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Credit Cards / Loan Products in India => India Credit Cards / Personal & Business Loans => Topic started by: ghp_nit on August 10, 2011, 02:23:52 PM

Title: Foriegn Transaction Fee
Post by: ghp_nit on August 10, 2011, 02:23:52 PM

Hi Card Bhai,
    I am having SBI card for long time. Of late I have started purchasing things from US/UK. But SBI charges 3.5% (plus other taxes) as foreign transaction fee. This increases my costs notably.
    I wanted to know:
   1)    Is there any Credit Card in india which charges 0 amount for things brought from outside india ?  I know there is capital one in US. But could not find similar card in india.
   2)    If there is no such credit card, which one should I get to pay the least amount as FTC ?

thanks!!
-GHP

Title: Re: Foriegn Transaction Fee
Post by: cardbhai on August 11, 2011, 07:50:44 AM

Yes it is a Valid Charge by Credit Card Companies under the Forex Conversion Clause as prescribed by RBI. Their will be Service tax on the same as well. Can't really escape it.

Title: Re: Foriegn Transaction Fee
Post by: ghp_nit on August 11, 2011, 11:49:39 AM

Thanks for the quick reply.

So all the companies charge the same or does this percentage vary among different credit cards ?

Capital One does absorb all these charges on behalf of customers. Very disappointing to know that no one is India does the same  :(