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Federal BankHave 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
Low Forex Markup Charges of Top Axis Bank Credit Cards
Fees
Joining Fee
Renewal Fee
Best Suited For
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Reward Points
Welcome Benefits
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Joining Fee
Renewal Fee
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Reward Type
Reward Points
Welcome Benefits
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Best Suited For
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Reward Type
Reward Points
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Renewal Fee
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Dining
Reward Type
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Shopping
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Cashback
Welcome Benefits
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Renewal Fee
Best Suited For
Movies
Reward Type
Reward Points
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How Does Forex Markup Fee Work
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.
How to Apply for Axis Bank Credit Cards
Follow these steps to apply for Axis Bank credit cards :
- 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.
Forex Charge Comparison 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 | Axis Bank Burgundy Private Credit Card | Axis Bank Reserve Credit Card | Axis Bank Magnus Credit Card | All Other Axis Bank Credit Cards |
| 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 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.
FAQs:
- 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!
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