By Manan Singh
Updated On February 7, 2024

IDFC First Bank started operations in 2015 and has become quite popular among Indian citizens. Many people use IDFC First Bank credit cards and the bank has an admirable range of lifetime free credit cards with exclusive benefits and privileges across multiple categories. There are several cards with a low forex markup fee which are perfect for people who regularly make foreign currency spends with their credit card.

Whenever you use your credit card abroad or make any transaction in a foreign currency, you have to pay extra money as forex markup charges. People who regularly visit foreign countries or spend money online in foreign currencies should go for credit cards with low forex markup fees.

Idfc forex card post

In this article, we will read about the IDFC First Bank credit card forex markup charges and check out which cards have a lower fee. Keep reading to know more

Table of Contents

IDFC First Bank Credit Cards – Forex Markup Charges

Let’s take a look at the forex markup fees charged by IDFC First Bank credit cards –

Invite Only
IDFC First Private Credit Card

(4.6/5)

Fees

Joining Fee

Rs. 50,000 + GST

Renewal Fee

Rs. 50,000 + GST

Best Suited For

Movies

Reward Type

Reward Points

Welcome Benefits

200,000 Reward Points worth Rs. 50,000 and a complimentary Taj Epicure membership.

IDFC Bank launched the super-premium IDFC First Private credit card which is a super-premium offering and is an invite-only card exclusively meant for high net-worth individuals. The card has a very high joining fee of Rs. 50,000 but is packed with elite-level privileges across a plethora of categories including rewards, lifestyle, charity, travel, etc. Other than the usual reward points, you also earn Karma Points on achieving a monthly target spends and these are donated to a charity in your name. Another great feature is that the credit card does not charge any forex markup fee on your foreign currency spends.

  • Earn up to 10x reward points on your spends
  • Earn Karma Points that are donated to charity in your name
  • Up to Rs. 750 discount on movies, 2 times per month
  • Complimentary golf rounds per year based on your monthly spending
  • Complimentary domestic and international lounge access
  • Air accident insurance cover worth Rs. 1 Crore
  • No forex markup fee and no over-limit or late payment fee

IDFC FIRST WoW Credit Card

(4.3/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Dining

Reward Type

Reward Points

Welcome Benefits

Enjoy 5% Cashback up to Rs. 1,000 on the first EMI transaction done within 90 days of card activation.

The IDFC First Wow credit card is another lifetime free credit card by IDFC Bank and has some great privileges for the cardholder. It is a secured credit card and you must have a Fixed Deposit of atleast Rs. 5000 to get this credit card. The card offers reward points on almost all spends made by you and the points are valid for lifetime without any expiry date. You get dining benefits, discounts at 3000+ wellness outlets, roadside assistance and much more with the card. A great feature of the card is that it does not charge a forex markup fee on your international spends.

  • Secured credit card for which you must have a FD of atleast Rs. 5000
  • 4x RPs on all spends and reward points do not expire
  • Up to 5% cashback on the first EMI transaction
  • Up to 20% discount at over 1500 restaurants
  • Up to 15% discount at over 3000 health and wellness centers
  • 1% fuel surcharge waiver
  • Rs. 1399 worth complimentary roadside assistance
  • No forex markup fees charged on foreign currency spends

IDFC FIRST Wealth Credit Card

(4.5/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

Gift vouchers worth Rs. 500 from popular brands on spending over Rs. 15,000 within 90 days and a 5% cashback on the first EMI transaction made within the first 30 days.

The IDFC First Wealth credit card is also a lifetime free credit card by the bank and is packed with top-end features and benefits for the cardholders. Apart from having a lot of premium privileges, the card also has a low interest rate. You can enjoy complimentary golf rounds, complimentary domestic and international lounge access, insurance benefits, and more. With this card, you can also get up to 2 movie tickets free every month. Another top benefit of the card is the low 1.5% forex markup fee.

  • Rs. 500 worth gift voucher and up to 5% cashback on EMI transactions as welcome benefit
  • 6x RPs on online spends and 3x RPs on offline spends up to Rs. 30,000
  • 10x RPs on spends of Rs. 30,000 and above
  • 10x RPs on spends on your birthday
  • 4 complimentary airport lounge and airport spa visits per quarter
  • 2 Complimentary golf rounds per month on spending Rs. 20,000 or more
  • Air accident and personal accident insurance cover
  • 1% fuel surcharge waiver
  • Low forex markup fee of 1.5% of the transaction amount

IDFC First Select Credit Card

(4.6/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Travel

Reward Type

Reward Points

Welcome Benefits

Vouchers worth Rs. 500 on spends of Rs. 15,000 within 90 days of card issuance. Also, get a 5% cashback on EMI transactions (up to Rs. 1,000) within 30 days of card issuance.

The IDFC First Select credit card is a premium variant offered by the bank and does not charge any joining or annual fees from the cardholders. You get Rs. 500 worth voucher as a welcome benefit and up to 5% cashback on EMI spends. You can earn up to 10x reward points on your spends which are redeemable against a host of products and vouchers. The card offers travel privileges, BOGO offer on movie tickets through Paytm, and more. The card has a 1.99% forex markup fee which is lower than the standard rate.

  • Rs. 500 worth gift voucher and up to 5% cashback on EMI transactions as welcome benefit
  • 10x RPs per Rs. 125 spent on purchases of Rs. 25000 and above
  • 10x RPs per Rs. 125 spent on your birthday
  • 6x RPs per Rs. 125 on online spends and 3x RPs per Rs. 125 spent offline
  • Complimentary railway and airport lounge access per quarter
  • Air accident and personal accident insurance cover
  • 1% fuel surcharge waiver
  • Low forex markup charges of 1.99% of the transaction amount

IDFC FIRST Millennia Credit Card

(4.7/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

5% cashback on first EMI spend up to Rs. 1000 and additional welcome gift vouchers worth Rs. 500 on spending Rs. 15,000 inside 90 days of card generation

The IDFC First Millennia credit card is an entry-level card perfect for beginners. The card does not charge a membership fee and has a nice rewards program for cardholders. You can earn up to 10x reward points that do not expire on both offline as well as online spends. Those who travel regularly by train can enjoy complimentary railway lounge access for a comfortable journey. The lifetime fee card offers movie and dining benefits, roadside assistance, cashback, and much more. Also, the credit card charges a forex markup fee of 3.5%.

  • Lifetime free credit card without any membership charges
  • 10x reward points on spends above Rs. 20,000
  • 10x reward points on all spends on your birthday
  • 6x RPs on online and 3x RPs on offline spends
  • Complimentary railway lounge access, 4 times per quarter
  • Rs. 1399 worth complimentary roadside assistance
  • 1% fuel surcharge waiver
  • 3.5% forex markup fee

IDFC FIRST Classic Credit Card

(4.5/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Travel

Reward Type

Reward Points

Welcome Benefits

Get a welcome gift voucher worth Rs. 500 on spending Rs. 15,000 or more within the first 90 days. Also, get 5% cashback on the value of your first EMI transaction done inside 90 days of card generation.

Another lifetime free credit card by IDFC First Bank, the Classic credit card fulfils almost every requirement and needs of the cardholders. The card offers gift vouchers and cashback on EMI purchases as welcome benefit along with a decent reward rate on offline as well as online spends. You also get up to 10 reward points on spends above Rs. 20,000 per month and also on your birthday. Some other benefits of the card include roadside assistance, dining and movie discounts, insurance benefits, etc. The card has a forex markup fee of 3.5% of the transaction amount.

  • Rs. 500 worth gift voucher and up to 5% cashback on EMI transactions as welcome benefit
  • 3x RPs per Rs. 150 spent offline and 6x RPs per Rs. 150 spent online
  • 10x RPs per Rs. 150 spent on purchases of Rs. 20,000 or more
  • 10x RPs per Rs. 150 spent on your birthday
  • Up to 25% discount on movie ticket bookings via Paytm app
  • 4 complimentary railway lounge access per quarter
  • Complimentary roadside assistance worth Rs. 1399
  • Personal accident and lost card liability cover
  • Forex markup fee of 3.5% of the transaction amount

First-power

(4.6/5)

Fees

Joining Fee

Rs. 199 + GST

Renewal Fee

Rs. 199 + GST

Best Suited For

Fuel

Reward Type

Reward Points

Welcome Benefits

NA

IDFC First Bank partnered with HPCL recently to launch their co-branded fuel credit cards, in association with RuPay. The First Power is the basic variant that comes with a Rs. 199 joining fee and allows you to save Rs. 7000 annually and purchase almost 65 litres of fuel per year. The card offers welcome benefits worth Rs. 1400 and exclusive benefits on paying at HPCL outlets through the HP Pay application. You can even reward points on successfully referring your friends for this card. The forex markup fee of this credit card is 3.5%

  • Save 5% on fuel spends up to Rs. 5000 per month
  • Save 2.5% on grocery and utility bill spends up to Rs. 4000 per month
  • Save 2.5% on IDFC FASTag recharge up to Rs. 2000 per month
  • 2x RPs on other retail spends
  • Cashback up to Rs. 250 on the 1st HPCL transaction of Rs. 250 or above
  • Up to Rs. 150 discount on Swiggy orders above Rs. 500
  • Up to 50% off on car rentals with Eco Rent A Car and EuroCard
  • Rs. 1399 worth complimentary roadside assistance
  • Earn a maximum of 10,000 RPs on referring friends and family members for the card
  • 3.5% forex markup fee

IDFC HPCL First Power Plus Credit Card

(4.7/5)

Fees

Joining Fee

Rs. 499 + GST

Renewal Fee

Rs. 499 + GST

Best Suited For

Fuel

Reward Type

Reward Points

Welcome Benefits

Up to Rs. 500 cash back on your 1st HPCL fuel transaction above Rs. 500 and up to 5% cashback (up to Rs. 1,000 capped) on the transaction value of the first EMI.

The premium variant of the two co-branded fuel credit cards launched by IDFC Bank and HPCL, the First Power Plus credit card allows cardholders to save up to Rs. 18,500 per year that can be used to purchase around 175 litres of fuel annually. The card has a joining fee of Rs. 500 and offers welcome benefits up to Rs. 1650 for customers. You get exclusive benefits like complimentary roadside assistance, lounge access, movie ticket discounts, and more with this credit card. The forex markup fee of this credit card is 3.5%

  • Save up to 6.5% on your fuel spends that include HPCL fuel and LPG spends, HP Pay app fuel payments, and 1% fuel surcharge waiver
  • Save up to 5% on grocery bills and utility spends
  • Save up to 5% on IDFC FASTag recharges
  • 3x reward points on other retail spends
  • Up to Rs. 500 cashback on 1st HPCL transaction of Rs. 500 or more
  • Up to Rs. 150 discount on Swiggy orders above Rs. 500
  • Up to Rs. 500 discount on Zoomcar rentals
  • Up to 50% off on EuroCard and Eco Rent A Car rentals
  • Complimentary domestic airport lounge access
  • Up to 25% discount on movie tickets
  • 3.5% forex markup fee

What is the Forex Markup Fee?

If you have swiped your credit card at a foreign merchant’s POS machine, or used your card for a foreign currency spend online, you must have noticed an extra fee charged for the transaction. The credit card network charges a fee for such transactions and your card issuer bank adds extra charges to this which brings the forex markup fee to around 3-3.5% of the transaction amount.

Moreover, the merchant’s payment processor also charges a currency conversion fee which further increases the total amount you have to pay for foreign transactions. If your credit card charges a 3% forex markup fee and you spend Rs. 1 Lakh at a foreign merchant, you will have to pay Rs. 3000 extra.

Thus, forex markup fees can prove to be really expensive for people who regularly make spends with their credit card in foreign currencies. It is recommended to look for a credit card which has a low forex markup fee so that you can save significant amount of money in the long run.

Eligibility Criteria and Documents Required

Make sure you meet the following eligibility criteria before applying for IDFC First Bank credit cards –

  • The applicant must be a citizen of India
  • The applicant must be at least 21 years of age
  • The applicant must have a decent credit score.
  • The applicant must have a stable source of income

The following documents need to be submitted when applying for IDFC First Bank credit cards –

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 the latest months’ salary slips and bank statements. Self-employed individuals need to provide their audited ITR of the previous year.

How to Apply for IDFC First Bank Credit Cards

Follow these steps to apply for IDFC First Bank credit cards –

  • Click on Apply Now.
  • Fill out the given form.

Credit Cards Comparison

In the following table, we will compare the top IDFC First Bank credit cards –

Category IDFC First Private Credit Card IDFC First WoW Credit Card IDFC First Wealth Credit Card IDFC First Select Credit Card
Joining/Annual Fee Rs. 50,000 Nil Nil Nil
Welcome Benefit NA Up to 5% cashback, up to Rs. 1000, on the first EMI transaction   Rs. 500 worth gift voucher and up to 5% cashback on 1st EMI transaction as welcome benefit   Rs. 500 worth gift voucher and up to 5% cashback on 1st EMI transaction as welcome benefit  
Reward Earning 3 RPs per Rs. 100 spent offline and 6 RPs per Rs. 100 spent online 4x RPs per Rs. 150 spent 6x RPs on online spends and 3x RPs on offline spends up to Rs. 30,000 10x RPs on spends of Rs. 30,000 and above 10x RPs on spends on your birthday 6x RPs per Rs. 125 on online spends and 3x RPs per Rs. 125 spent offline 10x RPs per Rs. 125 spent on purchases of Rs. 25000 and above 10x RPs per Rs. 125 spent on your birthday    
Reward Redemption 1 Reward Point = Re. 0.25 for redemption against various gift vouchers 1 Reward Point = Re. 0.25 for redemption against various gift vouchers 1 Reward Point = Re. 0.25 for redemption against various gift vouchers 1 Reward Point = Re. 0.25 for redemption against various gift vouchers
Dining/Movie Benefits Up to Rs. 750 off on movie/non-movie ticket bookings through BookMyShow Up to 20% off at more than 1500 restaurants BOGO offer up to Rs. 500 on movie ticket via Paytm. Up to 20% off at over 1500 restaurants BOGO offer up to Rs. 250 on movie ticket via Paytm. Up to 20% off at over 1500 restaurants
Travel Benefits Complimentary domestic and international lounge access along with spa sessions   NA 4 complimentary domestic and international lounge access plus spa visits Complimentary railway and airport lounge access per quarter Airport transfers and meet & greet service Premium benefits at over 900 luxury hotels globally
Forex Markup Fee Nil Nil 1.5% 1.99%

Bottom Line

The IDFC First Bank has an impressive range of credit cards, most of which are lifetime free and packed with exclusive benefits across all spending categories. Everyone from beginners to high net-worth individuals can get IDFC First credit cards according to their needs and requirements.

The IDFC First Private and WoW credit cards are perfect for people who make a lot of foreign currency spends as these cards do not have forex markup charges. The IDFC First Wealth credit card has a 1.5% forex markup fee while the Select credit card charges 1.99% as forex markup fees. All other IDFC Bank credit cards have the standard 3.5% forex markup fee.

We recommend you to go for the IDFC First Private or WoW credit card if you want to save on forex markup charges on your international transactions. Let us know your thoughts on the fees and which IDFC First credit card you plan on getting.

FAQs:

Yes, there are IDFC First bank credit cards that do not charge a forex markup fee on your international currency spends. The IDFC First Private credit card comes at a Rs. 50,000 joining fee and does not charge a forex markup fee. The IDFC First WoW is a secured credit card which is lifetime free and does not charge a forex markup fee.
The IDFC First Wealth is a lifetime free credit card by the bank. The forex markup charges on this card are 1.5% of the transaction amount which is quite lower than the standard rate of 3.5% on most credit cards.
The IDFC First Select is a lifetime free credit card offered by the bank. The forex markup charges on this card are 1.99% of the transaction amount which is quite lower than the standard rate of 3.5% on most credit cards.
The IDFC First Bank has a really nice range of lifetime free credit cards. The following are the forex markup fees charged by the bank’s lifetime free credit cards –IDFC First WoW Credit Card – NilIDFC First Wealth Credit Card – 1.5%IDFC First Select Credit Card – 1.99%IDFC First Millennia Credit Card – 3.5%IDFC First Classic Credit Card – 3.5%
The IDFC First Bank and HPCL partnered to launch two co-branded fuel credit cards – the First Power and the First Power Plus credit cards.
  • The IDFC HPCL First Power credit card has a joining fee of Rs. 199 and forex markup fee of 3.5%
  • The IDFC HPCL First Power Plus credit card has a joining fee of Rs. 499 and forex markup fee of 3.5%
Follow these steps to apply for IDFC First Bank credit cards –
  • Visit the  official website of IDFC First Bank.
  • Click on the Credit Cards option.
  • Click on the credit card which you want to apply for
  • Go through the features and other information of the credit card
  • Click on Apply Now and enter all the details required to submit your application