Axis Bank, Indian Oil launch co-branded credit card for cashless payments

The customer can use the card across all 27,000 Indian Oil outlets, Axis Bank said.

Axis Bank on Tuesday announced the launch of co-branded credit card in partnership with Indian Oil Corporation Ltd (IOCL).

The co-branded card is for customers who prefer cashless and hassle-free payments, Axis Bank said in a release.

This partnership is an effort from Axis Bank and IOCL to expand their presence in the fast-developing credit card ecosystem in India, with an aim to offer attractive rewards and benefits for its customers, it said.

Customers will be able to get benefits such as cashback up to Rs 250 on fuel purchases within first 30 days of card issuance, 20 times accelerated reward points on fuel spends at IOCL outlets as well as waiver of fuel surcharge.

Additionally, customers can avail benefits like 5x accelerated reward points on online shopping, 10 per cent instant discount on movie ticket bookings via BookMyShow, while also earning edge points for every spend.

“The tie-up with Axis Bank for co-branded credit card will usher a relationship amongst the two commercial conglomerates, and enhance customer convenience in tier-II and III cities. This initiative will promote digital payments, working towards the government’s vision of a Digital India,” Vigyan Kumar, executive director (retail sales), Indian Oil Corporation Ltd, said.

The co-branded card will offer exclusive rewards that will appeal to customers across India, said Sanjeev Moghe, executive vice-president, head (cards and payments), Axis Bank.
The customer can use the card across all 27,000 Indian Oil outlets, Axis Bank said.