Axis Bank and Indian Oil Corporation Limited (IOCL) have announced the launch of a co-branded contactless INDIAN OIL AXIS BANK RuPay Credit Card in collaboration with the National Payments Corporation of India (NPCI).
Apart from a fuel surcharge waiver and cashback on fuel purchases, the credit card offers a slew of other incentives on everyday purchases, like accelerated reward points, quick cinema ticket discounts, and dining delights at partner restaurants, among some of the benefits listed by the companies, the statement from the companies said.
Moreover, the companies also announced that users of this card will also be entitled to receive a 100 per cent cashback of up to Rs 250 as an onboarding reward on all fuel purchases made within the first 30 days of the card's issuance, aside from a surcharge waiver of 1 per cent on fuel spends between INR 200 to INR 5000 and reward points worth 4 per cent for every Rs 100 spent on fuel at Indian Oil fuel outlets.
Users of this card will also be eligible to receive a 10 per cent instant discount on movie tickets purchased through the BookMyShow website or app, a 20 per cent discount at partner restaurants, and 1 percent reward points for every Rs 100 spent on online shopping, groceries, and utility payments, as well as 1 reward point for every Rs100, spent on all other expenses. An annual fee waiver is also attainable if the cardholder spends more than Rs 50,000 in a year. Customers may also earn loyalty points by spending Rs 100 on the card and earning 1 EDGE REWARD point.
Commenting on the collaboration, V Satish Kumar, Director (Marketing) at Indian Oil said, “With this partnership, Indian Oil 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 Indian Oil, and I am confident that this collaboration with AXIS BANK and RuPay will add value to our customer services. 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.”
Sanjeev Moghe, President & Head, Cards and Payments at Axis Bank, while sharing his thoughts on the collaboration, 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. INDIAN OIL 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.”
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