Best Credit Cards for International Travel
You might be someone who frequently travels overseas or someone who shops from International Websites: in both scenarios, you need to transact internationally and you must be well aware that almost every credit card charges a markup fee on foreign currency transactions. The general market standard for markup fees is 3.5% of the transaction amount.
However, there are some credit cards that offer low currency markup so that users are able to transact in a foreign currency without worrying about overhead charges. Usually, these cards are either travel credit cards or top-end premium credit cards.
In this article from the experts of banking in India, we have crafted the best credit cards for International Travel that you can choose to ease your expenses while visiting the best destinations across the globe.
Standard Chartered Ultimate Credit Card
On-boarding benefits
Avail Complimentary annual membership of Forbes, Club Marriot, Times Prime, MMT black amazon prime on spending of INR 1,50,000 or even more in the first day of issuance.
Rewards Rate
5 Rewards points on every spend of Rs 150. 10x reward points on Smart buy and 2X on dining ones.
Joining Fees
Rs 5000
IndusInd Legend Credit Card
On-boarding Benefits
You can Choose one- Complimentary stay at Oberoi chain of Hotels, Montblanc Products and Vouchagram Gift vouchers from all the popular brands such as Raymond.
Reward Points
1 Reward Point per INR 100 spends on weekdays and 2 Reward Points for every INR 100 you spend on weekends.
Joining Fees
Rs 9999 + Taxes
SBI Bank Elite Credit Card
On-boarding Benefits
Avail Complimentary annual membership of Forbes, Club Marriot, Times Prime, MMT black amazon prime on spending of INR 1,50,000 or even more in the first day of issuance.
Reward Points
5 Rewards points on every spend of Rs 150. 10x reward points on Smart buy and 2X on dining ones.
Joining Fees
4,999 + Taxes
Features and Benefits of International Travel Credit Cards
Having an international travel credit card is a plus if you are traveling abroad. Almost all the credit cards available in the Indian market enable international transactions. However, there are some charges and fees associated with them.
- You would make online as well as POS transactions using an international credit card and just avoid the hassle of finding a currency conversion centre in a foreign country.
- International Credit Cards don’t just allow to make you direct purchases but you can withdraw cash from international ATMs if required however, the fee associated with this is quite high.
- Though there are high fees on international transactions, some international credit cards offer higher reward rates which would be compensated with the most. These cards are more beneficial where there is a low forex fee and high rewards on international purchases.
Closing words
If you are someone who travels frequently loves shopping from international websites and enjoys foreign subscription services that charge you in foreign currency, these credit cards can help you save a lot of money. The regular markup fee is 3.5% might seem less at first but on large transactions, 3.5% would be too much, and just in case you are not able to pay your bills on time then the markup fee also incurs in the same compounding interest as applicable to the actual spends made on the card.
Frequently asked questions related to International Travel
Card Issuers a markup fee on transactions made in a foreign currency to process the transaction via a foreign payment gateway and to ease varying foreign currency exchange rates.
RBL Bank World Safari credit card is the only card that offers zero markup fee. However, there is a catch you don’t earn any reward points on international transactions.
Though credit cards have a high forex fee on transactions, you can still prefer cards from the list above if you are a frequent or shopaholic.
Almost every credit card charges forex markup fees on all international transactions and no card is there in the market that offers no charge against international transactions.