Indian Oil Axis Bank Credit Card vs Axis Bank Privilege Credit CardIndian Oil Axis Bank Credit Card vs Axis Bank Privilege Credit Card

Indian Oil Axis Bank vs Axis Bank Privilege Credit Card

Axis Bank and Indian Oil Corporation Limited (IOCL) have joined forces to introduce the co-branded Indian Oil Axis Bank fuel credit card. This introductory-level credit card imposes an annual fee of Rs. 500 plus applicable taxes. Geared towards individuals who frequently make fuel-related expenditures, the card offers attractive benefits such as up to 5% rewards on IOCL fuel transactions and 1% on other online purchases. Although the card doesn’t provide extensive travel perks like lounge access, it does offer exclusive discounts for dining and movies.

The Axis Bank Privilege credit card stands out as the perfect option for individuals desiring superior benefits in both shopping and travel experiences. The card comes with a joining fee of Rs. 1500, but Priority Banking customers can obtain it without any cost. Welcoming cardholders with up to 12,500 EDGE reward points, the Axis Bank Privilege credit card offers a range of privileges, including lounge access, discounts on dining and movies, a high reward rate, fuel surcharge waiver, and more.

Features and Benefits of Indian Oil Axis Bank Credit Card and Axis Bank Privilege Credit Card

Indian Oil Axis Bank Credit Card:

  1. Collaboration:
    • Co-branded fuel card by Axis Bank and Indian Oil.
    • Low joining fee: Rs. 500.
  2. Entry-Level Benefits:
    • Suitable for credit beginners.
    • Not packed with extensive privileges.
    • Ideal for regular fuel spenders.
  3. Reward Points:
    • Earn up to 20 RPs per Rs. 100 on fuel.
    • 5 RPs on online shopping.
    • 1% fuel surcharge waiver at fuel stations nationwide.
  4. Welcome Benefits:
    • 100% cashback on fuel spends, up to Rs. 250, within 30 days.
  5. Reward Redemption:
    • Redeem EDGE RPs for shopping, products, etc., at EDGE Rewards portal.
  6. Movie and Dining Benefits:
    • 10% discount on BookMyShow.
    • Up to 15% discount at partner restaurants with Axis Bank EazyDiner program.

Axis Bank Privilege Credit Card:

  1. Annual Fee:
    • Rs. 1500 annual fee.
  2. Reward Points:
    • Earn 10 EDGE RPs per Rs. 200 spent.
    • Welcome benefit: 12,500 reward points (redeemable for Rs. 5000 vouchers).
  3. Milestone Benefit:
    • Convert reward points to vouchers twice the value on spending Rs. 2.5 Lakhs or more annually.
    • Bonus 3000 EDGE RPs on card renewal.
  4. Travel Benefit:
    • 2 complimentary domestic lounge accesses.
  5. Dining Benefit:
    • Up to 20% discount at 4000+ restaurants with Dining Delights program.
  6. Fuel Surcharge Waiver:
    • 1% fuel surcharge waiver on spends between Rs. 400 to Rs. 4000 at fuel outlets.

Fee and Charges of Indian Oil Axis Bank Credit Card and Axis Bank Privilege Credit Card

Indian Oil Axis Bank Credit Card:

  • Joining fee: Rs. 500 (plus taxes).
  • Renewal fee waiver on spending Rs. 50,000 or more.
  • Interest rate: 3.4% per month or 49.36% per annum.
  • Forex markup fee: 3.5%.
  • Cash withdrawal fee: 2.5% of total amount or Rs. 500, whichever is higher.

Axis Bank Privilege Credit Card:

  • Joining fee: Rs. 1500.
  • If you make purchases totaling Rs. 2.5 Lakhs within the card anniversary year, you’ll be exempted from paying the annual fee.
  • Interest rate: 3.4% per month.
  • Forex markup fee: 3.5%.
  • Cash withdrawal fee: 2.5% of total amount or Rs. 500, whichever is higher.

Comparison between Indian Oil Axis Bank Credit Card and Axis Bank Privilege Credit Card

Indian Oil Axis Bank Credit Card:

  • Joining/Annual Fees: Rs. 500 plus taxes
  • Welcome Benefits: 100% cashback, up to maximum Rs. 250, on fuel transactions made within 30 days of getting the card
  • Reward Earning:
    • 20 RPs per Rs. 100 spent on IOCL fuel spends
    • 5 RPs per Rs. 100 spent on online shopping
    • 1 RP per Rs. 100 on other spends
  • Reward Redemption: Points redeemable against travel/shopping vouchers, products, etc.
  • Movie and Dining Benefits: 10% discount on BookMyShow ticket bookings
  • Travel Benefits: Not Applicable
  • Renewal Fee Waiver: Renewal fee waived off on spending Rs. 50,000 in the previous year

Axis Bank Privilege Credit Card:

  • Joining/Annual Fees: Rs. 1500 plus taxes
  • Welcome Benefits: Upon enrollment, members are granted a generous welcome perk of 12,500 Reward Points (RPs).
  • Reward Earning: 10 RPs per Rs. 200 spent with the card
  • Reward Redemption: Points redeemable against a host of products, vouchers, etc.
  • Movie and Dining Benefits: Exclusive 20% discount at more than 4000 restaurants
  • Travel Benefits: You’ll receive two free passes annually for access to domestic lounges as a complimentary benefit.
  • Renewal Fee Waiver: Renewal fee waived off on spending Rs. 2.5 Lakhs in the previous year

Which credit card suits you best?

  1. Indian Oil Axis Bank Credit Card:
    • Ideal for entry-level users.
    • Particularly beneficial for regular fuel spenders.
    • Limited travel and lifestyle privileges.
    • Focuses on earning accelerated reward points on fuel purchases.
  2. Axis Bank Privilege Credit Card:
    • Geared towards a higher budget audience.
    • Joining fee: Rs. 1500.
    • Abundance of value-added features and benefits.
    • Enjoy a generous reward rate coupled with additional bonus points for both signing up and renewing your card membership.
    • Offers access to domestic airport lounges.
    • Includes dining benefits, fuel surcharge waiver, and more.
    • Tailored for users seeking comprehensive lifestyle benefits.

Frequently Asked Questions (FAQs)

  1. Which card is more suitable for regular fuel spenders?
    • The Indian Oil Axis Bank Credit Card is specifically designed for regular fuel spenders, offering accelerated reward points on fuel purchases.
  2. What are the key features of the Axis Bank Privilege Credit Card?
    • The Axis Bank Privilege Credit Card comes with a higher budget focus, featuring a joining fee of Rs. 1500. It offers a range of value-added features such as high reward rates, bonus points for welcome and renewals, access to airport lounges, dining benefits, and a fuel surcharge waiver.
  3. Are there any lifestyle privileges with the Indian Oil Axis Bank Credit Card?
    • The Indian Oil Axis Bank Credit Card is primarily tailored for fuel benefits and does not offer extensive lifestyle privileges. It is more suitable for those who prioritize fuel-related rewards.
  4. What distinguishes the Axis Bank Privilege Credit Card from the Indian Oil Axis Bank Credit Card?
    • The Axis Bank Privilege Credit Card is targeted at a higher budget segment, providing a broader spectrum of lifestyle benefits beyond fuel rewards. It is a comprehensive card with features like airport lounge access and dining benefits.
  5. What are the distinctions in reward points offered by each of the two cards?
    • The Indian Oil Axis Bank Credit Card is tailored for earning extra rewards primarily on fuel purchases, whereas the Axis Bank Privilege Credit Card provides generous rewards and bonus points for both new and renewed memberships, catering to a broader spectrum of spending categories.
  6. What are the fees associated with each card?
    • The Indian Oil Axis Bank Credit Card and the Axis Bank Privilege Credit Card have their own fee structures. The Indian Oil card targets newcomers with its accessible features, whereas the Privilege card, with a Rs. 1500 joining fee, is designed for a more affluent clientele.
  7. Can I expect travel benefits with either of these credit cards?
    • The Indian Oil Axis Bank Credit Card does not emphasize travel benefits. In contrast, the Axis Bank Privilege Credit Card offers perks like airport lounge access, making it suitable for those seeking travel-related privileges.
  8. Are there any limitations to the dining benefits offered by the Axis Bank Privilege Credit Card?
    • The Axis Bank Privilege Credit Card offers exclusive dining perks within its full range of benefits, granting cardholders access to discounts and special privileges at chosen restaurants. It’s worth noting that certain terms and conditions might be applicable.
  9. What type of credit card would you suggest for individuals seeking a simple and beginner-friendly option?
    • The Indian Oil Axis Bank Credit Card is ideal for those in search of a simple credit card option, particularly if they regularly buy fuel.
  10. Do each of the credit cards offer a waiver for fuel surcharges?
    • Certainly! Both the Indian Oil Axis Bank Credit Card and the Axis Bank Privilege Credit Card provide a fuel surcharge waiver as part of their benefits, offering extra value to users when they refuel their vehicles.

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