Best Credit Cards for International Spends in India

Editor’s note: This is a recurring post, regularly updated with new information and offers. Last Updated 18th Nov 2023.

From insanely popular cashback cards to the cards for nerds, the Airmiles cards, we can see a lot of variation so here I am listing the best credit cards for international spending in India. Since international travel is touching its new peaks we all have certain forex spends be it on international travel or buying goods and services from International merchants sitting right here in India.

Further, at the end of the article, I will also recommend some of the cards as per a broad classification.

Best Credit Cards for International Spends in India

Axis Burgundy One

• Joining Fee: ₹50,000+GST. (Free for Burgundy Private Customers if maintaining Relationship)
• Annual Fee: ₹50,000+GST. (Free for Burgundy Private Customers if maintaining Relationship)
• Reward rate on International Spends: 1.5% (on GV) & Minimum of 6% (Transfer Partners).
• Forex Markup: 0%
• Net Reward Rate: 1.5% (on GV) & Minimum 6% (Transfer Partners).
• Milestone Benefits: NIL.

Axis Reserve

• Full Review
• Joining Fee: ₹50,000+GST
• Annual Fee: ₹50,000+GST (Waived off on annual spends of ₹35L).
• Reward rate on International Spends: 3% (GV) & Minimum of 6% (Transfer Partners).
• Forex Markup: 1.5% + GST.
• Net Reward Rate: 1.23% (GV) & Minimum 4.23% (Transfer Partners).
• Milestone Benefits: NIL

Citi Prestige

• Joining Fee: ₹20,000+GST
• Annual Fee: ₹20,000+GST
• Reward rate on International Spends: 2% (GV) & Minimum of 8% (Transfer Partners).
• Forex Markup: 3.5% + GST.
• Net Reward Rate: -2.13% (GV) & Minimum 3.87% (Transfer Partners).
• Milestone Benefits: NIL

AMEX Platinum Charge

• Joining Fee: ₹60,000+GST. 
• Annual Fee: ₹60,000+GST. 
• Reward rate on International Spends: ~7.5% (Considering 1MR = ₹1)
• Forex Markup: 3.5% +GST
• Net Reward Rate: ~3.37% (Transfer Partners)
• Milestone Benefits: NIL.

HDFC Infinia

• Full Review
• Joining Fee: ₹12,500+GST.
• Annual Fee: ₹12,500+GST.
• Reward rate on International Spends: 1.67% (GV) & Minimum of 3.3% (Transfer Partners).
• Forex Markup: 2% + GST – 1% cashback till monthly spends of ₹1,00,000 if purchased Global Value Program for ₹199 per year. You also get a ₹2,000 Yatra voucher on international spending of ₹1.5L in a year under Global Value Program.
• Net Reward Rate: 0.97% (GV) & Minimum 1.94% (Transfer Partners).
• Milestone Benefits: NIL

HDFC Diners Club Black

• Joining Fee: ₹10,000+GST.
• Annual Fee: ₹10,000+GST.
• Reward rate on International Spends: 1.67% (on GV) & Minimum of 3.3% (on Travel Transfer Partners).
• Forex Markup: 2% + GST – 1% cashback till monthly spends of ₹1,00,000 if purchased Global Value Program for ₹199 per year. Here also you get a ₹2,000 Yatra voucher on international spending of ₹1.5L in a year under Global Value Program.
• Net Reward Rate: 0.97% (on GV) & Minimum 1.94% (Transfer to Loyalty Partners).
• Milestone Benefits: NIL

BOB Eterna

• Full Review
• Joining Fee: ₹2,499+GST. 
• Annual Fee: ₹2,499+GST. 
• Reward rate on International Spends: 3.75%
• Forex Markup: 2% + GST
• Net Reward Rate: 1.4% (Cashback)
• Milestone Benefits: 20000 Bonus RP on spending ₹5L in a year ~1% Return.

SBI Cashback

• Full Review
• Joining Fee: ₹999+GST. 
• Annual Fee: ₹999+GST. 
• Reward rate on International Spends: 5%
• Forex Markup: 3.5% + GST
• Net Reward Rate: 0.87% (Cashback)
• Milestone Benefits: NIL.

IndusInd Explorer

• Joining Fee: ₹40,000+GST. 
• Annual Fee: ₹10,000+GST. 
• Reward rate on International Spends: 1%
• Forex Markup: 0%
• Net Reward Rate: 1% (CV Points)
• Milestone Benefits: Spend ₹3L/₹6L/₹9L/₹12L/₹15L per year for Vistara Business Class Vouchers.

IDFC First WOW!

• Joining Fee: NIL
• Annual Fee: NIL
• Reward rate on International Spends: 0.67%
• Forex Markup: 0%
• Net Reward Rate: 0.67% (Cashback)
• Milestone Benefits: NIL

Other than the above list you can explore Yes Private, Standard Chartered Ultimate, and RBL Safari. Other than this if you can cross the monthly threshold then doing forex spending will leave you with an overall gain even on IDFC First Wealth and Select credit cards.

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Rewards Summary

Credit Card	Annual Fees	Annual Fees Waiver	Reward Rate on International Spends	Forex Markup Rate	Net Reward Rate
Axis Burgundy One	₹50,000+GST (NIL for Burgundy account holders)	NA	1.5% (on GV) & Minimum of 6% (Transfer Partners)	0%	1.5% (on GV) & Minimum of 6% (Transfer Partners)
Axis Reserve	₹50,000+GST	₹35 L	3% (on GV) & Minimum of 6% (Transfer Partners).	1.5% + GST	1.23% (on GV) & Minimum 4.23% (Transfer Partners)
Citi Prestige	₹20,000+GST	NA	2% (on GV) & Minimum of 8% (Transfer Partners).	3.5% + GST	-2.13% (on GV) & Minimum 3.87% (Transfer Partners)
AMEX Platinum Charge	₹60,000+GST	NA	~7.5%	3.5% + GST	~3.37% (Transfer Partners)
HDFC Infinia	₹12,500+GST	10L	1.67% (GV) & Minimum of 3.3% (Transfer Partners).	1.36% (Under Global Value Program)	0.97% (GV) & Minimum 1.94% (Transfer Partners)
HDFC Diners Club Black	₹10,000+GST	₹5L	1.67% (GV) & Minimum of 3.3% (Transfer Partners).	1.36% (Under Global Value Program)	0.97% (GV) & Minimum 1.94% (Transfer Partners)
BOB Eterna	₹2,999+GST	₹5L	3.75%	2% + GST	1.4% (Cashback)
SBI Cashback	₹999+GST	₹2L	5%	3.5% + GST	0.87% (Cashback)
Indusind Explorer	₹10,000+GST	NA	1%	0%	1% (CV Points)
IDFC First WOW!	NIL	NA	0.67%	0%	0.67% (Cashback)

Liberalized Remittance (LRS) Scheme and TCS Rules

According to the latest notification of the Ministry of Finance, any individual making payments using their international debit or credit cards up to ₹7L per financial year will be excluded from the LRS (Liberalized Remittance Scheme) limits. This means that these transactions will not attract any TCS. Additionally, the existing TCS exemption for education and health payments will continue to apply.

So, you can enjoy TCS-free international transactions up to

• ₹7L for medical purposes.
• ₹7L for educational purposes.
• and another ₹7L for other purposes.

Once you exceed the TCS-free limit, a 5% TCS will be applicable for medical and educational transactions, while a 20% TCS will be levied for all other transactions. You can discuss more of this here in the TF community.

TechnoFino Recommends

The recommendation for the best credit cards for international spends in India is very clear from my side. If you have huge forex spends and want to redeem the rewards for air travel or luxury hotel stays then Axis Reserve or the Axis Magnus (with 25K ER milestone benefits) is the way to go!

For cashback card lovers BOB Eterna and SBI Cashback are the only two meaning full choices for now.

So which card are you using to reward yourself on all those foreign trips? Do comment below!