Do you have a plan to travel overseas sometime in the near future? If yes, it is recommended to opt for a credit card which charges a low or zero foreign currency mark-up fee. Why? This is because every time you buy something in US dollars or Canadian dollars (or any foreign currency) by using your card linked to an Indian bank account, the bank would charge a fee known as foreign currency mark up fee.
Saving on this fee is highly recommended to ensure you keep it light on your pocket.
Here we list out five credit cards which make things light on your pocket as you pack your bags and take a flight to an overseas destination.
5 credit cards which are good for foreign travellers
I. HDFC Regalia Gold Credit Card: This credit card charges ₹2,500 (plus GST) as annual fee. The card charges a low foreign currency markup fee of only 2 percent on all foreign currency spends.
The card enables you to claim ₹5,000 worth flight vouchers on annual spends of ₹5 lakh and an additional voucher of ₹5000 on spends of ₹7.5 lakhs. There is complimentary lounge access at over 1,000 airports. For more details you can visit HDFC Bank’s website.
II. RBL Bank World Safari Credit Card: This card levies an annual fee of only ₹3,000. There is a zero percent currency markup fee which is quite unusual for any credit card in India. Usually other credit cards charge somewhere between 2-4 percent mark up on foreign currency transactions. For more details, you can visit RBL Bank’s official website.
III. IDFC FIRST Select Credit Card: This card does not charge any joining fee. The currency mark up fee is 1.99 percent which is on the lower side of the spectrum since some cards charge upto 3 percent on foreign transactions.
However, it is important to mention that this card is offered only to those users whose annual income is over ₹12 lakh. Another unique feature of this card is that it offers upto ₹10,000 reimbursement on non-refundable hotel and flight cancellations. Visit IDFC First Bank’s website for more details.
IV. Niyo Global Card: This card is also one of the few credit cards which offers the benefit of zero mark up fee. It also offers complimentary lounge access at over 1,300 airports. This card is offered in partnership with DCB Bank and SBM Bank, shows Go Niyo website. For more detail, visit the official website.
V. AU Zenith+ Credit Card: This card has an annual fee of ₹4,999 plus tax. This card charges a low currency mark up fee of 0.99 percent on all international transactions.
However, the card is offered only to those residents whose monthly net income is ₹2.5 lakh and above, reveals the bank’s website.
(Note: Using a credit card carries its own set of risks)
