IndianOil Axis Bank Credit Card Review: 4% on Fuel up to ₹5,000 a Month

The IndianOil Axis Bank Credit Card gives 20 EDGE REWARD Points per ₹100 on IndianOil fuel, which Axis calls 4% value back, but only on the first ₹5,000 of fuel each month. It costs ₹500 plus GST a year, waived on ₹3,50,000 of eligible yearly spends. It is a RuPay card that also works on UPI.

By Pankaj Pandey · Content Writer Updated 5 November 2026 Reviewed by BankCreds Financial Experts

Key facts

Joining fee: ₹500 + GST
Annual fee: ₹500 + GST. Annual fee waived for an anniversary year with eligible spends of INR 3,50,000 or more (rent, wallet loads, EMI, cash, fees, insurance and disputed transactions excluded).
Base reward: 1 EDGE REWARD Point per INR 100 on other eligible retail spends (about 0.2% value)
Best category: Fuel at IndianOil outlets: about 4% value
Lounge: Domestic: None stated International: None stated
Forex markup: 3.5% of the amount
Network: RuPay

Apply on Axis Bank's site

Opens the bank's own page for this card. Approval and the credit limit are the bank's decision.

In short

A cheap fuel card that pays well on the first ₹5,000 of IndianOil fuel each month and little on anything else, so it works best as a second card for the pump.

Best for

Drivers who fill up at IndianOil for about ₹5,000 a month
People who want a low-fee RuPay card for UPI payments
Anyone adding a fuel card next to a main rewards card

Skip it if

Your fuel bill is well above ₹5,000 a month, since the extra earns nothing
You want lounge access or a decent earn on general spends
You mostly fill up at other oil companies' pumps

Highlights

₹500 plus GST a year, waived on ₹3,50,000 of spends
20 points per ₹100 at IndianOil, up to 1,000 points a month
5 points per ₹100 online, up to 250 points a month
One point is worth ₹0.20 on Axis's own figure
RuPay network, usable on UPI

What the IndianOil Axis card is

This is a fuel co-brand card that Axis Bank issue with IndianOil (IOCL), and it is open for applications. It runs on RuPay, the only network Axis's pages show for it, so it can be linked to UPI for merchant payments. The fee is low, ₹500 plus GST, and the earn is build around one thing: fuel bought at IndianOil outlets.

That fuel earns 20 EDGE REWARD Points per ₹100, and Axis itself is calling this 4% value back, which puts a point at ₹0.20. The catch is the ceiling. Only the first ₹5,000 of IndianOil fuel in a calendar month qualifies, up to 1,000 points, so the fuel benefit pays at most 1,000 times ₹0.20, or ₹200 a month.

What else matters

Online shopping earns 5 points per ₹100 on up to ₹5,000 a month, so 250 points at most.
Other eligible spends earn 1 point per ₹100, just 0.2%, and utilities, telecom, insurance, rent, wallets and jewellery earn nothing.
No lounge access is stated, and foreign currency spends carry a 3.5% markup.

Changes from 2024 to 2026

The 20 December 2024 revision moved interest to 3.75% a month from 3.6% and added 1% fees on large utility, wallet, gaming and fuel spends, the fuel one only above ₹50,000 a cycle. From 28 August 2026 the conversion charge when you pay in rupees overseas moved up to 3.5% from 1.5%, a ₹1,300 late fee arrived for dues above ₹50,000, gift cards became their own category and tolls stopped earning rewards. From 1 November 2026 the BookMyShow discount of 10%, up to ₹100 a month, need ₹25,000 of spends in the previous 3 months.

IndianOil Axis fees and charges

The card terms and the MITC set a ₹500 joining fee and a ₹500 annual fee, each plus GST. GST at 18% adds ₹90, so ₹590 a year. Add-on cards are free. The card page's fee table shows the first year as nil and ₹500 from the second year, but the MITC says ₹500 to join, so budget ₹590 unless your offer letter says other.

The ₹3.5 lakh waiver

The card terms and Axis's Key Fact Sheet waive the annual fee for any anniversary year in which eligible spends reach ₹3,50,000. The MITC fee table leaves this waiver out, but two of the bank's own documents state it. Rent, wallet loads, EMI, cash, fees, insurance and disputed transactions don't count. ₹3,50,000 divided by 12 is about ₹29,167 a month, a lot to route through a card earning 0.2% on most of it. Many users will just pay ₹590 and judge the card on fuel only, that is fair.

Interest and penalties

Interest is 3.75% a month, which is 55.55% a year, on anything not cleared in full. Pay a ₹4,000 bill late and the fee is ₹500; ₹8,000 late costs ₹750; up to ₹50,000 it is ₹1,200, above that ₹1,300, and ₹100 more each cycle after two missed minimum dues running. Cash withdrawals cost 2.5% with ₹500 minimum, and interest starts the same day.

Fuel surcharge: 1% back at IndianOil outlets on fills of ₹400 to ₹4,000, capped at ₹50 per statement cycle, which is quite less, and the GST on the surcharge isn't refunded. The Key Fact Sheet shows no cap, but the card page and terms both say ₹50.
Forex: 3.5% on foreign currency spends and on rupee payments to merchants abroad.
1% fees: on every rent payment and on education paid through third-party apps, and once a cycle's utilities cross ₹25,000, wallet loads or skill-based gaming ₹10,000, or fuel ₹50,000.
Others: ₹175 per cash payment at a branch, 2% (minimum ₹500) for a bounced payment, and ₹99 each time you redeem points.

IndianOil Axis: fees and charges

Joining fee	₹500 + GST
Annual or renewal fee	₹500 + GST
Annual fee waiver	Annual fee waived for an anniversary year with eligible spends of INR 3,50,000 or more (rent, wallet loads, EMI, cash, fees, insurance and disputed transactions excluded).
Add-on card fee	Nil
GST	Charged on top of the fees and charges listed
In the bank’s words	Joining fee INR 500 + GST and annual fee INR 500 + GST (card T&C and MITC); annual fee waived on INR 3,50,000 anniversary-year spends (T&C and Key Fact Sheet); add-on free. Card page fee table shows annual fee '1st Year: Nil, 2nd Year onwards: ₹500'.
Interest on unpaid balances	Up to 3.75% a month (55.55% a year)
Late payment fee	Nil if total payment due is up to INR 500; INR 500 for INR 501 to 5,000; INR 750 for INR 5,001 to 10,000; INR 1,200 for INR 10,001 to 50,000; INR 1,300 if greater than INR 50,000; additional INR 100 if Minimum Amount Due is missed for two consecutive cycles, every cycle until MAD is cleared (MITC; INR 1,300 slab effective 28 Aug 2026)
Cash withdrawal	2.5% of the amount (minimum INR 500); interest at 3.75% per month from the date of withdrawal
Over-limit fee	2.5% of the over-limit amount, minimum INR 500
Forex markup	3.5% of the amount
Other fees	Rent transactions: 1% of each rent transaction (MCC 6513), plus GST Education payments via third-party apps: 1% per transaction (direct payments on the institution's website or POS exempt) Utilities: 1% on cumulative spends of INR 25,000 or more per statement cycle Wallet loads: 1% on cumulative spends of INR 10,000 or more per statement cycle Fuel: 1% on cumulative spends of INR 50,000 or more per statement cycle Online skill-based gaming: 1% on cumulative spends of INR 10,000 or more per statement cycle Foreign currency transaction fee: 3.5% of transaction value Dynamic currency conversion markup: 3.5% (INR transactions at overseas locations or with merchants registered abroad) Cash payment at branch: INR 175 per payment Cheque return / auto-debit reversal / SI or NACH failure: 2% of payment amount, minimum INR 500 Reward redemption: INR 99 per redemption on the EDGE REWARDS portal; INR 199 per transfer of EDGE REWARD Points/EDGE Miles to partner loyalty programmes

How the IndianOil Axis points work

Spend	Points per ₹100	Monthly limit	Top value a month at ₹0.20
Fuel at IndianOil outlets	20	₹5,000 of fuel, 1,000 points	₹200
Online shopping	5	₹5,000 of spends, 250 points	₹50
Other eligible spends	1	None stated	0.2% of spend

The online cap is 250 times ₹0.20, so ₹50. Per the card page, each fuel transaction must settle between ₹400 and ₹4,000, and each online one between ₹100 and ₹5,000. Points come in full ₹100 steps only, so a ₹350 grocery bill earn 3 points, and fuel past ₹5,000 in a month earns no reward at all.

Nothing is earned on transport and tolls, telecom, jewellery, utilities, insurance, education, government, wallets, rent, gift cards, cash or EMI deals, or on fuel outside IOCL accelerated benefit. Points last 3 years from allotment, lapse after 365 days without account activity, and can be forfeited 30 days after closure or when the minimum due is 90 days overdue.

Welcome: your first fuel transaction within 30 days gets 100% value back up to 1,250 points, which is 5 points per ₹1 on up to ₹250, worth 1,250 times ₹0.20, so ₹250. Each redemption costs ₹99, almost half of a ₹200 month. Better to collect and redeem once in a year. The cases below count points only, because the surcharge refund just cancels the surcharge.

Light: ₹15,000 a month

₹3,000 of IndianOil fuel in two fills, ₹4,000 online, ₹5,000 at local shops, ₹3,000 on power and mobile bills. Fuel gives 30 times 20, so 600 points; online 40 times 5, so 200; shops 50 times 1, so 50; bills nothing. That is 850 points, ₹170 a month, ₹2,040 a year. Eligible spends are ₹15,000 times 12, or ₹1,80,000, short of ₹3,50,000, so the fee stays: ₹2,040 minus ₹590 and one ₹99 redemption leaves ₹1,351.

Typical: ₹30,000 a month

₹5,000 of fuel, ₹5,000 online, ₹15,000 of groceries, dining and store shopping, ₹5,000 of bills. Fuel reaches its 1,000-point cap, online hit its cap at 250, and the ₹15,000 gives 150: 1,400 points, ₹280 a month, ₹3,360 a year. Eligible spends of ₹30,000 times 12 are ₹3,60,000, above ₹3,50,000, so the annual fee is waived each year you keep this up. Year one nets ₹3,360 minus ₹590 and ₹99, so ₹2,671; later years ₹3,261.

Heavy: ₹60,000 a month

₹10,000 of fuel, ₹5,000 online, ₹40,000 of other retail, ₹5,000 of insurance. Only the first ₹5,000 of fuel earn points, so fuel still gives 1,000; online 250; retail 400; insurance nothing. That is 1,650 points, ₹330 a month, ₹3,960 a year. Without insurance, eligible spends are ₹55,000 times 12, ₹6,60,000, so the fee is waived after year one. Year one nets ₹3,271 (₹3,960 minus ₹590 and ₹99), later years ₹3,861. The second ₹5,000 of fuel gets no surcharge refund either, since 1% of the first ₹5,000 already uses the ₹50 cap, so put it on a another card.

IndianOil Axis: higher-reward categories

Category	Rate	Cap
Fuel at IndianOil (IOCL) outlets	20 EDGE REWARD Points per INR 100 (4% value back), about 4% value	On eligible fuel spends up to INR 5,000 per calendar month; maximum 1,000 points a month; settlement amount per transaction INR 400 to INR 4,000 (card page), ₹1,000, calendar month
Online shopping	5 EDGE REWARD Points per INR 100 (1% value back), about 1% value	On eligible online spends up to INR 5,000 per calendar month; maximum 250 points a month; per transaction INR 100 to INR 5,000 (card page), calendar month

IndianOil Axis: how rewards work

Earned as	EDGE REWARD Points
Base rate	1 EDGE REWARD Point per INR 100 on other eligible retail spends. About 0.2% value back
Minimum spend rules	Points calculated in multiples of INR 100; transactions below INR 100 earn nothing. Fuel spends beyond the monthly limit earn no reward.
No rewards on	Transportation and tolls Telecom Jewellery Utilities Insurance Educational institutions Government institutions Wallet Rent Gift cards Bridge, toll and road fees Fuel (outside the IOCL accelerated benefit), cash withdrawals and EMI-related transactions for base points
Lower rewards on	None published
Value of a point	EDGE REWARDS catalogue: Axis equates 20 points per INR 100 with '4% value back' (INR 0.20 a point).
Redemption fee	INR 99 per transaction on the EDGE REWARDS platform
Expiry	EDGE REWARD Points expire 3 years from allotment, or after 365 days without account activity; forfeiture 30 days after closure or MAD overdue 90+ days.
Welcome benefits	100% value back as up to 1,250 EDGE REWARD Points on the first fuel transaction within 30 days of issuance (5 points per INR 1 on up to INR 250; primary card only)
Milestone benefits	None published
Lounge access	Domestic: None stated International: None stated
Fuel surcharge waiver	1% fuel surcharge waiver at eligible IndianOil outlets on transactions of INR 400 to INR 4,000; maximum INR 50 per statement/calendar cycle; GST not refunded
Insurance cover	Not published by the bank

Eligibility and how to apply

The card page asks the primary applicant to be 18 to 70 and either a resident of India or a Non-Resident Indian, and add-on holders must be over 15. No income figure is published for this card; Axis's general criteria mention ₹15,000 a month, and the bank calls them indicative.

Documents are a PAN card copy or Form 60, income proof such as the latest payslip, Form 16 or tax return, and a residence proof like a driving licence or electricity bill. Apply on Axis's website form with your mobile number and PAN or date of birth, confirm by OTP, or use the Axis Mobile app, or at branch. For service queries see Axis Bank customer care.

How the decision is made

The RBI's 2025 card Directions make Axis assess your credit risk on your own independent financial means and weigh every card and loan limit you already hold. The RBI sets no minimum income, so each issuer sets one, and Axis may check your credit score too; on CRIF's 300 to 900 range, above 700 is generally good. A rejected applicant must be told the reasons in writing. No agent can promise this card, only Axis decides about it.

Using it on UPI

Because it is RuPay, you can link it to a UPI app, but for paying merchants only: person-to-person transfers, cash withdrawals, IPOs and mutual funds are blocked. Card fees, including the 1% rent fee, applies on UPI too. The terms we read don't say how UPI spends earn, so don't count on fuel points when you pay the pump by UPI scan.

IndianOil Axis: eligibility and documents

Age (salaried)	18 to 70 years
Age (self-employed)	18 to 70 years
Income (salaried)	Not stated on the card page
Income (self-employed)	Not stated on the card page
Other conditions	Resident of India or Non-Resident Indian; add-on cardholders over 15. Axis general criteria: minimum income INR 15,000 per month.
Documents	PAN card photocopy or Form 60 Income proof: latest payslip, Form 16 or IT return Residence proof: driving licence, electricity bill or landline telephone bill
How to apply	Online through the Axis Bank website application form (choose the card, enter mobile number and PAN or date of birth, check eligibility and offers, verify by OTP), through the Axis Mobile app, or at an Axis Bank branch. FD-backed 'Easy' cards are applied for online by booking an FD (Video KYC for non-customers). Some co-brand cards are applied for through the partner's app (Airtel Thanks app for Airtel Axis; Google Pay for Google Pay Flex; Fibe; Scapia).
Card customer care	1800 4030 / 1800 8911 (toll free; Retail Phone Banking)

These are the bank's published conditions. Meeting them does not guarantee a card: approval and the credit limit are the bank's decision.

IndianOil Axis against other fuel cards

The IndianOil HDFC Bank card has the same ₹500 fee but waives renewal on only ₹50,000 of annual spends. It gives 5% as Fuel Points at IndianOil, capped at 250 points a month for the first 6 months and 150 after, plus 5% on groceries and on bills, up to 100 points a month each. Points are worth ₹0.96 as free fuel through XTRAREWARDS, so 150 points is ₹144 a month, against Axis's ₹200. Its surcharge cap is ₹250 a cycle, five times Axis's ₹50.

The IndianOil Kotak card costs ₹449, waived on ₹50,000. It earns 24 points per ₹150 at IndianOil, which is 4%, up to 1,200 points or ₹300 a statement, enough for about ₹7,500 of fuel (1,200 divided by 24, times ₹150). Grocery and dining get 2% up to ₹200, and the surcharge cap is ₹100.

HPCL ENERGIE BOBCARD suits HPCL pumps instead: ₹499, waived on ₹50,000, 24 points per ₹150 at listed HPCL outlets with a 1,000-point cap a statement at ₹0.25 a point, and one domestic lounge visit a quarter after ₹20,000 of spends.

Which one to pick

For moderate IndianOil fuel and an easy waiver, HDFC or Kotak. For bigger IndianOil fills, Kotak's ₹7,500 limit goes furthest. Axis makes sense when you also want 5 points online, or you already spends ₹3.5 lakh a year on one card. See the HDFC and Axis IndianOil comparison, all Axis Bank cards or the credit cards home.

IndianOil Axis against similar cards

Term	IndianOil Axis Bank Credit Card This card	IndianOil HDFC Bank Credit Card	IndianOil Kotak Credit Card	HPCL ENERGIE BOBCARD
Bank	Axis Bank	HDFC Bank	Kotak Mahindra Bank (Kotak)	BOBCARD
Joining fee	₹500 + GST	₹500 + GST	₹449 + GST	₹499 + GST
Annual fee and waiver	₹500 + GST. Annual fee waived for an anniversary year with eligible spends of INR 3,50,000 or more (rent, wallet loads, EMI, cash, fees, insurance and disputed transactions excluded).	₹500 + GST. Renewal fee waived on annual spends of ₹50,000	₹449 + GST. Annual fee waived on retail spends of ₹50,000 in the previous anniversary year	₹499 + GST. Renewal fee waived on annual spends of INR 50,000 in every anniversary year (non-delinquent cardholders; UPI spends do not count)
Base reward	1 EDGE REWARD Point per INR 100 on other eligible retail spends (about 0.2% value)	1 Fuel Point for every ₹150 spent on other categories, including UPI...	0.5% back as Reward Points (3 points per ₹150) on all other spends (about 0.5% value)	2 reward points per INR 150 on other categories (about 0.33% value)
Best category	Fuel at IndianOil outlets: about 4% value	IndianOil fuel pumps and outlets: about 5% value	IndianOil fuel pump spends: about 4% value	Fuel at eligible HPCL outlets, LPG purchases and HP Pay app fuel payments: about 4% value
Lounges	Domestic: None stated International: None stated	Domestic: None International: None	Not published by the bank	Domestic: 1 complimentary domestic airport lounge visit per calendar quarter (4 a year), primary cardholder International: None listed
Forex markup	3.5% of the amount	3.5% of the amount	3.5% of the amount	3.5% of the amount
Network	RuPay	RuPay	RuPay	RuPay
Published minimum income	Not stated on the card page	₹12,000 a month	Not published by the bank	₹25,000 a month
Status	Taking applications	Taking applications	Taking applications	Taking applications

Frequently asked questions

What is the IndianOil Axis Bank card fee, and how is it waived?

Axis's card terms and MITC set a ₹500 joining fee and a ₹500 annual fee, both plus GST, so ₹590 each at 18%. The card terms and Key Fact Sheet waive the annual fee for any anniversary year with ₹3,50,000 of eligible spends; rent, wallet loads, EMI, cash, fees and insurance do not count. The MITC fee table does not show this waiver.

How much are IndianOil Axis reward points worth?

Axis treats 20 points per ₹100 as 4% value back, which makes one EDGE REWARD Point worth ₹0.20. So the 1,000-point monthly fuel cap is worth ₹200, the 250-point online cap ₹50, and the base 1 point per ₹100 about 0.2%. A ₹99 fee applies to every redemption, and unused points expire 3 years after allotment.

Who can apply for the IndianOil Axis Bank Credit Card?

Applicants must be 18 to 70 and either resident in India or a Non-Resident Indian. No income bar is published for this card; ₹15,000 a month is the general figure Axis gives across its cards. Have PAN or Form 60, income proof and residence proof ready. Axis checks your credit and repayment capacity, and the decision rests entirely with the bank.

Does the IndianOil Axis card offer lounge access or low forex?

No. Axis lists no airport lounge benefit for this card, and foreign currency spends carry a 3.5% markup plus GST. Since 28 August 2026 the same 3.5% also applies to rupee payments made abroad or to merchants registered abroad, up from 1.5%. It is built for fuel and UPI, not for travel.

What changed on the IndianOil Axis card in 2026?

Since 28 August 2026 Axis has charged a 3.5% markup, not 1.5%, when you pay in rupees abroad, and dues above ₹50,000 now carry a ₹1,300 late fee. Toll spends no longer earn points, and gift cards sit in a category of their own. Since 1 November 2026 the 10% BookMyShow discount, worth up to ₹100 a month, asks for ₹25,000 of spends in the prior 3 months.

What happens if I spend more than ₹5,000 a month on fuel?

The extra fuel earns no points. Axis pays 20 points per ₹100 only on the first ₹5,000 of IndianOil fuel in a calendar month, up to 1,000 points, and the surcharge refund stops at ₹50 a cycle, which 1% of ₹5,000 already uses up. For the rest, a second fuel card or a general rewards card is the better choice.

Sources

Axis Bank: INDIAN OIL AXIS BANK CREDIT CARD Terms and Conditions; Most Important Terms and Conditions (MITC), PDF dated 8 October 2026; Key Fact Sheet (schedule of charges), last updated 8 October 2026; IndianOil Axis Bank Credit Card page; Axis Bank support: Validity of EDGE REWARD Points; Axis Bank RuPay Credit Card page (RuPay card list includes IOCL); Axis Bank Contact Us; Axis Bank credit card listing page; Axis Bank Magnus Credit Card page
Business Today: New rules for Axis Bank credit cards valid from December 20

Last verified: 5 November 2026

Written by Pankaj Pandey, reviewed by BankCreds Financial Experts

BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.