Save on International Travel Expenses: Top 5 Credit Cards with Low Forex Markup Fees.

by
                                                                        SOURCE

If you are planning to travel abroad with your friends or family for the summer holidays, a credit card can be one of the most convenient ways to make payments. However, most credit cards charge a high forex markup fee for payments in foreign currency, which can go up to 3.5 percent of the transaction amount. To help card users save on their international spends, some issuers offer credit cards with low forex markup fees. Such cards may also come with travel benefits like complimentary lounge access, hotel memberships, and additional perks. In this blog, we have identified five credit cards that charge a low forex markup fee and can help you save on your international travel expenses.

  1. RBL World Safari Credit Card

  • No charges for foreign exchange mark-up fee
  • MakeMyTrip welcome voucher worth Rs 3,000
  • Priority pass membership for access to international airport lounges
  • Two complimentary domestic and international lounge access per quarter
  • 10,000 travel points on spending Rs 2.5 lakh in a year using this card and an additional 15,000 on spending Rs 5 lakh in a year
  • No reward points on international purchases
  • Annual fee of Rs 3,000

  1. Axis Bank Reserve Credit Card

  • Charges 1.5 percent forex markup fee on all foreign currency transactions
  • Complimentary airport transfers, airport concierge services, and priority pass membership with unlimited visits
  • Unlimited domestic lounge access
  • Exclusive offers at Oberoi hotels and resorts
  • Memberships at ITC Culinaire, Accor Plus, and Club Marriott Asia Pacific
  • Reward rate of 3 percent on gift vouchers and 12 percent on airmiles/loyalty program
  • Effective reward rate of 1.23 percent on gift vouchers and 10.23 percent on airmiles/loyalty program
  • Annual fee of Rs 50,000

  1. HDFC Diners Club Black Credit Card

  • Charges 2 percent forex markup fee on all foreign currency transactions
  • Unlimited airport lounge access in India and worldwide
  • Annual membership of Club Marriott, Forbes, Amazon Prime, Zomato Pro, Times Prime, etc.
  • Vouchers from Ola Select, cult.fit Live, BookMyShow, and TataCliQ on spends of over Rs 80,000 every month
  • Reward rate of 3.30 percent and effective reward rate of 1.94 percent till Rs 1 lakh in a billing cycle
  • Annual fee of Rs 10,000

  1. Axis Bank’s Magnus Credit Card

  • Charges 2 percent forex markup fee on all foreign currency transactions
  • Unlimited airport lounge access in India and worldwide
  • Annual benefit of one complimentary domestic flight ticket or a Tata CLiQ voucher worth Rs 10,000
  • Reward rate of 4.8 percent on travel spends and effective reward rate of 2.44 percent
  • Annual fee of Rs 10,000, waived off on spending Rs 15 lakh in the preceding year

  1. HDFC Bank Infinia Credit Card

  • Charges 2 percent forex markup fee on international transactions
  • Unlimited airport lounge access within and outside India for primary and add-on members
  • Complimentary Club Marriott membership for the first year
  • Complimentary nights and weekend buffets at participating ITC hotels
  • Reward rate of 3.30 percent and effective reward rate of 1.94 percent till Rs 1 lakh in a billing cycle
  • Annual fee of Rs 12,500

It’s important to have a disciplined approach to your credit behavior while traveling abroad. Since credit cards offer a significant interest-free period, there may be a tendency to overspend while on vacation at partnered hotels or resorts or while shopping from partnered Have a disciplined approach to your credit behavior

Once you get a credit card, it is critical that you use it smartly and responsibly. Since credit cards offer a significant interest-free period, there may be a tendency to overspend while traveling abroad on vacation at partnered hotels or resorts as well as while shopping from partnered merchants. Banks charge a foreign exchange markup fee when you are making a payment in a foreign currency, so spend wisely. If you spend more than you can repay and cannot pay your credit card bill timely, you will incur hefty interest charges ranging from 28 to 49 percent per annum along with late payment fees.

 

TechnoFino has shortlisted the credit cards based on the benefits and low forex markup fees charged. All credit card information is sourced and updated as of April 5, 2023. We arranged these credit cards according to the lowest forex markup fees charged.

It is essential to choose a credit card that suits your needs and offers maximum benefits when traveling abroad. Credit cards with low forex markup fees and additional travel benefits can help you save a considerable amount of money on international spends. Always make sure to use your credit card smartly and responsibly to avoid hefty interest charges and late payment fees.

Before applying for any of these credit cards, make sure to check your eligibility and understand the terms and conditions thoroughly. Also, keep in mind that the reward rates and benefits of these credit cards may change from time to time, so stay updated with the latest information.

Happy traveling!

FOR MORE

Leave a Comment