IDFC FIRST Bank has announced a major change for its credit card customers by completely waiving forex markup on all IDFC FIRST Bank Credit Cards. The change applies to both new and existing customers, meaning cardholders can use their existing cards for international transactions without having to pay the usual foreign exchange markup charged by most banks.
The bank has also highlighted that the benefit is being extended to its existing credit card customers, rather than being restricted to a new card variant. Customers do not need to apply for a new card, upgrade their existing card, meet any spending threshold, or take any additional action to receive the benefit. The Zero Forex Markup feature will automatically apply to eligible international transactions on their existing IDFC FIRST Bank Credit Cards.
Bottom Line
Typically, credit cards in India charge a forex markup of around 3% to 3.5% on international transactions. With this move, IDFC FIRST Bank customers can potentially save significantly on overseas spending, whether they are traveling internationally or making purchases on international websites.
This also eliminates the need to opt for a prepaid forex card, as cardholders can simply use their credit cards for international spends without incurring any forex markup.
IDFC FIRST Bank has now also clarified that rewards on international spends will not be affected.
For existing IDFC FIRST Bank credit cardholders, the biggest highlight is that their current card simply gets better. There is no need to switch cards or fulfill additional conditions to access the new benefit. This could also make IDFC FIRST Bank’s credit cards considerably more attractive for international travel and overseas spends.