Zero Forex Markup Credit Cards

The foreign transaction fees are applicable for: 

1. Foreign retail transactions 

1. Online foreign currency transaction 

1. Overseas cash withdrawal via ATM 

1. POS machine linked overseas but transaction made in India 

1. Other transaction made in foreign currency 

Understanding the Calculation of Foreign Transaction Fees

To illustrate, let's consider an example: Suppose you make a purchase worth Rs.10,000 in foreign currency, and the foreign transaction fee stands at 3%. In this case, you would incur a markup fee of Rs.300. Additionally, with a GST rate of 18%, the total fee amounts to Rs.354. The higher the markup fee, the greater the overall expense incurred. Therefore, opting for cards with minimal or zero markup fees is advisable. When a foreign transaction is conducted in any other currency other than US dollars, then the amount is converted to US dollars and then the markup fee is applied. 

List of Zero Markup Forex Credit Cards

In the Indian market, numerous credit cards waive foreign transaction fees. Below are just a few examples of such cards: 

1. HDFC Bank Regalia ForexPlus Credit Card
2. IDFC Bank First Wow Credit Card
3. Federal Bank Scapia Co-branded Credit Card
4. Axis Bank Burgundy Private Credit Card
5. RBL World Safari Credit Card
6. ixigo AU Credit Card
7. BookMyForex Multi Currency Credit Card
8. IDFC Bank Mayura Credit Card
9. Gold X Credit Card
   

HDFC Bank Regalia ForexPlus Credit Card

The Regalia ForexPlus credit card offered by the HDFC is a single currency forex credit card, available in US dollars. This credit card offers extensive insurance coverage which makes it a preferred choice in the credit card category. 

1. Zero Cross-Currency Charges: This is a single currency forex card, available in US dollars. This card comes with zero cross currency mark-up charges. 

1. Accepted Everywhere: This card is accepted everywhere across the globe at all VISA/MasterCard partner merchants and online platforms. 

1. Complimentary Lounge Access: You also get one complimentary international airport lounge access every quarter with this card. 

1. Complimentary Insurance: With this card, you get an insurance cover of up to Rs.5 lakh against misuse of card due to counterfeiting or skimming, road and rail accidental death insurance of up to Rs.5 lakh, and air accidental death insurance cover of up to Rs.25 lakh. Moreover, this card also offers insurance cover of up to Rs. 20,000 on loss of checked-in baggage, an insurance cover of up to Rs.5,000 in case of misplaced personal documents (only passport reconstruction) of up to Rs.50,000, and a loss of cash in transit coverage up to Rs.60,000.

1. Transaction Benefits: This credit card comes with easy to use across all major e-commerce platforms and offers secured transactions with chip and PIN at point-of-sale.

1. Other Benefits: With this credit card, you get other benefits like one complimentary international lounge access every quarter, toll-free customer support across 32 countries, etc.

IDFC Bank First Wow Credit Card

The IDFC Bank First Wow Credit Card is an FD backed product, issued at zero joining fee. This card is offered without any credit history or income proof and offers reward points on various transactions. 

1. FD Backed Card: This is an FD backed card and requires an FD of minimum worth Rs.20,000. To get this credit card, you are not required to have a credit history or income proof. The card also offers a rate of interest of 6.30% on the FD.

1. Reward Points: With this credit card, you earn one reward point for every Rs.150 spent. This credit card also offers up to 4X reward points on eligible transactions. Bill payments and insurance premium payments will offer 1X reward point. Offers 3X reward points on UPI spends and 100% cashback on first four transaction (Rs.50 each).

1. Zero Forex Markup Fee: This credit card also offers zero forex conversion fee. 

1. Credit Limit: With this credit card, you get a credit limit up to the full amount of your fixed deposit.
   

Federal Bank Scapia Co-Branded Credit Card

The Federal Bank Scapia credit card is a co-branded virtual credit card offered at zero joining and annual fees. This credit card is perfect for frequent travellers who wish to earn points on their everyday spends. 

1. No Joining Fee or Annual Fee: You get Federal Scapia credit card at zero joining and annual fee. 

1. Lounge Benefits: This credit card offers unlimited domestic lounge access along with other benefits like dining, shopping, and spa on spending Rs.10,000 on VISA and Rs.15,000 on RuPay card in a month. 

1. Rewards: Earn 10% reward on all eligible transactions both online and offline. 

1. Zero Forex Marup: With this credit card, you get zero forex markup on international spends. 

1. Seamless Customer Service: You get access to 24x7 customer service with this credit card. 

1. Digital Onboarding Process: This is a virtual credit card and has a fully digital onboarding process. 
2. Reward redemption: Instant redemption on flight, bus, and hotel bookings at 1 reward equivalent to 1 Scapia coin. Do note that 5 Scapia coins are equivalent to one rupee.
3. Offers instant in-app repayment along with the facility of setting transaction limits and managing permissions on the app. 

Axis Bank Burgundy Private Credit Card

The Burgundy Private credit card offered by Axis Bank is a premium offering that comes with several benefits like zero forex markup, concierge services, complimentary golf rounds, movie tickets, waiver on fuel surcharge, and curated experiences from across the world. 

1. Zero Cash Withdrawal Charges: No cash withdrawal charges or interest levied until the payment due date. 

1. Zero Forex Markup: You get the benefit of zero forex markup on international transactions with this credit card. 

1. Flexible Credit Limit: This credit card allows you to increase your credit limit during international trips. 

1. Rewards: You get 15 EDGE REWARD points for every Rs.200 spent using this card. 

1. Complimentary Golf Rounds: You get up to 50 complimentary golf rounds with this credit card.  

1. Fuel Surcharge Waiver: With this credit card, get 1% waiver on fuel surcharge on fuel transactions worth Rs.400 up to Rs.4000, capped at Rs.400 in month. Please note that the fuel surcharge is not levied by the card issuing bank. On certain fuel transactions, the fuel surcharge may be levied as Rs.10 + GST instead of 1% + GST. 

1. Concierge Services: You get 24x7 concierge services like table reservations, flight booking, gift deliveries, with this credit card.

1. Dining Benefits: Receive a complimentary EazyDiner Prime membership for savings of up to 25% at select fine-dining restaurants. Additionally, enjoy up to 30% off with the Axis Bank Dining Delights program via EazyDiner. 

1. Movie Benefits: Enjoy a complimentary ticket on every ticket purchased for five movies and five non-movie shows per month on BookMyShow.

1. Add-on Benefits: Explore hand-picked experiences from around the world at extraordinaryweekends.com. Receive personalised assistance for your styling and shopping needs. 

1. Complimentary Lounge Access: Get complimentary concierge services for eight airport visits, unlimited international and domestic lounge access for Priority Pass holders as well as add-on Priority Pass holders. You also get up to 12 complimentary lounge access for guests.

1. Receive complimentary hotel and dining memberships, including Club Marriott, Accor Plus, and Taj Epicure. 

1. Privileges: Enjoy up to 15% off and stay privileges at Postcard hotels. Access exclusive dining experiences for special occasions. Avail of up to 15% off on International & Domestic Oberoi & Trident Hotels. Benefit from discounts of up to 30% on conveyance to airports in India and abroad. 

1. Insurance Benefits: Obtain travel insurance for loss or delay in baggage, credit shield, purchase protection & more. 

1. Wellness Benefits: Enjoy concessions on health and wellness coaching at Weljii. Receive consultations with world-class medical specialists for second opinions. Access diagnoses at leading medical institutions. Receive global travel and medical assistance during international travel.

RBL Bank World Safari Credit Card

The RBL Bank World Safari credit card is designed for individuals who love to travel. This credit card offers various travel related benefits like MakeMyTrip voucher, lounge access, travel points, and zero markup fee on foreign transactions. 

1. Welcome Benefits: Get Rs.599 off on flight and hotel bookings using Ixigo vouchers. You also get Swiggy One membership and endless entertainment on OTT play.  

1. Zero Forex Markup Fee: This credit card offers 0% markup on international currency transactions. 

1. Reward Points: This credit card offers two reward points for every Rs.100 on eligible spending domestically and five reward points for every Rs.100 spent on travel purchases. Do note that you will not earn any reward points for international transactions. 

1. Milestone Benefits: On spending Rs.2.5 lakh and above in a membership year, you earn 10,000 bonus reward points and on spending Rs.5 lakh and above in a membership year, you earn 15,000 bonus reward points. 

1. Voucher Benefits: You also get voucher benefits from brands like MakeMyTrip, Taj Experiences, Amazon, Myntra, and Croma, worth Rs.10,000 on spending Rs.7.5 lakh and above in a membership year. 

1. Lounge Benefits: Get one complimentary lounge access every quarter in India or abroad on completing spends worth Rs.50,000 in the previous calendar quarter. 

1. Priority Pass Membership: With Priority Pass membership, you get up to two complimentary international airport lounge access in a year. You also get an extra international airport lounge access on spending Rs.50,000 and above in a calendar quarter.

ixigo AU Bank Credit Card

ixigo AU Bank credit card is a life-time free credit card that comes with multiple offers and discounts such as discounts on flight and hotel bookings, reward points, lounge access and many more. 

1. Joining Benefits: Begin your journey with a bonus of 1000 Reward Points and Rs.1,000 ixigo money vouchers upon your first successful transaction within the initial 30 days of Travel Credit Card issuance. 

Note: ixigo money vouchers will be added within 15 days from the date of card activation and remain valid for 90 days. Reward points will be posted within 15 days after the first transaction. 

1. Travel Benefits: Enjoy a 10% discount on Flight Bookings up to Rs.1,000. No payment gateway charges on train bookings and a 10% discount on bus bookings capped at Rs.300. You also get a 10% instant off on hotel bookings up to Rs.1,000. Do note that these offers are only valid on bookings made using ixigo platform. The discounts on flight, hotel, & bus bookings are valid only once per month and PG charges are waived twice per month.

Reward Points: 

1. Get 10 reward points for every Rs.200 spent on eligible online transactions. 

1. Earn 5 reward points for every Rs.200 spent on eligible offline transactions.  

Lounge Access:  

1. Get 1 complimentary international lounge access every year. 

1. Get up to 16 complimentary domestic airport and railway lounge access annually.  

1. The access to domestic airports is based on a minimum spending of Rs.20,000 in a calendar quarter. 

1. Zero Forex Markup Fee: This credit card offers 0% markup on international currency transactions. 

1. Fuel Surcharge Waiver: Get 1% waiver on fuel surcharge on fuel transactions worth Rs.500 up to Rs.4000, capped at Rs.250 per month. 

1. Easy EMIs: You can convert transactions worth Rs.500 and above into EMI, provided the total value is at least Rs.2,000. 

1. Credit Shield: This credit card also offers a coverage against card outstanding balance in case of permanent total disability, critical illness or death. 

BookMyForex Multi Currency Credit Card

The BookMyForex Forex Card offers zero markup rates and instant top-ups and allows you to load up to 14 currencies and use it in over 150 countries. Allows you to manage your card through the BookMyForex App, enjoy zero card charges, up to Rs.7,500 cashback, same-day delivery, and the convenience of instant online reloading. 

1. Multi-Currency Card: This card can load up to 14 currencies at fixed exchange rates. 

1. Zero Forex Marup: This card offers zero forex mark-up on international transactions. 

1. BookMyForex App: This card can be managed through BookMyForex mobile application. 

1. Instant Loading: This credit card can be reloaded or unloaded instantly. 

1. Same Day Delivery: This credit card is delivered on the same day as application. 

1. Balance Usage: The leftover balance in credit card can be used in India. 

1. ATM withdrawal: Offers free unlimited withdrawals 

1. Cashback: Offers up to Rs.7,500 cashback 

1. Added charges: Zero issuance, unload, reload, and annual fees 

1. Insurance: Complimentary insurance cover of Rs.1.50 lakh. 

IDFC First Mayura Metal Credit Card

The IDFC FIRST Mayura Metal Credit Card is a premium metal credit card that features 0% forex markup, high reward multipliers (up to 60X), complimentary lounge access, and other benefits. Wrapped in a sleek 17 g metal design inspired by India’s regal peacock, this card also offers a range of elite travel & lifestyle privileges. 

Zero Forex Markup Fee: This credit card offers zero forex markup fees on international transactions.  

Milestone benefits:  

1. Offers 7,500 reward points on spending Rs.8 lakh or more in a card anniversary year. 

1. Offers 15,000 reward points on spending Rs.15 lakh or more in a card anniversary year. 

Reward Points:

1. Earn 10X reward points for every Rs.150 on incremental spending above Rs.20,000 within a monthly billing cycle.

1. Earn 5X reward points on per Rs.150 on eligible spends up to Rs.20,000 within a monthly billing cycle.  

1. Earn 5 reward points for every Rs.150 spent on eligible international transactions. These international spends are included in the monthly statement spendings of Rs.20,000 required to unlock 10 reward points per Rs.150. 

1. The following transaction categories, whether domestic or international, earn rewards at lower rates and are excluded from the Rs.20,000 monthly spend calculation required to qualify for 10 reward points per Rs.150: 

1. 3 reward points per Rs.150 on Rent, Government, Wallet Load, and Education transactions 

1. 1 reward point per Rs.150 on FASTag, Railways, Insurance, and Utilities transactions 

Complimentary Golf Rounds:  

1. Get 24 complimentary golf rounds per year. Do note that you can avail one complimentary golf round on achieving monthly spends of Rs.20,000.  

Joining Benefits: 

1. On payment of joining fee, the card offers 4000 reward points. 

1. On spending Rs.20,000 or more in the second statement cycle, the card offers 4000 reward points. 

1. On spending Rs.20,000 or more on the third statement cycle, the card offers 4000 reward points.

Fuel Surcharge Waiver: Get 1% waiver on fuel surcharge for fuel transactions ranging between Rs.200 up to Rs.5000, capped at Rs.300.  

Movie Benefits:  

1. You also get to buy one get one movie offer twice a month.  

1. Discount of up to Rs.500 on second ticket. 

Roadside Assistance: You also get complimentary roadside assistance worth Rs.1,399.  

Insurance Cover:  

1. Get travel insurance cover worth $1200. 

1. Air accident cover: Rs.1 crore 

1. Personal accident cover: Rs.10 lakh 

1. Lost card liability cover: Rs.50,000 

Lounge access: 

1. 4 complimentary domestic airport lounge access with 1 guest visit. 

1. 4 complimentary international airport lounge access. 

1. 4 complimentary railway lounge access per quarter. 

Trip cancellation: Reimburses non-refundable flight and hotel bookings by up to Rs.50,000 twice a year. 

Mastercard World privileges: 

1. Get complimentary 1-year Travel Tier membership worth £299 per year at Little Emperors and get access to exclusive rates and benefits at over 5,000 hotels across the globe. 

Visa Privileges: 

1. For every 2 consecutive paid nights at ITC Hotels, complimentary 3rd night. Alternatively, you can get 50% off on your 2nd night at ITC hotels.  

1. For every 2 consecutive paid nights booked at Elivaas’ properties, the card offers a complimentary 3rd night. Alternatively, you can also avail a discount of 50% on 2nd night stay at Elivaas’ properties.  

Airport Meet and Greet: 

1. Spending USD 1000 (approximately Rs.85,000) on international point-of-sale transactions in the past 12 months before the booking date, get complimentary meet and greet service.  

1. Offers 10% discount on meet and greet service at major Indian airports. 

1. Alternatively, you can avail discounted meet and assist service at over 450 destinations worldwide.

Gold X Credit Card

The Gold X credit card is issued by YES Bank and Bank of Baroda, and the features and benefits of these cards are mentioned below: 

1. Zero Joining Fee: Lifetime free card with zero joining fee and zero annual charges.

1. Zero Forex Markup: Offers zero forex markup fee.
2. Fuel Surcharge Waiver: Get a waiver of up to Rs.500 on fuel surcharge.

Additional Costs Associated with Using a Credit Card for Overseas Expenses

When employing your credit card for international transactions, you may encounter supplementary expenses beyond the foreign transaction fee. These expenses are not obligatory and are only applicable under specific circumstances. 

1. Taxation: Goods and Services Tax (GST) is imposed on all fees imposed by the bank.
2. Cash Withdrawal Fee: If you withdraw cash from an ATM abroad, you will incur a cash withdrawal fee. This fee may either be a fixed amount or a percentage of the withdrawn sum.
3. Finance Charges: Failure to pay your credit card dues on time or withdraw cash can result in the bank charging you interest. Typically, this interest rate falls within the range of 30% to 45% per annum.
4. Currency Conversion Fee: When an Indian credit card is used for transactions in a foreign currency, banks levy a currency conversion fee. Typically ranging from 3% to 5% of the transaction amount, this charge is applied on the settlement date rather than the actual date of the transaction.

Foreign Transaction Made with an Indian Credit Card

From the bank's viewpoint, a foreign transaction is conducted solely in US Dollars or another currency.

1. For US Dollars Transactions: When transactions are made in US Dollars, the Indian credit card converts the amount into Indian currency initially, after which the foreign markup fee is applied.
2. For Transactions in Other Currencies: If expenditures are in a different currency, the amount is first converted into US Dollars and then into Indian currency. Subsequently, the foreign markup fee is imposed, which you are required to settle with the bank when paying off your credit card balance.

Benefits of Zero Markup Forex Cards

The key benefits of Zero Markup Forex credit card are listed below: 

1. No currency conversion charges or hidden fees, thereby saving 1% to 5% markup on foreign transactions.  

1. Load money onto the card beforehand and use it without surprise currency charges. 

1. You can use these cards at merchants, online stores, and ATMs across the globe.  

1. Multi-currency capability which is ideal for multi-country trips.  

1. Strong security features include chip and PIN protection that often allow topping up or managing online, even while abroad.  

1. Additional travel-friendly perks, such as lounge access, travel insurance, loyalty points, or rewards, etc.  

1. Easy refund or balance management. 

Points to Consider Before Applying for a Credit Card for Overseas Travel

Credit cards can be highly rewarding for international travel, offering perks like free lounge access and reward points. However, before using one abroad, it’s important to keep the following factors in mind:  

1. Ensure your card handles the relevant foreign currency before travelling to that country.  

1. Check for additional fees beyond zero foreign-transaction markup, such as issuance fees, balance-inquiry fees, inactivity, or dormancy charges.  

1. Evaluate the card’s security features, such as instant blocking/locking, two-factor authentication, fraud protection, and alerts.  

1. Review the usage or withdrawal limits. 

1. Ensure the card offers easy online top-up or reload options.  

1. Compare annual fees, joining fees and interest rates associated with the card — even with zero markup. 

1. Compare extra benefits or perks such as reward points, lounge access, insurance, and multi-currency support. 

Difference Between Zero Markup Forex Card and International Credit Card 

The key differences between zero markup forex and international credit card are given in the table below: 

Credit cards make payments easy for all expenses online and offline while offering various benefits

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