If you’re a frequent traveler and have done shopping abroad, you must have come across the Foreign Currency Markup Fee, which is basically the foreign transaction fee. It is 3.5% + GST on most of the cards which leads to approximately 4% of your actual spent amount.
For instance, if you have spent INR 1 lac on foreign currency, you’ll end up losing INR 4000 (4 percent of the total amount) as the markup fee. This markup fee is one of the major sources of income for banks and it’s time that you should avoid it getting included in your credit card statement.
It’s also time that you start using the right travel credit card to get rid of these unwanted charges added to your statement. Travel credit cards in India offer several benefits such as discounts, cashback, complimentary access to lounges in airports, and airline miles.
Also Read: Top 5 SBI Credit Cards in India
Best Travel Credit Cards in India
Here you can find the details of 5 different best travel credit cards offered by some of the leading banks to help you while you’re on your shopping spree in a foreign land:
1. American Express Credit Card Platinum Travel
| Fees/Charges | Amount |
| Joining Fees | INR 3,500 |
| Annual Fees | INR 5,000 |
| Interest Rate | 40.2 percent per annum or 3.35 percent per month |
| Cash Withdrawal Fees | INR 250 or 3.5 percent of the withdrawn amount |
| Add-on Card Fee | Nil for the first two cards; INR 1,500 for the 3rd card & onwards |
| Duplicate Statement Fees | INR 100 for each statement which is a minimum of 3 months old |
| Air Miles Redemption Fees | Not Applicable |
| Over Limit Fees | INR 500 |
| Foreign Currency Transactions Fee | 3.5% of the spent amount |
| Late Payment Fees | 30% of the minimum due (Minimum- INR 500; Maximum – INR 1000) |
2. Citi Premier Miles Credit Card
| Fees/Charges | Amount |
| Annual Fees | INR 3,000 |
| Interest Rate | 37.20 – 42 percent per annum or 31 – 3.5 percent per month |
| Cash Withdrawal Fees | 2 percent with a minimum amount of INR 300 |
| Add-on Card Fee | Nil |
| Duplicate Statement Fees | Nil |
| Over Limit Fees | 2.5 percent of the over-limit amount with a minimum amount of INR 500 |
| Foreign Currency Transactions Fee | 3.5% of the spent amount |
| Late Payment Fees | INR 100/month |
| Cheque Return/Bounce Fees | INR 350 for each retrun/bounce |
| Card Re-issuing Fee | Nil |
| Cash Payment Fees | INR 100/payment |
| Cash Payment Fees at ATM | INR 50/payment |
3. SBI Air India Signature Credit Card
| Fees/Charges | Amount |
| Joining Fees | INR 4,999 |
| Annual Fees | INR 4,999 |
| Interest Rate | Up to 3.35 percent/month |
| Cash Withdrawal Fees | 2.5 percent of the spent amount or INR 300 per expenditure (for SBI & domestic ATM); 3 percent of the spent amount or INR 300 per expenditure (for international ATM) |
| Duplicate Statement Fees | Nil |
| Over Limit Fees | 2.5 percent of the over-limit amount with a minimum amount of INR 500 |
| Foreign Currency Transactions Fee | 3.5% of the spent amount |
| Payment Dishonor Fees | 2% of payment for a minimum of INR 450 |
| Card Re-issuing Fee | India – INR 100; Abroad – Nil |
| Cheque Payment Fees | INR 100/payment (for cheque payments of up to INR 10,000) |
4. Axis Bank Miles and More World Credit Card
| Fees/Charges | Amount |
| Joining Fees | World Select Credit Card – INR 10,000; World Credit Card – INR 3,500 |
| Annual Fees | INR 4,999 |
| Interest Rate | Up to 3.35 percent/month |
| Cash Withdrawal Fees | 2.5% of the amount (minimum of INR 250) |
| Add-on Card Joining Fees | Nil |
| Add-on Card Annual Fees | Nil |
| Duplicate Statement Fees | Nil |
| Over Limit Fees | 3 percent of the over-limit amount with a minimum amount of INR 500 |
| Foreign Currency Transactions Fee | 3.5% of the spent amount |
| Late Payment Fees | 300 INR for due amount of up to INR 2000;
400 INR for due amount between INR 2,001 – INR 5,000 600 INR for the due amount of INR 5,000 and more |
| Payment Dishonor Fees | INR 300 |
| Card Re-issuing Fee | Nil |
| Cash Payment Fees | INR 100/payment |
5. Jet Airways ICICI Bank Rubyx VISA Credit Card
| Fees/Charges | Amount |
| Joining Fees | INR 2,500 + GST |
| Annual Fees | INR 2,500 + GST |
| Interest Rate | Monthly Interest Rate: 3.50%
Annual Interest Rate: 42% |
| Cash Withdrawal Fees | 2.5% of the amount (minimum of INR 300) |
| Add-on Card Joining Fees | Nil |
| Add-on Card Annual Fees | INR 250 |
| Duplicate Statement Fees | Nil |
| Over Limit Fees | 2.5 percent of the over-limit amount with a minimum amount of INR 500 |
| Foreign Currency Transactions Fee | 3.5% of the spent amount |
| Late Payment Fees | 100 INR for due amount between INR 100 to INR 500;
500 INR for a due amount between INR 501 – and INR 10,000 750 INR for a due amount of more than INR 10,000 |
| Cheque/Cash Pick-up Fees | INR 100 per pickup |
| Cheque Return Fees | 2% of the amount due (minimum of INR INR 450) |
Eligibility Criteria To Apply For Travel Credit Cards
Though the eligibility criteria to apply for the best travel credit cards in India 2022 may vary from one bank to another, below-enlisted are a few of the basic criteria one needs to fulfill to go ahead with her/his travel credit card application:
- S/he should be an Indian citizen.
- S/he should be salaried/self-employed.
- S/he should have a good credit history.
- The applicant’s age should be between 18-70 years.
Conclusion
While there are a variety of travel credit cards available in the market, the above-mentioned cards are a few of the best travel credit cards in India. These cards are tailored to suit different individual’s needs and requirements. Thus, if you also belong to the category of frequent travelers or fliers, these cards are going to work as the perfect solution to manage all your foreign expenses.
