Compare the issuer's foreign-currency markup—not just reward rates—before choosing a card for international spending. Zero markup can reduce one fee, but it does not remove every conversion or transaction cost.
Card markups vary by issuer, product and transaction type. For illustration, a 3.5% markup on ₹1 lakh is ₹3,500; if 18% GST applies to that fee, the total is ₹4,130. This is only a fee illustration, not a universal rate or trip-spend estimate. A zero-markup card can avoid the issuer markup where its terms apply, while network conversion, DCC and other fees may still affect the final cost.
What Forex Markup Is (and What It Isn't)
When you use an Indian card abroad, the transaction is converted to rupees under the applicable card-network and issuer process. The resulting rate may differ from an RBI reference or mid-market rate.
The issuer may add a foreign-currency markup; the rate is card-specific. GST may apply to fees and charges. The example below uses a 3.5% markup and 18% GST purely to show the arithmetic, not as a typical rate for all cards.
Applicable fees depend on the transaction and issuer schedule. A zero-markup benefit may remove the issuer's markup on eligible purchases, but it does not necessarily waive cash-advance fees, ATM-operator fees, DCC or other charges.
DCC: The Second Layer of Cost You Must Decline
Dynamic Currency Conversion (DCC) offers to charge you in INR using a merchant- or ATM-provided conversion rate. Review the displayed exchange rate, markup and total before accepting; this conversion is separate from your card's foreign-currency markup.
DCC may be offered at merchants or ATMs. The displayed INR total and disclosed conversion terms let you compare the offer with paying in local currency and allowing your card's normal conversion process.
If you do not want the merchant or ATM to perform DCC, select the local currency. Check your issuer's terms as well: zero forex markup does not apply to a separate DCC conversion.
How Much You Save at Different Spend Levels
| Intl Spend | Illustration: 3.5% + 18% GST | Illustration: 1% + 18% GST | Zero markup, where eligible | Saving vs Std |
|---|---|---|---|---|
| ₹25,000 | ₹1,032.50 | ₹295 | ₹0 | ₹1032.5 |
| ₹50,000 | ₹2,065 | ₹590 | ₹0 | ₹2065 |
| ₹1,00,000 | ₹4,130 | ₹1,180 | ₹0 | ₹4130 |
| ₹2,00,000 | ₹8,260 | ₹2,360 | ₹0 | ₹8260 |
| ₹5,00,000 | ₹20,650 | ₹5,900 | ₹0 | ₹20650 |
Zero and Low Forex Cards to Compare
Verified against official card T&Cs and MITC documents as of September 26, 2026.
#1 IDFC FIRST WOW
#2 Scapia Federal
IDFC FIRST WOW vs IDFC FIRST Select: Not the Same Card
WOW and Select are different IDFC FIRST products, and both current issuer pages advertise zero forex markup. WOW is fixed-deposit-backed; Select is a separate unsecured product with its own eligibility, earning and spend-conditioned lounge rules. Do not carry terms from one variant into the other.
Using Your Card at ATMs Abroad: What to Know
Even a zero-forex card can have costs at international ATMs. Cash advances may carry issuer fees and interest, and an ATM operator may charge separately; the amounts depend on the relevant fee schedules.
Costs vary by card and ATM. Check the issuer's current cash-advance fee, applicable GST and interest terms, plus any fee displayed by the foreign ATM operator. The zero-markup feature by itself does not establish the total withdrawal cost.
Before travel, confirm international usage is enabled and review your card's transaction limits and fee schedule. Keep a backup payment method; acceptance varies by merchant and location.
International Travel Card Checklist
Planning an International Trip? Do This First.
Compare current issuer terms, eligibility and card delivery timelines before travel. IDFC FIRST WOW and Federal Scapia list zero foreign-currency markup, subject to the applicable product terms. Keep a backup payment method.
Frequently Asked Questions
What is forex markup on a credit card?+
Which Indian credit card has truly zero forex markup?+
Is IDFC FIRST Select a zero forex card?+
What is DCC and should I always decline it?+
Does Scapia Federal credit card work everywhere internationally?+
Can I use my zero-forex card at ATMs abroad?+
How much do I save with a zero-forex card on a 15-day international trip?+
Is OneCard a zero-forex credit card?+
Product rules behind this comparison
Zero foreign-currency markup does not eliminate DCC, cash-withdrawal interest, ATM charges or a product's annual fee. Select local currency at checkout and separate domestic reward tables from overseas earn rules.
IDFC FIRST WOW — earning, costs and limits
4 Reward Points/₹200 on eligible online, offline and international spends; 1 point/₹200 on utilities, insurance, FASTag and railway spends. 1 point = ₹0.25; points expire after 24 months; redemption fee ₹99 + GST.
Annual fee before tax: ₹0. Lifetime free; FD-backed (minimum FD ₹20,000).
IDFC FIRST Select — earning, costs and limits
3 Reward Points/₹200 on eligible spends up to ₹20,000 per statement cycle; 10X on incremental spends above ₹20,000 and on birthday spends. Dining/travel/international may earn up to 10X; select categories earn 1X. 1 point = ₹0.25; points valid for 24 months.
Annual fee before tax: ₹0. Lifetime free.
Reward earning is tiered by monthly spend and category; 1 point is worth ₹0.25. A ₹99 + GST redemption fee applies. IDFC FIRST also advertises bonus points on eligible flight and hotel bookings through its app; check the live offer terms.
Calculation scope: Spend-threshold acceleration, transaction categories and redemption fees need a tier-aware portfolio model.
Scapia Credit Card — earning, costs and limits
Visa: 10% Coins (2% effective) · RuPay UPI ₹500+: 5% Coins (1% effective) · Scapia app: 20% Coins (4% effective) · 5 Coins = ₹1
Annual fee before tax: ₹0. Lifetime free.
Five Scapia Coins = ₹1 towards eligible app bookings, not cash. Coins normally expire after 36 months; account inactivity/closure can forfeit them. Booking and Coin redemption fees are excluded from these gross estimates; compare the checkout price with the same itinerary elsewhere.
Calculation scope: Federal issues both Visa and RuPay cards under the same account: eligible Visa everyday transactions earn 2% effective value, eligible RuPay transactions of ₹500+ earn 1%, and Scapia-app bookings use a separate 4% route. The calculator has no network or booking-channel input, so its single rate would misstate at least one route.
Uni YES Bank Credit Card — earning, costs and limits
YES BANK June 23, 2026 MITC lists the standard Uni variant with no joining fee, ₹499 annual fee and ₹50,000 preceding-12-month waiver. Uni RuPay Virtual is a separate zero-fee row. Uni now markets GoldX and digital-gold rewards; its general landing page does not establish the same reward table or redemption route for this standard YES BANK variant. The same MITC exempts Uni from issuer foreign-currency and dynamic-currency conversion charges; merchant conversion rates and ATM costs are separate. Eligible non-UPI fuel surcharge waiver is capped at ₹500 per statement cycle, for transactions up to ₹7,500; surcharge tax is not waived.
Annual fee before tax: ₹499. Joining fee: ₹0 before tax. Renewal fee waived at ₹50,000 retail spend in the preceding 12 months; lifetime-free RuPay variant is listed separately by YES Bank.
Calculation scope: The current standard Uni fee variant is matched to the June 2026 YES BANK MITC, but the current Uni Coin earning, exclusions and redemption route are not matched to that same variant. The generic 1% rupee model is withheld rather than substituting GoldX/BOBCARD terms.
AU Ixigo Credit Card — earning, costs and limits
The co-brand page lists 5 Reward Points/₹200 on eligible online, offline and QR-UPI purchases. AU's marketing uses a different headline illustration; no universal cash percentage is assigned. International purchases earn no points. The member agreement limits ixigo/LIT earning to 10,000 points per statement cycle and has category exclusions/reduced earn. Travel offers are separate discounts.
Annual fee before tax: ₹0. Currently offered lifetime-free for a limited period.
Calculation scope: Current co-brand earning and AU marketing illustrations do not establish a matched redemption value. Category/transaction limits and the 10,000-point statement cap also need a dedicated model; the legacy 1.25% estimate is withdrawn.
A reward rate is conditional on the merchant and payment route. Numerical tools show scenarios using the supported models; they do not estimate rent, insurance, UPI or overseas earning by substituting a generic spending category.