Axis Bank and Indian Oil Corporation Limited (IOCL) in partnership with National Payments Corporation of India (NPCI), have announced the launch of a co-branded contactless INDIANOIL AXIS BANK RuPay Credit Card. Apart from a surcharge waiver at fuel outlets and cashback on fuel spends, the credit card comes with a host of other benefits on everyday transactions through accelerated reward points, instant discount on movie tickets, and dining delights at partner restaurants.
As an onboarding gift, users of this card will be entitled to 100% cashback up to INR 250 on all fuel spends within the first 30 days of issuing of the card. It will also provide a surcharge waiver of 1% on fuel spends between INR 200 to INR 5000 and reward points worth 4% for every INR 100 spent on fuel at IndianOil fuel outlets.
INDIANOIL AXIS BANK RuPay Credit Card users will also get a 10% instant discount for movie tickets booked via BookMyShow website or app, 20% discount at partner restaurants, reward points worth 1% for every INR 100 spent on online shopping, groceries, utility payments, and 1 reward point for every INR 100 spent on all other expenses. There is also an additional feature of an annual fee waiver if the cardholder spends over INR 50,000 in a year. The card also offers customers loyalty points in the form of 1 EDGE REWARD point on every INR 100 spent with the card.
Elaborating on the partnership, Mr. V Satish Kumar, Director (Marketing), IndianOil said, “With this partnership, IndianOil is taking yet another concrete step towards Digital India, as envisioned by our Hon’ble Prime Minister. Bettering our customer value propositions and experiences has always been a priority for us at IndianOil, and I am confident that this collaboration with AXIS BANK and RuPay will add value to our customer services. The on-the-go feature will help us unlock the digital potential among low-value transactions in the 2&3 wheelers segment. We are sure that we will be able to penetrate deeper into the new growth centers – outside of metros, in the Tier 2/3 cities, and beyond.”
Commenting on the launch, Sanjeev Moghe, President & Head, Cards and Payments, Axis Bank said, ‘We have been continuously working on innovation-led partnership models to offer customers a value proposition specifically designed to cater to their changing needs and deliver greater convenience and more benefits. In this effort, we are delighted to have collaborated with NPCI and launched Rupay on our Credit Cards network. INDIANOIL AXIS BANK Credit Card, one of our best offerings has been introduced on the network. One of the most rewarding credit cards in its segment, the co-branded card will offer exclusive benefits and rewards that will appeal to customers across India.”
Speaking at the launch, Ms. Praveena Rai, COO, NPCI said, “We are delighted to partner with Axis Bank – one of the largest private sector banks in India, and IndianOil – India’s flagship national oil company for the launch of INDIANOIL AXIS BANK RuPay Credit Card. With RuPay, we aim to offer innovative as well as customized benefits on the card backed by cutting-edge technology to provide a safe and rewarding experience to millions of customers. Together through this strategic partnership, we will continue to work to make a difference in the lives of our customers. We are glad to witness RuPay progressively establishing itself as a modern, contemporary and youthful brand and we are confident that this launch is a step ahead to make RuPay the preferred credit card for India.”
Customers can apply for the card physically or digitally.