Last Updated: 6th Jan 2019
If you travel abroad frequently or spend substantial amounts in USD, GBP or other foreign currencies using your debit/credit card, here’s good news. IndusInd Bank introduced a Signature Exclusive debit card for its Exclusive customers that charges 0% foreign currency markup on transactions and ATM withdrawals made in currencies other than the Indian rupee.
Indusind Bank Signature Exclusive Debit Card
Table of Contents
- Markup Fee Waiver
- Reward Points
- Indusind Exclusive Signature Debit Card Features
- How to get?
- Important Information
- Bottomline
Markup Fee Waiver
Most banks apply a cross-currency markup — typically around 3.5% plus taxes (roughly 4%) — while some premium credit cards charge about 2% markup. With IndusInd’s Signature Exclusive debit card you avoid that markup entirely, which can lead to meaningful savings on foreign spending.
For example, if you spend Rs.100,000 on a foreign trip, avoiding a ~4% markup saves you approximately Rs.4,000.
Reward Points
In addition to the markup waiver, the card earns reward points on spending. Effectively you can gain additional value back through these rewards.
- Reward conversion: 1 Reward Point = Rs.0.35 (previously Rs.0.50)
- Approximate reward rate: ~1% of spend
Reward earnings are subject to a cap — for Signature cards the cap is 3,000 points. Combining the 0% markup and reward value, the card can deliver roughly 5% effective savings compared with a standard card — around Rs.5,000 on a Rs.100,000 spend.
Indusind Exclusive Signature Debit Card Features
- 0% markup fee on foreign currency purchases
- 0% markup fee on foreign currency ATM withdrawals
- No cash withdrawal fee charged by the bank (note: foreign ATMs may levy their own usage fees of roughly Rs.150 per withdrawal)
- Attractive value from reward points
- Two complimentary Visa lounge accesses per quarter in India (Visa Signature Privilege)
How to get?
- Annual fee: Rs.299 + taxes for Exclusive customers.
To obtain the card, open an Exclusive Savings account by depositing Rs.200,000 and request the Signature Exclusive Debit Card specifically. Ask for the Signature Exclusive variant when you apply.
Bank staff may not always be familiar with this product. If there’s any confusion, speak with the branch manager.
This card is particularly valuable for frequent foreign spenders. It appears to be a relatively new offering and could be subject to change, as comparable benefits on other IndusInd products have been withdrawn in the past.
Hopefully more banks will adopt similar 0% markup options in future, though such benefits can also be removed at the issuer’s discretion.
- CardExpert Rating: 5/5
Important Information
- Visa variant: The Visa version functions well for both offline and online transactions, including PayPal and other sites. It has been used successfully across multiple countries for ATM withdrawals and point-of-sale transactions.
- Mastercard variant: There have been reported issues with the Mastercard variant, particularly for online use. Although Mastercard conversion rates can be more favorable, many users have experienced problems with online transactions. If choosing between variants, Visa is the safer option until Mastercard issues are resolved.
Bottomline
While this debit card can save you significant money on foreign transactions, remember it is a debit product. If you prefer a credit card with low foreign currency markup, some credit cards charge a 2% markup fee and may better suit your needs depending on benefits and credit card perks.
What do you think about this simple way to save on foreign trip expenses? Share your views in the comments.