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Federal BankHave you planned your dream vacation or are you travelling abroad for a business meeting? If yes, then you must keep in mind that 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 3-4%.
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 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
Forex Markup Charges of Major Axis Bank Credit Cards
Let’s check out the forex markup charges associated with some of the most popular and in-demand Axis Bank credit cards:
Fees
Joining Fee
Rs. 50,000 (Nil for individuals holding a Burgundy Private account)
Renewal Fee
Rs. 50,000 (Nil for individuals holding a Burgundy Private account)
Best Suited For
Movies
Reward Type
Reward Points
Welcome Benefits
30,000 edge Reward Points
Card Details +
The super-premium Burgundy Private credit card by Axis Bank targets high net-worth individuals and has some amazing benefits and rewards. You get 30000 reward points as welcome bonus and can enjoy privileges across every category. Also, the card does not charge a forex markup fee or cash withdrawal fee from the cardholders.
- 30,000 EDGE reward points as a welcome benefit
- 15 EDGE RPs per Rs. 200 spent with the card
- Complimentary Club Marriot, Accor Plus, Taj Epicure, and EazyDiner membership
- Unlimited complimentary international and domestic lounge access
- 50 complimentary golf rounds per year
- 24*7 concierge service and air accident insurance worth Rs. 4.5 crores
- No forex markup and cash advance fee
Fees
Joining Fee
Rs. 50,000 (plus applicable taxes)
Renewal Fee
Rs. 50,000 (plus applicable taxes)
Best Suited For
Movies
Reward Type
Reward Points
Welcome Benefits
50,000 Edge Reward Points on card activation and every year the card membership is renewed
Card Details +
The most premium credit card by Axis Bank, the Reserve offers 2x reward points on international transactions and has a low 1.5% forex markup fee. Cardholders also get some exciting privileges with the card like complimentary lounge access, hotel loyalty programs, complimentary golf rounds, etc. The card comes at a very high Rs. 50,000 joining fee but it is certainly worth it for people who do not compromise with their lifestyle.
- 50000 bonus EDGE reward points as welcome benefit
- 15 EDGE RPs per Rs. 200 spent with the card and 2x RPs on international spends
- Unlimited international and domestic airport lounge access
- Complimentary Club Marriott Asia Pacific, Accor Plus, and ITC Culinaire membership
- Complimentary EazyDiner membership
- BOGO offer on BookMyShow ticket bookings
- 50 complimentary golf rounds per year at premium golf courses
- Low forex markup fee of 1.5% on foreign currency spends
Fees
Joining Fee
Rs. 12,500 plus GST
Renewal Fee
Rs. 12,500 plus GST
Best Suited For
Movies
Reward Type
Reward Points
Welcome Benefits
Choose a gift voucher worth Rs. 12,500 from any one of Luxe, Yatra, or Postcard Hotels
Card Details +
The Axis Bank Magnus credit card is another super-premium offering by the bank and the card comes at a joining fee of Rs. 10,000. You get benefits across all major categories like lifestyle, shopping, travel, dining, movies, and much more. Cardholders who regularly make spends in the foreign currency can benefit from the card’s 2% forex markup fee and no cash withdrawal charges.
- Complimentary domestic flight ticket or Tata CliQ voucher worth Rs. 10,000 as welcome benefit
- 12 EDGE RPs per Rs. 200 spent on retail and 5x RPs on Travel Edge spends
- Bonus 25,000 RPs on reaching the monthly milestone spend
- Unlimited domestic and international lounge access
- BOGO offer on BookMyShow tickets
- 40% discount at 4000+ restaurants with the Dining Delights program
- 24×7 concierge service and medical benefits
- 2% forex markup fee and no cash withdrawal fee
Fees
Joining Fee
Rs. 500+GST
Renewal Fee
Rs. 500+GST
Best Suited For
Shopping
Reward Type
Reward Points
Welcome Benefits
Introductory benefits worth Rs. 1,100 on card issuance.
Card Details +
The Flipkart Axis Bank credit card is among the best cashback cards in the country and offers up to 5% cashback on Myntra and Flipkart spends. The card charges a joining fee of Rs. 500 and a forex markup fee of 3.5%. Other than this, you also get a host of welcome benefits, movie and dining benefits, travel, and other privileges with the Flipkart Axis Bank credit card.
- Welcome benefits worth Rs. 1100 with the card
- 5% cashback on Myntra and Flipkart, and 4% cashback on other partner merchants like Swiggy, Uber, etc.
- 1.5% cashback on other retail spends
- 4 complimentary domestic lounge access per year
- 1% fuel surcharge waiver across the country
- 3.5% forex markup fee
Fees
Joining Fee
Rs. 500+GST
Renewal Fee
Rs. 500 + GST
Best Suited For
Movies
Reward Type
Reward Points
Welcome Benefits
Free SonyLiv annual subscription worth Rs. 999.
Card Details +
A basic credit card, the Axis Bank My Zone charges a nominal joining fee of Rs. 500 and has multiple value-added benefits across travel, dining, movies, shopping, and more. The card charges a forex markup fee of 3.5% and offers 4 EDGE reward points per Rs. 200 spent with the card. Even though it is an entry-level card, cardholders can enjoy lots of benefits and rewards with the My Zone credit card.
- Complimentary annual subscription of Sony LIV premium
- 4 EDGE Reward points per Rs. 200 spent with the card
- 40% discounts up to Rs. 120 on Swiggy orders
- BOGO offer on movie tickets via Paytm movies
- 1 complimentary domestic lounge access per quarter
- 1% fuel surcharge waiver
- 3.5% forex markup fee
Fees
Joining Fee
Rs. 499 + taxes
Renewal Fee
Rs. 499 + taxes
Best Suited For
Shopping
Reward Type
Reward Points
Welcome Benefits
N/A
Card Details +
Launched in partnership with Visa and Google Pay, the ACE credit card offers 5% cashback on water, electricity, gas, and other utility bill payments made via the Google Pay application. You can also earn cashback on many other popular merchants with the card. The card has a joining fee of Rs. 500 and charges a forex markup fee of 3.5%. It is the ideal card for young professionals who regularly spend on popular online merchants and use the Google Pay application frequently.
- 5% cashback on mobile recharge and utility bill payment via Google Pay
- 4% cashback on Ola, Zomato, Swiggy, and 2% cashback on other spends
- 4 complimentary domestic lounge visits per year
- Up to 20% discount at restaurants with the Dining Delights program
- 1% fuel surcharge waiver
- 3.5% forex markup fee
Fees
Joining Fee
Rs. 5,000 (plus applicable taxes)
Renewal Fee
Rs. 5,000 (plus applicable taxes)
Best Suited For
Travel
Reward Type
Reward Points
Welcome Benefits
5,000 Edge Miles on successfully completing 1 transaction within 30 days of card set up date.
Card Details +
The Atlas credit card by Axis Bank is a travel credit card that offers air miles to customers as reward points. The card is not co-branded by any airline company and charges a joining fee of Rs. 5000. With this card you earn Edge Miles along with a plethora of other travel, lifestyle, dining, and other benefits. You earn accelerated Edge Miles on travel spends but the forex markup fee on this card is 3.5%, which is similar to other cards.
- 5000 bonus Edge Miles as a welcome benefit
- 5 Edge Miles per Rs. 100 spent on travel and 2 Edge Miles per Rs. 100 spent elsewhere
- Bonus Edge Miles on reaching spend-based milestones
- Complimentary access to international and domestic airport lounge
- Complimentary airport concierge service and chauffeured airport pickup service
- 3.5% forex markup fee
Fees
Joining Fee
Rs. 500 + GST
Renewal Fee
Rs. 500 + GST
Best Suited For
Shopping
Reward Type
Reward Points
Welcome Benefits
Amazon e-voucher worth Rs. 200
Card Details +
This co-branded credit card by Axis Bank and Airtel is exclusively for Airtel users. The card has a joining fee of Rs. 500 and offers an Amazon gift voucher as a welcome benefit. With the card, you can earn up to 25% cashback on broadband, DTH, Airtel Mobile payments via the Airtel Thanks app, and up to 10% cashback on utility bill spends through the app. With this card, you have to pay a forex markup fee of 3.5%
- Rs. 500 worth Amazon gift voucher as welcome benefit
- Up to 25% cashback on using Airtel Thanks app for Airtel broadband, DTH, and mobile spends
- Up to 10% cashback on Swiggy, Big Basket, water, gas, and electricity payments made through the app
- 4 complimentary domestic lounge access per year
- 1% fuel surcharge waiver and spend-based renewal fee waiver
- 3.5% forex markup fee
How Does Forex Markup Fee Work
Most of the times, the card network like Visa or MasterCard charges a 1% forex markup fee and the card issuer adds some extra percentage to it which bumps up the fee to 3-3.5%. You may think that a 3% fee is fine but this will be charges on every foreign transaction and can add up over time.
For example, if you make a foreign transaction of Rs. 1 Lakh and the forex markup fee is 3%, then you would have to pay an extra Rs. 3000 for the transaction. You will have to pay a lot of money in forex markup fees if you regularly visit abroad or make online spends in foreign currencies.
Other than this, the payment processor also charges a 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.
Eligibility Criteria and Documents Required
Before you apply for an Axis Bank credit card, make sure you meet the following eligibility criteria :
- The applicant must be at least 18 to 70 years of age
- The applicant must be an Indian citizen or a non-resident Indian
- The applicant must have a stable source of income
- The applicant must have a decent credit score
The following documents must be provided when applying for the credit cards along with your latest colour photographs :
- ID Proof – Aadhar Card, PAN Card, Driver’s License, Passport, etc.
- Address Proof – Aadhar Card, Rent Agreement, Ration Card, Passport, Latest Utility Bills, etc.
- Income Proof – Salaried individuals need to provide their latest salary slips and bank statements. Self-employed individuals need to provide their audited ITR of the previous year.
How to Apply for Axis Bank Credit Cards
Follow these steps to apply for Axis Bank credit cards :
- Visit the official Axis Bank website
- Click on the drop-down menu and then click on Explore Products > Cards > Credit Cards > Explore All
- Out of the complete list, choose the card you want for yourself and then click on Apply Now
- Provide all the necessary details, information, and documents needed for the application
- Go through all terms and conditions thoroughly and accept them.
- Next, click on Submit and your application will be submitted to Axis Bank.
Axis Bank Credit Cards Comparison
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 | Axis Bank Burgundy Private Credit Card | Axis Bank Reserve Credit Card | Axis Bank Magnus Credit Card | Flipkart Axis Bank Credit Card |
| Joining/Annual Fee | Rs. 50,000 | Rs. 50,000 | Rs. 10,000 | Rs. 500 |
| Welcome Benefit | 30000 EDGE reward points as welcome benefit | 50,000 RPs on card activation and renewal | Free domestic flight voucher or Tata Cliq voucher worth Rs. 10,000 | Introductory benefits worth Rs. 1100 |
| Reward Earning | 15 RPs per Rs. 200 spent | 15 RPs per Rs. 200 spent and 2x RPs on international spends | 12 RPs per Rs. 200 spent and 5x RPs on Travel Edge spends | 5% cashback on Myntra and Flipkart 4% cashback on Swiggy, PVY, Uber, and cure.fit 1.5% cashback on other spends |
| Reward Redemption | RPs can be redeemed against products/vouchers at the Edge Reward portal, where 1 RP = Rs. 0.20 | RPs can be redeem for products/vouchers at the Edge Rewards portal, and converted to partner airlines airmiles | RPs can be redeemed against products/vouchers at the Edge Rewards portal or converted to hotel/airlines points. | Cashback is automatically credited to the cardholders’ account |
| Dining/Movie Benefits | Complimentary EazyDiner membership and BOGO offer on movie tickets | Complimentary EazyDiner membership and BOGO offer on movie tickets | BOGO offer on BookMyShow movie tickets Up to 20% discount at restaurants with the Dining Delights program | Accelerated 4% cashback on PVR cinemas Up to 20% discount at partner restaurants with the Dining Delights program |
| Travel Benefits | Complimentary domestic and international lounge access | Complimentary domestic and international lounge access and membership to hotel loyalty programs | Complimentary domestic and international lounge access. Discounted stays at Oberoi hotels | 4 complimentary domestic lounge access per year 4% cashback on Uber rides |
| Forex Markup Fees | Nil | 1.5% | 2% | 3.5% |
Bottom Line
Every time you swipe your credit card for a foreign transaction, you have to pay an extra forex markup fee. If you are someone who regularly travels abroad or makes online spends 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 have a range of credit cards for all types of individuals. When it comes 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 the foreign currency with your credit card, make sure you get a credit card with a low forex markup fee.
FAQs:
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:
- Visit the official Axis Bank website
- Click on the drop-down menu and then click on Explore Products > Cards > Credit Cards > Explore All
- Out of the complete list, choose the card you want for yourself and then click on Apply Now
- Provide all the necessary details, information, and documents needed for the application
- Go through all terms and conditions thoroughly and accept them.
- Next, click on Submit and your application will be submitted to Axis Bank.
Find the perfect credit card in India by comparing the most rewarding options in one place!