IndianOil HDFC Bank vs IndianOil Axis Bank: Same Pump, Two Different Deals

For most IndianOil drivers the HDFC Bank card returns more: it pays 5% as Fuel Points on fuel, groceries and bills, a point is worth ₹0.96 as free fuel at IndianOil, and its ₹500 fee is waived on just ₹50,000 of yearly spends. The Axis Bank card pays 4% on the first ₹5,000 of fuel a month and 1% online, but needs ₹3,50,000 a year to waive the same ₹500 fee.

By Rashmi Mandana · Content Writer Updated 5 November 2026 Reviewed by BankCreds Financial Experts

In short

IndianOil HDFC Bank is the better card for most IndianOil users who redeem their points as free fuel, while IndianOil Axis Bank suits someone who also shops online and wants points with one flat ₹0.20 value.

Best for

HDFC: households paying groceries and utility bills on the same card as their fuel
HDFC: light spenders, since ₹50,000 a year waives the fee
Axis: drivers aged 18 to 20, below HDFC's minimum age, who also shop online

Skip it if

You spend more than ₹5,000 a month on fuel, beyond both cards' fuel caps
You want cashback in rupees rather than fuel at IndianOil pumps

Highlights

Both: ₹500 + GST joining and annual fee
HDFC waiver at ₹50,000 a year, Axis at ₹3,50,000
HDFC: 5% as Fuel Points on fuel, groceries and bills, capped per bucket
Axis: 20 points per ₹100 on IndianOil fuel up to ₹5,000 a month
Both RuPay cards that work on UPI

Side by side

Every term from the banks' own pages, last verified 5 November 2026.
Term	IndianOil HDFC Bank Credit Card	IndianOil Axis Bank Credit Card
Bank	HDFC Bank	Axis Bank
Joining fee	₹500 + GST	₹500 + GST
Annual fee and waiver	₹500 + GST. Renewal fee waived on annual spends of ₹50,000	₹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 Fuel Point for every ₹150 spent on other categories, including UPI...	1 EDGE REWARD Point per INR 100 on other eligible retail spends (about 0.2% value)
Best category	IndianOil fuel pumps and outlets: about 5% value	Fuel at IndianOil outlets: about 4% value
Lounges	Domestic: None International: None	Domestic: None stated International: None stated
Forex markup	3.5% of the amount	3.5% of the amount
Network	RuPay	RuPay
Published minimum income	₹12,000 a month	Not stated on the card page
Status	Taking applications	Taking applications
Add-on card fee	Nil	Nil
Earned as	Fuel Points (1 Fuel Point = 1 Reward Point)	EDGE REWARD Points
Higher-reward categories	IndianOil fuel pumps and outlets: 5% of spends as Fuel Points, about 5% value (Max 250 Fuel Points per month in first 6 months, Max 150 Fuel Points post 6 months from card issuance, month) Groceries: 5% Fuel Points, about 5% value (Max 100 Fuel Points per month, month) Bill payments: 5% Fuel Points, about 5% value (Max 100 Fuel Points per month, month)	Fuel at IndianOil 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)
No rewards on	Wallet Rent Government related transactions Supermarkets Tax EMI (all types) Vending machines (miscellaneous foods) Package stores, beer, wine, liquor Bakeries Cash advances and travellers' cheques Insurance Jewellery and fuel excluded from the 1 FP per ₹150 category	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
Value of a point	Free fuel at IOCL pumps (via XTRAREWARDS): 1 Fuel Point (FP) = 3 XTRAREWARD points (XRP); 1 FP = Rs. 0.96; minimum 500 FP, in multiples of 500 Cashback against statement balance: 1 Fuel Point = ₹0.2; minimum 12,500 Fuel Points; ₹50 fee Product catalogue: Upto Rs. 0.2 Airmiles: 0.25 SmartBuy flights and hotels: 0.2; up to 50% of booking	EDGE REWARDS catalogue: Axis equates 20 points per INR 100 with '4% value back' (INR 0.20 a point).
Redemption fee	₹50 per cashback redemption (w.e.f. 1 Aug 2024); ₹99 + taxes per catalogue redemption	INR 99 per transaction on the EDGE REWARDS platform
Expiry	Reward points valid for 2 years	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	Complimentary IndianOil XTRAREWARDS Program membership ₹250 voucher on at least one transaction within 37 days of card issuance	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	Renewal fee waived on ₹50,000 annual spends	None published
Fuel surcharge waiver	1% fuel surcharge waiver on transactions of ₹400 to ₹5,000; maximum waiver ₹250 per statement cycle	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	Not published by the bank
Interest on unpaid balances	Up to 3.75% a month (45% a year)	Up to 3.75% a month (55.55% a year)
Late payment fee	Late payment charges (excl. GST), basis the bill amount, w.e.f. 1 Aug 2024: nil up to ₹100; ₹100 for ₹101 to ₹500; ₹500 for ₹501 to ₹1,000; ₹600 for ₹1,001 to ₹5,000; ₹750 for ₹5,001 to ₹10,000; ₹900 for ₹10,001 to ₹25,000; ₹1,100 for ₹25,001 to ₹50,000; ₹1,300 above ₹50,000. Charged when the Minimum Amount Due is not paid; account is reported past due and late fee levied only after 3 grace days from the due date.	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 withdrawn or ₹500, whichever is higher, plus finance charges at the revolving rate from the date of withdrawal until full payment.	2.5% of the amount (minimum INR 500); interest at 3.75% per month from the date of withdrawal
Age (salaried)	21 to 60 years	18 to 70 years
Income (salaried)	Gross monthly income greater than ₹12,000	Not stated on the card page
Income (self-employed)	Income Tax Return (ITR) greater than ₹6 lakh per annum	Not stated on the card page
Documents	Identity proof, address proof and income proof (HDFC Bank general guidance; the card page's document list could not be read) Existing HDFC Bank customers may not need to submit them again	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
Last verified	5 November 2026	5 November 2026

Two IndianOil co-brands that only look alike

Both cards carry the IndianOil name, both cost ₹500 plus GST and both are RuPay cards that you can link to UPI. After that they are parting ways totally. The IndianOil HDFC Bank Credit Card pays Fuel Points worth 5% of spend in three buckets, IndianOil fuel, groceries and utility bills, each with its own monthly cap. The IndianOil Axis Bank Credit Card pays 20 EDGE REWARD Points per ₹100 on IndianOil fuel, which Axis calls 4% value back, plus 5 points per ₹100 on online shopping, and almost nothing on bills.

The verdict in two sentences. If you will take your rewards as free fuel at IndianOil, the HDFC card wins in every profile we ran, by ₹2,255.60 to ₹3,107.60 a year after fees. The Axis card make sense mainly if you are under 21, or if you shop online a lot and want points with a simple ₹0.20 value.

The point value is the whole story

HDFC's Fuel Point is worth ₹0.96 only when you redeem it for fuel at IndianOil through XTRAREWARDS, in lots of 500. As cashback it drops to ₹0.20 and needs 12,500 points at least, which most users of this card never reaches before the 2-year expiry. Axis prices its points at ₹0.20 throughout, so there's less to think, but less to win also.

Recent changes

HDFC: a ₹50 fee on cashback redemption since 1 August 2024, and from 15 May 2026 a 1.75% markup on rupee payments abroad and a ₹199 reissue fee. The IndianOil earn rates was left unchanged.
Axis: interest of 3.75% a month from 20 December 2024, a 3.5% markup on rupee payments abroad from 28 August 2026, and from 1 November 2026 its BookMyShow discount needs ₹25,000 of spend in the previous 3 months.

Fees: the same ₹500, a very different waiver

Each card costs ₹500 plus GST to join and ₹500 plus GST a year, so ₹590 with 18% GST (₹500 plus ₹90). The difference come in getting the fee back. HDFC waives the renewal on ₹50,000 of spends a year, which is about ₹4,167 a month (₹50,000 divided by 12), a level nearly anyone who uses the card reach. Axis wants ₹3,50,000 of eligible spends in the anniversary year, about ₹29,167 a month (₹3,50,000 divided by 12), leaving out rent, wallet loads, EMIs, insurance and fees. One more thing for the Axis card: its card terms and Key Fact Sheet give this ₹3.5 lakh waiver, but the fee table in its MITC omits it.

Charge	IndianOil HDFC Bank	IndianOil Axis Bank
Joining and annual fee	₹500 + GST each	₹500 + GST each
Fee waiver	₹50,000 a year	₹3,50,000 in the anniversary year
Add-on card	Free	Free
Interest	3.75% a month (45% a year)	3.75% a month (Axis states 55.55% a year)
Late fee on a ₹20,000 bill	₹900	₹1,200
Fuel fee	1% on a fuel transaction above ₹15,000, capped at ₹4,999	1% once fuel reaches ₹50,000 in a cycle
Utility fee	1% when bills exceed ₹50,000 in a month	1% once bills reach ₹25,000 in a cycle
Paying in rupees abroad (DCC)	1.75%	3.5%
Redemption fee	₹50 on cashback, ₹99 + taxes on catalogue	₹99 per redemption

Interest is 3.75% a month on both, so the 45% and 55.55% you see on paper is just two ways of writing the yearly rate. On a ₹20,000 bill paid late HDFC charges ₹900 and Axis ₹1,200, so the HDFC card cost ₹300 less (₹1,200 minus ₹900) for the same mistake.

The fuel fees will rarely touch these cards' users. HDFC only charges when one fuel transaction cross ₹15,000, Axis only when a cycle's fuel reaches ₹50,000. Forex is 3.5% on both, and cash withdrawals cost 2.5% or at least ₹500 on both. HDFC charges ₹100 for paying the bill in cash at a branch or ATM; Axis charges ₹175 at a branch.

Rewards: three capped buckets against one fuel bucket

IndianOil HDFC Bank

5% as Fuel Points at IndianOil pumps: up to 250 points a month in the first 6 months, then 150 a month, so the 5% covers ₹5,000 of fuel and then ₹3,000 (150 divided by 5%).
5% on groceries and 5% on utility and telecom bills, up to 100 points a month each, which is reached at ₹2,000 of spend in each.
1 Fuel Point per ₹150 on most other spends, UPI included, with ₹150 as the minimum transaction.

Rent, wallets, government, tax, insurance, EMIs and cash earns nothing. A point is worth ₹0.96 as fuel at IndianOil pumps (1 point equals 3 XTRAREWARD points), ₹0.20 as cashback or on SmartBuy and up to ₹0.20 in the catalogue. Points last 2 years.

IndianOil Axis Bank

20 points per ₹100 on IndianOil fuel, on up to ₹5,000 of fuel a calendar month, so at most 1,000 points; fuel above that earn nothing.
5 points per ₹100 online, on up to ₹5,000 a month, so at most 250 points.
1 point per ₹100 on other eligible spends, with nothing on utilities, telecom, insurance, rent, wallets, gift cards or tolls.

Axis equates 20 points per ₹100 with 4% value back, which mean ₹0.20 a point. Points expire 3 years from allotment, or after 365 days without any activity on a account.

Three spend profiles through both cards

The HDFC card we take as past its first 6 months, so the 150-point fuel cap applies, and its points are redeemed as fuel at ₹0.96. Spends above a bucket's cap are counted at nothing extra on both cards. Fills are inside each card's surcharge band. Fees are for a renewal year, with GST.

Monthly spend	Light: ₹12,000	Typical: ₹25,000	Heavy: ₹40,000
IndianOil fuel	₹2,000	₹5,000	₹10,000
Groceries	₹3,000	₹5,000	₹6,000
Utility and phone bills	₹2,500	₹3,000	₹3,000
Online shopping	₹1,500	₹5,000	₹7,500
Other spends	₹3,000	₹7,000	₹13,500
HDFC points a month	330	430	490
Axis points a month	535	1,370	1,445
HDFC a year, after fee	₹4,041.60	₹5,553.60	₹6,844.80
Axis a year, after fee	₹934	₹3,298	₹4,068

Light. HDFC: 100 points on fuel (5% of ₹2,000), 100 on groceries and 100 on bills at their caps, and 30 on the ₹4,500 of online and other spends (₹4,500 divided by 150), so 330 a month and 3,960 a year, worth ₹3,801.60 as fuel. Add the 1% surcharge waiver of ₹20 a month, ₹240 a year, and the total is ₹4,041.60 with the fee waived. Axis: 400 fuel points, 30 on groceries, none on bills, 75 online and 30 on the rest, 535 points worth ₹107, plus a ₹20 waiver, so ₹127 a month and ₹1,524 a year. ₹1,44,000 of yearly spend (₹12,000 times 12) is far below ₹3,50,000, so ₹590 goes out and ₹934 remains.

Typical. HDFC: fuel hits its 150 cap, groceries and bills give 100 each and ₹12,000 of other spends give 80, so 430 a month, 5,160 a year, ₹4,953.60 as fuel, plus ₹600 of waiver (₹50 times 12): ₹5,553.60. Axis: 1,000 fuel points, 50 on groceries, 250 online and 70 on the rest, 1,370 points or ₹274, plus the ₹50 waiver cap, ₹324 a month, ₹3,888 a year, minus ₹590 since ₹3,00,000 (₹25,000 times 12) still miss the waiver: ₹3,298.

Heavy. HDFC: 150 plus 100 plus 100, and 140 on ₹21,000 of online and other spends (₹7,500 plus ₹13,500), so 490 a month, 5,880 a year, ₹5,644.80, plus ₹1,200 of waiver at ₹100 a month: ₹6,844.80. Axis: fuel stops at 1,000 points, online at 250, with 60 on groceries and 135 on the rest, 1,445 points or ₹289, plus ₹50 of waiver, so ₹339 a month and ₹4,068 a year, and ₹4,80,000 of spend (₹40,000 times 12) clears the waiver. The HDFC lead runs ₹3,107.60 (₹4,041.60 minus ₹934), ₹2,255.60 (₹5,553.60 minus ₹3,298) and ₹2,776.80 (₹6,844.80 minus ₹4,068) across the three.

Eligibility: HDFC publishes a low floor, Axis an age range from 18

Rule	IndianOil HDFC Bank	IndianOil Axis Bank
Age	Salaried 21 to 60; self-employed 21 to 60 (FAQ says below 65)	18 to 70 years
Income	Gross above ₹12,000 a month; ITR above ₹6 lakh a year if self-employed	Not stated on the card page; Axis's general floor is ₹15,000 a month
Residence	Indian nationals	Resident Indians and NRIs
Documents	Identity, address and income proof	PAN or Form 60, payslip, Form 16 or IT return, residence proof

HDFC's salaried floor is a gross income above ₹12,000 a month, and existing HDFC customers may not need to submit documents again. For self-employed the floor is on much higher side, an ITR above ₹6 lakh a year. HDFC's own pages give the self-employed upper age as 60 in one place and below 65 in another.

Axis takes applicants from 18 to 70, residents and NRIs, and add-on cardholders over 15. It publish no income figure for this card, only its general criterion of ₹15,000 a month. You can apply online, in the Axis app or at a branch; HDFC takes applications online or at a branch, and its FAQ says a branch visit is not mandatory.

Neither floor means approval. Under the RBI's 2025 card Directions the bank must assess your independent financial means and the limits you already hold, and if it rejects you it must say why in writing. Approval is the bank's decision. For an application already in, the helplines are on our HDFC Bank and Axis Bank customer care pages, which is more faster than a branch visit.

Pros and cons

Pros

HDFC: 5% as Fuel Points on IndianOil fuel, groceries and bills, each with its own cap
HDFC: ₹500 + GST fee waived on just ₹50,000 of yearly spends
HDFC: surcharge waiver on fills of ₹400 to ₹5,000, up to ₹250 a cycle
Axis: 20 points per ₹100 on IndianOil fuel and 5 per ₹100 online
Axis: open to applicants from 18 to 70, including NRIs

Cons

HDFC: fuel cap drops to 150 points a month after the first 6 months
HDFC: a Fuel Point is worth ₹0.96 only as fuel; as cashback it is ₹0.20 and needs 12,500 points
Axis: fee waiver needs ₹3,50,000 of eligible yearly spends
Axis: no points on utilities or telecom, and the surcharge waiver stops at ₹50 a cycle

Frequently asked questions

Which IndianOil card is better, HDFC Bank or Axis Bank?

For most drivers who redeem points as fuel, IndianOil HDFC Bank. It pays 5% as Fuel Points on IndianOil fuel, groceries and bills, each capped, and a point is worth ₹0.96 as fuel. In our three spend profiles it returned ₹2,255.60 to ₹3,107.60 a year more than IndianOil Axis Bank after fees. Axis suits applicants aged 18 to 20 and heavy online shoppers.

How do the fees and waivers compare?

Both cards charge ₹500 plus GST to join and every year. HDFC waives the renewal on ₹50,000 of spends a year. Axis waives it on ₹3,50,000 of eligible spends in the anniversary year, a waiver given in its card terms and Key Fact Sheet although its MITC fee table leaves it out. With 18% GST the fee is ₹590.

How much is a point worth on each card?

An IndianOil HDFC Bank Fuel Point is worth ₹0.96 when redeemed for fuel at IndianOil through XTRAREWARDS in lots of 500, but only ₹0.20 as cashback, which needs at least 12,500 points and a ₹50 fee. An IndianOil Axis Bank point is worth ₹0.20, since Axis equates 20 points per ₹100 with 4% value back.

Who can apply for the IndianOil HDFC Bank and Axis Bank cards?

HDFC asks salaried applicants to be 21 to 60 with gross income above ₹12,000 a month, and self-employed applicants to file an ITR above ₹6 lakh a year. Axis accepts residents and NRIs aged 18 to 70 and publishes no income figure for this card; its general floor is ₹15,000 a month. Either bank can still decline.

What is the fuel reward cap on each card?

HDFC pays 5% at IndianOil up to 250 Fuel Points a month for the first 6 months and 150 after that, which covers ₹3,000 of fuel a month. Axis pays 20 points per ₹100 on up to ₹5,000 of IndianOil fuel a calendar month, at most 1,000 points. Fuel above either cap earns nothing extra.

What changed on these cards recently?

HDFC added a ₹50 fee on cashback redemption from 1 August 2024 and, from 15 May 2026, a 1.75% markup on rupee payments abroad and a ₹199 reissue fee, with IndianOil earn rates unchanged. Axis raised interest to 3.75% a month from 20 December 2024, raised its markup on rupee payments abroad to 3.5% from 28 August 2026 and tied BookMyShow to ₹25,000 of spend from 1 November 2026.

Sources

HDFC Bank: Part I Key Fact Statement cum Most Important Terms and Conditions (MITC), English, Version 4.18; Terms & Conditions – Indian Oil HDFC Bank Credit Card; IndianOil HDFC Bank Credit Card Fees & Charges; Credit Card Fee Waiver Condition (Pricing MID for Oct 2026); IndianOil HDFC Bank Credit Card (product page)
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
Business Today: New rules for Axis Bank credit cards valid from December 20

Last verified: 5 November 2026

Written by Rashmi Mandana, 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.