By Kartik Kanwar
Updated On May 23, 2024

One of the largest private sector banks in India, ICICI Bank has crores of credit card users in India. The bank has multiple types of cards in their portfolio ranging from movies, shopping, dining, etc., which are suitable for high net-worth as well as new-to-credit users. Most businessmen and wealthy people regularly travel abroad and make foreign purchases with their credit cards.

ICICI Bank and all other card issuers charge a forex markup fee whenever someone makes transactions in foreign currency using their credit card. No doubt, it becomes quite convenient just to swipe your credit card for payments when you are traveling abroad, the extra forex markup charges can amount to a lot over a certain period of time. Usually, card issuers charge 3-3.5% of the transaction amount as a forex markup fee.

Forex Markup ICICI Bank Credit Cards You should definitely look for a credit card with low forex markup charges if you are someone who regularly visits foreign countries or makes online spends in foreign currencies. In this article, we will read about the forex markup fees of the top ICICI Bank credit cards.

Table of Contents

Forex Markup Charges of ICICI Bank Credit Cards

Let’s know more about the forex markup charges on some of the top ICICI Bank credit cards –

ICICI Bank Emeralde Private Credit Card

(4.6/5)

Fees

Joining Fee

Rs. 12,499 + GST

Renewal Fee

Rs. 12,499 + GST

Best Suited For

Travel

Reward Type

Reward Points

Foreign Currency Markup

2% of the total transaction amount

One of the most super-premium offering by ICICI Bank, the Emeralde credit card is meant for high net-worth individuals who travel a lot and live a lavish lifestyle. It comes at either Rs. 1000 monthly or Rs. 12,000 annual fee. The card has many exclusive travel privileges including unlimited airport lounge access, 24*7 concierge services, air accident cover, and more. Another great benefit is that the card charges a low forex markup fee of 1.5% on international currency spends and no cash withdrawal charges as well.

  • Rs. 5000 worth Tata Cliq voucher redeemable on their website for your birthday
  • Up to 4 reward points per Rs. 100 spent with the card
  • Unlimited international and domestic lounge access with complimentary spa access
  • Up to Rs. 750 discount on BookMyShow movie tickets onwards of the second ticket
  • Complimentary golf round on spending more than Rs. 50,000 in the last month
  • Refund of cancellation fees up to Rs. 12,000 on flight/hotel bookings twice per year
  • Low forex markup charges of 1.5% and no cash withdrawal fee
ICICI Bank Sapphiro Credit Card

(4.5/5)

Fees

Joining Fee

Rs. 6,500 + GST

Renewal Fee

Rs. 3,500 + GST

Best Suited For

Travel

Reward Type

Reward Points

Foreign Currency Markup

3.50% of the total transaction value.

Another premium credit card by ICICI Bank, the Sapphiro credit card comes at a joining fee of Rs. 6500 and is available in the American Express, Mastercard, and Visa variant. The card is ideal for frequent travellers and is packed with attractive offers and other user-friendly privileges. The welcome benefits you get are more valuable than the joining fee and the card rewards you for all spends made with ICICI Reward Points. Also, the card has a forex markup fee of 3.5%

  • Welcome benefits worth more than Rs. 9000
  • 4 reward points per Rs. 100 spent on international and 2 reward points per Rs. 100 on domestic spends
  • 1 RP per Rs. 100 spent on utility bills and insurance
  • Bonus 20,000 RPs with the Milestone Reward program per year
  • BOGO offer on BookMyShow movie tickets
  • Up to 4 Complimentary golf rounds per month
  • Complimentary domestic and international lounge access and spa access at select airports
ICICI Bank Coral Credit Card

(4.6/5)

Fees

Joining Fee

Rs. 500 + GST

Renewal Fee

Rs. 500 + GST

Best Suited For

Movies

Reward Type

Reward Points

Foreign Currency Markup

3.5% of the transaction amount

The ICICI Bank Coral credit card charges a joining fee of Rs. 500 and is packed with exclusive offers across entertainment, dining, and travel for cardholders. You can choose one of the three card variants for yourself and earn up to 2 reward points per Rs. 100 spent with the card. You can earn bonus RPs on reaching the spend milestone, get access to airport lounges, movie ticket discounts, and more with the card. Also, the card has a forex markup fee of 3.5%.

  • 2 RPs per Rs. 100 spent excluding fuel spends
  • 1 RP per Rs. 100 spent on insurance and utility bills
  • Bonus 10000 RPs per year with the Milestone Benefit program
  • 1 Complimentary railway lounge and airport lounge access per quarter
  • Up to 25% off on Inox and BookMyShow movie ticket bookings
  • Exclusive dining benefits under the ICICI Bank Culinary Treats program
  • Forex markup fee of 3.5% on international spends
Amazon Pay ICICI Bank Credit Card

(5/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Shopping

Reward Type

Cashback

Foreign Currency Markup

3.5% of the transaction amount

A co-branded credit card launched by ICICI Bank and Amazon, this card is on the Visa network and does not charge a joining fee from customers. It is among the best online shopping cards in the country and offers you with cashback that is credited to your Amazon Pay balance. Amazon Prime members get up to 5% cashback on Amazon purchases along with several other dining and other privileges. The card offers 1% fuel surcharge waiver and has a forex markup fee of 3.5%.

  • Rs. 1500 worth welcome benefits and 3-month Amazon Prime membership
  • Up to 5% cashback on Amazon purchases for Prime users and 3% for non-Prime users.
  • 2% cashback on partner merchants and 1% cashback on other retail spends
  • Reward points transferred as cashback to Amazon Pay balance
  • Exclusive dining benefits under the Culinary Treats program
  • 1% fuel surcharge waiver
  • Forex markup fee of 3.5%
ICICI Bank Platinum Chip Credit Card

(4.4/5)

Fees

Joining Fee

NIL

Renewal Fee

NIL

Best Suited For

Dining

Reward Type

Reward Points

Foreign Currency Markup

3.5% of the amount transacted.

Available at no joining fee, the ICICI Bank Platinum Chip credit card offers 2 reward points per Rs. 100 spent and gives you a chance to make savings on almost every spend category. The card provides dining discounts at various partner restaurants and 1% fuel surcharge waiver at HPCL fuel outlets. The reward points can be redeemed against several options that also include cashback. The Platinum Chip credit card has a forex markup fee of 3.5%.

  • 2 RPs per Rs. 100 spent with the card on retail
  • 1 RPs per Rs. 100 spent on utility bills and insurance
  • Exclusive dining benefits at partner restaurants with the Culinary Treats program
  • 1% fuel surcharge waiver at HPCL fuel outlets
  • Forex markup fee of 3.5% of the transaction amount

When is the Forex Markup Fee Charged?

Whenever you travel to a foreign country and swipe your credit card at a merchant or make any online spends in foreign currency, you are charged an extra fee by your credit card network. On top of this, your credit card issuer adds extra charges, and the total forex markup fee rises to around 3-3.5% of the total transaction amount. Some credit cards have a lower fee, but most cards charge 3.5%.

You will also be charged a currency conversion for your foreign transaction by the merchant’s payment processor when you swipe your credit card. Thus, you have to pay a premium for all international spends with your credit card. For instance, if your card has a forex markup fee of 3.5% and you spend Rs. 1 Lakh in foreign currency, you will have to pay a total amount of Rs. 1,03,500.

To save money on your international transactions in the long run, consider going for a credit card that has a lower forex markup fee.

Eligibility Criteria

Before you apply for credit cards from ICICI Bank, make sure you meet the following eligibility requirements –

  • The applicant must be a citizen of India.
  • The applicant must be 21 to 60 years of age in the case of salaried and 21 to 65 years of age in the case of self-employed.
  • The applicant must have a decent credit score.
  • The applicant must have a stable source of income.

Credit Cards Comparison

In the following table, we will compare some of the best ICICI Bank credit cards –

Category ICICI Bank Emeralde Credit Card ICICI Bank Rubyx Credit Card Amazon Pay ICICI Bank Credit Card ICICI Bank Platinum Chip Credit Card
Joining/Annual Fee Rs. 12,499 + GST Rs. 3000 + GST Nil Nil
Welcome Benefit Taj Epicure Membership, 12,500 bonus reward points, and complimentary EazyDiner Membership Shopping and travel vouchers worth Rs. 5000 Get welcome benefits worth Rs. 2,500 plus 3 months Amazon Prime membership NA
Reward Earning 6 ICICI Reward Points per Rs. 200 spent on retail, grocery, education, insurance, and tax payment 4 RPs per Rs. 100 on international spends 2 RPs per Rs. 100 on domestic spends 1 RP per Rs. 100 on utility and insurance 5% cashback on Amazon purchases for Prime members and 3% cashback for Non-Prime members, 2% cashback on partner brands & 1% cashback on all other payments except fuel purchases Earn 2 Reward Points for every Rs. 100 spent on retail transactions. Earn 1 Reward Point on every Rs. 100 spent on insurance & utilities.
Reward Redemption The earned Reward Points can be redeemed against gifts or cash credit, where 1 Reward Point = Rs. 1 The reward points can be redeemed for gift vouchers or cashback at a rate of 1 Reward Point = Re. 0.25 Reward Points earned are automatically transferred to the Amazon Pay balance at the end of the payment cycle. 1 Reward Point = Re. 1 Reward points can be redeemed against a variety of gifts, products, or vouchers, and against card statement balance, where 1 reward point = Rs. 0.25
Dining/Movie Benefits Up to Rs. 750 discount on BookMyShow movie tickets onwards of the second ticket Up to 15% discount at partner restaurants in India through the ICICI Bank Culinary Treats Program Exclusive dining benefits at restaurants in India through the ICICI Bank Culinary Treats Program Up to 25% discount on booking at least 2 movie tickets on Inox or BookMyShow in a single transaction Up to 15% discount at 2500+ restaurants in India through the ICICI Bank Culinary Treats Program Up to 15% discount at 2500+ restaurants in India through the ICICI Bank Culinary Treats Program
Travel Benefits Unlimited international and domestic lounge access with complimentary spa access 2 complimentary railway lounge and 1 domestic airport lounge access per quarter on spending at least Rs. 5000 in the last quarter NA NA
Forex Markup Fee 2% 3.5% 3.5% 3.5%

Conclusion

ICICI Bank has credit cards across different categories to meet the needs and requirements of all types of people. However, almost all credit cards by ICICI Bank charge a 3.5% forex markup fee, which you will have to pay on all foreign currency spends with the card. Just the super-premium ICICI Bank Emeralde Private credit card charges a lower 1.5% forex markup fee and is the perfect choice for individuals who travel abroad frequently and make spends in foreign currency.

In the above article, we read about some popular ICICI Bank credit cards, and every one of them has 3.5% forex markup charges except the Emeralde credit card. We recommend you go for that card if you make a lot of international spending with your credit card.

FAQs:

The forex markup fee charged by the ICICI Bank Emeralde credit card is 1.5% plus taxes. It is a super-premium credit card that comes with a joining fee of either Rs. 1000 per month or Rs. 12000 annually.
The forex markup fees charged by almost all ICICI Bank credit cards is 3.5% of the total transaction amount. Just the ICICI Bank Emeralde credit card has a lower forex markup fee of 1.5%.
Whenever you travel to a foreign country and swipe your credit card at a merchant or make any online spends in foreign currency, you are charged an extra fee by your credit card network. On top of this, your credit card issuer adds extra charges and the total forex markup fee rises to around 3-3.5% of the total transaction amount.
Follow these steps to apply for ICICI Bank credit cards –
  • Visit the official website of ICICI Bank.
  • Hover your cursor on ‘Cards’ in the top menu and then click on ‘Credit Cards’.
  • Narrow the search results based on your income and preferred card category.
  • Click on Know More next to the card you want to apply for and go through its features, benefits, and other information.
  • Click on Apply Now to submit your application. You will have to enter the required details and provide the necessary documents to submit the application.
  • Yes, the ICICI Bank lifetime free credit cards charge a forex markup fee on foreign currency spends. The Amazon Pay ICICI Bank credit card, the ICICI Bank Instant Platinum credit card, and the ICICI Bank Platinum Chip credit card, all charge a 3.5% forex markup fee on international transactions.