Introduction
The IndianOil Axis Bank Credit Card is a co-branded fuel credit card designed specifically for customers who frequently purchase fuel from IndianOil outlets. It offers a range of benefits aimed at reducing the cost of fuel and enhancing the overall purchase experience. The card caters primarily to individuals who own vehicles and look to optimize their spending on fuel, along with enjoying rewards on other categories of spending such as online shopping and dining.
Joining Benefits of Axis Bank IndianOil Credit Card
- Welcome Benefit:
- 100% cashback (up to โน250) on fuel transactions within the first 30 days of card issuance.
- Fuel Savings:
- 4% cashback on fuel purchases at IndianOil petrol pumps.
- Reward Points:
- Earn 20 reward points per โน100 spent on fuel at IndianOil outlets.
- Earn 5 reward points per โน100 spent on online shopping.
- Earn 1 reward point per โน100 spent on all other categories.
- Fuel Surcharge Waiver:
- 1% waiver on fuel transactions at IndianOil outlets.
- Annual Fee Waiver:
- Annual fee waived on spending โน50,000 in a year.
- Dining Discounts:
- Up to 20% off at partner restaurants through Axis Bankโs Dining Delights program.
- Easy EMI Conversion:
- Option to convert large transactions into easy monthly installments.
- Interest-Free Period:
- Up to 50 days of interest-free credit.
Card Features and Benefits
The IndianOil Axis Bank Credit Card offers a multitude of features and benefits tailored to maximize savings on fuel purchases and enhance the cardholder's spending experience across various categories. Hereโs a detailed look at these benefits:
Welcome Benefit
- 100% Cashback on First Fuel Purchase: Cardholders can earn 100% cashback up to INR 250 on their first fuel transaction within the first 30 days of card issuance. This introductory offer incentivizes early usage and provides immediate value to new users.
Accelerated Reward Points
- At IOCL Fuel Outlets: Cardholders receive 4% value back on fuel transactions, credited as 20 reward points per INR 100 spent at any IndianOil outlet in India, with a maximum transaction limit of INR 5,000 per month. This benefit is particularly attractive for regular commuters, translating into significant savings over time.
- On Online Shopping: The card offers a 1% value back on online shopping, providing 5 reward points for every INR 100 spent. The same transaction limits apply, making this suitable for moderate online shoppers.
Fuel Surcharge Waiver
- 1% Surcharge Waiver: The card waives the 1% fuel surcharge at any fuel outlet for transactions between INR 200 and INR 5,000, with a maximum waiver of INR 50 per statement cycle. This feature is standard among fuel cards, offering an additional layer of savings on fuel costs.
Spend-Based Benefits
- Annual Fee Waiver: If a cardholder spends more than INR 50,000 in a year, the annual fee for the subsequent year is waived. This encourages higher spending across categories, ensuring the card remains cost-effective for active users.
Additional Perks
- Dining Delights: Up to 15% off at partner restaurants across India, facilitating savings on dining out, which is beneficial for those who frequently eat out or entertain professionally.
- BookMyShow Discounts: An instant discount of up to 10% on movie tickets booked via BookMyShow adds value for movie enthusiasts, enhancing the leisure spending benefits of the card.
- EDGE Rewards Program: Every INR 100 spent on the card earns 1 EDGE REWARD point, applicable to a wide range of redemption options available in the eDGE loyalty rewards catalogue, adding a flexible reward option for the cardholder.
User Experience
The user experience of a credit card encompasses the ease of application, customer service quality, accessibility of account management tools, and overall satisfaction with the daily use of the card. For the IndianOil Axis Bank Credit Card, these aspects are crucial in understanding how it serves its users effectively.
Application Process
- The application process for the IndianOil Axis Bank Credit Card is streamlined and can be initiated online, at branches, or through telesales. Potential cardholders must meet certain eligibility criteria, such as age and income requirements, and provide necessary documentation including PAN card, proof of income, and residence proof. The bank's website offers a straightforward approach to checking eligibility and submitting an application, which enhances user accessibility.
Customer Service
- Axis Bank is known for its robust customer service infrastructure, which includes 24/7 call centers, email support, and a comprehensive FAQ section on its website. Cardholders can report issues, seek clarifications, and manage disputes through these channels. The effectiveness of customer support often receives mixed reviews, as is typical with many large banks, with some customers reporting excellent service and others experiencing delays.
Online and Mobile Banking
- The Axis Bank mobile app and online banking platform are crucial for modern consumers. These platforms allow users to monitor their spending, pay bills, check reward points balance, and manage their account settings conveniently. The functionality and user-friendliness of these tools play a significant role in the overall cardholder experience. Regular updates and security enhancements ensure that users can manage their accounts effectively and securely.
Real-World Usability
- On a day-to-day basis, the IndianOil Axis Bank Credit Card offers a hassle-free experience especially at IndianOil outlets, where the card maximizes rewards for fuel purchases. The availability of contactless payment options and wide acceptance across various merchants also contribute positively to the user experience, making transactions smooth and fast.
Fees and Charges
The IndianOil Axis Bank Credit Card comes with a range of fees and charges that are important for potential and current cardholders to consider. Understanding these costs is crucial for evaluating the overall value of the card.
Joining and Annual Fees
- Joining Fee: The card charges a joining fee of INR 500.
- Annual Fee: The first year is free of annual fees, but from the second year onwards, an annual fee of INR 500 applies. This fee can be waived if the cardholder spends more than INR 50,000 in a year, which encourages ongoing usage.
Transaction Fees
- Cash Withdrawal Fees: There is a charge of 2.5% (minimum INR 500) of the cash amount withdrawn, which is standard for most credit cards.
- Finance Charges: For retail purchases and cash, the finance charges are 3.6% per month, translating to an annual percentage rate of 52.86%. This is relatively high and important to consider if you often carry a balance.
- Foreign Currency Transaction Fee: Transactions in foreign currencies incur a fee of 3.5% of the transaction value, which is a critical point for those who travel abroad or make international purchases.
Other Charges
- Cash Payment Fee: There is a fee of INR 100 for cash payments made towards the card balance.
- Over Limit Penalty: If the cardholder exceeds the credit limit, a penalty of 2.5% of the over-limit amount (minimum INR 500) is charged.
- Late Payment Fees: These vary depending on the total payment due; they range from INR 500 to INR 1,200 based on the due amount. This fee structure incentivizes timely payments to avoid additional costs.
Miscellaneous Fees
- Surcharge on Purchase or Cancellation of Railway Tickets: As prescribed by IRCTC/Indian Railways.
- Dynamic Currency Conversion Markup Fee: A 1% markup plus taxes applies on international transactions performed in Indian currency.
- Reward Redemption Fee: While the card earns points on purchases, redeeming these points may incur a fee, though specific details were not provided.
Comparative Analysis
In this section, we compare the IndianOil Axis Bank Credit Card with other leading fuel credit cards available in the market, focusing on key aspects such as rewards, fees, and additional benefits.
Comparison with HDFC Bharat CashBack Credit Card
Rewards:
- IndianOil Axis Bank Credit Card offers 4% value back (20 reward points per INR 100) on fuel purchases at IOCL outlets and 1% on online shopping.
- HDFC Bharat CashBack Credit Card provides 5% cashback on fuel purchases, along with additional categories such as railways, groceries, and telecom.
Fees:
- IndianOil Card has a first-year fee waiver and an INR 500 annual fee from the second year, which is waivable on spending INR 50,000 annually.
- HDFC Card charges a similar annual fee of INR 500, which can also be waived off on reaching expenditure thresholds.
Additional Benefits:
- IndianOil Card includes benefits such as dining discounts and BookMyShow discounts.
- HDFC Card does not emphasize entertainment and dining but offers an accidental death insurance cover and a zero lost card liability post reporting.
Conclusion: The IndianOil card is more beneficial for individuals who frequent IOCL outlets and enjoy online shopping, while the HDFC card may appeal more to those who spend across diverse categories and value additional insurance benefits.
Comparison with Citibank IndianOil Credit Card
Rewards:
- IndianOil Axis Bank Credit Card emphasizes reward points with a specific cap on transaction amounts.
- Citibank IndianOil Credit Card offers 4 Turbo points per INR 150 spent on fuel at authorized IndianOil outlets, and these points can be redeemed for fuel directly.
Fees:
- IndianOil Card's annual fee structure is clearly defined with a spend-based waiver.
- Citibank Card often has promotional offers where the annual fee is waived under certain conditions.
Additional Benefits:
- IndianOil Card offers a broader range of benefits across entertainment and dining.
- Citibank Card provides comprehensive benefits including points on grocery and supermarket purchases.
Pros and Cons
The IndianOil Axis Bank Credit Card is tailored for those who frequent IndianOil fuel stations, offering a suite of rewards and benefits that can significantly offset fuel costs and enhance everyday spending. This credit card aims to blend utility with savings, especially for motorists and consumers who manage a spectrum of expenses ranging from fuel to dining. While the card is laden with attractive features, it also comes with certain drawbacks that might affect its appeal to different consumer segments.
Pros:
- High Reward Points on Fuel Purchases: The card offers an excellent reward rate of 20 points per INR 100 spent at IOCL outlets, translating to a 4% value back, which is competitive in the category of fuel credit cards.
- Welcome Cashback Offer: New cardholders benefit from a 100% cashback on the first fuel transaction up to INR 250, a great initial saving.
- Variety of Additional Benefits: Beyond fuel, the card offers discounts on dining and movie tickets, which enhance its utility for everyday use.
- Annual Fee Waiver: The annual fee of INR 500 can be waived off with an annual spending of more than INR 50,000, making it cost-effective for regular users.
- Fuel Surcharge Waiver: It includes a 1% surcharge waiver on fuel transactions, helping to further reduce fuel costs each month.
Cons:
- Cap on Reward Points and Cashback: The benefits such as reward points and cashback are capped at transactions of INR 5,000 per month, which might limit the benefits for higher spenders.
- High Finance Charges: The card has a relatively high finance charge of 3.6% per month (or 52.86% annually), which could be expensive for those who tend to carry a balance.
- Limited to IOCL Outlets: The maximum benefits from this card are tied specifically to IndianOil outlets, which may not be convenient for all users depending on their location or fuel brand preference.
- Fee for Foreign Transactions: With a foreign transaction fee of 3.5%, it is not the best choice for international travelers or for making foreign currency transactions.
Conclusion
The IndianOil Axis Bank Credit Card is designed to benefit those who frequently purchase fuel from IndianOil outlets, offering a substantial return on these expenses through its reward points system. The card's additional perks, such as discounts on dining and entertainment, enrich its value proposition, making it a versatile choice for a broader range of expenditures beyond just fuel. It also caters well to the digitally savvy user with its user-friendly online and mobile banking interfaces, ensuring easy management of transactions and rewards. The waiver of the annual fee on meeting specified spending thresholds makes it an economical choice for regular users. This credit card can be a cost-effective solution for maximizing savings on fuel while enjoying the added benefits across other spending categories.
Given the features, benefits, and costs associated with the IndianOil Axis Bank Credit Card, it earns a solid 4 out of 5 stars. This rating reflects its strong rewards program at IOCL fuel stations, useful financial perks, and the comprehensive suite of ancillary benefits that add value for a wide range of consumers.
