American Express is one of the most popular financial institutions globally, and it has a huge credit card consumer base worldwide. The card issuer has super-premium to mid-range credit cards in its catalog, and its Charge Cards come with no preset card limit that fluctuates based on the cardholders’ spending habits. When it comes to AmEx credit cards, most offer exclusive travel benefits, including offers from airlines and prestigious hotel chains around the world. However, if you travel abroad and use your credit card for foreign currency spends, you need to pay forex markup charges for it to your card issuer. All the American Express credit cards in India charge a forex markup fee of 3.5% of the total transaction amount.
3.5% may not sound much, but this fee is charged on all international spending with your credit card. For high-net-worth individuals and businessmen who cannot skip their international trips, forex markup fees by card issuers play a vital role in their total spending. In this article, we will examine the forex markup charges of American Express credit cards.
Table of Contents
Let’s take a look at the forex markup fees charged by the American Express credit cards –
1 MR Point/₹40 Spent Domestically, 3X MR Points on International Spends, and 5X MR Points Via AmEx Reward Multiplier
Vouchers Worth ₹60,000 from Taj Hotels, Luxe Gift Card, or The Postcard Hotels & Resorts
Card Details +
The American Express Platinum credit card is a super-premium card and the flagship offering by the card issuer. The card has a very high joining fee of ₹66,000 but is packed with luxury travel benefits, including exclusive offers at leading airlines and hotel chains. Also, it is one of two Charge cards by American Express that do not have a preset card limit. With this premium card, you get an upgrade to many premium hotel loyalty programs’ high tiers and can use their 24*7 concierge service. The forex markup fee charged by the Platinum credit card is 3.5%.
1 Membership Rewards Point/₹50 Spent Including Utilities. 5X Membership Rewards Points on Rewards Multiplier Portal
4,000 Bonus Membership Rewards Points
Card Details +
The second charge card by American Express offered in India, the Gold credit card, also does not have a preset card limit. You can enjoy a flexible credit limit that changes based on your spending habits. The card is packed with a plethora of features, including great dining and travel benefits. You can even enjoy the exciting discounts and offers catalog of the Gold credit card. Also, the card has a decent reward rate on almost every spend category and charges a Forex markup fee of 3.5%.
1 Membership Reward Point for every Rs. 50 spent with the card except for spends on fuel, utilities, insurance, cash transactions, and EMI conversion at Point of Sale.
11,000 Bonus Membership Rewards Points on Spending ₹30,000 Within 90 Days of Card Issuance
Card Details +
The American Express Platinum Reserve credit card is another premium offering by the issuer that is just behind the Platinum credit card. The card has a joining/renewal fee of ₹10,000. The card offers membership to many luxury hotel loyalty programs along with exclusive dining, movie, and golf benefits. Moreover, the card has a decent reward rate, and you can redeem your points against a host of products/vouchers. The forex markup fee charged by the Platinum Reserve credit card is 3.5%.
1 Membership Rewards Point/₹50 Spent, Excluding Fuel, Utility, and Insurance. Earn Up to 2,000 Bonus MR Points on Achieving Monthly Milestone Spends
4,000 Bonus Membership Reward Points on Spending of ₹15,000 Within the First 90 Days of Card Issuance
Card Details +
The American Express Membership Rewards credit card is another great offering by the popular card issuer and provides great privileges and benefits to the cardholders on almost every spend. The joining fee of the card is Rs. 1000 and it charges Rs. 4500 as a renewal fee from the second year onwards. The card has a nice reward rate and you can earn bonus MR points on making transactions worth Rs. 1500 or more 4 times. Other privileges of this credit card include monthly milestone benefits, insurance, entertainment benefits, and more.
If your credit card charges a forex markup fee, then you will have to pay this extra amount whenever you swipe your card at a foreign merchant or spend money online in a foreign currency. The credit card networks like Mastercard, Visa, etc., charge a fee, and then the card issuer adds extra fees to the total transaction amount, which further increases the forex markup fee. For instance, if your credit card has a forex markup fee of 2% and you spend Rs. 1 Lakhs with your credit card on your international trip, then you will have to pay Rs. 2000 extra. Apart from this, you also need to consider the currency conversion fees on your foreign transactions. The payment processor at the merchant outlet where you swipe your card also charges a 1% currency conversion fee which further adds to the total amount.
Therefore, going for a credit card with low forex markup fees will prove really beneficial for people who regularly use their card for foreign currency spends.
| Category | Amex Platinum Credit Card | Amex Gold Credit Card | Amex Platinum Reserve Credit Card | Amex Membership Rewards Credit Card |
| Joining/Annual Fee | ₹66,000 + GST | ₹1000 + GST | ₹10,000 + GST | ₹1000 + GST |
| Welcome Benefit | Rs. 45000 worth of welcome gift vouchers | Bonus 4000 MR points as a welcome benefit | Bonus 11,000 MR points as a welcome benefit | Bonus 4000 MR points as a welcome benefit |
| Reward Earning | 1 MR point per Rs. 40 spent Up to 5 MR points per Rs. 100 spent on fuel 3x MR points on foreign spends and 5x MR points on the Amex Reward Multiplier | 1 MR point per Rs. 50 spent with the card 5x MR points on Reward Multiplier purchases | 1 MR point per Rs. 50 spent with the card | 1 MR point per Rs. 50 spent with the card 2x MR points on spends via the Reward Multiplier portal |
| Reward Redemption | Membership Rewards Points can be redeemed against dining, travel, and accessories on Amex’s Membership Rewards Redemption portal. | Membership Rewards Points can be redeemed against dining, travel, and accessories on Amex’s Membership Rewards Redemption portal and against Amex 18 and 24 Karat collection | Membership Rewards Points can be redeemed against dining, travel, and accessories on Amex’s Membership Rewards Redemption portal, and for transfer to hotel and airline loyalty program points | Membership Rewards Points can be redeemed against dining, travel, and accessories on Amex’s Membership Rewards Redemption portal and against Amex 18 and 24 Karat collection |
| Dining/Movie Benefits | Complimentary EazyDiner Prime membership and up to 50% discount at premium restaurants across India | Up to 25% discount on orders at The Leela, The Oberoi Gurgaon, The Lodhi, and up to 20% discount at select restaurants | BookMyShow vouchers as a monthly milestone benefit. Complimentary Taj Epicure InnerCircle membership and EazyDiner Prime membership | Exclusive 20% discount on dining at top restaurants |
| Travel Benefits | Access to more than 1200 airport lounges that include Centurion, American Express, and Priority Pass Lounges. 24*7 concierge service | Exclusive discounts at premium hotel chains | Complimentary Priority Pass membership and domestic airport lounge access | NA |
| Forex Markup Fee | 3.5% | 3.5% | 3.5% | 3.5% |
When it comes to credit cards, American Express is one of the most trusted and sought-after card issuers in the world. All of their cards are packed with exclusive features across all categories like dining, movies, shopping, insurance, and especially travel. You get exclusive privileges across top airlines and hotel chains globally for a comfortable travel experience.
Even though you get lots of travel benefits, the forex markup fee of all American Express credit cards in India is 3.5% of the total transaction amount. No matter which American Express card you get, super-premium, travel, or mid-range, you cannot avoid paying the forex markup charges. Unlike some credit cards by other issuers that have a lower or even no forex markup fee, Amex credit cards charge a 3.5% forex markup fee.
All AmEx credit cards, including the Membership Rewards card, have a forex charge of 3.5% on international spends.