M16S / Axis Bank / IndianOil Axis Bank Credit Card
entry · fuel, rewards, cobrand, upi
IndianOil Axis Bank Credit Card
The IndianOil Axis Bank Credit Card costs Rs 500 a year, waived if you spend Rs 3,50,000 in a year. Its base return is 0.2% (1 EDGE RP per Rs 100). The forex markup is 3.5%. It lists no airport lounge access. Read from the issuer's own documents on 12 Oct 2026.
- Annual fee
- Rs 500+ GST
- Fee waived at
- Rs 3,50,000annual spend
- Base return
- 0.2%
- Forex markup
- 3.5%
- Interest
- 3.75%a month
What changed on this card
- Axis Bank stops rewards on bridge fees, road fees and tolls, August 2026
From 28 Aug 2026 spends on bridge fees, road fees and tolls earn no rewards or cashback on these Axis Bank cards. Gift card purchases move to their own spend category and still earn nothing. Source: Axis Bank, campaign.axis.bank.in, read 28 Oct 2026
- Axis Bank sets a Rs 1,300 late fee on dues of Rs 50,000 and above, August 2026
From 28 Aug 2026 the late payment fee is INR 1,300 for outstanding balances of INR 50,000 and above. Below INR 50,000 the fee is unchanged. Source: Axis Bank, campaign.axis.bank.in, read 28 Oct 2026
- Axis Bank raises the foreign currency markup from 1.5% to 3.5%, August 2026
From 28 Aug 2026 the dynamic currency conversion markup rises to 3.5% from 1.5% on these Axis Bank cards. Source: Axis Bank, campaign.axis.bank.in, read 28 Oct 2026
- Axis Bank can forfeit unredeemed EDGE points 30 days after card closure, Oct 2025
From 1 Oct 2025 Axis Bank reserves the right to forfeit unredeemed EDGE Reward Points and EDGE Miles 30 days after card closure, or when the minimum amount due is outstanding for more than 90 days. Source: Axis Bank, axis.bank.in, read 28 Oct 2026
- Axis Bank adds 1% fees on wallet, fuel, utility, education and gaming, Dec 2024
The MITC lists a 1% fee applicable from 20 Dec 2024 on wallet loads from INR 10,000, fuel from INR 50,000, utilities from INR 25,000 and online skill-based gaming from INR 10,000 per statement cycle, and on third-party app education payments. Source: Axis Bank, axis.bank.in, read 28 Oct 2026
- Axis Bank raises the IndianOil card fee waiver spend to Rs 3.5 lakh, April 2024
Customers onboarded from 20 Apr 2024 get a Rs 500 fee waiver on Rs 3.5 lakh spend. Earlier customers need INR 50,000 until anniversaries on and after 20 Apr 2025, then INR 3.5 lakh. Source: Axis Bank, axis.bank.in, read 28 Oct 2026
- Axis Bank stops IndianOil card points on rent, wallet and insurance, April 2024
From 20 Apr 2024 rent, wallet, insurance, gold/jewellery, utilities and government spends earn no EDGE Reward Points on the INDIANOIL AXIS BANK card. Source: Axis Bank, axis.bank.in, read 28 Oct 2026
Each change is read from the bank's own notice or terms document, linked above. Every card's changes are on the change log.
Fees
| Joining fee | Rs 500 |
|---|---|
| Annual fee | Rs 500 |
| Annual spend that waives the feeunverified | Rs 3,50,000 |
| Fee notes | Issuer page: annual fee nil in year 1, Rs 500 from year 2; waived on spend above Rs 3.5 lakh in a card anniversary year (rent, wallet loads, EMI, cash, fees, insurance excluded). Joining fee cell is blank on the page; MITC lists Rs 500. |
Rewards
| Welcome benefit | 100% value back up to 1,250 EDGE RP (Rs 250) on first fuel transaction within 30 days of issuance |
|---|---|
| Reward currency | EDGE Reward Points |
| Base earn | 1 EDGE RP per Rs 100 |
| Base return | 0.2% |
| Point value | Rs 0.20 per point |
| Accelerated earn | 20 RP per Rs 100 at IOCL fuel outlets (4% value back) on settlement amounts of Rs 400-4,000; 5 RP per Rs 100 on online shopping (1%) on transactions of Rs 100-5,000 |
| Caps | IOCL 4% tier: maximum eligible spend Rs 5,000 per calendar month. Online shopping 1% tier: maximum eligible spend Rs 5,000 per calendar month. |
| Spends that earn nothing | Insurance, gold/jewellery, wallet, rent, utilities, government institutions, education |
| Points expiry | 3 years from earning; all points also lapse after 365 days with no earn, redemption or login (EDGE Rewards T&C) |
| Reward notes | base_return_pct = 1 point per Rs 100 x Rs 0.20 = 0.2% (issuer page equates 20 points per Rs 100 with 4% value back); fuel at IOCL 4% on up to Rs 5,000 a month. Redemption fee Rs 99 per transaction on the EDGE REWARDS platform (issuer page). |
Travel and perks
| Domestic lounge | None |
|---|---|
| International lounge | None |
| Forex markup | 3.5% |
| Fuel surcharge waiver | 1% on fuel transactions of Rs 400-4,000, maximum waiver Rs 50 per statement cycle (issuer page) |
| Other freebies | BookMyShow instant discount up to 10% on movie tickets; Dining Delights; Wednesday offers |
Charges and eligibility
| Interest per month | 3.75% |
|---|---|
| Late payment fee | Nil up to Rs 500 due; Rs 500 (501-5,000); Rs 750 (5,001-10,000); Rs 1,200 (10,001-50,000); Rs 1,300 above 50,000; plus Rs 100 per cycle if minimum due is missed two cycles running |
| Cash advance fee | 2.5% of amount, min Rs 500 |
| Eligibility | Age 18-70; resident of India or NRI. No income figure published. |
| Fine-print notes | Before the 2026-10-12 page read: Axis also lists an FD-backed 'IndianOil Easy' variant (see separate entry). Product page read 2026-10-12 confirms earn rates, exclusions, 3.5% forex, 3.75% interest. Other Axis pages describe this card as a 'UPI card'; the page itself does not name the network. Network: Axis's own RuPay category page (https://www.axis.bank.in/cards/credit-card/rupay-credit-card, read 2026-10-12) lists this card among its RuPay credit cards. Conflicts resolved from issuer page read 2026-10-12: fee_waiver_spend: MITC showed no waiver -> issuer page states waiver above Rs 3.5 lakh anniversary-year spend (agrees with aggregator) | reward_caps: old (aggregator) 'no monthly cap' -> issuer page caps both the IOCL 4% tier and the online 1% tier at Rs 5,000 of eligible spend per calendar month | fuel_surcharge_waiver: old (aggregator) '1% on Rs 400-4,000' with no cap -> issuer page adds a maximum waiver of Rs 50 per statement cycle |
Questions
- What is the annual fee of the IndianOil Axis Bank Credit Card?
- Rs 500 a year, before GST. It is waived if you spend Rs 3,50,000 in a year.
- Does the IndianOil Axis Bank Credit Card give airport lounge access?
- No lounge access is listed for this card.
- What is the forex markup on the IndianOil Axis Bank Credit Card?
- 3.5% of each foreign-currency transaction, before GST.
- Which spends earn no rewards on the IndianOil Axis Bank Credit Card?
- Insurance, gold/jewellery, wallet, rent, utilities, government institutions, education