Zero Forex + Reward Points = Net gain card for forex spends

[hritiksakshi]

As the title summarizes, i am looking for a card which i can utilize for my upcoming abroad trip.

i have DCB (with 2% markup - 1% GLOBAL VALUE + 3.33% REWARD RATE) but that's not acceptable at most places in europe. The NIYOX Equitas Debit card will be the go to backup option.

I am looking for a credit card which provides net positive reward rate for forex transactions (i.e. even if markup, it is compensated by reward rate)

I know of two such cards
1) HDFC Infinia - not able to get it
2) Axis Reserve - Fees are too high for me

Other options
1) IDFC WOW
2) SCAPIA - not eligible due to holding federal one card
3) RBL WORLD SAFARI

all three of them offer 0% forex but no rewards on forex transactions.

Is there any card which fulfills the criteria?

 

[vikasranaiit]

I will be going to UK for a year. I have the following cards - DCB, IDFC Wealth, Amex Plat Travel, Indus Legend, HDFC Tata Neu Infinity.
1. Which card shall be useful for online and offline transactions in UK?
2. Should I apply for IDFC WoW or any other credit card?
I will try to be spending the minimum in UK.

 

[a_tease]

Why not get a bookmyforex card via mmt and load it through your credit card ?

We’ll get 0 forex charges, plus points on the credit card that we will use to load

 

[drsel]

Why not get a bookmyforex card via mmt and load it through your credit card ?

We’ll get 0 forex charges, plus points on the credit card that we will use to load

Very bad idea, they will add 4.13% when you are loading the forex.
You will get points on the credit card and zero conversion fee at the time of payment in the foreign country.

 

[neel]

why arent we talking of au ixigo here?

what does idfc WOW have over it?

 

[sourpai]

I will be going to UK for a year. I have the following cards - DCB, IDFC Wealth, Amex Plat Travel, Indus Legend, HDFC Tata Neu Infinity.
1. Which card shall be useful for online and offline transactions in UK?
2. Should I apply for IDFC WoW or any other credit card?
I will try to be spending the minimum in UK.

Take IDFC Mayura for one year only. Close it after one year. It has zero forex charges and you can withdraw cash using it as well. It will be easy for you to get since you already hold IDFC wealth. But apply before tomorrow to get additional joining benefits

If you don't want this hassle, then IDFC Wow is better choice. DCB with GVP enabled would have worked, but acceptability issues may come in UK. RBL World safari is another option.

I would personally go with Mayura for your specific use case

 

[sourpai]

why arent we talking of au ixigo here?

what does idfc WOW have over it?

AU Ixigo is restrictive in terms of reward redemptions.. can be redeemed only on ixigo... also WoW can be used for cash withdrawals without any interest charges

 

[telescope]

AU Ixigo is restrictive in terms of reward redemptions.. can be redeemed only on ixigo... also WoW can be used for cash withdrawals without any interest charges

AU has mandatory office verification, and even after that they reject application.

Wow doesn't have interest charges but cash withdrawal charge is there. Which is quite significant.

 

[sourpai]

AU has mandatory office verification, and even after that they reject application.

Wow doesn't have interest charges but cash withdrawal charge is there. Which is quite significant.

It is 199+GST per withdrawal....but it happens at zero forex and you can pay back in next 50 days. Similar charges are there with all zero forex debits cards also

 

[telescope]

It is 199+GST per withdrawal....but it happens at zero forex and you can pay back in next 50 days. Similar charges are there with all zero forex debits cards also

Not all zero forex dcs. Indus exclusive has 0 withdrawal charges.

 

[sourpai]

Not all zero forex dcs. Indus exclusive has 0 withdrawal charges.

Yes, that seems to be an exception... If you have it, it will be best to use it instead of other cards

 

[drsel]

It is 199+GST per withdrawal....but it happens at zero forex and you can pay back in next 50 days. Similar charges are there with all zero forex debits cards also

There are 4 charges you got to consider
1) the foreign ATM machine withdrawal fee
2) the Indian card withdrawal fee
3) the interest on withdrawals which starts immediately
4) The forex markup fee

Are all these four charges nil ?
What will be the net profit?

 

[nrj1007]

I will be going to UK for a year. I have the following cards - DCB, IDFC Wealth, Amex Plat Travel, Indus Legend, HDFC Tata Neu Infinity.
1. Which card shall be useful for online and offline transactions in UK?
2. Should I apply for IDFC WoW or any other credit card?
I will try to be spending the minimum in UK.

Checkout Axis Olympus. But it's not yet available to everyone.

 

[sourpai]

There are 4 charges you got to consider
1) the foreign ATM machine withdrawal fee
2) the Indian card withdrawal fee
3) the interest on withdrawals which starts immediately
4) The forex markup fee

Are all these four charges nil ?
What will be the net profit?

For IDFC Wow / IDFC Mayura following apply

1) You have to use "ATM Fee saver" App to find nearby ATMs which do not charge any fees, airport ATM to be avoided
2) is 199+GST as I mentioned.
3) it is 0
4) it is 0

P.S: There is no concept of net profit for cash withdrawals. You have to focus on minimising the charges. Net profit applicable on merchant swipes only