Zero Forex Markup Credit Cards

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.  

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. Tap and Pay: This credit card comes with built-in PayWave technology which allows you to make contactless payment for transactions at retail outlets. 

1. Concierge Services: With HDFC Regalia ForexPlus card you also get 24x7 concierge services like hotel refferal, flower delivery assistance, luggage assistance, 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. 

1. Reward Points: With this credit card, you earn one reward point for every Rs.150 spent. This credit card also offers up to three times reward points on eligible UPI spends. 

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. 

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. Concierge Services: You get 24x7 concierge services like table reservations, gift deliveries, with this credit 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: Access 24x7 concierge services for managing flight bookings, table reservations, gift deliveries, and more. 

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: Receive a MakeMyTrip voucher worth Rs.3,000 upon card activation. 

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 up to two complimentary lounge access every quarter on spending Rs.35,000 or more 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. 

1. Insurance Benefits: This credit card offers various insurance benefits like loss baggage cover, lost passport cover, trip delay cover, etc.  

1. Concierge Services: You also get various 24x7 concierge services like hotel reservations, referrals, golf course referrals, spa, etc. 

1. Golf Privileges: Get up to four complimentary golf rounds of green fee annually and one golf lesson every month. 

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

ixigo AU Bank Credit Card

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 PG 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. 

1. Reward Points: Get 10 reward points for every Rs.200 spent on eligible online transactions and 5 reward points for every Rs.200 spent on eligible offline transactions. 

1. Lounge Access: Get 1 complimentary international lounge access every year and up to 16 complimentary domestic airport and railway lounge access annually. 

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 in month. 

BookMyForex Multi Currency Credit Card

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. 

IDFC First Mayura Credit Card

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

1. Reward Points: Earn 10X reward points on incremental spending above Rs.20,000 within a monthly billing cycle, as well as on birthday-related purchases. Earn 5X reward points on spending up to Rs.20,000 within a monthly billing cycle. Earn 3X reward points on FIRST Digital Credit Card transactions of Rs.2,000 and above, as well as on rent, wallet loads, education, and government-related payments. Earn 1X reward point on FIRST Digital Credit Card transactions below Rs.2,000, and on utilities and insurance payments. 

Note: The spending categories that earn 3X or 1X rewards (except FIRST Digital Credit Card transactions) do not count towards unlocking 10X rewards. No rewards will be earned on fuel purchases, loan on card, cash withdrawals, transactions below Rs.150, EMI conversions, fees, charges with GST, or balance transfers. 

1. Complimentary Golf Rounds: This credit card also offers up to two complimentary golf rounds every month. 

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

1. Movie Benefits: You also get buy one get one movie offer twice a month. 

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

1. Insurance Cover: Get travel insurance cover worth $1200

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. Rewards: Get 1% real digital 24K gold on spendings made using this credit card. You also get up to 5% gold when you shop for vouchers from Uni store. 

1. Zero Forex Markup: Offers zero forex markup fee. 

1. Fuel Surcharge Waiver: Get 1% waiver on fuel surcharge on fuel transactions with this card.

Note: As an upcoming feature Gold X credit card powered by RuPay will allow cardholders to earn gold even on UPI transactions. 

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: Utilising an Indian credit card for a foreign currency transaction incurs a currency conversion fee imposed by banks. This fee, ranging between 3% to 5% of the transaction value, is applied on the settlement date rather than the transaction date.

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.

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. Evaluate the foreign transaction fee associated with your credit card to avoid unexpected charges later on.
2. When selecting a credit card for international travel, compare foreign transaction fees and rewards programs. Opt for a card with minimal fees and attractive rewards.
3. If you're interested in a credit card with zero forex markup fees, carefully review the terms and conditions. Many cards offering zero foreign transaction fees have usage restrictions.
4. Be aware that a foreign currency conversion fee may still apply, regardless of the markup fee. Therefore, ensure you understand the conversion charges before utilising your card.

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