# Best Zero Forex Markup Credit Cards in India (2026)

> Compare zero forex markup credit cards in India: YES BANK Niyo, IDFC FIRST and MakeMyTrip ICICI, with the maths on INR 1 lakh of foreign spend.
- **Published**: 2026-10-18
- **Modified**: 2026-10-18
- **Category**: credit-cards
- **URL**: https://www.tldr.money/articles/credit-cards/best-zero-forex-credit-cards-india

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Begin with the [credit cards guide](/credit-cards) if you are still choosing your first card. This page compares the **zero forex markup credit cards in India**, which matter more with the rupee trading around INR 95-97 to the US dollar in October 2026.

## What a forex markup costs you

Many Indian cards add a forex markup when you pay in a foreign currency, including online purchases from merchants billed abroad. The new Eternal SBI Card, for example, charges 3.5%. GST is charged on top of the markup.

| Foreign spend | Markup at 3.5% | Markup at 0% |
|---|---|---|
| INR 25,000 | INR 875 + GST | INR 0 |
| INR 1,00,000 | INR 3,500 + GST | INR 0 |
| INR 3,00,000 | INR 10,500 + GST | INR 0 |

A card that charges 3.5% but returns 2% in rewards still costs you 1.5% plus GST, or about INR 1,500 per INR 1 lakh. That is why a zero-markup card is usually the right card to carry abroad, even if it earns little.

## Best zero forex markup credit cards in India

| Card | Forex markup | Annual fee | Rewards on foreign spend |
|---|---|---|---|
| YES BANK Niyo | 0% | Lifetime free | Niyo Coins; highest earn on Niyo travel bookings |
| IDFC FIRST (most cards) | 0% | Depends on card | Reward points continue |
| [MakeMyTrip ICICI](/credit-cards/icici-bank/makemytrip-icici) | 0% from 10 Nov 2026 (0.99% before) | Depends on variant | No myCash outside MakeMyTrip |

### YES BANK Niyo

Launched in October 2026, the YES BANK Niyo card is a lifetime-free Visa card with 0% forex markup. According to CardRecommend, it earns 5 Niyo Coins per INR 100 on Niyo travel bookings, 4 per INR 100 on domestic online spends and 2 per INR 100 at shops, with 10 coins worth INR 1. You can swap 30,000 coins for an international lounge pass. It also waives the 1% fuel surcharge on fuel spends of INR 500-4,000, capped at INR 250. Best for: occasional travellers who want no annual fee.

### IDFC FIRST cards

IDFC FIRST cards have zero forex markup. In September 2026 the bank first said points on international spends would stop, then reversed that in a notice dated 13 September: points continue alongside the zero markup. Some co-branded cards differ. The IDFC IndiGo card earns 1 BluChip per INR 100 abroad from 26 October, down from 3. See our tracker of [credit card changes for November 2026](/articles/credit-cards/credit-card-changes-october-november-2026). Best for: people who want zero markup and a points card in one.

### MakeMyTrip ICICI

From 10 November 2026, the MakeMyTrip ICICI card drops its markup from 0.99% to 0% and removes its dynamic currency conversion fee. The trade-off: international spends outside MakeMyTrip stop earning myCash, and new myCash expires after 24 months. CardAdvisor reports that the Signature and Platinum variants are excluded, so check your variant. Best for: frequent MakeMyTrip bookers.

## Zero forex markup vs rewards: how to choose

1. **Count your foreign spend.** Include foreign online subscriptions and shopping, not just trips.
2. **Value the markup saving first.** 3.5% saved is worth more than 1-2% earned.
3. **Check the annual fee.** A lifetime-free card has nothing to recover.
4. **Keep a backup.** Carry a second card on a different network in case one is declined.

Our [best travel credit cards](/articles/credit-cards/best-travel-credit-cards-india) page covers lounge access and airline points, which zero-markup cards rarely match.

## Tips for spending abroad

- **Pay in local currency.** If a terminal or website offers to charge you in rupees, decline. That conversion usually carries its own margin, set by the merchant's provider rather than your bank.
- **Avoid cash withdrawals on a credit card.** Cash advance fees and interest start immediately.
- **Pay the bill in full.** Card interest wipes out any forex saving.

NRIs and families sending money home should also read [NRE vs FCNR deposits](/articles/tax-planning/nre-vs-fcnr-deposit-rupee) for how the weaker rupee affects deposits.

## Sources

- CardRecommend, YES BANK Niyo credit card launch, 12 Oct 2026: https://www.cardrecommend.com/blog/yes-bank-niyo-credit-card-launch-zero-forex
- IDFC FIRST Bank, credit card communication, 13 Sep 2026: https://www.idfcfirst.bank.in/content/dam/idfcfirstbank/pdf/credit-card/Credit-Card-Communication-13-Sep-26.pdf
- CardAdvisor, credit card changes week 41, 11 Oct 2026 (MakeMyTrip ICICI changes): https://cardadvisor.in/press/credit-card-changes-2026-w41
- CNBC, rupee and RBI intervention, 16 Oct 2026: https://www.cnbc.com/2026/10/16/india-rupee-rbi-dollar-iran-war.html
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