Your pick for Forex transactions

[tdot]

Im looking at 10-15 lacs annual Foreign currency transactions and can use credit card to ay for these trx.
Im wondering which card gives me the best value in terms of returns. I looked at Axis Reserve and Amex plat.
I know Citi prestige was great value but its future is unknown and I may not be apply for this card anymore.

What else could i be looking at ? tia

 

[tdot]

After considering everything, in my particular use case Axis Samsung infinite card works very well for FX transactions with 2x points and approx 6k joining fees which gives another 30k ER.

I agree with common sentiment on the thread that Axis reserve is prolly the best but given the hefty fees I side with Samsung card as my requirement is mainly extra reward points albeit more FX fee of 3.5% vs 1.5% for Reserve.

 

[Wealth is my birth right!]

After considering everything, in my particular use case Axis Samsung infinite card works very well for FX transactions with 2x points and approx 6k joining fees which gives another 30k ER.

I agree with common sentiment on the thread that Axis reserve is prolly the best but given the hefty fees I side with Samsung card as my requirement is mainly extra reward points albeit more FX fee of 3.5% vs 1.5% for Reserve.

On top of it the high reward partnership of 1mg and bb is added bonus

 

[CC_Fire]

I am suprise people suggesting amex and all.
You need to serious look at OneCard, which charges 1% forex Markup or FD back IDFC wow card with 0% forex markup or Rbl Safari card which is 0% forex markup.

Amex Platcharge benefit is a bit complicated. They give 3x reward points (so 7.5%) on Fx transactions but by levy 3% Surcharge which is quite a lot. So assuming you spend 1000 in USD, you will get 75 points (vs 25 normally). But you are going to pay 1040-1050.

So you essentially are paying 1rs for each extra MR. Not great in my opinion since very few redemption options help you make more than 1Rs per MR

 

[anirbanm]

Amex Platcharge benefit is a bit complicated. They give 3x reward points (so 7.5%) on Fx transactions but by levy 3% Surcharge which is quite a lot. So assuming you spend 1000 in USD, you will get 75 points (vs 25 normally). But you are going to pay 1040-1050.

So you essentially are paying 1rs for each extra MR. Not great in my opinion since very few redemption options help you make more than 1Rs per MR

Wrong calculation as points are 2.5% or whatever on INR value of transaction not USD

 

[CC_Fire]

Wrong calculation as points are 2.5% or whatever on INR value of transaction not USD

I meant 1000Rs in USD, maybe it wasn't clear. Thats how you pay 1040-1050 instead of 1000.

 

[EINSTEIN]

No

Care to elaborate? Or maybe someone with a foreign card can do a comparison

 

[anirban.choudhuryanirban.choudhury is verified member.]

Just a suggestion
If you have such annual foreign transactions, wouldn’t having a different country’s credit card be the best?

True for someone having such high forex spend 10-15 lakhs every year , it’s advisable to take a card on that nation or use a 0 forex card .
Reserve definitely gives 2x on international spend but the reward can only be taken in form of airmiles or vouchers , someone not into airmiles that’s like paying 39000 on a forex transaction of 15 lakhs. But someone who is into Airmiles that 39000 extra money can get him 2,25000 ER that’s 1,80000 air miles

 

[Ravi007]

Just to Reconfirm :

Value of FX transactions are getting counted on milestone benefits ( 1 lac in months ) for axis magnus ?

 

[CVR]

Just to Reconfirm :

Value of FX transactions are getting counted on milestone benefits ( 1 lac in months ) for axis magnus ?

yes.. it is very clear only wallet and rent not counted, everything else is counted for milestone including insurance, utility etc..

 

[DrTS]

Quick question- If we buy stuff online from say amazon US or bestbuy using SBI cashback and ship it to US local address, do we get 5% back ? Coz if we do, then doesnt it more or less gives the forex markup fees back in cashback making it free ? Or am I miscalculating ?

 

[Wealth is my birth right!]

Quick question- If we buy stuff online from say amazon US or bestbuy using SBI cashback and ship it to US local address, do we get 5% back ? Coz if we do, then doesnt it more or less gives the forex markup fees back in cashback making it free ? Or am I miscalculating ?

U r right
But important fact cross currency conversion rate fluctuations which we won’t know until bill settled on 3rd day post that only we can certainly know the profit figures