is spent in an annum)

The joining fee and annual fee of the Axis Bank IOCL Credit Card get waived off based on spending on your credit card, which has been used for fuel and other things.

2. Reward Points System

• Fuel Schemes: You will gain 20 EDGE Reward Points whenever you spend money worth ₹100 for purchasing fuel at any of the IOCL outlets.
  
  
• Online Shoppers: Every ₹100 online purchase you have made brings 5 EDGE Reward Points under your credit.
  
  
• Other Categories: 1 EDGE Reward Point for every ₹100 spent by you in different categories.

One may use the redemption points to accumulate fuel purchases, gift coupons, and cash-back awards. Here is where you select your redemption.

3. Fuel Surcharge Waiver

• Eligibility: 1% waiver of every IOCL transaction in terms of fuel between ₹200 and ₹5,000.
  
  
• Maximum Waiver: Max Waiver is up to ₹50 per billing cycle.
  
  

This is yet another value-added facility on the card wherein the owner can save money in the procurement of fuels as well. This is yet another cost-saving service that is offered to the owner of the card, as most of the people who own automobiles are required to pump up the gas at regular intervals.

4. Dining & Shopping Discounts

• Dining Offers: Use Axis Bank's Dining Delight Program and enjoy a 15% discount in selected restaurants.
  
  
• Shopper's Savings: Get offers from some retail vendors.

These will help add value to your card, saving money while dining and shopping.

5. Insurance Coverage

• Purchase Protection: Get protection against theft or accidental damage for an eligible purchase.
• Travel Insurance: Get loss or delay of bags and other inconveniences when travelling.
• Credit Shield: Financial security in case of disability or death.

The insurance coverage gives you a feeling that you are covered in many ways.

6. Eligibility Criteria

• Age: 18 – 70 years
• Income: Minimum ₹3 lakh annual income
• Employment: Salaried or self-employed
• Residency: Indian resident
• Credit Score: Minimum 700 preferred

The eligibility criteria must be fulfilled before applying for the Axis Bank IOCL Credit Card.

Key Benefits of the Axis Bank IOCL Credit Card

Top Benefits of the Axis Bank IOCL Credit Card

1. Reward Points System

An interesting reward point scheme exists wherein for every ₹100 spent at the IOCL petrol pump stations, the Axis Bank IOCL credit card holder would get rewarded with 20 EDGE reward points. 

This sort of structured acceleration is always beneficial because it can gain points that one can quickly redeem to purchase any kind of reward, like fuel, travel vouchers, gift cards, or even lifestyle products.

2. Waiver on fuel surcharge

For instance, in IOCL, a 1% fuel surcharge on all transactions was waived, and there has been an incentive to save in every transaction; the amount has been saved maximally at a rate of ₹50 on every statement cycle.

3. Dine Out

This is the Axis Bank IOCL Credit Card that offers the facility a 15% discount at select restaurants in India. The card benefits the cardholder to eat out while saving; hence, it is perfect for foodies.

4. Insurance & Travel Benefits

The card offers purchase protection, travel insurance, and credit shield benefits. This protects against theft, accidental damage, and even travel-related problems. Therefore, this adds more value to the card.

5. Milestone Benefits
Milestone rewards give you extra points on top of what you already get when the annual amount is spent. So if you can spend the amount of ₹50,000 in one year, that way you pay for your yearly fee for using this credit card free afterwards.

Axis Bank IOCL Credit Card Fees & Charges

It involves responsible handling of money, so know the charges for the the Axis Bank IOCL Credit Card. Here's how much Axis Bank IOCL Credit Card Charges:

Pros and Cons of the Axis Bank IOCL Credit Card

Pros

• High Fuel Rewards: On every ₹100 amount spent on fuel, get 20 EDGE Reward Points, making it one of the best plans for fuel savings.
• 1% fuel surcharge waiver: get a surcharge for each purchase of fuel
• Low Annual Fee: The annual fee is negotiable and can be used with minimum spending.
• Discounts on Dining and Shopping: Discounts on all food and grocery spending at all partner restaurants and retail outlets.
• Comprehensive Insurance Coverage: The card provides extensive insurance benefits, ensuring financial security.
  
  

Cons

• Limited to IOCL Fuel Stations: The fuel rewards and benefits are restricted to IOCL outlets, which may not be convenient for everyone.
• No Reward Points on Utility Bills: Cardholders do not earn rewards on utility bill payments.
• 3.5% Foreign Currency Markup: The foreign transaction fee can add up for those who travel internationally.
• Monthly Cap on Fuel Rewards: There may be a limit on the maximum rewards you can earn on fuel purchases.

How to Apply for the Axis Bank IOCL Credit Card

The Axis Bank IOCL Credit Card application process is straightforward and follows an online or offline application procedure.

1. Online Application

• Go to the Axis Bank website and navigate to the homepage.
• Click on “Explore Products” at the top left corner.
• Select “Cards” > “Credit Cards” from the dropdown menu.
• Browse the available credit cards and click “IndianOil Axis Bank Credit Card” or “Apply Now.”
• On the next page, answer whether you are an existing Axis Bank customer (Yes/No).
• Follow the three-step application process:
  • Check Eligibility
  • View Available Offers
  • Complete the Application
• Fill in your personal and financial details in the application form.
• Upload the required documents, including identity, address, and income proof.
• Submit your application and wait for the bank to contact you for further processing.

2. Offline Application

• Visit the Nearest Axis Bank Branch: Locate your nearest Axis Bank branch.
• Request the Application Form: Ask the bank representative for the IOCL Credit Card application form.
• Fill in the Details: Complete the application form with the required information.
• Attach Necessary Documents: Include copies of your ID proof, address proof, and income documents.
• Submit the Form: Hand over the completed form to the bank representative and await approval and card dispatch.
  
  

Axis Bank IOCL Credit Card vs. Other Fuel Credit Cards

When considering the Axis Bank IOCL Credit Card, it’s essential to compare it with other fuel credit cards in the market. Here’s a comparison of the Axis Bank IOCL Credit Card with two other popular fuel cards: the HDFC Bharat Cashback Card and the SBI BPCL Credit Card:

How to Maximise the Benefits of Your Axis Bank IOCL Credit Card

In getting the most of your benefits for your Axis Bank IOCL Credit Card, the following might prove helpful:

1. Fuel-based transactions on it

You should use your Axis Bank IOCL Credit Card for all fuel transactions at IOCL outlets to utilise your reward points and avail yourself of a fuel surcharge waiver.

2. Maintain a Minimum Spend of ₹50,000 Annually

You can save the annual fee by spending ₹50,000 in a year. This way, you would save money while enjoying the card benefits without an additional charge.

3. Redeem Points Wisely

Redeem your reward points to fetch you the best value of your rewards. Search for fuel vouchers, gift cards, or cash-back options that provide you with the best redemption value.

4. Dine out at discounts

Dine out offers from Axis Bank IOCL Credit Card. Use the card in partners' restaurants and save money while eating out. 

5. Track special offers

Axis Bank also searches for other exclusive offers and deals for its cardholders. This includes discounts, cash back, and timely offers that boost your experience while using the card.

Tips for Managing Your Axis IOCL Credit Card

Effective Axis Bank IOCL Credit Card management is crucial for maintaining a healthy financial profile. Here are some tips to help you manage your card effectively:

1. Pay Your Bills on Time

No one likes paying late fees on credit card bills. So, make sure the credit card bill payments are paid on time. Set reminders or automate your payment so you never let your dues get out of control.

2. Transactions and Rewards Tracker

You can view your transactions and reward points from Axis Bank's mobile application. This means you are never going over budget and never overspending.

3. Limit Unwanted Cash Withdrawal

Withdrawals of cash are expensive, so do avoid it unless it is essential. Utilise your card for every kind of transaction to collect maximum rewards.

4. Plan IOCL Fuel Refill at an IOCL Station

Plan all of your IOCL fuel refills at an IOCL station. That way, you will be reaping the maximum reward points except for saving yourself from the surcharge on your fuel.

Conclusion

This credit card will help someone who uses more fuel and has a long queue of other reward points to accumulate, coming in handy to save fuel expenses with valid reward points. The annual fee would be just 1%, besides 20 EDGE Reward Points on every ₹100 spent on fuel, and the potential to save further on dining will add up to this. That would be an excellent chance for a daily filler at IOCL stations to take home rewarding savings.

Apply for the Axis Bank IOCL Credit Card now and fill out your savings. Let each refill, dinner, or buy transform into a rewarding experience by earning rewards.

FAQs Related to Axis IOCL Credit Card

1. Who should apply for the Axis Bank IOCL Credit Card?
   Frequent fuel buyers at IOCL outlets, daily commuters, and those looking for fuel rewards and lifestyle benefits.
   
   
2. Does the Axis IOCL Credit Card offer cashback on online purchases?
   Yes, it provides 5 EDGE Reward Points per ₹100 spent on online transactions.
   
   
3. What is the fuel surcharge waiver limit on the Axis Bank IOCL Credit Card?
   The card offers a 1% fuel surcharge waiver, with a maximum benefit of ₹50 per billing cycle.
   
   
4. Can I use the Axis IOCL Credit Card for international transactions?
   Yes, but foreign transactions incur a 3.5% markup fee on the transaction amount.

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