IndianOil Axis Bank Premium Credit Card
The IndianOil Axis Bank Premium sits one tier above the standard IndianOil Axis card. On IOCL fuel, it earns 6 EDGE Miles per ₹150, roughly a 4% effective value when redeemed against fuel, capped at 600 miles a month (about ₹15,000 of fuel spend). Beyond the pump, it adds 2 EDGE Miles per ₹150 on grocery and supermarket spending up to ₹5,000 a month, and 1 mile per ₹150 on everything else. What really sets it apart from the base card is the benefits sheet: up to 8 complimentary domestic lounge visits a year, a Zomato discount, an unlimited fuel surcharge waiver, and — most importantly — a fee waiver that kicks in at just ₹30,000 of annual spend, a fraction of the base card's much steeper threshold.
Key features
IOCL fuel purchases earn 6 EDGE Miles per ₹150, worth roughly 4%, capped at 600 miles (about ₹15,000 of fuel) a month. Grocery and supermarket spending earns 2 miles per ₹150 up to ₹5,000 monthly, and everything else earns 1 mile per ₹150. Cardholders also get up to 8 complimentary domestic lounge visits a year, gated behind a quarterly spend threshold, an unlimited 1% fuel surcharge waiver, and a fee waiver at just ₹30,000 of annual spend.
Full reward structure
| Category | Type | Rate | Monthly cap |
|---|---|---|---|
| Fuel | reward points | 4% | ₹600 |
| Groceries | reward points | 1.33% | ₹66 |
| Other | reward points | 0.67% | — |
Fees & charges
| Charge | Amount |
|---|---|
| Annual fee (incl. 18% GST) | ₹1,180 |
| Joining fee (incl. 18% GST) | ₹1,180 |
| Finance charge (APR) | 3.75% p.m. |
| Forex markup | 3.5% |
| Fuel surcharge waiver | 1% |
Perks & benefits
Cardholders get up to 8 complimentary domestic lounge visits a year, two per quarter, unlocked by spending ₹50,000 in the preceding quarter. There's also an unlimited fuel surcharge waiver on IndianOil fuel purchases and a Zomato discount. These benefits are commonly valued at several thousand rupees a year, on top of the fuel and grocery reward earnings.
Should you get it?
This card suits drivers who refuel primarily at IndianOil outlets and households that will also route grocery and everyday spending through the same card. The very low ₹30,000 fee-waiver threshold makes it an easy card to hold cost-free for anyone who fills up regularly, and the lounge access is a genuine bonus for a card in this fee bracket.
✓ Pros
- An effective roughly 4% value on IndianOil fuel purchases. A very low ₹30,000 annual spend threshold for the fee waiver — around ₹2,500 a month. Up to 8 domestic lounge visits a year, grocery rewards, and a Zomato discount on top of fuel benefits. A welcome bonus of 500 EDGE Miles for spending within the first 30 days.
✕ Cons
- The accelerated fuel reward rate caps at 600 EDGE Miles a month, roughly ₹15,000 of fuel spend. Lounge access is gated behind a prior-quarter spend requirement, not available unconditionally. And some competing IndianOil-branded cards from other issuers can offer a stronger return on the same fuel purchases.
Eligibility & documents
Applicants need to be between 18 and 70 years old with a minimum monthly income of ₹40,000, open to both salaried and self-employed individuals. You'll typically need a PAN card, Aadhaar or valid address proof, the last three months of bank statements, income documentation, and a recent photograph.
How to redeem rewards
The most direct route is redeeming EDGE Miles against fuel purchases at IndianOil outlets, where each mile is worth roughly ₹1. Miles can also be redeemed through the Axis EDGE portal for vouchers and products, though fuel redemption tends to offer the cleanest value for a card built around this use case.
What your Axis EDGE Miles are worth
The Travel EDGE portal offers a fixed rate of roughly ₹1 per mile against any flight with no blackout dates, which is also close to the value you get redeeming directly against IndianOil fuel. Statement credit is the weakest option at around ₹0.20 per mile. Airline transfers to partner programs can land around ₹0.50 per mile depending on the specific partner and transfer ratio. For most holders of this card, redeeming directly against fuel is the simplest and most reliable way to capture full value.
The bottom line
This is a more complete version of the base IndianOil Axis card: the same roughly 4% return on IOCL fuel, but with a ₹30,000 fee waiver that most holders clear on fuel spend alone, plus grocery rewards, lounge access, and a Zomato perk that justify the higher ₹1,180 fee for anyone who spends beyond just petrol. If fuel is all you'll ever charge to the card, the base version is cheaper — but if it'll also carry your grocery and everyday spending, the Premium tier earns its keep.
Frequently asked questions
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