IDFC FIRST Bank Makes All Credit Cards Zero Forex Markup

IDFC FIRST Bank has introduced zero forex markup on all its credit cards from September 9, 2026.

This is particularly useful for existing cardholders. A lot of IDFC FIRST cards are lifetime free, and many users already have one sitting in the wallet. These cards can now be used for international spends without paying the usual forex markup.

That includes spends made while travelling abroad, payments on international websites, subscriptions and other transactions billed in foreign currency.

International Rewards Will Continue

The good news is that IDFC FIRST credit cards will continue to earn rewards on international transactions. This makes the new 0% forex benefit much more useful, especially on cards that already have decent reward rates. Here is how some of the cards compare on international spends:

Returns depend on the value you get while redeeming Reward Points. The higher values on Ashva, Mayura, Gaj, FIRST Private and WOW! Black are based on eligible travel redemptions.

For most users, Wealth and Select are the more interesting cards here. Both combine 0% forex with a 1.25% reward rate on international spends while remaining lifetime free.

The premium cards can offer better returns, but their eligibility or annual fees make them less relevant for the average user. FIRST WOW remains a useful option for users who want an FD-backed card with 0% forex and rewards on overseas spends.

This makes IDFC FIRST’s zero forex proposition much stronger than simply waiving the markup. You can avoid the forex charge and still earn rewards on eligible international transactions.

How Much Does Zero Forex Actually Save?

The saving depends on what your card was charging earlier.

If the forex markup was 3.5%, a ₹1 lakh international spend would have cost around ₹3500 extra, before GST on the markup. With zero forex, that bank markup is gone.

The final INR amount will still depend on the Visa or Mastercard exchange rate used when the transaction is settled.

Also, while travelling, always check what currency the merchant is charging you in. If a machine asks whether you want to pay in INR or the local currency, the local currency is usually the better option. Paying in INR can trigger Dynamic Currency Conversion, which often comes with a worse exchange rate.

Does This Remove the Need for a Separate Zero Forex Card?

For many users, probably yes. If you already have an IDFC FIRST credit card and travel only once or twice a year, there is now much less reason to get another card just for zero forex.

That does not mean dedicated travel cards are pointless. They can still be better if they offer stronger international rewards, airport lounge access, airline miles or hotel benefits. We have compared the other options in our Best Zero Forex Markup Credit Cards in India guide.

But zero forex alone is no longer enough of a reason if an existing lifetime-free IDFC FIRST card can already do the same job.

Our Take

This is a good move from IDFC FIRST Bank, even with the reward cut coming in October.

For most cards, losing a small reward rate is probably acceptable if you are saving up to 3.5% in forex markup. The premium cards are more interesting because they continue to earn rewards on top of zero forex. Gaj: and FIRST Private in particular can still give a decent return on international spends.

For everyone else, the biggest change is simple: an IDFC FIRST card that may not have been very useful earlier now has a clear role for international transactions.