Have you planned your dream vacation, or are you traveling abroad for a business meeting? If yes, then banks charge a forex markup fee whenever you swipe your credit card abroad to make payments in foreign currencies. To process a foreign transaction, banks charge a percentage of the transaction amount, usually 3% to 3.5%.
All card issuers mention the forex markup charges and other fees associated with a credit card in a separate statement, and you must go through these guidelines carefully before getting a credit card. A credit card is a convenient method of making international payments, but if you are someone who regularly travels abroad or spend money online in foreign currencies, you must choose a credit card that charges a low forex markup fee.
Axis Bank is among the top credit card issuers in our country and has different credit cards for international travel with different forex markup charges. Some premium cards have a lower fee, while other cards charge a higher fee on foreign transactions. In this article, we will read about the forex markup fees of some of the most popular Axis Bank credit cards.
Table of Contents
5 EDGE Miles on Axis Travel Edge and Airline Spends. 2 EDGE Reward Points on all Other Eligible Spends
5000 EDGE Miles on Spends of ₹1,000 Within the First 30 Days of Card Issuance
5 Edge Miles for every Rs. 100 spent on travel spends, 2 Edge Miles for every Rs. 100 spent on all other transactions excluding spends on Hotels, Airlines, and TRAVEL EDGE Portal
2,500 Edge Miles on Completing 1 Transaction Within 37 Days of Card Issuance
10X EDGE Points/₹125 Spent at Departmental and Apparel Stores. 2 EDGE Points/₹125 on All Eligible Spends.
5,000 EDGE Reward Points (Worth ₹1,000) on Spending ₹1,000 or More Within the First Month of Card Issuance
Earn 12 EDGE Reward Points per ₹200 on Spends up to ₹1.5 Lakh and 35 EDGE Reward Points per ₹200 Thereafter in a Calendar Month
Choose a gift voucher worth Rs. 12,500 from any one of Luxe, Yatra, or Postcard Hotels
15 EDGE Points/₹200 Spent with the Card, 30 EDGE Points on International Spends
15,000 EDGE Reward Points on Card Activation
15 Edge Reward Points for every Rs. 200 spent.
Nil
Credit cards usually charge around 3-3.5% as foreign currency charges. While 3% seems reasonable, over time, these transactions can add up and cost you more. For instance, if you make a foreign transaction of Rs. 1 Lakh and the forex markup fee is 3%, you would have to pay an extra Rs. 3000 for the transaction. If you frequently travel abroad or make online payments in foreign currencies, you may end up paying a considerable sum in forex markup fees.
Other than this, the payment processor also charges a dynamic currency conversion fee, usually 1%, on the foreign transaction made through your credit card. Therefore, it is important to look for a credit card with no or low forex markup charges if you don’t want to spend heavily on foreign spends.
Follow these steps to apply for Axis Bank credit cards :
In the following table, we will compare some of the most popular credit cards by Axis Bank that have a low forex markup fee:
| Category | Burgundy Private Credit Card | Axis Olympus | Axis Bank Reserve | Magnus, Magnus for Burgundy Credit Card | All Other Axis Bank Credit Cards |
| Forex Markup Fees | Nil | 1.8% | 1.5% | 2% | 3.5% |
Every time you swipe your credit card for a foreign transaction, you have to pay an extra forex markup fee. If you regularly travel abroad or make online purchases in foreign currency, you may spend a lot of money annually as forex markup charges. It is recommended to go for a credit card that charges a low forex markup fee if you regularly make foreign currency spends.
Axis Bank is among the most popular credit card issuers in India and has a range of credit cards for all types of individuals. When it comes to forex markup charges, the Axis Bank Magnus credit card charges 2%, the Reserve credit card charges 1.5%, and the Burgundy Private card does not charge a forex markup fee. All other Axis Bank credit cards charge a 3.5% fee on foreign transactions.
If you plan on making spends in foreign currency with your credit card, make sure you get a credit card with a low forex markup fee.
The Axis Bank Burgundy Private credit card does not charge any forex markup fee for international transactions made with the card. The card comes at a high joining fee of Rs. 50,000 but it is packed with privileges and is ideal for individuals who regularly make spends in foreign currencies.
The Axis Bank Reserve credit card charges a forex markup fee of 1.5% which is lower than other cards by Axis Bank. The card has a high Rs. 50,000 joining fee but it offers 2x reward points on international spends a low forex markup fee.
The forex markup fee on the Axis Bank Magnus credit card is 2% and it does not charge a cash withdrawal fee also. Being a super-premium offering, the Magnus has a Rs. 10,000 joining fee but the rewards and benefits offered by it make it worth the high price.
Most of the Axis Bank credit cards have a 3.5% forex markup fee other than the super-premium Reserve and Magnus credit card. Popular variants like the Axis Bank ACE, Flipkart Axis Bank, Axis Bank My Zone, Airtel Axis Bank credit card, etc. all have a 3.5% forex markup charges.
Follow these steps to apply for Axis Bank credit cards: