Summary: Are you uncertain about which travel card to choose in India for 2024? Our experts have rated various zero forex markup credit cards in India to help you find the perfect travel card for your overseas spending!
Traveling abroad and shopping internationally can be exciting, but the hidden forex markup fees on credit card transactions often dampen the experience. These fees, typically ranging from 2% to 3.5%, can add up quickly, making your foreign adventures more expensive than anticipated.
However, with the right zero forex markup credit card, you can avoid these unnecessary charges and enjoy substantial savings. Let’s explore the top zero forex markup credit cards in India for 2024, designed to make your global transactions seamless and cost-effective.
What is a “Zero Forex Markup” Credit Card?
A “Zero Forex Markup” credit card is a type of credit card that claims to not charge any markup fees or rate markups on foreign currency transactions. When you make purchases in a foreign currency, most credit cards impose a markup fee (usually around 2-3%) on top of the exchange rate. This fee is intended to cover the cost of converting foreign currencies into your home currency. However, with a zero markup credit card, you are charged only the actual exchange rate, without any additional foreign transaction fees.
But here’s the catch: many travelers may be misled by claims of “zero markup.” Most people aren’t forex experts and don’t realize that zero forex markup credit cards use network exchange rates, which usually have a premium over live mid-market rates. So, while credit card companies may advertise these zero markup cards as having zero forex markup, the reality is that the exchange rates applied by the card networks already include a markup—sometimes as much as 1% or more.
Discover a Smarter Choice than Zero Forex Markup Credit Cards
To put it simply, “zero markup” on credit cards often isn’t as transparent as it seems. To truly benefit from zero markups, travelers should opt for a card linked to interbank rates and not network rates.
By choosing a truly transparent solution like the BookMyForex interbank-linked travel card, you can make international payments without the fear of hidden fees or inflated exchange rates. It’s a smarter way to travel, save, and spend globally—because every penny counts, especially when you’re abroad!
Top 6 Zero Forex Markup Travel Cards in India for 2024
We have rated the below-mentioned cards after analyzing their features, value proposition, fees, and most importantly – whether the card genuinely offers zero markup without any extra charges. The following are the top six zero forex markup travel cards in India for 2024:
| S . No. | Zero Forex Markup Travel Cards in India | Rating |
| 1 | BookMyForex True Zero Markup Card | 4.6/5 |
| 2 | IDFC Bank First Wow Credit Card | 4.4/5 |
| 3 | HDFC Bank Regalia ForexPlus Card | 4.2/5 |
| 4 | RBL World Safari Credit Card | 3.9/5 |
| 5 | Axis Bank Burgundy Private Credit Card | 3.8/5 |
| 6 | Club Vistara IndusInd Bank Explorer Credit Card | 3.5/5 |
1. BookMyForex True Zero Markup Card
The BookMyForex True Zero Markup Card is a multi-currency travel card that works just like a credit card. It offers true zero markup rates, providing you with the exact interbank/ mid-market rates, the most transparent rate that you see on Google. It’s even better than a regular credit card, as it allows you to load up to 14 foreign currencies, so you can travel like a local.
Key Benefits:
1. Zero forex markup on interbank rates
2. Same-day card delivery
3. Zero issuance/annual/reload/unload fees
4. Link the card to the BookMyForex App for seamless expense management
Other Features:
1. Global Acceptance: Use your card in 150+ countries at millions of merchants, online stores, and ATMs.
2. Zero Rate Fluctuations: Once the card is loaded, there are zero rate fluctuations. The BookMyForex card stands out from other credit cards due to this feature.
3. Instant Card Reload: Reload your card instantly through the BookMyForex App, ensuring you always have access to funds when you need them.
4. Credit Limit and Interest Charges: The card operates on a prepaid model, ensuring no interest charges and late payment charges. The credit limit is also not an issue because the card can be topped up as needed.
5. Travel Benefits: Enjoy travel insurance coverage, Free international SIM, and other exclusive travel discounts with the card.
6. Expense Management: Easily track and manage your expenses through the BookMyForex app, with detailed transaction history and instant notifications.
7. Withdrawal Limit: The limit is USD 7500 or equivalent for POS/Ecommerce/Cash Advance, and USD 1000 or equivalent for ATM Cash Withdrawal.
8. Security Features: The card is equipped with chip-and-PIN technology for secure transactions and offers the option to report lost or stolen cards for quick replacements.
9. Tax Collected at Source: The card offers the advantage of zero TCS for transactions below Rs 7 lakhs.
Overall Rating: 4.6/5
Verdict: The BookMyForex True Zero Forex Card earns a stellar 4.6-star rating. It delivers on its promise – zero markup on the mid-market/ interbank rates that banks themselves use. Another standout feature is the absolute lifetime free card, with no issuance, annual, or reload fees. Additional benefits, such as instant reloads, easy expense management through the app, and travel benefits, further enhance the user experience.
2. IDFC Bank First Wow Credit Card
The IDFC Bank First WOW Credit Card claims to offer an impressive range of features and benefits with a focus on convenience and affordability. However, contrary to its emphasis on affordability, the card has some drawbacks such as relatively high interest rates.
Key Benefits:
1. Zero forex markup on network rates
2. Global acceptance
3. Attractive welcome offers
Other Key Features
1. Reward Points: Earn 1 reward point for every ₹150 spent on retail transactions.
2. Welcome Benefits: Get attractive welcome offers, including reward points upon card activation and initial spending.
3. Fees: The IDFC Bank First WOW Credit Card has zero annual fee. A cash advance fee of ₹199 is applicable per transaction.
4. Credit Limit: The card offers a credit limit of at least 100% of the Fixed Deposit (FD) value used as collateral.
5. Interest Rates: The IDFC Bank First WOW Credit Card has a monthly interest rate ranging from 0.75% to 3.65%, translating to an annual percentage rate (APR) of 9% to 43.8%.
6. Dining Offers: Benefit from dining offers and discounts at a wide network of partner restaurants across the country.
7. Travel Benefits: Enjoy travel-related benefits including complimentary access to select airport lounges, travel insurance, and discounts on travel bookings.
8. Global Acceptance: Use your card globally at Visa/Mastercard-affiliated merchants, both online and offline.
Overall Rating: 4.4/5
Verdict: Overall, the IDFC Bank First WOW Credit Card delivers good value with benefits like high reward points, zero forex markup, and useful travel perks. However, there are some considerations to keep in mind, for instance, the interest charges are high, ranging from 9% to 43.8% annually. Additionally, the credit limit is tied to the FD value, which may not be ideal for everyone. Given these factors, we rate it a 4.4-star card.
3. HDFC Bank Regalia ForexPlus Card
The HDFC Bank Regalia ForexPlus Card is a single-currency forex card loaded with USD that allows you to spend internationally without foreign transaction fees. This card works similarly to a credit card, however, as a single-currency card, it may not be as versatile for travelers who plan to visit multiple countries.
Key Benefits:
1. Available in US Dollars
2. Zero cross currency mark-up charges
3. Accepted at all VISA/MasterCard affiliated merchants/establishments
Other Features:
1. Load in US Dollars: It is a single currency forex card, available exclusively in US Dollars.
2. Fees: The Card has a one-time issuance fee of Rs. 1000 + GST and a reload fee of Rs. 75 + GST per transaction.
3. Complimentary Lounge Access: Gain access to two complimentary lounge visits per quarter at international airports in India until the card’s expiry.
4. Travel Safe and Worry-free: Easily block your card if lost using NetBanking. Plus, apply for a backup card during the card application process.
5. Complimentary Insurance Cover: Enjoy a worry-free travel experience with comprehensive insurance covers that come free with the card.
6. Contactless Tap & Pay: The card features PayWave technology for contactless payments. A secure payment can be made by waving the card at a distance of less than 4 cm from the payment machine.
7. Withdrawal Limit: The daily limit for ATM cash withdrawal is up to USD 5000 or equivalent in any other currency. The withdrawal limit can vary if the ATM Acquiring Bank has set a lower limit.
8. Emergency Cash: The HDFC Bank Regalia ForexPlus Card offers peace of mind with Emergency Cash Delivery Assistance in case your card is lost or malfunctions.
9. 24 x 7 Personal Concierge Services: With an HDFC Bank Regalia ForexPlus Card, you can customize your international travel, entertainment, and business experiences.
Overall Rating: 4.2/5
Verdict: The HDFC Bank Regalia ForexPlus Card earns a 4.2-star rating. It offers the convenience of a prepaid card with the benefit of zero forex markup. However, the card itself comes with an issuance fee and reload fees, making it less budget-friendly compared to zero markup cards with free issuance and reload options. Additionally, it’s limited by being a single-currency use.
4. RBL World Safari Credit Card
The RBL World Safari Credit Card is designed for travelers who seek reward points on both domestic and international spending, and comprehensive travel insurance. However, the card comes with a high annual membership fee which may increase the overall card ownership cost.
Key Benefits:
1. Zero forex markup on network rates
2. Accepted globally
3. Welcome benefits like reward points and travel vouchers
Other Features:
1. Reward Points: Get reward points and travel vouchers upon card activation and meeting initial spending requirements. Points can be redeemed for a wide range of travel, lifestyle, and merchandise options.
2. Concierge Services: Access 24/7 concierge services for assistance with travel arrangements, dining reservations, and other lifestyle needs.
3. Fees: The RBL World Safari Credit Card has a high annual membership fee of ₹3000. Additionally, it charges a steep cash advance fee of ₹500 per transaction and a late payment fee of up to ₹1500. There is also a fee of ₹250 for cash deposit transactions made at RBL Bank branches.
4. Travel Perks: Benefit from complimentary access to international airport lounges.
5. Lounge Access Charges: While the card offers complimentary airport lounge access, an additional charge of $27 will be levied for any lounge visits beyond the free visits.
6. Interest Rate: The RBL World Safari Credit Card has a high interest rate of up to 3.99% per month, equating to an annual percentage rate (APR) of up to 47.88%.
7. Travel Insurance: Comprehensive travel insurance includes protection against air accidents, loss of baggage, medical emergencies, and trip cancellations.
Overall Rating: 3.9/5
Verdict: The RBL World Safari Credit Card offers generous reward points, complimentary lounge access, and comprehensive travel insurance. However, it comes with several charges that can add up and impact its overall value. These charges along with high interest rates contribute to the overall expense of using this card abroad, leading to a 3.9-star rating.
5. Axis Bank Burgundy Private Credit Card
The Axis Bank Burgundy Private Credit Card offers premium features, combining luxury with convenience. However, be prepared for the hefty price tag. The Burgundy Private Credit Card comes with annual fees, interest rates, and other charges that can be significant.
Key Benefits:
1. Luxury travel privileges
2. Zero forex mark-up on international transactions
3. Flexibility to increase your credit limit
Other Features:
1. Unlimited Lounge Access: Enjoy unlimited access to domestic and international airport lounges.
2. Premium Rewards: Earn reward points on all purchases, with rewards on dining, travel, and luxury goods.
3. Concierge Services: Access 24/7 concierge services for personalized assistance with travel bookings, dining reservations, event planning, and more.
4. Travel Insurance: Comprehensive travel insurance coverage, including protection for air accidents, loss of baggage, medical emergencies, and trip cancellations.
5. Exclusive Offers: Avail yourself of exclusive offers and discounts on luxury goods, fine dining, and premium services.
6. Global Acceptance: Use your card worldwide at various Visa/Mastercard-affiliated merchants.
7. Fees: The Axis Bank Burgundy Private Credit Card comes with an annual fee of ₹25,000.
8. Interest Rates: The card incurs an interest rate of 3.5% per month (42% annual percentage rate).
Overall Rating: 3.8/5
Verdict: The Axis Bank Burgundy Private Credit Card receives a 3.8-star rating due to its high annual fee of ₹25,000, which could be a significant cost unless you meet the spending requirement for a waiver. The high interest rate further impacts its attractiveness. While the card offers zero forex markup, the combination of high fees and interest charges may not justify the cost for all potential users.
6. Club Vistara IndusInd Bank Explorer Credit Card
The Club Vistara IndusInd Bank Explorer Credit Card is designed for frequent travelers with an emphasis on Vistara airline benefits. The card provides benefits, such as Vistara points, lounge access, and travel insurance. However, it falls short in several areas that might affect its overall appeal.
Key Benefits:
1. No foreign currency markup
2. Exclusive Vistara airline benefits
3. Worldwide card acceptance
Other Key Features:
1. Reward Points: The reward rate is relatively poor, with only 1 reward point earned for every ₹200 spent on other transactions.
2. Welcome Benefits: Avail welcome offers, including bonus Vistara points upon card activation and initial spending.
3. Travel Perks: Access to complimentary airport lounges, both domestic and international, and comprehensive travel insurance covering medical emergencies, trip cancellations, and more.
4. Fees: The Club Vistara IndusInd Bank Explorer Credit Card comes with several high fees, including a joining fee of ₹40,000 and an annual fee of 10,000.
5. Other Charges: There is also a cash advance fee of ₹300 per transaction, an overlimit charge of ₹500, and a late payment fee of up to ₹1300.
6. Global Acceptance: Use this card worldwide at millions of Visa/Mastercard-affiliated merchants, both online and offline.
7. Concierge Services: Access 24/7 concierge services to assist with travel arrangements, dining reservations, and other lifestyle needs.
Overall Rating: 3.5/5
Verdict: The Club Vistara IndusInd Bank Explorer Credit Card might offer some travel benefits such as Vistara points, airport lounge access, and travel insurance. However, the card’s high fees and low reward points impact its overall value. With a steep joining fee of ₹40,000 and an annual fee of ₹10,000, the cost associated with the card is quite significant. Despite its zero forex markup, the high costs associated with this card make it less attractive, resulting in a rating of 3.5 stars.
Final Verdict: Which Zero Forex Markup Card Should You Carry Abroad?
Ultimately, the best zero forex markup credit card for you will depend on your specific needs and preferences. However, if you’re seeking a hassle-free international spending experience with the best value, the BookMyForex Zero Forex Markup Card stands out. With its truly zero forex markup, free issuance and reloads, and amazing travel benefits, it ensures that you avoid extra charges and enjoy seamless transactions abroad.
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