Real world experience of using Indian credit cards abroad

[0b110]

I am planning a trip abroad and don't want a hassle of a forex card. Assuming I will spend close to 200k inr, and I have an Axis magnus cc (2% forex markup fee) should I just swipe my Magnus, choose the txn currency as local currency and go about the shopping?
How do banks (axis or others) calculate the bill for forex txns? Assuming Exchange rates as 60 inr per aud, my 10 aud txn would be approx how much inr in the cc bill??

 

[moonsmart]

Even if you have the option to pay in INR you might still need to pay a fee if the merchant is registered overseas. It has happened to me on online commerce.

Whenever there's an option to pay in either INR or the Foreign currency, which one is more beneficial and why?

 

[hariselio]

Even if you have the option to pay in INR you might still need to pay a fee if the merchant is registered overseas. It has happened to me on online commerce.

yep, i'm aware of this. I just stated, no options were shown except in duty free shop.

 

[0b110]

Whenever there's an option to pay in either INR or the Foreign currency, which one is more beneficial and why?

Always choose the local currency. Why? One less conversion hence lesser fees.

 

[anirbanm]

Even if you have the option to pay in INR you might still need to pay a fee if the merchant is registered overseas. It has happened to me on online commerce.

Paying in foreign currency is better than INR, in general.

 

[vysakh]

Whenever there's an option to pay in either INR or the Foreign currency, which one is more beneficial and why?

While abroad, if you choose to pay in INR, the currency conversion is done by the card issuing bank and their conversion ratios are much higher than the actual one. If you choose to pay in foreign currency, the card network (visa/MC) takes care of the conversion and that ratio is the actual conversion ratio at the time. Then there's a markup fee on converted value and a GST on that markup fee. So paying by foreign currency is beneficial here too.

 

[anirban.choudhury]

Whenever there's an option to pay in either INR or the Foreign currency, which one is more beneficial and why?

Always pay in foreign currency otherwise you will be charged DCC

 

[Slayer]

Lots of people in this thread have gone to Australia recently

 

[0b110]

Lots of people in this thread have gone to Australia recently

Lol yeah, I was not expecting so many responses when I created the post.

 

[NikunjP]

I am thinking to use Axis Magnus to pay education fees of my brother studying in Australia. Will I get the reward points? If yes, monthly milestone will be easily achievable.

 

[metal_heart]

Unless you are going to the UAE

Why specifically UAE?

 

[Copycat]

Why specifically UAE?

Because of this:

Zero Mark up** on international Transactions or foreign currency transactions from Signature+ Debit Card.

**3.5 % mark-up fee applicable for ATM cash withdrawals on RBL Bank Signature+ & Enterprise Debit Cards in United Arab Emirates (UAE).

 

[sv004]

Just used Magnus card on aus trip last month , didn’t face any problem actually it even worked good in those places where hdfc infinia card rejected (apple showroom and various shops)
Do take one thing in mind recently axis devalues Magnus specially for foreign transactions (starting from march)which can effect your overall return.

Why was Infinia rejected ?

 

[0b110]

Just used Magnus card on aus trip last month , didn’t face any problem actually it even worked good in those places where hdfc infinia card rejected (apple showroom and various shops)
Do take one thing in mind recently axis devalues Magnus specially for foreign transactions (starting from march)which can effect your overall return.

Can you pls explain what devaluation is on the cards?

 

[Slayer]

Can you pls explain what devaluation is on the cards?

When the value of reward points or actual reward point accrual of a particular credit card is lowered

 

[0b110]

When the value of reward points or actual reward point accrual of a particular credit card is lowered

Lol, thanks.. I should have worded better. I meant to ask what are the changes in tnc regards to rewards in foreign transactions. For Magnus it is 5 points per 200 Rs spent. Starting March, what is the devaluation?

 

[QUIKSILVER27]

Lol, thanks.. I should have worded better. I meant to ask what are the changes in tnc regards to rewards in foreign transactions. For Magnus it is 5 points per 200 Rs spent. Starting March, what is the devaluation?

Magnus reward rate is 12 points per 200 Rs spent, after march the only devaluation for foreign transactions is if you choose INR in a foreign transaction.

Will paste the extract from the axis T&C

A Dynamic Currency Conversion (DCC) markup fee of 1% plus taxes will be applicable on Axis Bank Credit Cards for each 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.

 

[0b110]

Magnus reward rate is 12 points per 200 Rs spent, after march the only devaluation for foreign transactions is if you choose INR in a foreign transaction.

Will paste the extract from the axis T&C

A Dynamic Currency Conversion (DCC) markup fee of 1% plus taxes will be applicable on Axis Bank Credit Cards for each 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.

Right that's just BAU and not a devaluation though.. I the OP said some devaluation starting March.

 

[mynameisusername]

Money spent in foreign currency is counted in 1L axis magnus milestone right?

 

[anirban.choudhury]

Money spent in foreign currency is counted in 1L axis magnus milestone right?

Yes

 

[mowgli]

Ok, here is the real experience 🤣

On 24th January, magnus card usage for 3.25 AUD on a local store in Sydney which resulted 186.52 INR + GST 0.67 INR + Foreign Currency Transaction Fee 3.73 INR.

Any GST amount added onto the statement? Is it worth the exchange rate + markup + GST? Bookmy forex card, is flat rate as of today (on google) with no extra charges