IDFC FIRST drops the forex markup on every credit card, then stops paying rewards on international spends from 26 Oct 2026

In a year when Indian issuers have mostly taken things away, IDFC FIRST Bank has done something unusual: it removed the foreign currency markup from every credit card it issues, including cards already in customers' wallets. There is a trade attached, and it lands on 26 October.

What IDFC FIRST changed

The bank's own card pages now carry the line "All IDFC FIRST Bank Credit Cards now come with Zero Forex Markup", and the FIRST Wealth and FIRST Select pages each state zero forex markup on international transactions. The announcement came at the Global Fintech Fest in Mumbai in the second week of September, and per Live From A Lounge it took effect immediately.

What makes it different from a normal zero-forex launch:

• Existing cards are included. You do not need to apply for a new card or upgrade.
• No spend threshold and no opt-in. The benefit applies automatically to eligible international transactions.
• It flattens a wide range. Live From A Lounge reports that most IDFC cards previously carried a 3.5% markup, a few carried a lower one, and only a handful (Mayura, FIRST Private, FIRST WOW!) were already at zero.

On a ₹1,00,000 foreign currency spend, a 3.5% markup was ₹3,500 on top of the conversion. That cost is now gone on every IDFC card.

The catch: international spends stop earning points on 26 October

As first reported by Live From A Lounge, from 26 October 2026 most IDFC FIRST cards will not earn reward points on international transactions. The outlet names the cards that will keep earning something on international spend:

"Keeps earning" does not mean "earns the same". Ashva is the one card where the issuer page already shows the new rate: it currently lists 5X reward points on international spends, followed by the note that effective 26 October 2026 you will earn 2X on international spends.

FIRST Wealth and FIRST Select, the two lifetime-free cards most people hold, are not on the exception list. Worth knowing: as of today their own product pages still describe 10X reward points on dining, travel and international purchases. We have not found the 26 October carve-out stated on those two pages, so treat the Wealth and Select part as reported until IDFC updates them.

Is it a good trade?

For most holders, yes. IDFC values one reward point at ₹0.25, and its 1X is one point per ₹200. Even at the 10X tier, ₹1,00,000 of international spend earns 5,000 points, worth ₹1,250. The 3.5% markup the same spend used to attract was ₹3,500. Losing the points costs less than the markup saved.

The people who lose out are those who were already on a zero-markup IDFC card and collecting points on top, now reduced (Ashva) or removed, depending on the card.

What to check before your next trip

• Cash withdrawals abroad are a separate charge. Ashva's own FAQ still states that ATM withdrawals outside India attract a 1% (+GST) forex fee plus the cash advance fee. Zero markup on purchases does not make an IDFC card a cheap ATM card.
• Look at your card's own page after 26 October. The outlet list above is the best available today; IDFC's product pages are only partially updated.
• Book large foreign spends before 26 October if your card still earns points on them and it is not on the exception list: until then you get zero markup and the points.

We corrected our own catalog

Checking IDFC's pages for this post showed that CardPolo's records for FIRST Wealth and FIRST Select were out of date, and flattering. Both now carry zero forex markup, IDFC's stated income requirement, and lounge access as IDFC describes it today: spend-gated at ₹20,000 in the previous calendar month, with fewer visits than we previously listed. The Select record also lost a 10X shopping rate that IDFC no longer offers.

Holding an IDFC card for travel and wondering whether another card now does the job better? Run your international spend through CardPolo's forex calculator, or get a ranked shortlist from Polo Match.