Time and again, a lot of you are asking about cards with 0% Forex Markup. So, decided to create a thread with the list of all such credit cards, debit cards, and prepaid cards available in the market currently.
Ans: When you transact with your card in a currency different from your home currency (INR), your payment processor has to convert the foreign currency to your local currency. Usually, the payment processor also adds a Mark-up fee over and above the foreign exchange (forex) rate. This is known as the Forex Markup fee.
Traditional credit and debit cards may have a forex markup fee of up to 3.5%. However, recently a lot of cards emerged that don’t charge any markup fees at all and use the exact foreign exchange rates. These are known as ‘Zero Forex Markup’ Cards.
Typically, Zero Forex Markup Cards can be used for the following purposes.
- While doing an international transaction online from India, where the transaction currency is other than INR, like booking an international flight, paying admission fees for a foreign institution, etc.
- While traveling abroad, and doing online transactions like booking cabs, ordering food, booking hotels, etc.
- While traveling abroad, and doing offline POS transactions like paying at a restaurant, shopping from a store, etc.
- While traveling abroad, and withdrawing cash from ATM machines, in foreign currency.
Using normal cards for such purposes will attract huge markup fees. Hence, cards with ‘Zero Forex Markup Fees’ are in demand.
Note: that the table below (ATM Withdrawal, ATM Usage, etc.) applies for International ATM usage only. NOT DOMESTIC ATMs.
|Card||Type||Charges||Forex Markup||ATM Withdrawal||Other ATM Usage|
|Fi Money||Debit Card||Lifetime Free||0%||₹100||₹25|
|Niyo SBM Global Card||Debit Card||First Year Free, thereafter ₹499 + GST||0%||<>||<>|
|Jupiter Money Savings Account||Debit Card||Lifetime Free||0% up to ₹25000||₹100||₹25|
|Jupiter Money Pro Salary Account||Debit Card||Lifetime Free||0% up to ₹100000||₹100||₹25|
|Niyo IDFC Card*||Debit Card||Lifetime Free||0%||₹0||₹0|
|Niyo X Equitas Card||Debit Card||Lifetime Free if you maintain 1k balance for 1 month in a year||0%||₹110||₹25|
|Tripmoney Card||Prepaid Card||Lifetime Free||0%||₹450||₹225|
|RBL Signature+ Debit Card||Debit Card||₹1500 + GST, waived off on 3L spends||0%||<>||<>|
|RBL World Safari Credit Card||Credit Card||₹3000 + GST||0%||<>||<>|
|IndusInd World Exclusive Debit Card||Debit Card||Lifetime Free||0%||₹0||₹0|
|Axis Burgandy Private Credit Card||Credit Card||Lifetime Free*||0%||₹0||₹0|
|OneCard Metal Credit Card||Credit Card||Lifetime Free||1%*||<>||<>|
|HDFC Infinia Credit Card||Credit Card||₹12500 + GST||2%||<>||<>|
- Niyo IDFC Card is unavailable for New users as the Niyo + IDFC First Bank Partnership is dissolved now. Only existing Niyo IDFC Cardholders can continue using their card with 0% Forex Markup Fees.
- Axis Burgandy Private Card is Invite only. You need to maintain a TRV of 5 Crore+ to get the card. In case your TRV goes down, you need to pay an annual fee of ₹50000 + GST.
- OneCard Metal Credit Card has up to 2% Cashback Rates if there are transactions across 3 or more categories every month. Cashback can be directly redeemed to the card. So, if used wisely, this can be a net-zero forex markup fee card (but ONLY if there are transactions across 3 different merchant categories like food, travel, education, etc.)
- HDFC Inifnia Credit Card has up to 3.3% Reward Rates. So, if used wisely, it can be a net-zero forex markup fee card.
- Boxes marked with <> need information. In case you have the required information please comment below, I will update it.
Know about more Zero Forex Cards? Please comment. Will update this post.