Why a Credit Card with Zero Forex Markup in India Matters in 2026
Every time you swipe a standard Indian credit card abroad — at a hotel in Paris, a supermarket in Singapore, or an online store priced in US dollars — your bank quietly adds a foreign currency conversion fee. Most Indian banks charge a forex markup of 3.5% on international transactions, and that's before tax. Once 18% GST is applied on that fee, the effective cost rises to 4.13% on every foreign-currency purchase.
Across a trip or a year's worth of international spending, that adds up fast. On ₹3 lakh of overseas spend, you could save anywhere between ₹6,000 and ₹10,500 just by switching to a zero forex markup card.
In this guide, you'll find how forex markups work, which cards currently offer 0% markup, how they compare, and what to watch out for before you apply.
What Is a Forex Markup Fee and How Is It Calculated?
When you spend in a foreign currency, your bank converts the amount to Indian rupees using a base exchange rate set by the card network (Visa, Mastercard, or RuPay). On top of that rate, the bank layers its own forex markup — a percentage charged for handling the currency conversion.
The typical markup range on Indian credit cards runs from 1% to 3.5%, with most banks sitting at the higher end. Industry estimates suggest most banks charge a total forex fee of 2–3%, though many standard cards push it to the full 3.5%. Add 18% GST on the markup itself and the all-in cost on a 3.5% markup card becomes 4.13%.
A zero forex markup card waives this surcharge entirely, meaning you pay only the base network exchange rate — the closest thing to the mid-market rate you'll find with a credit card.
One more charge to watch: Dynamic Currency Conversion (DCC). This is when a foreign merchant or ATM offers to bill you in Indian rupees instead of the local currency. The conversion rate they use is almost always worse than your card's rate. Always choose to pay in the local currency, regardless of which card you carry.
Best Zero Forex Markup Credit Cards in India 2026
The table below summarises the leading cards with 0% forex markup currently available to Indian cardholders. Use it as a starting point, then check each card's full terms before applying.
| Card | Forex Markup | Key Highlight |
|---|---|---|
| HSBC Privé Credit Card | 0% | Super-premium card launched 2024; ₹0 DCC charges |
| HSBC RuPay Cashback Card | 0% | Launched 2025; RuPay network; ₹0 DCC charges |
| IDFC FIRST WOW! Card | 0% | Accessible entry-level card from IDFC FIRST Bank |
| Federal Bank Scapia Card | 0% | Travel-focused fintech-bank partnership card |
| RBL World Safari Card | 0% | 2.5X reward points on travel spends |
| ixigo AU Credit Card | 0% | Co-branded travel card from AU Small Finance Bank |
| Axis Bank Burgundy Private Card | 0% | Ultra-premium card from Axis Bank |
| IDFC FIRST Mayura Card | 0% | Premium offering from IDFC FIRST Bank |
| BookMyForex Multi-Currency Card | 0% | Prepaid-style multi-currency card |
| Gold X Credit Card | 0% | 0% forex markup on international transactions |
| HDFC Regalia ForexPlus Card | 0% | 1 complimentary international lounge/quarter; ₹5 lakh misuse cover |
| MakeMyTrip ICICI Bank Credit Card | 0.99% | Near-zero markup; good for MMT bookers |
Source: BankBazaar (accessed 2026-09-25); Paisabazaar (accessed 2026-08-09); StableMoney (accessed 2026-09-25); Outlook Business (accessed 2026-08-13); IDFC FIRST Bank official website (accessed 2026-09-25); Business Standard (accessed 2024-05-31)
Card Profiles Worth Knowing
HSBC Credit Cards — Temporary Zero Markup Promo + Permanent 0% Cards
HSBC ran a promotional zero forex markup offer from 15 August 2026 to 15 September 2026 across its card range. But two cards carry the 0% markup permanently: the HSBC Privé Credit Card (launched 2024) and the HSBC RuPay Cashback Card (launched 2025). Both also charge ₹0 for Dynamic Currency Conversion — a rare double benefit.
IDFC FIRST WOW! Card
This card stands out as one of the most accessible zero forex markup options in India. Issued by IDFC FIRST Bank, it's designed for customers who want international spending convenience without a high annual fee barrier. If you're exploring the broader IDFC FIRST Bank range, the IDFC FIRST Select Credit Card is another strong option for frequent travellers.
Federal Bank Scapia Card
The Scapia card, a partnership between Federal Bank and fintech platform Scapia, charges 0% forex markup on all international transactions. It's built for the travel-first consumer and has gained a solid following since launch. You can explore more cards from Federal Bank on OnePaisa.
RBL World Safari Card
The RBL World Safari is a dedicated travel card from RBL Bank with a 0% forex markup and a 2.5X reward points multiplier on travel spends — a useful combination when you're booking flights and hotels internationally. Also worth a look from RBL Bank is the RBL Fun+ Credit Card for everyday rewards.
HDFC Regalia ForexPlus Card
For those who prefer the comfort of an HDFC Bank card, the Regalia ForexPlus comes with 0% forex markup, 1 complimentary international airport lounge access per quarter, and an insurance cover of ₹5 lakh against card misuse. The card carries an issuance fee of ₹500 (plus applicable GST).
MakeMyTrip ICICI Bank Credit Card
Not strictly zero, but at 0.99% forex markup, the MakeMyTrip ICICI Bank Credit Card is the closest most ICICI Bank customers will get to a zero-fee international card. Compare this against ICICI Bank's standard markup of 3.5% across most of its other cards — the saving is significant for heavy travellers. The ICICI Emeralde Credit Card is another premium option from ICICI Bank worth exploring.
Forex Cards vs Zero Markup Credit Cards: What's the Difference?
You may have seen prepaid forex cards from banks like HDFC and SBI marketed as alternatives. They work differently from credit cards and have their own fee structures.
| Feature | HDFC Multicurrency ForexPlus Card | SBI Multi-Currency Foreign Travel Card | Zero Markup Credit Card |
|---|---|---|---|
| Markup on loaded currency | 0% | — | 0% |
| Cross-currency charge | 2% | 3% | Not applicable (single currency) |
| Issuance fee | ₹500 + GST | From ₹100 + GST | Varies by card |
| Rewards/cashback | Limited | Limited | Yes (card-dependent) |
| Credit facility | No (prepaid) | No (prepaid) | Yes |
Source: Supply Chain Game Changer (accessed 2026-07-01); CardInsider (accessed 2026-05-21); BankBazaar (accessed 2026-09-25)
The key limitation of forex prepaid cards: if you spend in a currency different from the one loaded onto your card, a cross-currency charge kicks in — 2% on the HDFC Multicurrency ForexPlus and 3% on the SBI Multi-Currency card. A zero markup credit card avoids this problem entirely.
How Much Can You Actually Save?
The savings from switching to a zero forex markup card are real. On ₹3 lakh of overseas spending, you stand to save between ₹6,000 and ₹10,500 compared to using a card with a standard markup — depending on the exact rate your current card applies.
Want to see what your specific spend pattern could save you? Use our credit card comparison tool to stack up your current card against zero forex options side by side. Or try our Credit Card Finder to get personalised recommendations based on how you travel and spend.
What to Check Before Applying for a Zero Forex Markup Card
- Annual fee vs savings: Some zero forex cards come with annual fees. Make sure your international spend justifies the fee — or look for a lifetime-free credit card with zero markup.
- Network acceptance: RuPay cards may have limited acceptance at some international merchants and ATMs. Visa and Mastercard variants are more universally accepted abroad.
- DCC traps: Always pay in the local currency at overseas terminals. Even HSBC's 0% DCC cards recommend this practice.
- GST still applies: The 18% GST is levied on the forex markup fee itself. On a 0% markup card, there's no markup to tax — so GST on the markup is also effectively ₹0.
- Dispute resolution: The RBI mandates a 30-day resolution timeline for international transaction disputes. Keep your transaction records and report any issue promptly.
- Rewards on international spends: Some cards reduce or exclude reward points on overseas transactions. Confirm the earning rate before you travel.
Frequently Asked Questions
What is the forex markup on most Indian credit cards?
Most Indian credit cards charge a forex markup of 3.5% on international transactions. With 18% GST applied on top of this fee, the effective cost comes to 4.13% per transaction. Some cards charge as low as 1%, while a few offer 0%.
Is IDFC FIRST WOW! Card truly free of forex charges?
Yes. According to IDFC FIRST Bank's official website, the IDFC FIRST WOW! Card carries a 0% forex markup fee on international transactions. Always confirm current terms directly with the bank before applying, as card features can change.
Can I use a zero forex markup credit card at international ATMs?
Yes, but most cards still charge a cash advance fee for ATM withdrawals abroad, separate from the forex markup. It's best to use zero forex markup cards for purchases rather than cash withdrawals overseas to avoid that additional charge.
What is Dynamic Currency Conversion (DCC) and should I avoid it?
DCC is when a foreign merchant or ATM offers to charge you in Indian rupees instead of the local currency. The exchange rate used is typically unfavourable. Always choose to pay in the local currency — even on cards that charge ₹0 for DCC, like HSBC's cards.
How do zero forex markup credit cards compare to prepaid forex cards?
Prepaid forex cards like the HDFC Multicurrency ForexPlus charge 0% on the loaded currency but apply a 2% cross-currency charge if you spend in a different currency. The SBI Multi-Currency card charges 3% for cross-currency use. Zero markup credit cards avoid this complexity and also offer rewards, a credit facility, and broader acceptance.
Conclusion: Find the Right Zero Forex Markup Card for Your Travel Style
A credit card with zero forex markup in India is one of the smartest tools you can carry when travelling or shopping internationally in 2026. Whether you want a travel-rewards card like the RBL World Safari, a premium option from HSBC or Axis Bank, or an accessible card from IDFC FIRST Bank, there's a zero markup option for almost every profile.
Before you decide, compare your shortlist side by side on OnePaisa's credit card comparison tool, or browse the full range of best travel credit cards to find the one that fits your spending habits and travel goals perfectly.
Credit Cards Editor, OnePaisa Editorial
Sandhya writes on credit cards for OnePaisa — reward programmes, fees and charges, lounge and travel benefits, and head-to-head card comparisons. Every fee, earn rate and benefit in her guides is checked against the issuer's MITC document and official product page, and against OnePaisa's verified product data, before it is published. Where an issuer does not disclose a number, the guide says so instead of estimating it.
Work published under this byline follows OnePaisa’s editorial standards — how our guides are researched, fact-checked against primary sources, and corrected.