Best Zero Forex Credit Cards in India: Features, Charges, and More

The Wise Travel card lets you hold 40+ currencies and spend at the interbank exchange rate with no forex markups or hidden fees - now available to order for free (Limited time offer, while stocks last).

Order your free Wise Travel card 💳

---

Using a credit card with zero forex markup allows you to spend when you travel with better exchange rates and lower overall costs. This guide looks at some of the best zero forex markup credit card options for Indian citizens and residents, so you can decide if any suit your own unique travel and transaction needs. We'll also introduce you to the Wise Travel card, which allows you to hold 40+ currencies in on card and spend without any forex markups or hidden fees.

Table of contents

What is a zero forex markup credit card? What should you look out for when choosing a credit card with zero forex markup? Best zero markup credit card in India: Main Comparison IDFC FIRST WOW! Credit Card Overview Scapia Federal Bank Credit Card Overview Ixigo AU Credit Card Overview Axis Bank Burgundy Private Credit Card Overview Niyo SBM Bank Credit Card Overview MakeMyTrip ICICI Bank Credit Card Overview Wise Travel card) (Debit Card Alternative): Spend at Interbank Rates with Zero Forex Markup Summary: Which is the best credit card with zero forex markup?

What is a zero forex markup credit card?

A zero forex markup credit card is a credit card which converts overseas spending to INR for billing using the network or bank exchange rate with no additional forex markup or margin.

Some zero forex markup credit cards are aimed at high earning individuals looking for lifestyle and travel perks while others have features aimed at frequent travellers who may have a more modest budget. If you’re thinking of a card to cut your overall travel costs we’ve got some zero forex markup credit cards with lifetime free maintenance fees which can be a good pick.

What should you look out for when choosing a credit card with zero forex markup?

It’s important to know that a zero forex markup card isn’t necessarily truly free to use. There are often fees involved which may be in the exchange rate, or may be based on your transaction habits.

When a bank or provider calls themselves a “zero forex markup” service, they mean they do not charge a foreign transaction fee on top of the exchange rate. Most of these cards use their own set rate or a network rate (like Visa or Mastercard), which can include a hidden margin compared to the interbank rate you see on Google. This means you could still be paying an extra cost without even realising it. To understand the basis your card uses for conversion, you should check the fine print carefully.

Aside from possible fees incorporated into the rate you get, there are also often annual fees, cash advance costs, interest, penalty fees and other charges which may be unavoidable or may be as a result of how you use your card. To decide if a card is good value for your purposes you’d need to take these costs into account when comparing your options.

If you want to avoid the guesswork, consider traveling with a zero-forex debit card like the Wise Travel card. It has no annual or monthly maintenance fees and uses the real interbank exchange rate for all conversions. You'll avoid hidden markups and pay only a transparent conversion fee, which starts from 1.16%.

Best zero markup credit card in India: Main Comparison

We’ll start with a head to head comparison looking at candidates for the best zero markup credit card in India. There’s more on each individual card right after the table.

Card	Eligibility	Opening and Maintenance fee	Forex fee and rate	Cash Advance fee	Other perks
IDFC FIRST WOW! Credit Card¹	18 to 80 years Indian resident citizens with 20,000 INR fixed deposit NRI with NRE Savings Account and 25,000 INR fixed deposit	No joining or yearly fee²	No forex markup, rate set by card network	199 INR	Reward earning card backed by an interest earning fixed deposit
Scapia Federal Bank Credit Card³	21 to 65 years for salaried, or 25 to 65 for self employed Resident Indian citizen	No joining or yearly fee⁴	No forex markup, rate set by card network	2.5% of amount withdrawn or 500 INR whichever is higher + immediate interest	Airport lounge privileges, earn rewards as you spend
Ixigo AU Credit Card⁵	21 to 60 years Resident of India Registered user of an Ixigo app	No joining or yearly fee for limited period only	No forex markup, rate set by card network	Not specified	Discounts on flights, buses and hotel bookings made via Ixigo, reward earning
Axis Bank Burgundy Private Credit Card⁶	Burgundy members with a total relationship value of 50 million INR or more	50,000 INR joining fee, 50,000 INR annual fee - waived for Burgundy Private account holders⁷	No forex markup, rate set by card network	No fee	Lounge access, golf privileges, concierge service, airport meet and assist service
Niyo SBM Bank Credit Card⁸	Indian citizens with Aadhaar, PAN, and passport	No joining or yearly fee	No forex markup, rate set by card network	423 INR or 2.5% of the transaction amount, whichever is higher and 0% interest	Earn rewards, save and earn interest in a linked fixed deposit account
MakeMyTrip ICICI Bank Credit Card⁹	Indian citizen over 21 Monthly salary of 20,000 INR or annual income of 240,000 INR if self employed	999 INR joining fee, 999 INR annual fee	0.99% forex markup, rate set by network	No withdrawal fee stated, interest applies	Up to 6% myCash on MakeMyTrip Bookings, unlimited rewards that don’t expire

*Details correct at time of research - 4th February 2026

IDFC FIRST WOW! Credit Card Overview

Best for: Savers who can keep a high fixed deposit, with ways to earn interest while spending with your card

The standard IDFC FIRST WOW! Credit Card has no joining fee and no annual fee for a physical card, with a small charge for a digital card. You secure your card with a fixed deposit, and your credit limit is the same as your deposit with no credit check required. Fixed deposit funds earn interest and you can still earn rewards for card spending.

Eligibility: 18 to 80 years; Indian resident citizens with 20,000 INR fixed deposit; NRI with NRE Savings Account and 25,000 INR fixed deposit
Forex markup or fee: No forex markup, rate set by card network
Main features and fees:

• No joining or yearly fee
• UPI Enabled - FIRST DIGITAL Credit Card costs 199 INR/year
• Cash advance fee of 199 INR with no interest for 45 days
• Reward earning card backed by an interest earning fixed deposit

Scapia Federal Bank Credit Card Overview

Best for: Fast and convenient application process with a virtual card you can use instantly on approval

The Scapia Federal Bank Credit Card lets you earn rewards at a rate of 10% on eligible online and offline spend on VISA, and 5% on eligible UPI spending. Points can be redeemed for travel perks, plus you get airport lounge privileges when you travel.

Eligibility: 21 to 65 years for salaried, or 25 to 65 for self employed; Resident Indian citizen
Forex markup or fee: No forex markup, rate set by card network
Main features and fees:

• No joining or yearly fee
• Cash advance fee - 2.5% of amount withdrawn or 500 INR, whichever is higher + immediate interest
• Airport lounge privileges, earn rewards as you spend
• Redeem rewards for flights, hotels and bus journeys on the Scapia app

Ixigo AU Credit Card Overview

Best for: People using the Ixigo app frequently for travel and accommodation bookings

If you use Ixigo app services anyway, adding in the Ixigo AU Credit Card could let you access discounts as well as earning rewards on your spend. At the time of research the 999 INR joining and annual fee has been waived, making this a low risk card with no fixed fees to worry about.

Eligibility: 21 to 60 years; Resident of India; Registered user of an Ixigo app
Forex markup or fee: No forex markup, rate set by card network
Main features and fees:

• No joining or yearly fee for limited period only - joining fee will be 999 INR, annual fee will be 999 INR once reinstated
• Discounts on flights, buses and hotel bookings made via Ixigo
• Reward earning card based on your spending
• Other fees are not publicly available - check your card terms before you sign up

Axis Bank Burgundy Private Credit Card Overview

Best for: High wealth individuals looking for a very exclusive card with lifestyle and travel perks

The Axis Bank Burgundy Private Credit Card has no joining or annual fee if you meet the eligibility criteria - if your account tier is downgraded you may be moved to an alternative card type. This card offers premium perks for golf, dining and travel as well as no FX fees.

Eligibility: Burgundy members with a total relationship value of 50 million INR or more
Forex markup or fee: No forex markup, rate set by card network
Main features and fees:

• 50,000 INR joining fee, 50,000 INR annual fee - waived for Burgundy Private Account holders
• No cash advance fee
• Lounge access, golf privileges, and concierge service
• Airport meet and assist service

Niyo SBM Bank Credit Card Overview

Best for: No fee to issue a card, with in app application and card management available

The Niyo SBM Bank Credit Card offers no FX fees with global spending in 180 countries and reward earning opportunities. You can also earn interest in a linked fixed deposit account if you would like to. The card is managed through an app for convenience.

Eligibility: Indian citizens with Aadhaar, PAN, and passport
Forex markup or fee: No forex markup, rate set by card network
Main features and fees:

• No joining or yearly fee
• In app application process for convenience
• ATM fee of 423 INR or 2.5% of the transaction amount, whichever is higher, and 0% interest
• Earn rewards, save and earn interest in a linked fixed deposit account

MakeMyTrip ICICI Bank Credit Card Overview

Best for: People using MakeMyTrip frequently for travel bookings, looking to save and be rewarded

The MakeMyTrip ICICI Bank Credit Card offers cash abc and rewards for people who use MakeMyTrip frequently for travel bookings. There’s an annual fee and the FX fee isn’t zero - but it’s a low 0.99% which may still make this an attractive option for travellers.

Eligibility: Indian citizen over 21; Monthly salary of 20,000 INR or annual self employed income of 240,000 INR
Forex markup or fee: 0.99% forex markup, rate set by network
Main features and fees:

• 999 INR joining fee, 999 INR annual fee
• No ATM withdrawal fee stated, interest applies
• Get MMTBLACK Gold membership
• Up to 6% myCash on MakeMyTrip Bookings, unlimited rewards that don’t expire

Wise Travel card (Debit Card Alternative): Spend at Interbank Rates with Zero Forex Markup

Despite offering zero forex markups, many credit cards carry extra costs, such as hidden markups in exchange rates, annual fees and cash advance charges. With no hidden markups, the Wise Travel card is a smart way to spend abroad. You'll always get the real interbank exchange rate for conversions across 40+ currencies. Wise's transparent, low pricing, plus no foreign transaction fees or forex markups, usually means you are getting the best value for your money.

The fully digital account opening and vKYC process allows you to sign up from the comfort of your home, and there are no annual or monthly fees either. Simply order your card, show proof of your travels, load your funds, and you're all set. Plus - card orders are currently free to Indian addresses (limited time launch offer, while stocks last)! A physical Wise card enables you to make secure chip and PIN payments and get some free ATM withdrawals while you're overseas. You can also instantly freeze or unfreeze your card in the app anytime for peace of mind.

Wherever your travels take you, the Wise Travel card is the only forex card you'll need to make spending internationally simpler and cheaper.

🚀 Get a free Wise Travel card

Summary: Which is the best credit card with zero forex markup?

There’s not one single best zero markup credit card in India - the right one for you depends on how you like to transact and which features are most important to you. Weigh up the unavoidable costs of holding a zero forex markup card, alongside the benefits including lowered exchange fees and rewards, to decide which works best for your unique needs. If you aren’t ready to commit to a credit card, consider the Wise Travel card. It’s a versatile debit alternative that lets you spend at interbank rates in over 150+ countries with zero forex markups.

---

Want a quick walkthrough of how to load, use and manage your Wise Travel card? Watch this short video to learn everything you need before you travel.

💳 Get your Wise Travel card

---

Sources:

1. IDFC FIRST WOW! Credit Card
2. IDFC FIRST card terms
3. Scapia Federal Bank Credit Card
4. Scapia/Fedbank card terms
5. Ixigo AU Credit Card
6. Axis Bank Burgundy Private Credit Card
7. Axis Bank card terms
8. Niyo SBM Bank Credit Card
9. MakeMyTrip ICICI Bank Credit Card