Axis Indian oil benefit

Deal Newbie

Can some one practically explain the benefits of indian oil axis credit card.

After every statement, it seems they are not even refunding 100% surcharge 

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Deal Cadet Deal Cadet
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they have every reason to reject surcharge and GST on it like it was charged by merchant and not by them. It's better to close it.

Deal Cadet Deal Cadet
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1%surcharge + 18% GST on surcharge. So multiply the transaction amount with 1.0118 to find the actual amount that'll be debited. Then, the bank will refund the 1% surcharge and you'll lose the GST part. That's alright, since it'll be just ₹1.8 on a ₹1,000 transaction.

I've been using the card for more than a year but since they were not charging any surcharge on fuel purchases through UPI, I didn't have to keep a note until now. There has been a sole incident in the last 2 months where the waiver received was just ₹0.47 short. So even after that, you'll still be receiving 20 Edge Rewards per ₹100 spent, which effectively translates to ₹4. So a 4% benefit on fuel transactions would still be beneficial after the GST and the shortfall in the waiver.

Also, since the surcharge will slightly vary from pump to pump, I would recommend you to stick to your regular IOCL pump, if possible, to avoid even the slightest of confusion. And avoid smaller transactions since at least some pumps will charge you a min surcharge of ₹10+gst even on a ₹400 transaction, which is the smallest amount that you'll need for the waiver while the bank will refund only ₹4 @ 1%.

For your reference, refer to the table below, where the figures represent "Actual transaction amount + Waiver received + Loss incurred = Total amount charged to the CC"


Deal Newbie Deal Newbie
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Can anyone confirm whether 5000 Edge RP limit in a month is for IOCL txns only or it is for all txns done on Axis IOCL Card.

Also Whether this limit is for statement cycle or calendar month ?

Deal Cadet Deal Cadet
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The EDGE reward limit is 1,000, which means that Eligible Spends will be ₹5,000. Only IOCL, UPI and online transactions will earn EDGE rewards. Other benefits like 10% on Bookmyshow and Dining Delights will be provided as Instant Discounts.

I too am not 100% sure, but considering the value chart provided at Fuel Credit Card: Apply for Indian Oil Credit Card | Axis Bank, it looks like the there's separate limit of 1000 EDGE rewards per category since they've first considered Fuel Transactions worth ₹60,000 annually (₹5,000 per month) and then still considering other transactions which effectively earn 1%.

And the limits are per statement cycle, not calendar month.

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