BusinessWire India
Mumbai (Maharashtra) [India], September 18: As part of its customer-first philosophy, IDFC FIRST Bank has become the first bank in India to offer Zero Forex Markup on all existing and new credit card customers, with no conditions attached.
The benefit is available automatically to all cardholders. Customers do not need to apply for a new card, upgrade their existing card, or meet any spending threshold. Their current IDFC FIRST Bank Credit Card now comes with Zero Forex Markup, with no conditions attached.
Key benefits to customers:
1. Meaningful savings on international spends: A transaction of Rs 1,00,000 typically attracts forex markup charges of 3.5% plus GST, increasing the bill by about Rs 4,130. With Zero Forex Markup, IDFC FIRST Bank customers avoid these charges entirely.
2. Reward Points continue: Customers will continue to earn Reward Points or Cashback as applicable on international transactions as per the features of their respective cards.
3. No separate forex card required: Customers often purchase forex cards solely to avoid forex markup charges. With this feature, their existing IDFC FIRST Bank Credit Card effectively serves the same purpose.
4. Relevant for modern global spending: International transactions today include not only travel, but also e-commerce purchases, subscriptions, streaming services, software, education payments and business expenses, making this benefit valuable for travelers, students, professionals and businesses alike.
Mr. Shirish Bhandari, Head - Retail Liabilities, Credit Cards and Payments, IDFC FIRST Bank, said: “At IDFC FIRST Bank, creating customer-friendly products is central to our philosophy. By eliminating forex markup charges across all our credit cards while continuing to offer Reward Points or Cashback as applicable, we are delivering a simple yet powerful benefit that makes international spending more rewarding for our customers. We believe this proposition will give customers the confidence to use their IDFC FIRST Bank Credit Cards for all their global spending.”
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