Indusind Bank Signature Exclusive Debit Card with 0% Markup Fee

By | August 17, 2016

Are you a frequent foreign traveller or someone who spend a lot on USD, GBP, etc currencies from your debit/credit card? here comes a great news for you. Indusind Bank has recently launched a Signature debit card for Exclusive customers that has 0% Foreign currency Markup fee when you spend/withdraw money on your card on any foreign currency other than Indian rupee.

Indusind Bank Signature Exclusive Debit Card

Indusind Bank Signature Exclusive Debit Card

Markup Fee Waiver on Indusind Signature Exclusive Debit Card:

Generally, banks charge anywhere around 3.5%+Tax = ~4% for cross currency payments while some premium credit cards has 2% markup fee. So using this debit card can save you around 4% of your foreign expenses.

Suppose you spend 1 Lakh on a Foreign trip, this card can help you save Rs.4,000 , on top of it, you can save additional 2% through reward points that you earn while you spend. There is a certain cap for this reward points though. You can redeem these points for cash on your a/c.

1 Reward Point = Rs.0.50

INDUS MONEY STRUCTURE – SIGNATURE DEBIT CARD

INDUS MONEY STRUCTURE – SIGNATURE DEBIT CARD (Max Cap: 3000 Points/month)

Compared to a random Credit/Debit card, this Indusind Exclusive Signature debit card can help you save around 5% overall including markup fee savings + reward points when u spend around 1Lakh. That’s Rs.5,000 in savings. Worth it right? That’s just for 1 month. How about 12 months projection? Rs.5000*12 = Rs.60,000 in savings just for using a right debit card 🙂

Indusind Custom Design Debit Card

Indusind Custom Design Debit Card

Indusind Exclusive Signature Debit Card Features:

  • 0% Markup fee on Foreign currency expenses
  • 0% Markup fee on Foreign currency Cash Withdrawal.
  • Better value back with reward points
  • 2 Complimentary lounge access per Quarter to Visa Lounges in India (Visa Signature Privilege)
  • CardExpert Rating: 5/5

cash-withdrawal

How to get Indusind Bank Exclusive Signature Debit Card:

  • Annual Fee: Rs.299+tax for exclusive customers.

Note that this Signature Exclusive Debit card with 0% Markup fee is issued only to “Exclusive” customers of Indusind bank. Open an Exclusive Savings a/c by depositing 1 Lakh and opt for this card, don’t forget to mention that you need this variant called – Signature Exclusive Debit Card. Most of them in bank will be clueless as to what this product is all about.

This card is a hidden Gem for those who spend a lot in foreign currency. I guess this variant was added to their system few months back and i’m unsure how long this gonna last. Indusind had similar feature on one of their credit card which they removed now.

Hopefully, more banks come up with such 0% markup fee concepts in coming years. Or, if we have a bad time, this 0% markup fee benefit on this card can be expected to be removed soon 😛

Credit Cards with Low Foreign currency markup fee:

Whatsoever, this is a debit card. If you’re looking for a “credit card” with low foreign currency markup fee, have a look at these cards that has the lowest foreign currency markup fee of 2%

What do you think about this simple tip that can save you a lot of money on foreign trips/expenses? Share your Views in comments below 🙂

18 thoughts on “Indusind Bank Signature Exclusive Debit Card with 0% Markup Fee

  1. Kapil Khurana

    While 0% mark up is a good bait, one shouldn’t forget that banks charge varying exchange rate, which can be anywhere up from 1% to 4% of the normal exchange price.

    Reply
    1. Siddharth Post author

      Kapil, Yes, that’s around 1% i’ve seen. I’ve compared by charging HDFC Credit Card & Indusind debit card at same time and there is no big difference in exchange rate 🙂

      Reply
  2. bluecrabs

    Citi Prestige with its regular 3.5% markup on foreign currency transaction with its 2 Prestige Points (8 miles) per 100 spent is still a better deal IMO than the HDFC 2% fee..

    Reply
    1. Siddharth Post author

      True. But it has high joining fee. Probably most Visa infinite Cards should be good to be compared as well 🙂

      Reply
  3. SriKrsna

    Thanks for the post Sid.
    But it would be a great feature if they include it in some of credit cards by other banks too. As you told, mostly all banks including American Express charges 3.5% + service tax (excluding the exchange rate spread value charged by banks and payment gateways) on foreign transactions. I would say the HDFC cards that you mentioned in the post would attract 2.3% cross currency markup including the service tax as of now but it is not easily obtaining by a person who is new to the bank without any high value assets or HNI tag.

    Reply
    1. Siddharth Post author

      CC Industry is evolving fast in India, we can expect 0% markup fee on credits cards soon, likely with Amex as they already have such offers in other countries like USA.

      Reply
  4. Ashu

    which one is preferable this debit card or forex card i.e. SBI Travel card in US? My friends brother in US and my fried loads his forex card from SBI.

    Reply
    1. Siddharth Post author

      This Debit card obviously is best comapred to Forex cards/cash. Its a premium debit card with unmatched features. You don’t need to load/unload money and loose some $$ while doing so on forex cards.

      Reply
  5. santanu porel

    hy sidhart,
    thanks to u for such a beautiful guide. can u say if i gone to europe with this debit card in various hotel and shop..will somebody tell yr card is not working or not valid….. all are saying that amex will best in europe… can i use my any national bank debit card there (hotel and shopping mall) with a safety….you plse through some blog about how to use the credit card and debit card in a secured way in various places. as we the common people are very much anxious about the fraud activity of these card…..

    Reply
    1. Siddharth Post author

      Any card will be good as long as its on Visa/Mastercard.
      Now the problem comes when the banks block your card (thinking its being misused) and you maynot be able to attend the call due to sky high roaming charges.
      This is why Amex is great as they can send a new card almost anywhere if misused, etc.
      Still its good to carry 2 or 3 cards when you goto foreign countries in different network like visa/Mastercard. So you’ll have backup.

      Reply
  6. Prashant Agrawal

    The card looks beautiful. Is that really a matt finish or the image couldn’t capture the gloss?

    Reply
    1. Siddharth Post author

      Gold part is highly glossy, the black part is kind of matte finish type. Its a mix of both 🙂

      Reply
  7. Biby

    Hi Siddharth,
    So I can get this card by starting a savings account of 1L, right? but after receiving the card if the account value goes below 1L, what will happen?

    Reply
    1. Siddharth Post author

      Yes,
      Its fine to go lower than 1L for a week or so.
      But if balance not maintained, they will put AQB non-maintenance charge and the card will also be charged separately.
      Basically all unwanted headaches 😀

      Reply
  8. Biby

    New sbi signature debit card is launched? Saw that in bookmyshow. But couldn’t find in the sbi website.

    Reply
  9. Shafwan

    Hello Siddharth. Hope you are doing great. I was pretty confused with Indus select and Indus exclusive as i am staying in Poland and my parents would send me monthly expenses and fees. What would be the joining fee, annual fee and issuance fee for platinum and signature cards??? I am currently using a corp debit card which has all the charges in it while withdrawing cash from ATM. Any help would be appreciated. Thanks in advance !

    Reply
    1. Siddharth Post author

      Shafwan,
      Exclusive a/c Min Balance: 1L
      Exclusive Platinum Debit Card: free with Exc. A/c.
      Exclusive Signature Debit Card: Rs.299+tax

      Hope it helps 🙂

      Reply
      1. shafwan

        Hello Siddharth,
        Thanks a lot for the clarification. It helped a lot indeed. Good day and take care

        Reply

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