Lowest Forex Markup Credit Card In India

Lowest forex markup credit card in india

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Last Updated: 8th Sep 2018

Planning on your dream foreign vacation or just spending a lot on foreign currencies online?

Its time to use the right credit card for your international transactions as all such transactions has a new kind of transaction fee called Foreign Currency Markup Fee which is usually 3.5%+GST on most cards, which turns to almost 4% of the actual spend.

If you wonder how does it make a difference, its quite simple.

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Suppose you spend 1L on foreign currency, you end up loosing Rs.4000 (4%) as markup fee. Its one of the major source of income for banks and its time for us to get rid of it.

Best Credit Cards in India for International Travel

Contents

Best Credit Cards for International Transactions

By choosing the right credit card, you will not only pay low markup fee, but also get some reward points on top of it which compensates the markup fee.

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Nice isn’t it? Lets look at some of the best credit cards with low foreign currency markup fee with detailed review of each.

Here are some,

1. HDFC Infinia Credit Card

  • FCY Markup Fee: 2%+tax
  • Reward Rate: 3.3%
  • Net Gains: 1%
  • Annual fee: Rs 10,000+tax (waived for select profiles)
  • Full Review: HDFC Infinia Review

HDFC Infinia Credit Card

Its one of the super premium credit cards in India and so is pretty tough to get approved for one.

You can get similar gains with HDFC Diners Black credit card as well, but after visiting couple of countries, i can say that the acceptance of diners cards is incredibly low in foreign countries.

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So Infinia is far better comparing the two.

2. Citibank Prestige Credit Card

  • FCY Markup Fee: 3.5%+tax
  • Reward Rate: 4% – 10% (Citi Gold Client)
  • Net Gains: 0%-6% (Citi Gold Client)
  • Annual fee: Rs 20,000+tax
  • Full Review: Citi Prestige Review

Citibank Prestige Credit Card

As you can see, being a Citi Gold client helps you get a better reward rate, else you cant save much unless you’re a PRO in airmiles/hotel points redemption.

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The Citigold status can be availed by maintaining a Net Relationship Value* (NRV) of Rs. 50 Lakh for Savings/Current Account Holders.

3. Yesbank YESFirst Exclusive Credit Card

 

Yes First Exclusive Credit Card by YES Bank

It’s easy to get approved with Card-on-card application these days as long as you have 8L+ Credit limit on any of your other credit cards.

On top of that, its issued as Lifetime free for a limited period.

4.

Lowest forex markup credit card in india

Yesbank YESFirst Preferred Credit Card

YesBank – YES First Preferred Credit Card

It’s easy to get approved Card-on-card basis as long as you have 4L+ Credit limit on any of your other credit cards.

On top of that, its also issued as Lifetime free for a limited period. A lot of our readers has got this card and totally love it for its 2x/3x Points offers.

5.

Lowest forex markup credit card in india

HDFC Bank Regalia Credit Card

  • FCY Markup Fee: 2%+tax
  • Reward Rate: 1.3%
  • Net Gains: – 1% (loss)
  • Annual fee: Issued LTF for most
  • Full Review: HDFC Regalia Review

HDFC_business_regalia

Yes, that’s a loss of about 0.7% but much better than most other cards which will let you loose 4% or so.

Its one of the most popular credit card in the industry for its name and fame of the past.

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It has been devalued recently, though it still carries some of the premium features to certain extent. HDFC Diners Premium also has similar markup fee, though, acceptance is the issue.

6. RBL Bank Icon Credit Card

RBL Bank Icon Credit Card

Its a not so popular card, though gives a decent reward rate on International spend.

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Note that it works only when you spend around ~Rs.10,000 a month, anything more wont give you the accelerated points on Intl spend.

7. Indusind Signature Legend Credit Card

Indusind Signature Legend Credit Card

Its one of the latest entrant in Indusind Credit Card Portfolio and comes with a decent benefit of 1.8% Markup fee for a limited period (until Dec 2017).

Maynot be a perfect credit card for a typical international trip, but for those who can put the spends on weekends, can reap the maximum benefit.

Bonus: ICICI Jet Sapphiro (Amex)

  • FCY Markup Fee: 3.5%+GST
  • Reward Rate: 7% (with Yearly cap)
  • Net Gains: 2.8% (as JPMiles)
  • Annual fee: Rs.5,000+GST
  • Full Review: ICICI Jet Sapphiro (Amex)

ICICI Jet Sapphiro Credit card

If you’re playing airmiles game, this will be your best credit card as long as you can redeem 1 JPMile = 1 INR which is tough for non-frequent flyers.

I personally use this card for foreign transactions where-ever its accepted.

Caution: The reward rate on all above cards are calculated on effective utilization of the reward points that you earn on the spend.

If you donot redeem the points at the right time, you may loose the whole point of saving.

Bottomline

While these are some of the best credit cards for international use, i still prefer a debit card from Indusind which is Indusind Signature Exclusive Debit Card that has 0% markup fee.

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It comes at a small fee but for a weeklong international travel i save enough and it gives me peace of mind as i can goto any country and withdraw their money just like any other local citizen – zero charges!

Ideally, i would suggest a combinational of debit+credit cards for international trips and use it this way: debit card for cash withdrawals & credit card at risky/non-safe locations.

If you’re just doing online spends in foreign currencies you could very well choose your preferred one from the above list.

Which is your preferred credit/debit card for International Transactions/Travel?

Share your thoughts in comments below.

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Credit Cards for International TravelCredit Cards with low markup feeForex Markup Fee

Author: Siddharth

A Credit Card addict, minting reward points & air miles for years. Obsessed with aviation, airport lounges and luxury hotels.

Helping Indians choose a right credit card and enjoy luxury travel at affordable cost.

Lowest forex markup credit card in india