Axis Indian Oil Card - Devaluation

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Axis Indian Oil Credit Card Devaluation

Serious one: 
The criteria for spend based annual fee waiver has been revised from eligible spends of Rs. 50,000 to Rs. 3,50,000 in a card anniversary year. Spends on rent, wallet loading, insurance, EMI, cash withdrawals and reversals will not be considered.
Dear Customer,
As part of our constant endeavor to provide you with the best Credit Card experience, we would like to remind you of the following benefits on your card:
1 Earn 20 EDGE REWARD Points per Rs. 100 spent (4% value back) on eligible fuel transactions at any IOCL fuel outlet in India (Maximum eligible spends: Rs. 5000 per statement month).
1 5 EDGE REWARD Points per Rs. 100 spent on online shopping. (Applicable on maximum spends of Rs. 5000 in a card statement month).
1 1 EDGE REWARD Point per Rs. 100 spent on all other eligible spends (Minimum transaction value of Rs. 200).
1 10% Instant discount of up to Rs. 100 per month on a movie ticket via BookMyShow website and app.
1 Enjoy 15% off up to Rs. 500 on dining, all year round, via EazyDiner.
While you continue to make the most of your INDIANOIL AXIS BANK Credit Card, we would like to update you regarding a few changes to the features on your credit card, effective 20th April 2024:
9958248ar1 Welcome benefit of up to Rs. 250 cashback has been revised to up to 1250 EDGE REWARD Points (worth up to Rs. 250) on first fuel transaction within 30 days of card issuance.
9958248ar1 The eligible transaction range to enjoy 4% value back on IndianOil fuel spends has been revised from Rs. 100 – Rs. 5000 to Rs. 400 – Rs. 4000. Maximum EDGE REWARD Points that can be earned on fuel spends in a card statement month is 1000.
Arrow The eligible transaction range for 1% fuel surcharge waiver has been revised from Rs. 200 – Rs. 5000 to Rs. 400 – Rs. 4000.
Arrow The criteria for spend based annual fee waiver has been revised from eligible spends of Rs. 50,000 to Rs. 3,50,000 in a card anniversary year. Spends on rent, wallet loading, insurance, EMI, cash withdrawals and reversals will not be considered.
For more details on your INDIANOIL AXIS BANK Credit Card, click here.


Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.

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Deal Subedar Deal Subedar
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7x criteria 😳

Helpful Helpful
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I have already crossed 50K.

Do i still get charged Annual Fee ?

Deal Newbie Deal Newbie
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Yes, you will be. The same happened with me last year when all of a sudden they increased the spend criteria for Flipkart CC from 2LC to 3.5LC and I had to cover additional 1.5LC in 2-3 months.

I would suggest you to get it closed before the annual renewal date since the min spend is now 400 for earning EDGE rewards, and now the transactions made at IOCL pumps using UPI on CC would also incur the fuel surcharge..not at all worth the headache.
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Deal Cadet Deal Cadet
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Unable to figure out what is the devaluation here, can someone point it? Is it only for fee reversal? 

Earlier the maximum 4% rewards value we can earn is on 5000 spends per month. Now also it seems to be the case.

Generous Generous
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yeah they did 3 things...

1. increased min txn value from 100 to 400 for that 20 points eligibility
2. fee reversal criteria changed from 50k to 3.5L
3. welcome benefit modified a bit... earlier its was 250 cashback directly, now 1250 edge points... devaluation here is that you can't get any good voucher for 1250 points as most good vouchers available are of bit higher value.. amazon/flipkart I think need min 10k edge points accumulated.. some others like uber, apollo etc too need 5k points. So they're indirectly forcing you to spend more if you want better gv.

But its kind of ironic how they won't give points on spends more than 5k per month but expect people to spend 3.5L (ie 29.2k per month) for fee waiver lol
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Deal's Advocate Deal's Advocate
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Check it out ->👇🏼

This is bound to happen

👆🏼

Who knows what future holds But for now credit card pandemic is gripping India


👳

Deal Subedar Deal Subedar
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funny part is 50k to 3.5 lakh for waiver, who would spend 3.5lakh on fuel yearly joy, Axis expecting us to go into truck business joy joy

Brand Enthusiast Brand Enthusiast
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Mine LTF so will it remain LTF?

Deal Subedar Deal Subedar
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Yup. even mine is LTF.

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Brand Enthusiast Brand Enthusiast
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Even fkaxis card other spends devalued from 1.5% to 1%.

Helpful Helpful
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Even some High Variant Cards have 1.5L for Annual fee waiver. This is toooooooo much

replyuser
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