Best Zero Forex Markup Credit Card India 2026 — Scapia, Niyo, AU Ixigo, IDFC WOW + Premium Cards Compared
Last verified June 2026. Best zero forex markup credit cards in India 2026. RBI mandates 0%–3.5% markup on international transactions — these cards waive it completely. Updated for the March 2026 Scapia and AU Ixigo program changes.
The 9 best zero-forex-markup credit cards in 2026
1 Scapia Federal Bank
Best all-rounder abroad: no fee, no markup and the Visa card still earns on foreign spends. Unlimited domestic lounges need ₹20,000 spend in the previous billing cycle. Full review: Scapia Federal Bank review.
2 IDFC FIRST Wealth
Lifetime free with 0% markup plus 1 domestic and 1 international lounge visit a quarter after ₹20,000 previous-month spend. Full review: IDFC FIRST Wealth review.
3 ixigo AU (Visa)
Free travel card with zero markup on the Visa variant and ixigo booking discounts. Domestic lounges need ₹50,000 previous-quarter spend since April 2026. Full review: ixigo AU (Visa) review.
4 IDFC FIRST Millennia
The simplest free 0% card for occasional trips. Earns 3X to 10X at home, nothing abroad. Full review: IDFC FIRST Millennia review.
5 RBL World Safari
Fee comes with a ₹3,000 MakeMyTrip voucher. Adds Priority Pass and domestic lounges for frequent flyers. Full review: RBL World Safari review.
6 IDFC FIRST Ashva
Metal mid-premium card that still earns a little on foreign spends, with lounges after ₹20,000 previous-month spend. Full review: IDFC FIRST Ashva review.
7 IDFC FIRST Mayura
Premium metal option with 4 domestic and 4 international lounge visits a quarter after ₹20,000 previous-month spend. Full review: IDFC FIRST Mayura review.
8 IDFC FIRST WOW! (secured)
For travellers without a credit history: issued against an IDFC FIRST FD of ₹20,000 or more, with no income proof. No lounge access. Full review: IDFC FIRST WOW! (secured) review.
9 Niyo Global (SBM Bank)
FD-backed card opened in the Niyo app against a ₹5,000+ deposit. Good backup card for students and first-time travellers. Full review: Niyo Global (SBM Bank) review.
Head-to-head comparison
| Card | Fee | Headline Rate |
|---|---|---|
| Scapia Federal Bank | ₹0 (lifetime free) | 0% forex + 10% Scapia Coins (about 2%), 20% on Scapia travel |
| IDFC FIRST Wealth | ₹0 (lifetime free) | 0% forex, no points on international spends from 26 Oct 2026 |
| ixigo AU (Visa) | ₹0 (lifetime free) | 0% forex on the Visa variant, no points on international spends |
| IDFC FIRST Millennia | ₹0 (lifetime free) | 0% forex, no points on international spends from 26 Oct 2026 |
| RBL World Safari | ₹3,000 + GST (no waiver) | 0% forex, 5 pts per ₹100 on travel, none on international spends |
| IDFC FIRST Ashva | ₹2,999 (no waiver) | 0% forex, 2X points abroad from 26 Oct 2026 |
| IDFC FIRST Mayura | ₹5,999 (no waiver) | 0% forex, points worth ₹0.50 on travel |
| IDFC FIRST WOW! (secured) | ₹0 (lifetime free, FD-backed) | 0% forex, 4 pts per ₹200 including international |
| Niyo Global (SBM Bank) | ₹0 (FD-backed) | Zero forex markup |
Sources & references
All fees and reward rates verified against issuer official T&C pages as of June 2026. Reward programmes change frequently — confirm with the issuer before applying.
Zero-forex cards side by side (checked October 2026)
Every card here was checked against its issuer’s product page or notices in October 2026. A 0% markup only saves money if the card is accepted where you travel and you decline dynamic currency conversion; rewards on foreign spends are a bonus, and several IDFC FIRST cards stopped earning points abroad on 26 October 2026.
| Card | Annual fee | Forex markup | Points on foreign spends | Lounges |
|---|---|---|---|---|
| Scapia Federal Bank | ₹0 | 0% | Yes (Visa: 10% Coins) | Domestic, unlimited (₹20,000 spend in previous cycle) |
| IDFC FIRST Wealth | ₹0 | 0% | No (from 26 Oct 2026) | 1 domestic + 1 international a quarter (₹20,000 previous-month spend) |
| ixigo AU (Visa) | ₹0 | 0% | No | Domestic (₹50,000 previous-quarter spend) |
| IDFC FIRST Millennia | ₹0 | 0% | No (from 26 Oct 2026) | Railway lounges |
| RBL World Safari | ₹3,540 | 0% | No | Domestic (₹35,000 previous-quarter spend) + Priority Pass |
| IDFC FIRST Ashva | ₹2,999 | 0% | Yes, 2X (from 26 Oct 2026) | Needs ₹20,000 previous-month spend |
| IDFC FIRST Mayura | ₹5,999 | 0% | Yes | 4 domestic + 4 international a quarter (₹20,000 previous-month spend) |
| IDFC FIRST WOW! (FD-backed) | ₹0 | 0% | Yes, 4 pts per ₹200 | None |
| Niyo Global | ₹0 (FD-backed) | 0% | Check current terms | Check current terms |
How we picked
We started from every card on CreditSmart with a 0% foreign-currency markup, dropped cards that are no longer issued, and ranked the rest on what a traveller actually pays: annual fee after any waiver, whether foreign spends still earn rewards, and lounge conditions. Cards with a markup of 0.5–1% (YES Private Prime, YES Marquee, AU Zenith+, OneCard) are close alternatives but are not zero, so they are not listed above.
What “zero forex” saves you
Most Indian cards add a 3.5% markup on foreign-currency spends, plus 18% GST on that markup, so the real cost is about 4.13%. On a ₹2 lakh foreign trip that is roughly ₹8,260 — money a zero-markup card saves outright. Use the forex markup calculator to check your own trips.
Watch for these catches
- Dynamic currency conversion (DCC): if a foreign merchant or ATM offers to charge you in rupees, decline — you pay their conversion rate and many banks add a separate DCC fee even on zero-forex cards.
- International rupee transactions: booking a foreign hotel or app in INR may still attract a cross-border fee.
- TCS does not apply to card spends abroad under the current LRS rules, but large remittances are a different matter — see TCS on foreign transactions.
- Rewards: some zero-forex cards earn little or nothing on foreign spends; compare the markup saved with the rewards you give up.
Card vs forex card vs cash
A zero-markup credit card is usually the cheapest way to pay abroad, followed by a multi-currency forex card bought at a good rate. Cash withdrawals on a credit card are the most expensive option because interest starts immediately. Compare the options in the real cost of forex markup.
Reviewed October 2026. Card features change often — confirm current terms on the issuer’s site before applying.
FAQs
Is GST charged on forex markup?
Yes, 18% GST applies to the markup, turning a 3.5% markup into about 4.13%.
