Visa, Mastercard 📡 Contactless NFC

IndianOil Axis Bank Premium Credit Card

Joining Fee₹1,000

Annual Fee₹1,000

Forex Markup 3.5%

Application ModeDirect via Bank Website

⚖️ Card Verdict & Target Persona

Who Should Apply

Drivers and premium car owners fueling regularly at IndianOil (IOCL) pumps wanting 4% fuel miles, grocery rewards, BookMyShow savings, and 8 domestic lounge visits.

Who Should Avoid

Motorists fueling at HPCL or BPCL stations or users unable to meet the ₹50,000 3-month lounge spend criteria.

🎁 Key Features & Highlights

🎉

Joining & Activation Welcome Gift

1,000 EDGE Miles (worth ₹1,000 in fuel vouchers) upon making the first transaction within 30 days of card setup

6X EDGE Miles on IndianOil Fuel

Earn 6X EDGE Miles (6 miles per ₹150, 4% valueback) on fuel purchases at IndianOil petrol pumps (on spends up to ₹15,000/month).

2X EDGE Miles on Groceries

Earn 2X EDGE Miles per ₹150 on grocery and supermarket spends (up to ₹5,000 spend/month).

Domestic Airport Lounge Access

8 complimentary domestic airport lounge visits per calendar year (max 2 per quarter on min ₹50,000 quarterly spend).

💰 Reward Structure & Point Valuation

1 EDGE Miles = ₹1

Standard Base Earning

1 EDGE Mile per ₹150 spent on regular retail purchases (0.67% return; 1 EDGE Mile = ₹1.00 IOCL Fuel Voucher)

Accelerated / Partner Rate

6 EDGE Miles per ₹150 (4.0% return) at IndianOil (IOCL) fuel pumps on spends between ₹400 and ₹4,000 (capped at ₹15,000 spend/month); 2 EDGE Miles per ₹150 on Groceries (capped at ₹5,000 spend/month); 30% off on Swiggy twice a month (up to ₹150/order)

Points Validity:36 Months

Redemption Fee: ₹99 + GST / cycle

Redemption Modes: Instant IndianOil Fuel Vouchers via Axis EDGE Portal (1 EDGE Mile = ₹1.00), 1:2 Air Mile and Hotel Loyalty Partner Transfers, Brand Vouchers & Electronics

🚫 No Reward Points / Cashback on:

Non-IOCL Fuel Wallet Loads Rent Payments Government Transactions Jewellery Cash Advances EMI

🛋️ Airport Lounge Access & Spend Criteria

✓ Lounge Access Active

🛫

Domestic Lounge Visits8 complimentary domestic airport lounge visits per calendar year (max 2 per quarter)

🌐

International Lounge VisitsNone

⚠️

Spend Criteria: Requires minimum eligible spend of ₹50,000 in the previous 3 calendar months

⚡ Spend Milestones & Special Perks

Annual Fee Waiver ₹350,000/yr

Annual renewal fee of ₹1,000 is waived off on spending ₹3,50,000 or more in the previous anniversary year

UPI Payments Support✗ Not Supported

UPI not supported on Visa/Mastercard network

Fuel Surcharge Waiver1% Surcharge Waived

1% fuel surcharge waiver for transactions between ₹400 and ₹4,000 at IOCL pumps (Capped at ₹200/mo)

📋 Eligibility Criteria

✓ Official Criteria

Age Limit18 - 70 Years

Min. Monthly Income₹25,000

Min. Credit Score720 CRIF

Employment TypeSalaried / Self-Employed

📊 Interest Rates & Charges

Finance Charges (Interest Rate / APR):3.60% per month (52.86% per annum)

Late Payment Penalties:Late payment charges slab-based up to ₹1,200

Official Bank Portal Application

Get the IndianOil Axis Bank Premium Credit Card

Annual Fee: ₹1,000/yr (Waivable)

Personalized Card Matcher

Still Confused About Your Best Match?

Don’t guess your cashback. Tell CardGuru your monthly grocery, UPI, and online shopping spends to calculate your exact net rupee returns in 10 seconds.

⚡ Instant Net Yield Math•🛋️ Lounge Fee Gate Check•🆓 100% Free & Impartial

Ask CardGuru Now→Takes less than 15 seconds

Best Credit Cards for 720 CIBIL Score LTF Cards for Salary Under ₹25,000 All Axis Bank Credit Cards Lounge Access Credit Cards Best Visa Credit Cards Best Mastercard Credit Cards

Frequently Asked Questions

No, IndianOil Axis Bank Premium Credit Card has a joining fee of ₹1000 and an annual renewal fee of ₹1000 (plus applicable taxes).