Axis Bank launched this card in partnership with Indian Oil with the following fee structure
Annual Charges – Rs 500 + GST
Renewal Fee – Rs 500+GST
Renewal Fee waiver on spends of Rs 50,000
Benefits on IOC Axis Bank Card
Welcome Benefit – Rs 250 (if same or higher fuel spends done within 30 days)
Fuel Spends at IOCL Fuel Outlets* – 4%
Surcharge Reversal* – 1% (No GST reversal)
Online shopping* – 1%
Other Regular spends – 0.2%
Bookmyshow benefit – 10% discount
* All benefits on fuel and online spends capped at Rs 5000 spend per month and anything above the capping amount will be like other regular spends earning 0.2% reward rate.
How to redeem Axis Bank Reward points
Axis bank rewards its users with Edge Reward Points wherein the value of 1 Edge reward point is Rs 0.20 (and here for fuel spends, we get 20 edge reward points). These can be redeemed at their portal https://edgerewards.axisbank.co.in/ to buy gift cards, travel and other vouchers etc.
My take on this
The card is really great for fuel spends and the reward rate is also high, however as mentioned above the capping is for Rs 5000 spends / month.
To maximize the benefit of this card, you can only use this card for Fuel spends at each month of Rs 5000 and will gain Rs 2400 annually and card would be eligible for annual fee waiver. If you count annual fee and GST non reversal, you will gain Rs 2042 (3.4%) in first year.
The net reward rate of 3.4% is great but only if you use this card exclusively for fuel spends every month Rs 5000. Subsequently you will get 4% benefits and if combined with Axis Privilege, then you can even get 8% reward rate which would be highest.
Although Axis bank is acquiring the Citibank Credit card business in India, Axis bank has committed that the Citi users will be given another Axis card without reducing the rewards for Citi users. Citi users may be given this Axis IOC card with 30K annual fee reversal feature. Fingers crossed here!!!!
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