IDFC First Bank Credit Cards With Low Forex Markup Charges

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 spend foreign currency with their credit cards.

IDFC Credit Cards With Low Forex Charges

Whenever you use your credit card abroad or make any transaction in a foreign currency, you have to pay extra money as foreign exchange markup charges. People who regularly visit foreign countries or spend money online in foreign currencies should go for credit cards with low foreign exchange markup fees. IDFC First Bank offers several mid-range and premium credit cards with low Forex charges. In this article, we shall discuss the IDFC First Bank credit card Forex markup charges and find out which cards have lower fees.

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 –

IDFC First Bank Mayura Credit Card

(4.8/5)

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IDFC Bank Mayura Credit Card

  • Joining Fee₹5,999 + GST
  • Annual Fee₹5,999 + GST
  • Best Suited ForMovies | Travel | Shopping
  • Foreign Currency MarkupZero (0%)

Rewards Rate

10X Reward Points/₹150 on Incremental Spends Above ₹20,000 Per Statement Cycle. 5X Reward Points/₹150 on Spends Upto ₹20,000. 3X RPs Are Also Awarded for Rent, Wallet Load, Education, and Government Transactions

Welcome Benefits

Up to 12,000 Reward Points

The IDFC First Bank Mayura Credit Card is a premium offering designed for high spenders, with a joining fee of ₹5,999 + GST. It offers significant value to frequent travelers and shoppers with 10X rewards on spends above ₹20,000, zero Forex charges for international transactions, and extensive airport lounge access – 16 visits per year for both domestic and international lounges. Additionally, it provides complimentary golf privileges and a Buy One Get One Free offer on movie tickets. Despite its high annual fee, the card’s extensive travel benefits make it a must-have for frequent travelers.

IDFC First Bank Ashva Metal Credit Card

(4.7/5)

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IDFC First Bank Ashva Metal Credit Card

  • Joining Fee₹2,999 + GST
  • Annual Fee₹2,999 + GST
  • Best Suited ForTravel | Shopping
  • Foreign Currency Markup1% on International Transactions

Rewards Rate

10X Reward Points/₹150 on Incremental Spends Above ₹20,000 Per Statement Cycle. 5X Reward Points/₹150 on Spends Upto ₹20,000. 3X RPs Are Also Awarded for Rent, Wallet Load, Education, and Government Transactions

Welcome Benefits

Up to 7,500 Reward Points

The IDFC First Bank Ashva Metal Credit Card is a premium offering with a unique metal design and a focus on both luxury and practical benefits. With a joining fee of ₹2,999 + GST, it offers value through 10X rewards on incremental spends above ₹20,000 per month, making it ideal for frequent spenders. It also provides complimentary airport and railway lounge access, a low 1% forex markup for international transactions, and travel insurance, making it suitable for travelers.

IDFC FIRST Wealth Credit Card

(4.5/5)

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IDFC FIRST Wealth Credit Card

  • Joining FeeNil
  • Annual FeeNil
  • Best Suited ForMovies | Travel | Shopping
  • Foreign Currency Markup1.5% + GST

Rewards Rate

Earn 10X Reward Points Per ₹200 on Dining, Travel & International Spends, 3X on Regular and UPI Spends Above ₹2,000, and 1X on Insurance, Utilities, Railways, FASTag and UPI Spends Up to ₹2,000

Welcome Benefits

₹500 Voucher from Uber, Amazon, and Bigbasket on Spending ₹5,000 Within 30 Days of Card Issuance. 5% Cashback Upto ₹1,000 on the First EMI Transaction

The IDFC First Wealth credit card is also a lifetime free credit card offered by the bank, packed with top-end features and benefits for cardholders. Apart from offering numerous premium privileges, the card also features 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.

  • ₹500 worth of gift vouchers and up to 5% cashback on EMI transactions as a welcome benefit
  • 10x RPs on spends of ₹20,000 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 ₹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

(4.4/5)

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IDFC FIRST Select Credit Card

  • Joining FeeNil
  • Annual FeeNil
  • Best Suited ForTravel | Shopping
  • Foreign Currency Markup1.99%

Rewards Rate

10 Reward Points per ₹200 Spent on Dining, Travel, and International Transactions, 1X Reward Points per ₹200 Spent on Insurance, Utilities, Railways, and FASTag Recharges, and 3 Reward Points per ₹200 Spent on All Other Eligible Transactions

Welcome Benefits

Vouchers worth ₹500 on spends of ₹5,000 within 30 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 to the cardholders. You get ₹500 worth of vouchers 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, a BOGO offer on movie tickets through District by Zomato, and more. The card has a 1.99% forex markup fee, which is lower than the standard rate.

  • ₹500 worth of gift vouchers and up to 5% cashback on EMI transactions as a welcome benefit
  • 10x RPs per ₹150 spent on purchases of ₹20,000 and above
  • 10x RPs per ₹150 spent on your birthday
  • 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 WOW! Credit Card

(4.5/5)

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IDFC FIRST WOW! Credit Card

  • Joining FeeNil
  • Annual FeeNil
  • Best Suited ForDining | Shopping
  • Foreign Currency MarkupZero

Rewards Rate

4 Reward Points/₹200 Spent (~0.50%)

Welcome Benefits

N/A

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 at least ₹10,000 to get this credit card. The card offers reward points on almost all spending you make, and the points are valid for a lifetime without any expiration 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 an FD of at least ₹10,000
  • 4x RPs on all spends and reward points do not expire
  • Up to 20% discount at over 1500 restaurants
  • 1% fuel surcharge waiver
  • ₹1,399 worth of complimentary roadside assistance
  • No forex markup fees are charged on foreign currency spends

IDFC First Private Credit Card

(4.7/5)

Invite Only
IDFC First Private Credit Card

  • Joining Fee₹50,000 + GST (~₹59,000)
  • Annual Fee₹50,000 + GST (~₹59,000)
  • Best Suited ForMovies | Travel | Shopping
  • Foreign Currency MarkupZero

Rewards Rate

10X RPs on Monthly Spends, 3X RPs on Rent and Education and 1X RPs on Insurance

Welcome Benefits

50,000 Reward Points and Complimentary Club ITC Culinaire

IDFC Bank has launched the super-premium IDFC First Private Credit Card, a premium offering and an invitation-only card exclusively designed for high-net-worth individuals. The card has a very high joining fee of ₹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 foreign exchange 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 ₹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 ₹1 crore
  • There is no forex markup fee and no over-limit or late payment 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 to spend foreign currency 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, 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 ₹1 Lakh at a foreign merchant, you will have to pay ₹3000 extra. This does not include GST, which is charged separately at 18%.

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

Eligibility Criteria for IDFC Credit Card

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.

Keep your Aadhaar Card and PAN Card ready when applying for a low-forex fee IDFC FIRST Credit Card.

How to Apply for IDFC First Bank Credit Cards

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

    • Carefully go through the features of various IDFC Credit Cards.
    • Select the card you wish to apply for.
    • Click on Apply Now right alongside the card.
    • You shall be redirected to the official IDFC application page.
    • Fill out the given form.

IDFC Credit Card Forex Charge Comparison

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

Category IDFC Mayura IDFC First WoW IDFC First Wealth IDFC First Select
Annual Fee ₹5,999 + GST Nil Nil Nil
Travel Benefits 4 Free Visits Across Airports Each Quarter, 16 in a Year N/A Up to 2 Free Visits to Domestic and International Airport Lounges Per Quarter Up to 2 Free Visits to Domestic Airport Lounges Per Quarter
Forex Markup Fee Zero Zero 1.5% 1.99%

Bottom Line

IDFC First Bank offers 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, Mayura, 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 that you get the IDFC First Mayura 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 Mayura and Private credit cards do not charge a forex markup fee. The IDFC First WoW is a secured credit card that 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 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 ₹99 and a forex markup fee of 3.5%
  • The IDFC HPCL First Power Plus credit card has a joining fee of ₹499 and a forex markup fee of 3.5%