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Summary: Unwind on your trip and focus on exploring, not managing your finances. Understand credit card vs. forex card differences, fees, and perks to choose the perfect option for stress-free spending abroad.
So, you are planning an overseas trip and wondering about the best way to pay abroad. Should you carry a prepaid forex card or get a zero forex credit card like the FIRST WOW! Credit Card? It's an important decision that could save (or cost) you a significant part of your travel budget.
Forex cards were designed for international travel, but zero forex credit cards that give more flexibility than forex cards' currency exchange rates at no annual or joining fees are emerging. Choosing the right one in this battle of credit cards vs. forex cards could save you serious money! Read on to make the savviest financial choice for your overseas trips.
Let’s take a closer look at how the FIRST WOW! Credit Card differs from a standard forex card.
Feature |
FIRST WOW! Credit Card |
Forex card |
Type of card |
Line of credit |
Prepaid card |
Source of funds |
Interest-free credit up to 48 days |
Own money loaded onto the card |
Forex markup |
0% |
No charges |
Cross currency fee |
Not applicable |
Usually around 3.5% + GST |
Credit limit |
Minimum 100% of the FD value |
Determined by the amount loaded onto the card |
Encashment charges |
Not applicable |
Typically ~Rs 100 |
Reloading fees |
Not applicable |
Applicable |
ATM Cash Advance |
Available for a flat fee of Rs 199 + GST at 0% interest up to 48 days |
Available for a flat fee or up to 0.50% of the transaction value |
Initial sale fee |
Lifetime-free |
Varies by issuer |
Insurance |
Card liability (Loss/Fraud) cover up to 25,000 Personal Accident cover up to 2 lakh Purchase Protection up to 25,000 |
Varies depending on the issuer |
Rewards and Discounts |
Up to 4X reward points per transaction redeemable anywhere |
Not available |
Each time you swipe your card in a foreign country, your bank converts the local currency into your home currency (Indian rupees). This conversion often involves a forex markup fee, typically between 3-5% of the transaction amount. These fees can significantly add up. However, the FIRST WOW! Credit Card by IDFC FIRST Bank charges ZERO forex markup/conversion fees on international transactions.
This is where credit cards with zero forex markup enter the picture, offering a clear advantage. Imagine waving goodbye to those pesky conversion fees. The FIRST WOW! Credit Card is a prime example of how they empower you to spend abroad without these added costs.
The FIRST WOW! Credit Cards are a standout choice for international travellers. Here’s why:
Here are the additional benefits of zero forex markup credit cards -
You have just learned how choosing the right card in the battle of credit cards vs. forex cards can save you big on overseas trips. Traditional cards tack on fees every time you use them abroad. But the FIRST WOW! Credit Card gives you zero forex markup plus tons of travel perks.
Say goodbye to forex card limits and make every trip better with the only card made to wow you wherever you roam. Apply now and discover why it beats every other card for travel abroad. You deserve to get the most from every trip without paying extra - this card makes that possible.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.