Axis Atlas - A great forex card Alternative?

[the_collector]

Hello Everyone!

It's been half a year since I've been using my axis atlas and I'm not sure why nobody is speaking about this!

Axis atlas has a dynamic currency conversion fee of just 1.5% + GST. Effective rate 1.77%.

This is on par with many high end credit cards that offer a lower forex fee of 3.5% + gst.

Now where is the benefit you may ask?

At the time of making a transaction in a foreign country, Instead of paying in the local currency of the country, select INR ( this would be considered as a DCC transaction instead of a forex one) and this would attract a fee of only 1.77%.

Reward Rate:

- On offline merchants abroad using POS and selecting inr / On online merchants that are international based and auto convert to inr ( agoda, klook, getyourguide, viator etc..):

DCC Fee - 1.77%
Reward rate assuming it's not hotel or airline mcc - 4%

Effective reward rate - 2.23%

- on offline/ online merchants with hotel/ airline MCC

DCC fee - 1.77%
Reward rate on hotel/ airline mcc - 10%

Effective reward rate - 8.23%


Note:

1. Higher effective reward rate on accor conversion
2. Always make sure in the message when you swipe or pay online that you are charged in "INR" , if the message has any other currency mentioned you will be charged with the full 3.5% + gst ( 4.13%) , effectively making it negative.

Would love to know your thoughts 👇🏻

 

[wanderer0]

The reason is due to this statement you didn't got charged.

Yes and the reason that not a single bank charged me both forex+dcc on single transactions till date.

1.5% on International transaction performed in Indian currency at International location or transactions performed in indian currency with merchants located in Indian but registered in foreign nation

Otherwise atlas is 3.5% + gst + 1.5% + gst

Are you saying atlas charges 5%+GST if paid in INR? Since I don't have atlas card, I can't confirm this. Can you please provide screenshot of such a transaction here after masking the personal details?

 

[Aniket Sharma]

Yes and the reason that not a single bank charged me both forex+dcc on single transactions till date.

Are you saying atlas charges 5%+GST if paid in INR? Since I don't have atlas card, I can't confirm this. Can you please provide screenshot of such a transaction here after masking the personal details?

I don't have any axis card now, I had Magnus & closed it last year.

But there maybe someone who did that and posted on any social media.

 

[wanderer0]

I don't have any axis card now, I had Magnus & closed it last year.

But there maybe someone who did that and posted on any social media.

Can you link that post here? I really want to know which bank/card does this kind of scam.

 

[Aniket Sharma]

Can you link that post here? I really want to know which bank/card does this kind of scam.

Thread 'Dcc and markup charges on international transactions through credit card'

Apr 3, 2024

Last week I had confusion regarding the banks charging DCC markup on international transactions while paying through credit cards
So just wanted to let you know that 2 banks I have tried didn't charge any DCC charges
1. Kotak Myntra credit card
2. Standard chartered smart pay credit card
Where as axis charges 1.18% charges

• sarcasm99
• Replies: 24
• Forum: Banking Facilities

• 

Dynamic Currency Conversion (DCC): Understanding It and Markup Fees -

During international travels, one of the things you must be careful about is the currency you are paying in for your expenses. At most Point-of-Sale (POS) terminals and ATMs in foreign countries, you will often come across an option to pay in your home currency instead of the local currency...

www.indusind.bank.in

I think these will be enough for you to understand

 

[wanderer0]

Reddit/CreditCardsIndia/comments/1b26bgw

Technically he should have 4 extra transactions (so total 5 txns everytime including DCC & GST, Forex & GST). GST component is always separate if bank has levied a service charge for anything. Axis is certainly doing something strange here.

Thread 'Dcc and markup charges on international transactions through credit card'

Apr 3, 2024

Last week I had confusion regarding the banks charging DCC markup on international transactions while paying through credit cards
So just wanted to let you know that 2 banks I have tried didn't charge any DCC charges
1. Kotak Myntra credit card
2. Standard chartered smart pay credit card
Where as axis charges 1.18% charges

• sarcasm99
• Replies: 24
• Forum: Banking Facilities

• 

Same for this thread too. 1 person is affected while everyone else is saying it's either DCC or Forex for them. Axis (and more specifically atlas cc) seems to be doing something strange in both cases.

Now I'm not saying this is false claim by that person. All I'm saying is that he's been wrongly charged and Axis bank will have to refund for either DCC or Forex. Bank can't levy both on a single transaction.

I hope you understand this.

 

[Aniket Sharma]

Technically he should have 4 extra transactions (so total 5 txns everytime including DCC & GST, Forex & GST). GST component is always separate if bank has levied a service charge for anything. Axis is certainly doing something strange here.

Same for this thread too. 1 person is affected while everyone else is saying it's either DCC or Forex for them. Axis (and more specifically atlas cc) seems to be doing something strange in both cases.

Now I'm not saying this is false claim by that person. All I'm saying is that he's been wrongly charged and Axis bank will have to refund for either DCC or Forex. Bank can't levy both on a single transaction.

I hope you understand this.

Bro, I understand how excited you are, but again I am saying things will look simple but when you dig dipper it will be more complex than your thinking.

Best example is our tax system.

We earn & tds got deducted that we are paying taxes and again if we buy something we need to pay tax for that, so this is also a double trouble loop, try & let me if you can fight for this with nirmala Tai & modi govt.

Try & fight and you will come to know bank already had written such things and you got misunderstood.

 

[wanderer0]

Bro, I understand how excited you are, but again I am saying things will look simple but when you dig dipper it will be more complex than your thinking.

Best example is our tax system.

We earn & tds got deducted that we are paying taxes and again if we buy something we need to pay tax for that, so this is also a double trouble loop, try & let me if you can fight for this with nirmala Tai & modi govt.

Try & fight and you will come to know bank already had written such things and you got misunderstood.

So only you understand this "complex" stuff that my "thinking" can't comprehend after years of doing and observing forex transactions?

What in this whole thread tells you that I'm excited about it? Maybe I'm simply trying to put forward some factual information here so some people might benefit from it.

Mockery and dismissal aren't the way to make your point heard if at all you're making one. Let's be more mature, respectful and put forward evidence proving what I am saying is pure "luck" or "loophole" and you have personally confirmed otherwise.

You know it's not hard to prove me wrong if you think I am. There are a lots of people in this forum with a lot of cards making forex transactions. Weirdly you are just using some false analogy for a point you supposedly have encountered yourself but somehow can't prove.

The whole reason I'm asking for proof is that I wanna correct my understanding too. If I'm wrong then I'm wrong. Big deal. Better being wrong here than ending up with financial loss. Isn't that why we share things here? Unfortunately you're not helping at all.

The system is designed by men and it can be understood by men too. It's not as complex as it seems to you. This forum is an example of platforms that help you decode these things by sharing without being dismissive.

And since you're so confident with your interpretation of HDFC terms, how about we bet on it? If I make a transaction in INR during my upcoming trip and I am only charged DCC by HDFC, how much will you pay to me?

 

[Aniket Sharma]

So only you understand this "complex" stuff that my "thinking" can't comprehend after years of doing and observing forex transactions?

What in this whole thread tells you that I'm excited about it? Maybe I'm simply trying to put forward some factual information here so some people might benefit from it.

Mockery and dismissal aren't the way to make your point heard if at all you're making one. Let's be more mature, respectful and put forward evidence proving what I am saying is pure "luck" or "loophole" and you have personally confirmed otherwise.

You know it's not hard to prove me wrong if you think I am. There are a lots of people in this forum with a lot of cards making forex transactions. Weirdly you are just using some false analogy for a point you supposedly have encountered yourself but somehow can't prove.

The whole reason I'm asking for proof is that I wanna correct my understanding too. If I'm wrong then I'm wrong. Big deal. Better being wrong here than ending up with financial loss. Isn't that why we share things here? Unfortunately you're not helping at all.

The system is designed by men and it can be understood by men too. It's not as complex as it seems to you. This forum is an example of platforms that help you decode these things by sharing without being dismissive.

And since you're so confident with your interpretation of HDFC terms, how about we bet on it? If I make a transaction in INR during my upcoming trip and I am only charged DCC by HDFC, how much will you pay to me?

You won bro, I don't wanna entertain more,

Examples are there on Internet still you need evidence.