Today in this article we will discuss about some such credit cards which are ideal for foreign currency transactions, i.e. such cards which charge Zero Markup Fee on foreign transactions. Now, although there are many Zero Forex Markup Credit Cards in the market, but as we have already told you that not every credit card is suitable for every customer. So before ending this article, you will know which credit card is best for you with Zero Forex Markup fee?
What is Forex Markup Fee?
Whenever you use your card in a foreign country, that is, you make an online purchase in foreign currency from a foreign merchant, the bank and the card issuer charge a fee on it which is called Forex Markup Fee. This charge generally ranges between 1.5% to 3.5%. Although this charge does not seem so much for one or two transactions, but imagine, if you go on a foreign trip, then in that situation this charge on every expense becomes very high in total.
Therefore, in such a situation, it is very important to use the right card so that you do not have to pay any extra fees or charges on foreign transactions.
Top 5 Zero Forex Markup Credit Cards:
If you travel outside India as a tourist or student, or if you make a lot of international payments from India, then on our regular credit cards, we have to pay a Forex Markup Charge ranging from 1.5% to 3.5% on international payments. But now in the credit cards that I am going to tell you, you will have to pay 0 Forex Markup Charge. And the best thing is that all these credit cards come lifetime free. In these you will not have to pay any joining or annual fee of any credit card. Besides, the approval rate of these credit cards is also quite good.
If you look in India only, the cards which charge 0% Forex Markup Fee all come under the premium segment and their annual fee is also very high. But today, the credit cards that I am going to tell you about, all these cards are lifetime free and whatever credit cards that I am going to tell you about here, we will not talk about their domestic benefits, we will only talk about their international benefits.
1. IDFC First Wow Credit Card
Our IDFC First Wow Credit Card comes first in this list. This is an entry level credit card of IDFC Bank but its benefits are quite amazing. You get this credit card free for life time, in this you do not have to pay any joining or annual fee. Apart from this, you also get the facility of Zero Forex Markup fee in this card, under which you will not have to pay any kind of Forex charge if you make any payment outside India.
IDFC Offers Low Credit Card Interest Rates that Complement Your Lifestyles
Now a plus point in this credit card is that your CIBIL score or income proof does not matter to apply for this card. If your account is in IDFC First Bank, then you can get this card issued by making an FD of ₹ 2000 and if your bank account is not in IDFC First Bank, then to get this card you will have to make FD of ₹ 5000. In this, your credit card is issued with the limit of the amount of FD you make, i.e. in this, you are provided 100% limit of your FD. Besides, you will get a separate interest of 7.5% annually on the amount of FD you have made.
There is another extra benefit given in this credit card which will work only in India and that is Roadside Assistance. With this card, you are provided the facility of 4 complimentary road assistants in one year in India, in which if ever there is any problem with your vehicle midway, you can take help by calling their help center.
2. Federal Scapia Credit Card
Federal Scapia Credit Card is also a lifetime free credit card for which you do not have to pay any joining or annual fees. In this card also you get the facility of Zero Forex Markup Fee, under which no matter how much you spend outside India, you will not be charged any kind of Forex charge. This credit card has been specially launched for traveler lovers. The next benefit we are going to tell you about this credit card makes its record even more unique.
In this card you get the facility of unlimited domestic lounge access but there is a small condition here that you will have to spend minimum ₹ 5000 in the previous month, only then you will be given the benefit of unlimited domestic lounge access.
If you make travel booking through their Scapia app, you get 20% Scapia Coins. However, this credit card is approved very quickly by the Federal Bank, so anyone can apply for this card and save a lot of money on their international spend. When you apply for this card, your virtual card gets immediately activated and the physical card is sent to your address in 2 to 5 days.
3. Niyo Global Credit Card
Niyo Global Credit Card is also a Zero Forex Markup Credit Card. This card is also a lifetime free credit card. This credit card is an FD based credit card, that is, to get this credit card, you have to make a minimum FD of ₹ 5000. By the way, to get this card, you can get FD of any amount above ₹ 5000. But we would recommend you to get an FD of only ₹ 5000 because if you get an FD of a larger amount and in future for some reason you have to break the FD midway, then your card will be permanently blocked.
Therefore, initially get this card issued by making an FD of ₹ 5000 and on the FD you make, you will get 7% interest separately annually. Now if for some reason you have to make a purchase of ₹ 50000, then you can also get Top-Up of ₹ 50000 done and when you get Top-Up done, you do not have to pay any extra charge for it. Now after this the limit of your card will instantly increase from ₹ 5000 to ₹ 50,000. Now you can easily do your shopping.
This is a very good credit card from Niyo Global. You get this credit card only on FD basis but you can increase the limit on it yourself. Apart from this, you also get the facility of complimentary lounge access at all international terminals in India on this credit card. This card can be used in 150 countries and it converts currencies in real time. To convert the currency in this card, you do not have to do any separate setting, it automatically converts the currency in real time.
The app of this card comes with the most advanced features and its interface is quite user-friendly. Along with this, you also get ATM locator in its app and if ever your card is lost, you can also block your credit card through the app itself. If you withdraw cash outside India from this card, you will have to pay extra ₹ 110 per transaction.
4. Tripmoney Global Cash Credit Card
Tripmoney Global Cash Credit Card is sponsored by MakeMyTrip and this card is also a lifetime free credit card. To get this card you will not have to pay any joining and annual fee. And this card works as a wallet. In this, first you will have to add money through your debit card or net banking, only then you will be able to use them. This card also works in 150 countries and also converts real-time currency. When you use your card in any other country, it will convert it into real-time currency as per the prevailing rate.
Apart from this, you also get the facility of Zero Forex Markup Fee on this card. And for this you also get a most advanced app where you can see the real time currency rate and the facility to block ATM locator and card is also available in this app. In this card you also get Black Membership of MakeMyTrip using which you can get huge discounts on flights booking and hotel reservations. And if you withdraw cash internationally using this card, you will be charged an additional fee of ₹ 450 per transaction.
Advance Bonus Card – One Card
We also have an advance bonus card which is not a Zero Forex Markup Credit Card but it has very low Forex Markup fees compared to all other credit cards and that is One Card. This card is very popular because it is made of metal. One Card is also a lifetime free credit card for which you do not have to pay any joining or annual fee. In this credit card you have to pay the lowest Forex markup fee of 1%.
You can also see on their official app how much Forex Charge will be levied on how much amount and this thing is very beneficial for the users. The acceptance rate of this credit card is also high. The entire process of applying for this credit card is online and sometimes they do not even ask for your income proof. And if your One Card is still not issued, then you can also get this card issued by getting an FD of ₹ 5000 and you will also get a separate interest rate of 6.5% on this FD amount.
These are some of the top Zero Forex Markup Credit Cards using which you can save a lot of money by spending internationally. If you are also going to travel outside India as a tourist or as a student or you do more online transactions outside India, then you can apply for any of these credit cards suitable for you.