Zero Forex Markup Cards in India: Save 2%–3.5% on Every International Spend

When you swipe an Indian-issued credit card abroad, the issuing bank adds a cross-currency markup to the transaction.

This markup is typically 1% to 3.5% of the transaction value.

The bank charges this to cover the cost of converting rupees to the foreign currency. The bank also charges this to cover the cost of processing the cross-border payment.

The markup is not visible at the time of the transaction. It appears on your statement as a line item.

It is charged on top of any fee the merchant imposes. Most card transactions have zero merchant fee.

On ₹10 lakh of international spend: 1% markup costs ₹10,000. 2% markup costs ₹20,000. 3.5% markup costs ₹35,000.

The three zero-forex-markup cards in India

HDFC Infinia: annual fee ₹12,500 (waived at ₹10 lakh spend), forex markup 0%, international lounge access 8 Priority Pass visits plus Visa Infinite, reward rate 5 points per ₹150 (3.33% effective), 10X on SmartBuy.

HDFC Infinia is the flagship card. The only practical limit is the invite-only eligibility.

You need to be a high-net-worth HDFC customer. Or you need a long history with the bank’s premium cards.

HDFC Diners Club Black: annual fee ₹10,000 (waived at ₹5 lakh spend), forex markup 0%, international lounge access 8 Priority Pass visits plus Diners, reward rate 5 points per ₹150 (3.33% effective), 10X on SmartBuy.

HDFC Diners Club Black is the junior super-premium card. It is easier to get than Infinia.

Most of the same perks come at a ₹2,500 lower annual fee.

Some legacy HDFC cards carry promotional zero-forex-markup terms. But the two cards above are the standard options in 2026.

The near-zero cards: Axis Atlas and others

Axis Atlas: annual fee ₹5,000 (waived at ₹2.5 lakh spend), forex markup 1.5%, international lounge access 8 Priority Pass visits, reward rate 5 EDGE Miles per ₹100 on travel, 2 EDGE Miles per ₹100 elsewhere.

On ₹10 lakh of international spend, Atlas adds ₹15,000 in markup. This is significantly cheaper than most cards (which charge 2% to 3.5%). But it is more expensive than the zero-markup HDFC cards.

Standard Chartered Emirates card: this is a co-branded card for Emirates flights. The forex markup is 2% on international transactions.

The welcome bonus and Skywards miles conversion are competitive for frequent Emirates flyers.

The hidden cost: the card network fee

Even with zero bank-side forex markup, the card network charges a small interchange fee on international transactions.

Visa, Mastercard, and Diners charge 0.5% to 1%. This is absorbed by the merchant. It is not charged to you.

How the markup is calculated

The bank uses the day’s exchange rate plus the markup.

Here is an example with Visa. Visa’s posted USD/INR rate is 84.50. Your bank’s markup is 0%. Your effective rate is 84.50.

Compare that to Visa’s posted USD/INR rate of 84.50 with a 3.5% markup. Your effective rate is 84.50 times 1.035. That equals 87.46.

On a $1,000 transaction, you pay ₹87,460 instead of ₹84,500. The difference is ₹2,960.

What does not have markup

ATM withdrawals abroad: most banks charge a flat fee of ₹500 to ₹1,000 plus 3.5% markup.

Premium cards with 0% forex markup on purchases still charge the cash-advance fee structure on ATM withdrawals.

Cash advances: even on Infinia, a cash advance is charged at the cash-advance rate.

Currency conversion at the merchant: if the merchant offers to charge you in INR or USD, always choose USD.

The bank’s markup is lower than the merchant’s dynamic currency conversion rate. The merchant’s rate is typically 3% to 5%.

The decision: which card to use internationally

First choice: HDFC Infinia or Diners Club Black for any international spend. The 0% markup is unmatched.

Second choice: Axis Atlas for the 1.5% markup. Use this if you have exhausted the welcome benefits on the HDFC cards.

Avoid: cards with 3% or higher markup. Most cashback cards and RBL and IndusInd Bank cards fall in this range.

On ₹10 lakh of spend, the markup difference is ₹15,000 to ₹20,000.

The bottom line

Zero forex markup is one of the highest-leverage premium-card features.

The savings on a single international trip can be ₹5,000 to ₹20,000.

If you travel internationally more than once a year, the HDFC Infinia or Diners Club Black is essentially required.

If your spend is below the HDFC super-premium threshold, Axis Atlas at 1.5% markup is the next best option.

Everything else is more expensive than it needs to be.

Sources

HDFC credit cards — product page (verified 13 October 2026).
Axis credit cards — product page (verified 13 October 2026).
Amex credit cards — product page (verified 13 October 2026).
RBL credit cards — product page (verified 13 October 2026).
Visa network — India portal (verified 13 October 2026).
Mastercard network — India portal (verified 13 October 2026).

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