IndianOil, a state-owned petroleum firm in India, has rolled out a co-branded credit card with Axis Bank to offer rewards and benefits for the customers.

The cardholders will get a wide range of benefits such as cashback of up to INR250 ($3.52) on fuel spends within the first one month of card issuance.

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Additionally, the card members will receive 20x accelerated reward points on fuel spend at IOCL outlets as well as the waiver of fuel surcharge.

Moreover, the users can avail other benefits such as a 10% instant discount on movie tickets booked through BookMyShow, 5x accelerated reward points on online shopping. They can also earn edge points every time they pay for anything.

IndianOil executive director of retail sales Vigyan Kumar said: “IndianOil has been a pioneer in promoting cashless and digital transactions with more than 98% of our vast network of 27,000+ retail outlets capable of accepting credit/debit card payments.

“The tie-up with Axis Bank for the co-branded credit card will usher a relationship amongst the two commercial conglomerates, and enhance customer convenience in Tier-II and Tier-III cities. This initiative will promote digital payments, working towards the Government’s vision of a Digital India.”

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The co-branded card has been rolled out across IndianOil outlets in Kolkata, Ahmedabad, Lucknow, and Visakhapatnam.

In September this year, HDFC Bank teamed up with IndianOil to introduce a co-branded fuel credit card for users in non-metro cities and towns.

Indian Oil partnered with Ratnakar Bank (RBL) in February last year to launch a new co-branded prepaid card for its customers in India.