IndusInd Bank Multi-Currency Travel Card
The IndusInd Bank Multi-Currency Travel Card is a prepaid card made for people traveling to other countries. You can load money onto it in any of the 14 supported foreign currencies before your trip. Once the money is loaded, you can use the card to spend abroad without paying any extra charges, as long as you’re spending in the same currency that’s loaded on the card. This makes it cheaper than using a credit card, which usually charges a foreign currency fee. While this card doesn’t offer reward points, it does come with useful travel benefits like free airport rides, travel insurance, and discounts on sightseeing.
There is no yearly fee for using the card, but you do have to pay a one-time fee of ₹300 when getting the card. It’s a great option if you’re going to a country whose currency is supported by the card. It’s even more helpful if you’re visiting more than one country, because you can load different currencies as you go. Overall, this card makes international travel easier and helps you save money on foreign transactions.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
What is the eligibility requirement for the IndusInd Bank Multi-Currency Travel Card?
There are no income requirements for this card since it’s a prepaid card, meaning anyone can apply.
Which currencies can I use with the IndusInd Bank Multi-Currency Travel Card?
The card supports 14 currencies, including US Dollar, Euro, Great Britain Pound, Australian Dollar, Canadian Dollar, and more.
Is there a mark-up fee for foreign currency transactions with this card?
No, there’s no extra fee for transactions in the currency loaded on the card. But if you use a currency that isn’t loaded, there’s a 3.5% mark-up fee.
How can I reload the IndusInd Bank Multi-Currency Travel Card?
You can easily reload the card online or by visiting a bank branch, depending on your preference.
What documents do I need to apply for the IndusInd Bank Multi-Currency Travel Card?
You need to provide a copy of your passport (with visa) and your flight tickets when applying for the card.
Is there an annual fee for the IndusInd Bank Multi-Currency Travel Card?
There’s no annual fee. However, you need to pay a one-time issuance fee of Rs. 300 (plus GST) when you get the card.
Can I withdraw cash from ATMs using the IndusInd Bank Multi-Currency Travel Card?
Yes, you can withdraw cash at ATMs, but there’s a fee of USD 2 per withdrawal.
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