Indian Oil Axis Bank Premium Credit Card vs Makemytrip Icici Bank Signature Credit Card Visa: Which is Better in 2026?

Which is better for rewards?

Both cards offer valuable rewards but in different categories. The Indian Oil Axis Bank Premium Credit Card provides EDGE Miles primarily on fuel (IOCL) and grocery spends, making it suitable for users with regular fuel and supermarket expenses. The Makemytrip ICICI Bank Signature Credit Card Visa does not list direct accrual rates but offers My Cash rewards redeemable for travel bookings, along with milestone rewards on high annual spends. Therefore, rewards value depends on spending patterns: fuel and groceries versus travel bookings and high spend milestones.

Which is better for travel?

For travel benefits, the Makemytrip ICICI Bank Signature Credit Card Visa is stronger due to its complimentary MMTBLACK membership and travel-focused My Cash rewards, including a welcome voucher for MakeMyTrip bookings. Both cards offer two complimentary domestic airport lounge accesses per quarter, but the ICICI card's travel-centric perks and lower forex markup of 0.99% make it more suitable for frequent travelers compared to the Axis Bank card's 3.5% forex markup and no international lounge access.

Which has lower effective cost?

The Indian Oil Axis Bank Premium Credit Card charges a joining and annual fee of Rs.1000 each, with an annual fee waiver on spending Rs.1 lakh. The Makemytrip ICICI Bank Signature Credit Card Visa has a higher joining fee of Rs.2500 but no annual fee, which can be beneficial for users who prefer to avoid recurring fees. Considering forex markup, the ICICI card is more cost-effective for foreign transactions. Overall, the Axis Bank card may be more economical for domestic users with moderate spends, while the ICICI card suits those prioritizing travel benefits and forex savings.

Fuel Surcharge Waiver Specificity

The Indian Oil Axis Bank Premium Credit Card offers a 1% fuel surcharge waiver exclusively at IOCL outlets, while the Makemytrip ICICI Bank Signature Credit Card Visa provides a similar 1% waiver but only at HPCL outlets. This distinction may influence card choice based on preferred fuel brand usage.

Forex Markup Charges

The Makemytrip ICICI Bank Signature Credit Card Visa has a significantly lower forex markup of 0.99% compared to the Indian Oil Axis Bank Premium Credit Card’s 3.5%. This makes the ICICI card more cost-effective for international transactions.

Reward Redemption Flexibility

While the Indian Oil Axis Bank card rewards are EDGE Miles primarily redeemable within the Axis Bank ecosystem, the Makemytrip ICICI card offers My Cash that can be directly used for travel bookings on MakeMyTrip, providing straightforward redemption for travel expenses.

Who should pick Indian Oil Axis Bank Premium Credit Card?

Consider Indian Oil Axis Bank Premium Credit Card if you frequently spend on fuel at IOCL outlets and groceries, and prefer earning EDGE Miles on these categories. It is also suitable if you want a card with lower joining and annual fees and can meet the Rs.1 lakh spend to waive the annual fee. This card is a practical choice for users focused on fuel surcharge waivers and domestic airport lounge access without international travel perks.

Who should pick Makemytrip Icici Bank Signature Credit Card Visa?

Consider Makemytrip Icici Bank Signature Credit Card Visa if you are a frequent traveler who values travel-related rewards and benefits such as MakeMyTrip vouchers, MMTBLACK membership, and milestone My Cash rewards on high spends. The card’s lower forex markup and no annual fee make it attractive for international usage and travel bookings. It suits users who can leverage travel perks and milestone bonuses to offset the higher joining fee.