Axis Bank on Tuesday launched a co-branded credit card in partnership with Indian Oil Corporation Ltd (IOCL).
The co-branded card is launched for the customers who want to opt for cashless and hassle-free payments, Axis Bank said in a release.
This joint venture from Axis Bank and IOCL is initiated in a bid to expand their presence in the fast-developing credit card ecosystem in the country, with a vision to offer attractive rewards and benefits for its customers, it said.
With the help of this new card, customers will be now able to get benefits namely cashback up to Rs 250 on fuel purchases in the first 30 days of card issuance, 20 times loaded reward points on fuel spends at IOCL outlets as well as waiver of fuel surcharge.
Besides, customers can be able to avail the benefits like 5 times accelerated reward points on online shopping, 10 percent instant discount on movie ticket bookings via BookMyShow, while also earning edge points for every usage.
“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 provide exclusive rewards that will appeal to the customers around India, said Sanjeev Moghe, executive vice-president, head (cards and payments), Axis Bank.
The customer can use the card a all 27,000 Indian Oil outlets, Axis Bank said.