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IndianOil Axis Bank Premium Credit Card
The step-up IndianOil co-brand above Axis's base fuel card, trading a higher ₹1,000 fee for a stronger 4% fuel earn rate, an uncapped fuel surcharge waiver, spend-gated quarterly lounge access, and a recurring Zomato discount. It's built for IOCL-loyal drivers who fuel up regularly enough to clear the ₹50,000 quarterly spend needed for lounge access, and who'll value the flexibility of EDGE Miles being redeemable either directly for fuel or transferred to airline/hotel partners. Occasional drivers or anyone who doesn't fuel primarily at IndianOil outlets will find better value in a general-purpose cashback card instead.
Annual fee
₹1,000
Joining fee
₹1,000
Reward type
points
Base reward rate
0.67%
Card network
Visa
Card tier
Mid
Who this card fits
Best suited to applicants who clear the standard eligibility bar whose spend is concentrated in fuel, dining. Its annual fee waives if you can comfortably clear the spend threshold.
Rewards & benefits
- Movie & dining: 30% Zomato discount twice a month, ₹200 minimum order, capped at ₹150 off per order
- Rewards rate: 0.67% base rate
- Domestic lounge access: 2 complimentary domestic lounge visits per quarter (8 a year) at select airports; no spend condition on the lounge benefit itself (a separate ₹30,000 annual spend waives the annual fee)
Benefits by category
- 🛒 Groceries
1.33% reward rate (capped ₹5,000/monthly)
- ✈️ Travel
Up to 8 complimentary domestic lounge visits a year (2 per quarter), unlocked only if the preceding 3 months' spend reaches ₹50,000 — a meaningful hurdle for lighter spenders
- 🏨 Hotel
EDGE Miles redeemable 1:1 directly for IndianOil fuel purchases, or transferable at a 2:1 ratio to 15+ partner airline and hotel loyalty programs for cardholders who want travel redemptions instead
- ⛽ Fuel
4% reward rate (capped ₹15,000/monthly) · 1% fuel surcharge waiver with no rupee cap, more generous than the ₹400/cycle cap common on most Axis entry and mid-tier cards
Eligibility
- Employment: salaried, self-employed
- Age: 18–70
Fees & charges
- Spend-based waiver: Waived on annual spend of ₹30,000
- Rewards redemption fee: No fee for direct 1:1 fuel redemption; no fee to transfer EDGE Miles to travel partners at 2:1
- Fuel surcharge waiver: 1% fuel surcharge waiver with no rupee cap
- Cash advance charges: 2.5% of the cash amount withdrawn, minimum ₹500
Benefits
- 500 EDGE Miles credited automatically on the first transaction made within 30 days of card issuance, giving new cardholders an immediate head start on redemptions
- Up to 8 complimentary domestic lounge visits a year (2 per quarter), unlocked only if the preceding 3 months' spend reaches ₹50,000 — a meaningful hurdle for lighter spenders
- 1% fuel surcharge waiver with no rupee cap, more generous than the ₹400/cycle cap common on most Axis entry and mid-tier cards
- 30% Zomato discount available twice a month, subject to a ₹200 minimum order value and capped at ₹150 off per order
- EDGE Miles redeemable 1:1 directly for IndianOil fuel purchases, or transferable at a 2:1 ratio to 15+ partner airline and hotel loyalty programs for cardholders who want travel redemptions instead
Pros
- + Meaningfully higher 4% fuel reward rate than the base IndianOil Axis card
- + Up to 8 complimentary domestic lounge visits a year, unusually generous for this fee tier
- + Uncapped 1% fuel surcharge waiver, better than the capped waivers on most comparable cards
- + EDGE Miles offer redemption flexibility — direct 1:1 fuel redemption or 2:1 transfer to travel partners
- + Recurring twice-monthly Zomato discount adds everyday value beyond fuel spend
Cons
- − Fuel bonus caps out once ₹15,000 is spent at IndianOil in a month
- − Lounge access is gated behind a ₹50,000 quarterly spend requirement, unlike cards offering flat visit counts
- − Groceries earn a modest 1.33%, and there are no benefits at all outside IndianOil, groceries, and the Zomato tie-in
- − 0.67% base reward rate on general spend is weak outside the two bonus categories
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