Are you a frequent international traveller, and often have to buy foreign currency at airports at exorbitant exchange rates? Then it is high time you get a foreign exchange (Forex) credit card that can enable you to buy merchandise on a foreign land.
Generally, these cards levy a small foreign transaction fee as a mark-up. Let us first understand what exactly a foreign transaction fee is.
The foreign transaction fee is typically a blend of charges from the card network (such as Visa or Mastercard) and the bank. It is levied on the purchases made while travelling abroad and for online purchases made from foreign companies in a different currency.
It is noteworthy that some credit cards, particularly the travel cards, waive foreign transaction fees. So, it is recommended to look for credit cards, which do not levy any foreign transaction fees.
These are some of the forex credit cards that do not charge any transaction fee:
1. HDFC Bank Regalia ForexPlus Credit Card: This is a single currency forex card which is available in US Dollars. It has a zero cross currency mark-up charges and is accepted at all VISA/ MasterCard affiliated merchants and establishments around the world as well as for online shopping.
2. Axis Bank Burgundy Private Credit Card: This card offers no cash withdrawal charges or interest levied till payment due date. There is no forex mark-up on international transactions. There is a flexibility to increase credit limit during foreign travel.
3. Federal Bank Scapia Co-branded Credit Card: This card offers zero forex markup on all international transactions. There is a zero joining and annual fees. There is an offer of 10 percent reward on every eligible online and offline spend. Also, there is an instant redemption on flights, hotels and buses on the Scapia app.
4. RBL World Safari Credit Card: This card also has a 0 percent markup fee on any foreign currency transactions. It has a ₹3,000 annual membership fee. You can get access to 2 complimentary lounge visits every calendar quarter at domestic & international airports across India.
5. ixigo AU Credit Card: It also has a zero mark-up fee on international purchase. It also gives a 10 percent instant discount on hotel and flight bookings.
6. Club Vistara IndusInd Bank Explorer Credit Card: The card gives complimentary Club Vistara Gold membership apart from zero foreign currency mark-up on all international spends. The card also gives complimentary business class ticket vouchers upon achieving milestone spends.
There are up to eight Club Vistara Points per ₹200 spent and free cash advancement & withdrawal facility.
7. BookMyForex Forex Credit Card: It has a zero forex markup. You can manage card via app. It is a lifetime free card and accepted in over 150 countries. One can get the card on the same day.
(The list is indicative, and not exhaustive. Check the bank’s websites for the latest updates on these cards)
