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Beat Forex Fees: Best Credit Cards that offset mark-up fee with Rewards

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The first post in this thread is a WikiPost, and can be edited by anyone with the appropriate permissions.
bing1309 said:
Every month one card under rewards section for enabling 0 forex which ideally is sometimes valid for 30 days or 60days but every month the 0 forex option comes. You have to enable it but it becomes habit no issues in this part.

3x and 5x is totally how you spend and it's not interlinked just with forex but anyspend no restrictions and it's always open how you spend, just spending on shoping and dinning once unlocks 3 and 5x one time and multiple spends keeps on using points.

7x comes comes under reward categories like 0forex option to enable and it's not like everytime it comes but this is something we have to see before spending once unlocked or active with 3 and 5 all 3x comes separate 5x comes separate 7x comes separate as there respective rewards and 0 forex comes with it's reward points hence this is something that takes out the competition but yes 3x and 5x is also sufficient to take most of the cards out of competition and 7x takes out every card out of competition. And 7x has a cap upto 7lakhs spends

Ideally it's best to keep visa card than rupay as rupay is useless in international spends and visa is open to spend. underestimating onecard is big loss of users who dont have or not able to understand how it goes.
Click to expand...
No forex offer for one card this month. Needed to do one for a friend. Any idea when it goes live?
 
Apply For LTF AU LIT Credit Card
ICICI Emerald Metal also forex is 2.36% including GST and rewards 3% and 3.7% if milestone is met so net gain of atleast .5%
 
What about Axis Atlas. I am pasting below sth from a redditt post-i cant take any credit for this. This shows a high reward rate but hasnt subtracted the forex conversion charge of 4.13% but even with that it appears decent. Is there sth wrong with the calculation?
Screenshot 2024-11-13 at 21.07.35.webp
 
rudraksh2005 said:
What about Axis Atlas. I am pasting below sth from a redditt post-i cant take any credit for this. This shows a high reward rate but hasnt subtracted the forex conversion charge of 4.13% but even with that it appears decent. Is there sth wrong with the calculation?
Click to expand...

Atlas and Regalia Gold are 5%+ based on this, so lowest you can get 0.87% but highest it depends on redemption. Will put a note on this thread.
 
@helloworld Also would appreciate your thoughts on Amex Platinum Charge card (Yes i know fees are 71K)- they offer 3x MR points on all forex transactions with the usual 4.13% markup.
If you dont mind will also ask for a credit card recco +/- bank account recco.
My current cards- Axis Atlas/Rewards/Aitel
Amazon Icici/SBI Cashback
IDFC Wealth
HDFC Tata Neu
Also been issued the Amex Platinum Charge card(havent activated it yet)-still working out if its worth it.
I am banking with Canara Bank(absolutely zero benefits) with >20L balance-more than happy to switch account for better benefits/cards.

Annual ITR > 1cr
Expected forex spends -35L (18 L college fees+ 9 L acco fees= 10 L largely as POS)
Amazon 1 L
Grocery 80k
Others 3 K
Car maintenance 110000
Insurance 200k
Swiggy etc 100k
Dining 35k
School fees 550k
Others 5L
Advance Tax >10 L
 
rudraksh2005 said:
@helloworld Also would appreciate your thoughts on Amex Platinum Charge card (Yes i know fees are 71K)- they offer 3x MR points on all forex transactions with the usual 4.13% markup.
If you dont mind will also ask for a credit card recco +/- bank account recco.
My current cards- Axis Atlas/Rewards/Aitel
Amazon Icici/SBI Cashback
IDFC Wealth
HDFC Tata Neu
Also been issued the Amex Platinum Charge card(havent activated it yet)-still working out if its worth it.
I am banking with Canara Bank(absolutely zero benefits) with >20L balance-more than happy to switch account for better benefits/cards.

Annual ITR > 1cr
Click to expand...
TBH, you're in a position to get any card you want, any account you want. Some suggestions..

rudraksh2005 said:
Expected forex spends -35L (18L college fees+ 9L acco fees + 10L largely as POS)
Amazon 1L
Grocery 80k
Car maintenance 1.1L
Insurance 2L
Swiggy etc 1L
Dining 35k
School fees 5.5L
Others 5L
Advance Tax >10 L
Click to expand...

Amzn, Grocery, Others, Car maintenance, Swiggy, Dining, School Fees, part of forex spends:

Magnus for Burgundy (only to transfer to partners):

< 1.5L in a month: 12 RP / 200.
> 1.5L in a month (incremental): 35 RP / 200.
Travel Edge (<2L in a month): 60 RP / 200.

Transfer to miles/hotels at 5:4.

Part of Advance Tax:

HDFC Biz Black

Insurance, part of forex spends, part of advance tax:

Perferred Olympus once available to everyone but too much in Axis will be complicated, so for now, Platinum Charge. But,

(if we value each MR as low as 0.50p, and 3x means 3.75% and taking 4.13% means we're loosing value, that means we need to get 1 MR > 0.60p whatever way we can redeem).

Other cards and accounts for you:

HSBC Premier (Eligible with current ITR)
Axis Burgundy Private (Required 5Cr.)
 
rudraksh2005 said:
@helloworld Also would appreciate your thoughts on Amex Platinum Charge card (Yes i know fees are 71K)- they offer 3x MR points on all forex transactions with the usual 4.13% markup.
If you dont mind will also ask for a credit card recco +/- bank account recco.
My current cards- Axis Atlas/Rewards/Aitel
Amazon Icici/SBI Cashback
IDFC Wealth
HDFC Tata Neu
Also been issued the Amex Platinum Charge card(havent activated it yet)-still working out if its worth it.
I am banking with Canara Bank(absolutely zero benefits) with >20L balance-more than happy to switch account for better benefits/cards.

Annual ITR > 1cr
Expected forex spends -35L (18 L college fees+ 9 L acco fees= 10 L largely as POS)
Amazon 1 L
Grocery 80k
Others 3 K
Car maintenance 110000
Insurance 200k
Swiggy etc 100k
Dining 35k
School fees 550k
Others 5L
Advance Tax >10 L
Click to expand...
Unless you are social media influencer who can rake in thousands of MR points via referral, Amex Plat charge is of no use. Or unless you spends in excess of 20-30L in one go, where no cap credit limit is required. There are better cards around. helloworld has already given some suggestions
 
helloworld said:
TBH, you're in a position to get any card you want, any account you want. Some suggestions..



Amzn, Grocery, Others, Car maintenance, Swiggy, Dining, School Fees, part of forex spends:

Magnus for Burgundy (only to transfer to partners):

< 1.5L in a month: 12 RP / 200.
> 1.5L in a month (incremental): 35 RP / 200.
Travel Edge (<2L in a month): 60 RP / 200.

Transfer to miles/hotels at 5:4.

Part of Advance Tax:

HDFC Biz Black

Insurance, part of forex spends, part of advance tax:

Perferred Olympus once available to everyone but too much in Axis will be complicated, so for now, Platinum Charge. But,

(if we value each MR as low as 0.50p, and 3x means 3.75% and taking 4.13% means we're loosing value, that means we need to get 1 MR > 0.60p whatever way we can redeem).

Other cards and accounts for you:

HSBC Premier (Eligible with current ITR)
Axis Burgundy Private (Required 5Cr.)
Click to expand...
Thank you so much- the detailed reply is much appreciated.
Two further questions:
How does one go about getting the HDFC Biz Black?
Is the Amex trifecta worth taking?
Thanks again
 
rudraksh2005 said:
Thank you so much- the detailed reply is much appreciated.
Two further questions:
How does one go about getting the HDFC Biz Black?
Click to expand...

Can be applied with branch people help! easy to get for business income.

rudraksh2005 said:
Is the Amex trifecta worth taking?

Thanks again
Click to expand...

for you sir, tbh this is not recommended.

See, AMEX trifecta is all about spending monthly (constantly and every month)

Travel: 4L
MRCC: 2.4L
Gold: 3-4L (especially 80% of it should be for vouchers)

So, it comes around 10L annual spends and need constant monthly spends like only 20K with MRCC, 4L annually with Travel, 10-30k for gold monthly capping. It can be tiresome and takes time and effort.

IMO, better with Platinum Charge but do note the redemption value. But if you're ok then yes trifecta is very good infact best combo in AMEX. Just check monthly limits/cap which might break your flow.

Infact, Atlas 15L will provide more benefits if transferred in preferred partners.

Check this once for AMEX: https://www.technofino.in/community...ex-gold-vs-amex-travel-vs-amex-reserve.30606/
Atlas: https://www.technofino.in/community/threads/axis-atlas-vs-hdfc-regalia-gold-vs-axis-horizon.26500/
 
Many thanks once more for your detailed replies-this community is awesome!!
I am currently strongly considering a move to HSBC premier banking with the HSBC premier credit card. I already have a premier account with them from overseas-hopefully should work out.
 
@helloworld Is there any list of banks with zero DCC for foreign Transactions in INR? Can you point to any thread if u know?

I know sbi doesn't charge anything. And yes, hdfc, axis, idfc, au, icici has charges.

Any idea on bob, sc, kotak, indian and hsbc banks?
 
helloworld said:
sc and hsbc is 0.
kotak 1%
Click to expand...
What is source for kotak?

I saw below thread claiming no DCC on kotak Myntra. Is this a more recent update?

sarcasm99

Thread 'Dcc and markup charges on international transactions through credit card'

Last week I had confusion regarding the banks charging DCC markup on international transactions while paying through credit cards
So just wanted to let you know that 2 banks I have tried didn't charge any DCC charges
1. Kotak Myntra credit card
2. Standard chartered smart pay credit card
Where as axis charges 1.18% charges
  • Like

Also, for sc, I see below comment in mitc. Not sure if it means charges to the merchant or card holder.

Please Note: Transactions at merchant establishments that are registered overseas, even if the merchant is located in India attract a charge of 1% from Visa/ MasterCard which is included as a part of the transaction amount in your
statement.

No experience on bob eterna?
 
helloworld said:
IMO, when it comes to credit cards, >0% rewards is always better than 0%, especially when dealing with mark-up fees (foreign transaction fee)! :light-bulb:

I wanted to share some tips for those of you who frequently travel or make purchases from international websites. You might already know that many credit cards charge a foreign transaction fee (usually 4.13%) whenever you buy something in a different currency. Unfortunately, these fees can eat into any rewards or cashback you’re hoping to earn. :crying-face:

There are credit cards that still provide positive rewards even after these fees, meaning you can earn more than what you pay in fees.

# How it works?
Sample:

helloworld

Post in thread 'Credit card suggestion for international Payment'

1. Convert that USD to INR (usually consider settlement date conversion rate).

440 USD = 35928 Rs. (assuming 1 USD = 81.65 Rs.)

+

2. Add markup fee and corresponding GST

(amount × markup fee of that card) + GST

35928 x 3.5% = 1257.48 + 18% GST = 1483.83 (4.13%)

3. Amount you're paying overall in INR.

~ 37422 Rs. you're paying.


SBI Cashback mostly will give 5% unless that certification site report as Utility in that case 1%.

Note: Same process for both Credit and Debit Cards, and not all Credit and Debit cards charge 4.13%. There are cards with 0% markup-fee.
  • Like

# How to choose >0% Card Rewarding After Forex Fees?

  • High Reward Rates: Credit cards should provide higher reward rates than they charge as mark-up fee.
  • Forex Mark-up Waiver: Some cards reduce mark-up fee from 2% to 0%.

# Credit Cards Offering Positive Rewards After Forex Fees:
Note: Below reward rate is minimum value that you can obtain with that card, more definitely possible if transferred for Miles (2x more value) or depends on redemption.

Credit CardReward Rate on International PurchaseForex Mark-up Fee (incl. GST)Net Return
BOB Eterna3.75% (Cashback)2.36%1.39%
YES Reserv6% (Flights/Hotels) w/3x subscription
3% (Flights/Hotels) w/out subscription		2.07%3.93% // 0.93%
YES Marquee4.5% (Flights/Hotels)1.18%3.32%
AU Zenith+2% (Voucher/Flights/Hotels)1.18%0.82%
AU Zenith2.5% (Voucher/Flights/Hotels)2.36%0.14%
StanC Ultimate3.33% (Marriott/ITC Vouchers)2.36%0.97%
HDFC Infinia / DCB Metal3.33% (Flights/Hotels) w/out subscription
4.33% (Flights/Hotels) w/GVP subscription		2.36%0.97% // 1.97%
HDFC Swiggy (Online Only)5% (Cashback)4.13%0.87%
SBI Cashback (Online Only)5% (Cashback)4.13%0.87%
IDFC Wow0.67% (Vouchers)0%0.67%
IDFC Ashva1.25% (Vouchers) on 40k spends1.18%0.07%
IDFC Mayura1.25% (Vouchers) on 40k spends0%1.25%
AMEX Platinum Travel5.43% (Vouchers) on 4L spends4.13%1.3%
AXIS Atlas*5%+ (Flights/Hotels) on 5L spends4.13%0.87%+
HDFC Regalia Gold5%+ (Flights/Hotels) on 5L spends2.36%2.67%+
AU Ixigo0.6% (Offline) / 1.2% (Online)0%0.6% (Offline) / 1.2% (Online)

Special Mentions (due to complicated factors, unavailability listed them below - consider after thorough check):
- AXIS Magnus for Burgundy: 4.8% (Miles) and 2.36% (Mark-up Fee) = 2.44%
- AXIS Olympus: 8% (Miles) and 4.13% (Mark-up Fee) = 3.87%

AXIS Atlas will have high value depends on miles/hotel transfer options, above is lowest value.

* Additional Info:
- YES Reserv vs Marquee reward rate: https://www.technofino.in/community/threads/yes-marquee-vs-yes-reserv-3x-vs-yes-reserv-5x.24652/
- AMEX cards reward rate: https://www.technofino.in/community/threads/amex-mrcc-vs-gold-vs-travel-vs-reserve.30606/
- Atlas vs Regalia Gold reward rate: https://www.technofino.in/community/threads/atlas-vs-regalia-gold-vs-horizon.26500/

More value can be obtained with some milestone cards: https://www.technofino.in/community/threads/credit-cards-with-quarterly-annual-milestones.2491/

^All cards work for both Online and Offline (except the one specifically mentioned as Online only).

These are just a few options, but I’d love to hear what cards you all use for international purchases! Are there any other great cards that help you come out ahead even with forex fees?
Click to expand...
What about RBL World Safari CC which has 0 forex markup fee, can we include in this list?
Is it worth?
 
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Harry1 said:
What is source for kotak?

I saw below thread claiming no DCC on kotak Myntra. Is this a more recent update?

sarcasm99

Thread 'Dcc and markup charges on international transactions through credit card'

Last week I had confusion regarding the banks charging DCC markup on international transactions while paying through credit cards
So just wanted to let you know that 2 banks I have tried didn't charge any DCC charges
1. Kotak Myntra credit card
2. Standard chartered smart pay credit card
Where as axis charges 1.18% charges
  • Like

Also, for sc, I see below comment in mitc. Not sure if it means charges to the merchant or card holder.

Please Note: Transactions at merchant establishments that are registered overseas, even if the merchant is located in India attract a charge of 1% from Visa/ MasterCard which is included as a part of the transaction amount in your
statement.

No experience on bob eterna?
Click to expand...

sc = 1% (but they didn't charged me for some reason)
hsbc = 0%
Kotak = debit card they charged 1%
Bob = 0% for me like sbi psu banks.

no idea about indian.
 
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