IDFC FIRST Bank Removes Forex Markup on All Credit Cards: What Changes on 9 September and 26 October 2026

On 9 September 2026, IDFC FIRST Bank emailed every credit cardholder announcing zero forex markup on all its credit cards, effective immediately. No separate upgrade is required or spending threshold to access the benefit.

It was announced on the opening day of the Global Fintech Fest (GFF) 2026 in Mumbai. But the same email that announces the good news also drops something disappointing that most of the coverage online is skipping past.

What actually changed, and when

Before 9 September, IDFC FIRST's forex markup varied across its card lineup. Most standard cards charged 3.5%.

So, every rupee you spend abroad on an IDFC FIRST card from now on skips the markup entirely.

But international rewards stop on 26 October

IDFC FIRST Bank also stated that from 26 October 2026, international transactions will stop earning reward points on its credit cards.

Only seven products keep earning on foreign spends: Ashva, Mayura, Gaj, FIRST Private, FIRST WOW!, FIRST WOW! Black, and the IndiGo IDFC FIRST Bank Credit Card. Every other card in the lineup gives up points on foreign currency spending for good, in exchange for the forex cut.

Watch out if you hold Diamond Reserve. It already charged 0% forex markup, but it may lose its rewards structure after this announcement. It's not in the list of the seven cards that keep earning rewards after 26 October.

Zero markup only holds if the transaction is billed in the local currency. If an international merchant terminal or ATM offers to convert the charge to rupees on the spot, Dynamic Currency Conversion (DCC) is applied. And it can add a fee of up to 5%, wiping out the savings IDFC FIRST gives you.

So, always choose the local currency option when a machine abroad asks. Our guide to paying in rupees vs. local currency abroad covers this in more detail.

Does the trade still work out in your favour? Let's do the maths

Take ₹1,00,000 of international spending in a year, roughly what a couple of overseas trips plus a few dollar-billed subscriptions add up to for a moderate spender.

On a standard card that used to charge 3.5% forex, you save ₹3,500 a year from the markup alone. Even if that card was earning you a decent 0.5% in redeemable point value on that spend before, you're giving up about ₹500 in points. Net, you're still about ₹3,000 a year ahead.

On Ashva Metal, which already charged just 1%, you save ₹1,000 a year in forex and keep every reward point. That's the cleanest win in the lineup. Real money saved, nothing given up.

On Diamond Reserve, the forex saving is ₹0, because it was already at zero. But you may lose the roughly ₹500 a year in points it was paying at its 0.5% general rate on international spends. That's a pure loss, and it's the one case where "zero forex markup" isn't actually a benefit for you at all.

So, should you change anything?

For most IDFC FIRST cardholders, this is a genuine improvement you don't have to do anything to receive; it's live on your card already. The forex saving is real money, and for the vast majority of cards, it comfortably outweighs the modest reward points you'll stop earning on foreign spends.

However, if you're on Diamond Reserve, FIRST Wealth or FIRST Select, cards that already carried low or zero forex markup, work out whether your international spend is big enough. If it is, and you travel or spend abroad often, it's worth comparing against Ashva Metal or Mayura Metal. They now combine zero forex with existing rewards.

Either way, the one habit worth building before that date arrives: keep paying in the local currency abroad, never rupees, and you'll actually keep the savings IDFC FIRST is giving you.

Disclaimer

This is our honest read of what IDFC FIRST Bank has announced, not formal financial advice. Terms can change; check your card's updated MITC and Schedule of Charges before you travel.