Axis Bank IndianOil Credit Card Review

June 15, 2026• 3 min read

StandardAxis Bank

Quick Facts

Joining Fee₹500

Renewal Fee₹500

Best ForFuel

Forex Markup3.50%

30-Second Verdict

Expert Verdict

The IndianOil Credit Card represents a solid premium choice, balancing strong category-specific rewards with travel perks for everyday affluent spenders.

General Rewards

Who Should Apply

You spend at least ₹50,000 annually to waive fees.
You want a steady return rate of 0.2% on standard spends.

Who Should Skip

Your average monthly card spends are less than ₹25,000.
You prefer cash statement credits over travel reward point transfers.

Key Numbers

Base Reward Rate
1 RP / ₹100

Accelerated Rate

None

Forex Markup

3.50%

Joining Fee

₹500

Annual Fee

₹500

Eligibility

Age: 21 - 70 Years

Reward Point Mechanics

Understanding how your spends translate into real-world value is key. Here is how you earn, translate, and redeem your reward points.

Earning Blueprint

Accrual & Multipliers

Base Earn Rate:1 RP / ₹100

Multipliers & Milestones:

Merchant-Specific 20x4% yield

20 EDGE points per ₹100 spent at IndianOil outlets (4% valueback), on spends from ₹100 to ₹5,000 monthly.

Point TranslationValue depends on how you redeem
Standard Currency Point Value1 Edge Points = ₹0.2
when redeemed for flights/travel
Redemption Values:Statement Credit:₹0.2 per pt

Partner Transfers

Miles conversion ratios

Air AsiaRatio 10:1

AeroplanRatio 20:1

Flying BlueRatio 20:1

Air India Maharaja ClubRatio 20:1

British Airways Executive ClubRatio 10:1

Ethiopian ShebaMilesRatio 20:1

Etihad GuestRatio 20:1

Finnair PlusRatio 10:1

IHG One RewardsRatio 20:1

Club ITCRatio 10:1

JAL Mileage BankRatio 20:1

Orchid RewardsRatio 20:1

PostcardRatio 20:1

Qantas Frequent FlyerRatio 20:1

RadissonRatio 20:1

KrisFlyerRatio 20:1

SpiceClubRatio 10:1

Royal Orchid PlusRatio 20:1

Turkish Miles&SmilesRatio 20:1

UnitedRatio 20:1

Vietnam Airlines LotusmilesRatio 10:1

Wyndham RewardsRatio 20:1

1. Fees & Charges

Joining Fee: ₹500 + GST
Annual Fee: ₹500 + GST
Renewal Fee Waiver: The annual fee is waived if you spend ₹50,000 or more in the preceding card anniversary year. Waived on annual spends of ₹50,000 or more.

2. Airport Lounge Access

For frequent flyers, lounge privileges provide significant comfort and savings:

Domestic Lounges: Eligible: False (N/A). Complimentary Visits: No complimentary access. Spend threshold: N/A.
International Lounges: Eligible: False (N/A). Complimentary Visits: No complimentary access. Spend threshold: N/A.

3. Rewards Rate & Value

Optimize your spending with the card's rewards structure:

Base Reward Rate: Earn an effective 0.2% back on general purchases.
Point Valuation: 1 Edge Points = ₹0.2 value.
Important Exclusions: Spends on Rent do not earn standard reward points.

4. Verdict: Should You Apply?

Get it if...

✓ You value having lounge access on network programs.
✓ Your primary spending categories align with this card's reward structure.

Skip it if...

✗ You prefer direct cash-back over reward points or travel miles.
✗ Your major spending is on excluded categories like rent or utilities (Rent).

Exclusions & Caps Warning

Spends on Rent, Government transactions, and Wallet Loads are excluded from the annual waiver threshold of ₹50,000.
Fuel transactions do not earn standard reward points, but are eligible for a 1% surcharge waiver up to ₹500/month.
Cash advances, balance transfers, and EMI conversions do not earn reward points.

Pros & Cons

Advantages	Disadvantages
Standard concierge and customer support services Accelerated travel rewards on booking portals Generous credit limits (avg. ₹2,00,000) Faceted rewards structure for high returns	Annual renewal fee of ₹500 applies base reward can be better for a highly priced fees. Renewal fee waiver requires high annual spend of ₹50,000 Standard foreign transaction markup fee of 3.50% Premium credit score and document verification required

Rewards Point Calculator

Estimate your annual rewards based on your customized spending profile. Slide the bars to adjust your spends and see the total reward points earned.

✈️ Travel & Airline Booking (Annual)₹2,00,000

🍽️ Dining & Entertainment (Annual)₹1,00,000

⛽ Fuel Purchases (Annual)₹50,000

🛍️ General Retail & Online Shopping (Annual)₹1,50,000

Total Reward Points Earned

7,000

Points / Year

Redemption Sweet Spots

Best Value Redemption Strategy: Redeeming points for statement credits yields poor value. Instead, transfer points to airline/hotel loyalty programs (like Marriott Bonvoy or airline miles) to secure maximum value per point.

Cardswise Score

8.0

Rewards

6/10

Travel Perks

5/10

Lifestyle

6/10

Value for Money

9/10

Frequently Asked Questions

What is the annual fee and waiver limit of Axis Bank IndianOil Credit Card?

The annual fee is ₹500 + GST. The fee is waived if you spend ₹50,000 in the previous card year.

Does Axis Bank IndianOil Credit Card offer complimentary lounge access?

Domestic lounge: No complimentary access (Spend requirement: N/A). International lounge: No complimentary access.

What is the foreign exchange markup fee?

The card has a foreign exchange markup of 3.50%.

What is the spending limit on the card?

The card limit is determined based on your credit score, ITR/salary documents, and existing credit relationship with the issuing bank.

How do you apply for this card?

You can apply online via the issuer's portal, netbanking, or by visiting a local branch with income proof documents.

Do reward points expire?

The reward points are typically valid for 36 months.

IndianOil Credit Card

₹500 Joining Fee

Apply Now