Indian Oil Axis Bank Premium Credit Card vs Makemytrip Icici Bank Signature Credit Card Visa: Which is Better in 2026?
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The Indian Oil Axis Bank Premium Credit Card and the Makemytrip Icici Bank Signature Credit Card Visa cater to different user needs with distinct reward structures and fee policies. The former focuses on fuel and grocery spending with EDGE Miles rewards, while the latter emphasizes travel benefits through MakeMyTrip cash and milestone bonuses. Both cards offer domestic airport lounge access but differ in forex markup and annual fee waivers.
Comparison notes and quick badges use AI, grounded in the benefit data shown in the table. Confirm details on each issuer’s site.
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| Feature | Indian Oil Axis Bank Premium Credit Card | Makemytrip Icici Bank Signature Credit Card Visa |
|---|---|---|
| Bank | Axis Bank | ICICI Bank |
| Network | MasterCard | Visa |
| Joining fee | Joining Fee of Rs.1000 | Joining Fee of Rs.2500 |
| Annual / renewal fee | Annual Fee - Rs.1000 | No Annual Fee |
| Annual fee waiver | Spend Rs.1 Lakhs For Annual Fee Waiver | — |
| Reward rate (headline) | Earn 2 EDGE Miles On Every Rs.150 Spent On Grocery & Supermarket | — |
| Lounge — domestic | 2 Complimentary Airport Lounge Access Per Quarter | 2 Complimentary Airport Lounge Access |
| Welcome benefit | Welcome Benefits - 500 Edge Miles | Welcome Benefit - Get Rs.1500 MakeMyTrip Cash in My Wallet |
| Milestone benefit | — | Spend Rs.2.5 Lakhs and Earn 1100 My Cash Per Anniversary Year; Spend Rs.5 Lakhs and Earn 4000 My Cash Per Anniversary Year |
| Foreign currency markup | 3.50% - Foreign Currency Transactions | 0.99% - Foreign Currency Transactions |
Which is better for rewards?
The Indian Oil Axis Bank Premium Credit Card offers rewards primarily in the form of EDGE Miles, with higher accrual rates on fuel purchases at IOCL outlets and groceries, making it suitable for users who spend heavily in these categories. The Makemytrip Icici Bank Signature Credit Card Visa does not provide direct reward points on everyday spends but offers milestone My Cash bonuses and a welcome benefit in the form of MakeMyTrip cash, which is valuable for frequent travelers booking through MakeMyTrip. Overall, the Axis Bank card is better for consistent rewards on fuel and groceries, while the ICICI card benefits those focused on travel bookings.
Which is better for travel?
For travel benefits, the Makemytrip Icici Bank Signature Credit Card Visa stands out with its complimentary MMTBLACK membership, a welcome MakeMyTrip cash voucher, and milestone rewards that add value for frequent users of MakeMyTrip services. Both cards provide two complimentary domestic airport lounge accesses per quarter, but the ICICI card's travel-centric rewards and vouchers make it more attractive for travelers. The Indian Oil Axis Bank card lacks international lounge access and travel-specific perks beyond fuel surcharge waivers and EDGE Miles on fuel purchases.
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. In contrast, the Makemytrip Icici Bank Signature Credit Card Visa has a higher joining fee of Rs.2500 but no annual fee, which could be cost-effective for users who do not meet high spending thresholds. Forex markup is significantly lower on the ICICI card at 0.99%, compared to 3.50% on the Axis Bank card, benefiting users who make foreign currency transactions. Overall, the ICICI card offers a more favorable fee structure for travelers and forex users, while the Axis Bank card may suit those who can leverage the fee waiver.
Forex Charges
The Makemytrip Icici Bank Signature Credit Card Visa offers a significantly lower forex markup fee of 0.99%, compared to 3.50% on the Indian Oil Axis Bank Premium Credit Card. This makes the ICICI card more suitable for users who frequently make foreign currency transactions.
Fuel Surcharge Waiver
Both cards provide a 1% fuel surcharge waiver but on different fuel brands: the Axis Bank card covers IOCL outlets while the ICICI card covers HPCL outlets. Users should consider their preferred fuel brand when choosing between these cards.
Milestone Benefits
The Makemytrip Icici Bank Signature Credit Card Visa offers milestone rewards in the form of My Cash upon spending Rs.2.5 lakhs and Rs.5 lakhs annually, which can be redeemed on MakeMyTrip bookings. The Indian Oil Axis Bank Premium Credit Card does not offer milestone benefits.
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 want to earn EDGE Miles that can be redeemed later. This card is suitable if you can meet the Rs.1 lakh annual spending requirement to waive the annual fee and prefer a straightforward rewards program focused on fuel and everyday shopping.
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 books holidays via MakeMyTrip and can benefit from the welcome voucher, milestone My Cash rewards, and complimentary MMTBLACK membership. It is also a good choice if you want lower forex markup charges and no annual fee, especially if you do not spend heavily enough to justify fee waivers on other cards.
Frequently Asked Questions
The Indian Oil Axis Bank Premium Credit Card charges Rs.1000 as joining and annual fee with a waiver if you spend Rs.1 lakh annually. The Makemytrip Icici Bank Signature Credit Card Visa has a joining fee of Rs.2500 but no annual fee.
The Makemytrip Icici Bank Signature Credit Card Visa has a lower forex markup fee of 0.99%, whereas the Indian Oil Axis Bank Premium Credit Card charges 3.50% on foreign currency transactions.
Yes, both cards provide two complimentary domestic airport lounge accesses per quarter. Neither card offers international lounge access.
The Indian Oil Axis Bank Premium Credit Card offers 500 EDGE Miles as a welcome benefit. The Makemytrip Icici Bank Signature Credit Card Visa provides Rs.1500 MakeMyTrip cash and a MakeMyTrip Black membership.
Both cards offer a 1% fuel surcharge waiver but on different fuel brands: Indian Oil Axis Bank card on IOCL outlets and Makemytrip ICICI Bank card on HPCL outlets.
Yes, it offers milestone My Cash rewards of 1100 and 4000 My Cash on spending Rs.2.5 lakhs and Rs.5 lakhs annually, respectively.