IDFC First Bank Forex Card Vs Credit Card for Students to Study Abroad

IDFC First Bank Forex Card Vs Credit Card
Home » International Money Transfer » IDFC First Bank Forex Card Vs Credit Card for Students to Study Abroad

IDFC First Bank Forex Card Vs Credit Card: IDFC First Bank is one of the leading private banks in India with a good track record of providing forex services. For international students, the bank provides multicurrency forex cards and international credit cards backed by a fixed deposit. Both cards have advantages but you should compare multiple factors and then decide which is best suited for you. Let’s check all the details about IDFC credit cards and Forex cards and know the difference between the two.

IDFC First Bank Forex Card

IDFC First Bank Forex Card is one of the cheapest Forex cards with multiple currency options. You can make transactions in any currency across the world with your Forex Prepaid Card. The amount will be debited either from that currency wallet or any other currency wallet if the funds are not sufficient in the requested currency. Also, the bank doesn’t charge anything for card issuance and reloading.

You will get the Forex Card kit in which there will be a complimentary replacement or duplicate Card along with the primary Forex card. This is provided by the bank for emergency situations like card loss or damage. In such situations, you can easily activate the duplicate card without any additional charges.

Check some of the factors that need to be considered while applying for the Forex Card below:

  • You can get IDFC First Bank Forex Card by applying online or by visiting any branch of the bank with the required documents.
  • You must have an active account with the bank to get the Forex card. Individuals who are not existing customers of the bank cannot apply. 
  • You will get insurance coverage for multiple categories along with the Forex Card. 

Also Read: RBL Bank is a leading private bank in India and it has a good track record in forex services. Check out this blog on RBL Bank Forex Cards for Students

Features of IDFC First Bank Forex Card

IDFC First Bank Forex card comes with a lot of attractive features. The bank provides 3 free ATM withdrawals every month. You can easily reload the card online through net banking without paying any charges.

Check some of the major features of the IDFC First Bank Forex Card:

  • The IDFC First Bank Forex card kit contains a complimentary duplicate or replacement card along with the Primary Forex Card so that you can use the duplicate card in emergencies. 
  • You can make transactions in any currency easily with the IDFC Forex Prepaid Card. While making the payment, the applicable amount will be debited either from the same currency wallet or any other currency wallet subject to the availability of funds.
  • You can transfer money from one currency wallet to another currency wallet as per your requirement. The bank will charge applicable currency exchange charges. 

Also Read: Have you compared the charges on Forex cards by different banks? Read this blog and check out all about the Zero Forex Markup Card

IDFC First Bank Credit Card for International Students

Credit cards are one of the best modes of making hassle-free payments especially when you are in a foreign country. For international students, IDFC First Bank provides “FIRST WOW Credit Cards” backed by a fixed deposit in the bank account. IDFC First Bank credit card for students can be used for transactions across the globe.

Check out some of the benefits of the IDFC First Bank Credit Card:

  • You can get the card without showing income proof or credit history.
  • The bank will not charge any joining fee or membership fee on credit card.
  • You will get reward points with every expense and the points can be used anytime as it doesn’t have any expiry date.

Features of IDFC First Bank Credit Card

One of the most important features of IDFC First Bank Credit card for international students is that it offers zero forex markup i.e. you can spend anywhere in the world without worrying about the currency exchange. Check some major features below:

  • You need to open a fixed deposit account with the bank on which you will get around 7.25% return every year.
  • On every expense you make, the bank will provide 4x reward points which can be redeemed anytime.
  • No documents, credit history or income proof are required to get the credit card.

Difference between IDFC First Bank Forex Card and Credit Card

IDFC First Bank Credit Card and Forex Card can be differentiated based upon the requirement of the student or any individual travelling abroad. A Forex card is a prepaid card in which you need to add/load money in the applicable currency before making expenses. A credit card is a postpaid card in which you need to pay the bill every month for the expenses that you made in the last billing cycle.

Check some of the major differences between an IDFC First Bank Forex Card and a Credit Card:

IDFC First Bank Forex CardIDFC First Bank Credit Card
Currency Exchange applicable Zero Forex Markup
Need to reload currency walletNo reloading required
No Fixed Deposit Account RequiredNeed to open FD Account 
Suitable for long stays abroad Suitable for a short stay as you won’t be able to close your FD while using the card. 
No dedicated plans for studentsDedicated category of cards for international students. 

FAQs on IDFC First Bank Forex Card Vs Credit Card

Can I get an IDFC First Bank Credit card without FD?

You can apply for a credit card only after opening a fixed deposit with IDFC First Bank. The card will not be issued if you are not opening FD account. 

Which one is better- a prepaid Forex card or an international credit card?

Both the cards have their own advantages and disadvantages. However, if you are going for a long term i.e. 2 or more years then a Forex Card is a better option. 

Is IDFC First Bank Credit Card valid in the USA?

Yes, the credit card is valid in all major currencies and you spend in multiple currencies without worrying about the conversion charges.

What is the expiry period of reward points in credit cards?

Rewards points on your IDFC First Bank Credit will not expire. You can use them anytime for multiple categories like travel, lifestyle etc. 

What is the fee for issuing duplicate Forex cards?

The card kit provided by the bank already contains a replacement card for emergencies. You can activate the secondary card quickly in case the primary card is expired. 

Analyse your uses before applying for any type of card from IDFC First Bank. Compare the factors and find out the best-suited card to manage expenses abroad. Read all the terms and conditions carefully.  

To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. ;

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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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