Zero Forex Markup Credit Card in India: What It Saves and What It Doesn’t

Quick answer

Among the cards on GrabDeals, only the Federal Bank Scapia card lists a 0% forex mark-up (with Nil joining and annual fee, as per its Key Fact Sheet read on 12 Nov 2026). BOBCARD Etihad Guest lists 1% and adds international lounge visits for a ₹2,500 + GST fee. Tata Neu Infinity HDFC lists 2%. On ₹1,00,000 spent abroad, that is ₹0 vs ₹1,000 vs ₹2,000 in mark-up, before GST. Approval and terms are decided by the bank; this is information, not financial advice.

What a forex mark-up actually costs you

When you pay in dollars, euros or dirhams, the card network converts the amount to rupees and your bank then adds its mark-up on top. HDFC Bank’s MITC, for example, lists 3.5% on several of its own cards (such as Regalia First and PhonePe HDFC Bank Ultimo) and 2% on Infinia, while its Tata Neu Infinity FAQ lists 2%. Federal Bank’s KFS adds that GST applies on all fees and charges. So the same ₹1,00,000 trip can cost very different amounts depending on the card in your wallet.

These are simple percentages of the spend, before GST on the fee. The exchange rate itself is set by the network on the settlement date (HDFC Bank’s MITC says this too), so even a 0% card won’t match the rate you see on Google exactly.

Forex mark-up compared: Scapia, BOBCARD Etihad and Tata Neu Infinity

Our other listed cards, Tata Neu Plus HDFC and YES BANK POP-CLUB, don’t show a mark-up figure on the card pages we read, so we have left them out of this comparison rather than guess.

Federal Bank Scapia: the only 0% card on our list

Federal Bank’s Key Fact Sheet (version 11, dated 30 Apr 2026) lists Foreign Currency Mark-up: 0% (Nil), Joining Fees: Nil and Annual Membership Fees: Nil. Scapia’s homepage repeats “Zero forex markup on all spends abroad” and notes that its Smartforex feature works only with the Visa card. You get two cards on one limit, a Visa and a RuPay, so carry the Visa card for overseas payments.

Rewards and the fine print

Scapia’s card explainer lists 10% Scapia Coins on eligible Visa spends, 5% on eligible RuPay/UPI spends of ₹500 or more, and 20% on bookings made in the Scapia app, at a fixed 5 coins = ₹1. That same page lists “Forex transactions” among spends that earn no coins, so don’t count on rewards from your overseas swipes. Check the app for how a given foreign spend is treated.

The zero mark-up doesn’t make everything free. The KFS lists a cash advance fee of 2.5% of the amount or ₹500, whichever is higher, and interest of 45% a year (3.75% a month) on revolving credit and cash. Pay with the card abroad, and avoid ATM withdrawals on it. Read our full Scapia credit card review for the rest. Apply Now

BOBCARD Etihad Guest: 1% mark-up with lounges abroad

BOBCARD’s product page lists a 1% forex mark-up and a joining and annual fee of ₹2,500 + GST, charged at issuance and non-refundable. The annual fee is waived on spends of ₹3,00,000 or more in each card anniversary year. Age eligibility on the page is 21–60 years, for Indian residents, salaried or self-employed.

What you get for the fee: 4 international (1 per quarter) and 8 domestic (2 per quarter) lounge visits a year, 3 Etihad Guest Miles per ₹100 on Etihad Airways and 1 Mile per ₹100 on other domestic and cross-border spends. The page also lists 7,500 bonus Miles as a welcome benefit: 5,000 on ₹25,000 spend in the first 65 days with the joining fee paid, plus 2,500 on cumulative spends of ₹50,000. Miles are redeemable only on the Etihad platform.

At 1%, a ₹1,00,000 trip costs ₹1,000 in mark-up. Whether the fee pays off depends on how much you value the lounges and Miles, not on the mark-up alone. Apply Now

Tata Neu Infinity HDFC: 2% mark-up, useful if you already use Tata Neu

HDFC Bank’s Tata Neu Infinity FAQ says the card has a 2% FCY mark-up on any transaction made outside India. The joining/renewal fee is ₹1,499 + applicable taxes, and the renewal fee is waived on ₹3,00,000 or more spend in a year before the renewal date. The welcome benefit is 1,499 NeuCoins on your first transaction within 30 days of issuance.

For travel, the card lists 4 complimentary international lounge visits a year (1 per quarter) outside India. On the Visa variant, Priority Pass has been issued only on request since 1 June 2025. Eligibility on the bank page: salaried, age 21–60 with ₹1,00,000 monthly income; self-employed, age 21–65 with annual ITR above ₹12,00,000.

The 2% mark-up makes it a weaker pick purely for spending abroad. It makes sense if Tata Neu rewards are your main reason and foreign trips are occasional. Our Tata Neu Plus vs Infinity guide covers the shopping side. Apply Now

Pay in local currency, not rupees

Abroad, card machines and hotel desks often offer to charge you in rupees. This is called dynamic currency conversion (DCC), and the merchant’s rate decides what you pay. It doesn’t always save your bank’s fee either. HDFC Bank’s MITC (November 2026 version) lists a 1.75% DCC mark-up, effective May 2026, on transactions carried out in Indian rupees at an international location or at merchants located in India but registered overseas.

So the simple rule: when the terminal asks, choose the local currency. The same applies online. Some foreign apps and websites bill in rupees but are registered abroad, and your bank can still treat them as international transactions. Check your card’s MITC for how it treats these.

Zero mark-up isn’t the same as zero cost

• Cash withdrawals. Credit card cash is expensive on every card. Scapia’s KFS lists 2.5% or ₹500, whichever is higher, with interest from the day you withdraw.
• Interest. If you don’t pay the full bill, the interest wipes out any mark-up saving. Scapia’s KFS lists 45% a year.
• Annual fees. A 1% card with a ₹2,500 + GST fee only beats a 2% card if you spend enough abroad, or use the lounges and Miles, or get the fee waived.
• International use switched off. HDFC Bank lets you turn international transactions on or off in its app, MyCards or PayZapp. Enable them before you fly so your first payment doesn’t fail.

Which card fits which traveller

• You travel abroad once or twice a year and hate annual fees. Scapia, with 0% mark-up and Nil fees on its KFS. Read our lifetime free credit card guide to see what “free” covers.
• You fly international often and use lounges. BOBCARD Etihad Guest, with 1% mark-up and 4 international visits a year, if the ₹2,500 + GST fee or the ₹3,00,000 waiver works for you.
• You already shop heavily on Tata Neu. Tata Neu Infinity, accepting 2% on foreign spends.
• You buy from foreign websites a lot. Mark-up applies there too, so a low mark-up card helps even if you never leave India.

Plan the trip side as well: compare fares on our flight search, read the best time to book flights guide, and check cabin baggage rules for connecting legs.

Approval, credit limit, the variant you get and all terms are decided only by the issuing bank, and banks can change fees and mark-ups. This guide is information, not a recommendation to take any card. Pay your statement in full by the due date.

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