Zero Forex Markup Credit Cards in India: A Complete Guide

International spending has become routine - overseas travel, global subscriptions, cross-border e-commerce, and foreign currency transactions are no longer niche. Yet, most Indian credit cards quietly add 3–3.5% forex markup on every international transaction, costing ₹8,000+ yearly on ₹2 lakh spends.

A zero forex markup credit card removes this cost entirely, helping frequent travellers and global spenders save materially over time.

This guide explains how zero forex markup credit cards work, how much they actually save, the best zero forex markup credit cards in India, and how to choose the right one.

Table of Contents

1. What Is a Zero Forex Markup Credit Card?
2. How Forex Markup Charges Impact Your International Spending
3. Best Zero Forex Markup Credit Cards in India (Updated List)
4. Fees & Charges – Zero Forex Markup Credit Cards in India
5. Benefits of Using Zero Forex Markup Credit Cards
6. How to Apply for a Zero Forex Markup Credit Card
7. Zero Forex Credit Cards vs Low Forex Credit Cards
8. How to Choose the Right Zero Forex Markup Credit Card
9. Who Should Use & Avoid Zero Forex Markup Credit Cards?
10. Hidden Costs to Watch Out For in Zero Forex Cards
11. Final Verdict: Are Zero Forex Markup Credit Cards Worth It?

What Is a Zero Forex Markup Credit Card?

A zero forex markup credit card is a credit card that does not charge the usual foreign currency conversion fee on international transactions. Typically, Indian cards levy a forex markup of 2%–3.5% + 18% GST on the markup, applied to the converted INR value of your spend.​

With credit cards with zero forex markup, this surcharge is waived. You pay only the base Visa/Mastercard/RuPay exchange rate, no additional bank margin, making these ideal for travel, online imports, or USD/EUR subscriptions.​

How Forex Markup Charges Impact Your International Spending

Forex markup sounds small, but it compounds quickly. Consider a ₹1,00,000 international spend:

• Forex markup @ 3.5% = ₹3,500
• GST @ 18% on markup = ₹630
• Total extra cost = ₹4,130

That's over 4% lost instantly, before rewards. For frequent travellers or digital workers paying in USD/EUR monthly, this leakage can exceed ₹25,000–₹50,000 annually on ₹7–14 lakh spends.​
A 0 forex markup credit card directly eliminates this hidden drain.​

Best Zero Forex Markup Credit Cards in India (Updated List)

Below are the best zero forex markup credit cards currently available in India, selected for acceptance, fee structure, and real-world usability.

1. Federal Bank Scapia Credit Card

The Federal Scapia Credit Card is a travel-focused, lifetime-free card designed primarily for international and app-based spending. It combines zero forex markup with a closed-loop reward system that works within the Scapia travel ecosystem.

Key Features & Benefits

• Lifetime free card with no joining or annual fee, keeping fixed costs at zero
• Zero forex markup on all international transactions, helping save 2–3.5% on overseas spends
• Earn 10% Scapia Coins (2% value-back at ₹0.20 per coin) on regular spends and 20% (4% value-back) on travel bookings via the Scapia app
• 5% Scapia Coins on UPI/RuPay spends above ₹500, redeemable for flights, hotels, and buses without a redemption cap
• Unlimited domestic lounge access at 60+ airports on ₹10,000 (Visa) or ₹15,000 (RuPay) monthly spend, plus airport shop/spa cashback up to ₹1,000
• Fuel surcharge waiver up to ₹250 per month, 24×7 concierge support, travel insurance, and no-cost EMIs on Scapia bookings

2. IDFC FIRST WOW Credit Card

The IDFC FIRST WOW Credit Card is a secured, FD-backed credit card with zero forex markup, aimed at users without income proof or prior credit history.

Key Features & Benefits

• A lifetime-free secured card backed by a minimum ₹20,000 fixed deposit, making eligibility simple for students and travellers
• Zero forex markup on international transactions across currencies like USD, EUR, and GBP
• Earn 4 reward points per ₹150 spent, with points valid on insurance and utility payments (fuel, EMI, and cash excluded)
• ATM cash withdrawals allowed with up to 45 days of interest-free period (₹199 + GST per transaction); 100% FD value withdrawable
• Global acceptance across international merchants and ATMs; the credit limit can be increased by adding an FD
• App-based paperless onboarding with access to partner discounts and offers

3. ixigo AU Credit Card

The ixigo AU Credit Card is designed for users who frequently book flights, trains, and hotels through ixigo, offering zero forex markup along with travel-linked rewards.

Key Features & Benefits

• A lifetime-free credit card with zero forex markup on eligible international transactions
• Earn 10 reward points per ₹200 on online spends and 4X rewards on train bookings, redeemable via partner platforms
• Interest-free credit period of up to 48 days, along with XpressEMI facility for large purchases
• Access to 16 domestic and railway lounges and 1 international lounge annually
• Fuel surcharge waiver of 1% up to ₹250 per month on ₹400–₹5,000 transactions
• No returned payment fee beyond ₹500, making it suitable for frequent rail and flight travellers

4. Niyo Global DCB Credit Card

The Niyo Global DCB Credit Card is designed for international travellers who prefer Diners Club acceptance and want transparent foreign spending without forex markup.

Key Features & Benefits

• Zero forex markup on international and online transactions
• FD-backed structure starting from ₹5,000, allowing easier approval
• Earn 1–3% value-back along with 10% Niyo Coins, redeemable for travel and lifestyle benefits
• Complimentary international lounge access once per quarter, based on spend criteria
• Supports global ATM withdrawals with real-time transaction tracking via the Niyo app
• Helps users build a credit history while managing overseas expenses

5. Niyo Global SBM Credit Card

The Niyo Global SBM Credit Card offers a Visa-based zero forex alternative, providing broader international acceptance compared to Diners Club variants.

Key Features & Benefits

• Zero forex markup on international transactions, helping save up to 5% on overseas spends
• Earn 10% Niyo Coins as reward points on eligible transactions
• Complimentary international lounge access once per quarter on meeting spend thresholds
• Free international ATM withdrawals under applicable conditions
• FD-backed eligibility starting from ₹5,000, suitable for students and professionals
• Seamless global payments across Visa merchants with no additional forex charges

6. RBL Bank World Safari Credit Card

The RBL World Safari Credit Card is a premium travel-oriented card offering zero forex markup along with international travel benefits.

Key Features & Benefits

• Zero forex markup on international transactions
• Annual fee of ₹3,000, with a MakeMyTrip welcome voucher of ₹3,000
• Earn 2 travel points per ₹100 on regular spends and 5 points per ₹100 on travel bookings
• Priority Pass access with 2 complimentary international lounge visits per year and an additional visit on ₹50,000 quarterly spend
• Travel insurance covering baggage loss and delays, along with concierge and golf benefits
• Fuel surcharge waiver on transactions between ₹500 and ₹4,000

7. IDFC FIRST Mayura Credit Card

The IDFC FIRST Mayura Credit Card is a premium credit card combining zero forex markup with enhanced rewards and lifestyle privileges.

Key Features & Benefits

• Zero forex markup with up to 45 days interest-free period on global ATM withdrawals (₹199 + GST per withdrawal)
• Annual fee of ₹5,999 with accelerated rewards on higher monthly spending
• Earn up to 10X reward points on spends above ₹20,000 per month, with higher multipliers on select categories
• Access to 4 international and 4 domestic lounges per quarter
• Premium metal card design, along with dining, golf, and travel insurance benefits

8. Axis Bank Burgundy Private Credit Card

The Axis Bank Burgundy Private Credit Card is an ultra-premium offering available primarily to Burgundy Private clients, designed for high-value international spenders.

Key Features & Benefits

• Zero forex markup with no cash withdrawal, interest, or over-limit fees until the due date
• Available via invitation for Burgundy Private clients; otherwise carries a high annual fee
• Earn 15 EDGE reward points per ₹200 spent, with unlimited domestic and international lounge access including guest entry
• Fuel surcharge waiver of 1% up to ₹400 per month on ₹400–₹4,000 transactions
• Air accident insurance cover of ₹4.5 crore, along with concierge and purchase protection
• Flexible credit limit enhancements for large travel and international expenses

Fees & Charges – Zero Forex Markup Credit Cards in India

Cards	Annual Fee	Key Charges
Federal Scapia Credit Card	₹0	International ATM: 2.5% or ₹500 (whichever higher, per network)
IDFC FIRST WOW! Card	₹0 (FD-backed)	ATM cash withdrawal fee of ₹199 + GST per transaction
ixigo AU Credit Card	₹0	ATM: 2.5% or ₹500 min (per AU schedule)
Niyo Global DCB Card	₹0 (FD-backed)	International ATM: ₹149-₹425 + GST (first 1-3 free/quarter, varies by variant)
Niyo Global SBM Card	₹0 (FD-backed)	Free international ATM withdrawals ₹20k/month (conditions apply)
RBL World Safari Card	₹3,000 (+GST)	International ATM: 2.5% or ₹500 as per RBL Bank
IDFC FIRST Mayura Card	₹5,999 (+GST)	ATM cash withdrawal: ₹199 + GST per transaction
Axis Bank Burgundy Private Card	Invite-only	No cash withdrawal charges till due date

Note: All cards listed above are zero forex markup credit cards.

Curious how zero forex cards rank among other popular cards? Check the Best Credit Cards in India for a broader comparison across spending categories.

Benefits of Using Zero Forex Markup Credit Cards

Using a zero forex markup credit card offers clear financial advantages for users with regular international spends, improving cost control and billing transparency.
Below are the key benefits of using zero forex markup credit cards.

1. Direct Cost Savings
Zero forex cards eliminate the usual 2%–3.5% forex markup charged by regular credit cards. On ₹3 lakh of annual foreign spending, this alone can save ₹9,000–₹12,000, making the benefit immediate and measurable.

2. Transparent Billing
With no markup layer, transactions are billed at the Visa or Mastercard network exchange rate, which is publicly available. This removes confusion around inflated final amounts and makes it easier to verify charges on your statement.

3. Better Budgeting
Predictable conversion rates help travellers, freelancers, and remote workers plan expenses accurately. When costs don't fluctuate due to hidden fees, managing monthly budgets and reimbursements becomes far more reliable.

4. Rewards Without Leakage
Most regular cards give 1%–2% rewards, which often get neutralised by forex fees. Zero forex markup credit cards ensure the rewards earned on international spends translate into real net savings, not offset costs.

How to Apply for a Zero Forex Markup Credit Card

Application steps vary by card type:

1. Check Eligibility: Income-based cards require a stable income; FD-backed cards don't. Income-based (e.g., Scapia: ₹5L+ salary, 21–65 years); FD-backed (IDFC WOW!: ₹5,000–₹20,000 min FD, no income proof; Niyo: ₹5,000 FD).

2. Apply Online: Most issuers offer fully digital onboarding with instant approvals.

3. Complete KYC: Aadhaar/PAN/video KYC; virtual card often instant post-approval (physical in 2–7 days).

4. Activate International Usage: Enable international transactions via app or customer care.

Tip: For first-time users, FD-backed zero forex cards reduce rejection risk.

Zero Forex Credit Cards vs Low Forex Credit Cards

Below is a comparison table showing the cost and usage differences between zero forex and low forex credit cards.

Feature	Zero Forex Cards	Low Forex Cards
Forex Markup Fee	0%	1%–1.5% + 18% GST
Cost on ₹1L Spend	₹0 extra	₹1,180–₹1,770
Best Use Case	Frequent (>₹2L/year)	Occasional (<₹1L/year)
Reward Value Impact	No loss (100% retained)	Partial loss (50–70%)
Charge Transparency	High (100% clear)	Moderate (~70% clear)
Availability	Limited (~10+ cards)	Widely available (100+ cards)
Annual Fee Justification	Easier (3–4% savings)	Usage-dependent (1–2%)
Overall Cost Efficiency	High (4%+ edge)	Medium (2% edge)

Takeaway: If your annual foreign spends cross ₹2 lakh, zero forex cards clearly outperform low forex cards in cost efficiency.

How to Choose the Right Zero Forex Markup Credit Card

1. Check Your International Spend Level
Estimate how much you spend in foreign currency each year. If it is above ₹2 lakh, a zero forex markup credit card delivers clear savings. For lower spends, a lifetime-free option works better.

2. Choose the Right Card Network
Visa and Mastercard offer the widest international acceptance. Diners Club cards may offer travel perks, but can face acceptance issues at smaller overseas merchants.

3. Match Annual Fee with Expected Savings
Compare the card's annual fee with how much you will save on forex charges. A card is worth it only if annual savings exceed the fixed cost.

4. Consider Approval Ease and Eligibility
If you lack income proof or a credit history, FD-backed zero forex cards are easier to get. Premium cards require a higher income but offer better perks.

Who Should Use & Avoid Zero Forex Markup Credit Cards?

Who Should Use

• Individuals who spend regularly in foreign currency, such as international travellers, freelancers working with overseas clients, students studying abroad, or users paying for global subscriptions like software tools and cloud services. For monthly foreign spends of ₹20,000–₹30,000, annual savings can easily reach ₹10,000–₹15,000 by avoiding forex charges.
   
• Users who prefer credit cards over prepaid forex cards for international spending. Zero forex markup credit cards offer interest-free periods, stronger fraud protection, easier chargebacks, and consolidated monthly statements, making them more flexible for recurring overseas expenses.

Who Should Avoid

• Users with very limited or one-time international spending, such as an occasional flight booking or hotel reservation. In such cases, a low-forex or regular credit card may be sufficient without locking into a specific zero forex card.
   
• Users who depend heavily on international ATM cash withdrawals or already use prepaid forex cards extensively. Zero forex markup applies only to card transactions, and ATM fees or existing forex solutions may reduce the incremental benefit.

Hidden Costs to Watch Out For in Zero Forex Cards

Even with zero markup, watch for:

• Dynamic Currency Conversion (DCC) at foreign terminals.
• ATM withdrawal fees for international cash usage.
• Annual fees on premium cards if benefits remain unused.

Final Verdict: Are Zero Forex Markup Credit Cards Worth It?

For anyone with meaningful international spends, zero forex markup credit cards are worth it. The savings are immediate, predictable, and often higher than reward earnings. Choosing the right card depends on usage frequency, eligibility, and acceptance, but the cost advantage is undeniable.

Also, want a zero forex option without income proof? Explore the Best Credit Card Against FD in India to see how FD-backed cards work and who they’re best suited for.

FAQs on Zero Forex Markup Credit Cards

1. What is a zero forex markup credit card?
It is a credit card that does not charge extra FX conversion fees (typically 3–3.5%) on international transactions.

2. Are zero forex markup credit cards available in India?
Yes, several banks now offer zero forex markup credit cards in India, including Federal Bank, IDFC FIRST, RBL, AU, and Axis Bank.

3. Is a 0 forex markup credit card better than low forex cards?
For frequent international spends, yes. Zero markup saves ₹3,000–₹4,000 per ₹1 lakh spent compared to low-forex cards.

4. Do zero forex cards offer rewards?
Most do, but reward rates vary. The key benefit is fee savings rather than high reward acceleration.

5. Can students get zero forex markup credit cards?
Yes. FD-backed options like IDFC FIRST WOW! allow students and first-time users to access zero forex benefits.

6. Do zero forex cards work internationally everywhere?
Acceptance depends on the network (Visa, Mastercard, DCB). Visa-based cards generally offer the widest global acceptance.