Forex Markup Comparator

Plug in your monthly USD subscriptions. See the annual cost on six low-FX credit cards versus the standard 3.5% markup. Includes 18% GST on the markup itself.

Your monthly USD stack
$50/ month
= $600/year = ₹49,800 principal at ₹83/USD
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Productivity
Plus other USD spend
$0/mo
$0$250$500
Annual cost by card
Baseline (standard 3.5% FX card): ₹51,857/year including 18% GST on markup.
Best for youHDFC Diners Club Black
HDFC Bank · 1.99% FX · ₹10,000/yr fee · 3.3% rewards back
Gross
₹50,969
Net after rewards
₹49,326
Review
Saves ₹2,531/year vs baseline (5% lower)
HDFC Infinia
HDFC Bank · 2% FX · ₹12,500/yr fee · 3.3% rewards back
Gross
₹50,975
Net after rewards
₹49,332
Review
Saves ₹2,525/year vs baseline (5% lower)
ICICI Emeralde
ICICI Bank · 1.5% FX · ₹12,000/yr fee · 1.5% rewards back
Gross
₹50,681
Net after rewards
₹49,934
Review
Saves ₹1,922/year vs baseline (4% lower)
IDFC FIRST Wealth
IDFC FIRST Bank · 1.5% FX · ₹2,500/yr fee · 1% rewards back
Gross
₹50,681
Net after rewards
₹50,183
Review
Saves ₹1,673/year vs baseline (3% lower)
Standard Chartered Ultimate
Standard Chartered · 3.5% FX · ₹5,000/yr fee · 3.33% rewards back
Gross
₹51,857
Net after rewards
₹50,198
Review
Saves ₹1,658/year vs baseline (3% lower)
HSBC Live+
HSBC · 3.5% FX · ₹999/yr fee · 1.5% rewards back
Gross
₹51,857
Net after rewards
₹51,110
Review
Saves ₹747/year vs baseline (1% lower)
Methodology: Gross = principal × (1 + FX% × 1.18) per RBI norms. Net subtracts approximate reward back (1:1 statement credit, or 1:1.65 SmartBuy for HDFC). Annual fee is NOT subtracted — the table shows transaction-cost only. Compare gross vs net by card to decide whether reward back is redeemable for your use case.
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About this calculator

How the math works

Every USD-billed subscription triggers a forex conversion when your card statement is generated. Two charges apply: the forex markup (1.5–3.5% per card) and 18% GST on the markup amount (per RBI norms). The total drag is markup × 1.18 on the principal.

Example — $100 spend at 2% markup:

  • Principal at ₹83/USD = ₹8,300
  • Markup 2% × ₹8,300 = ₹166
  • GST 18% × ₹166 = ₹29.88
  • Total charged = ₹8,495.88 (effective rate: 2.36%)

Reward points further reduce the real cost — HDFC Infinia returns ~3.3% via SmartBuy redemption, Standard Chartered Ultimate 3.33% via uncapped points. The comparator below shows raw FX cost only; reward-back is discussed per card on the AI Tools hub.

FX rates verified against issuer documentation, May 2026. Banks occasionally revise rates — confirm with the issuer before applying. USD→INR uses ₹83 as a stable working rate; live rates fluctuate ±2-3%.

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