Since the RBI permits Indians travelling abroad to only carry a limited amount of foreign currency, Credit Cards offer a great alternative. As more and more merchants insist on contactless payments in places like Europe, Credit Cards are a travel necessity, especially during a pandemic. Often Credit Cards offer attractive schemes to sweeten the deal. This is true for foreign trips, transactions made abroad, and for international purchases made online.
One may wonder how safe it is to carry a Credit Card and forex card for shopping while abroad, or to buy online from international websites. Well, if you are careful enough to observe a few precautions, this mode of payment is quite secure, time-saving, and hassle-free. For example, The RBI has recommended that consumers add transaction limits for various types of purchases, including international ones, on their cards to thwart perpetrators of fraud. The apex bank has also asked card issuers to deactivate international transactions on all new cards unless the card-holders opt in for them. This measure was introduced from 1st October 2020 to protect consumers from online fraud.
The card advantage
Here are some of the major benefits of using a Credit Card instead of hard cash while you are in an unfamiliar country, and of making international purchases through website:
- Above all, safety and security
- Interest-free loan period of at least more than a month
- Reward points accrue that can be redeemed to enjoy unique catalogued benefits
- Transactions are prompt, even though you are not in your home country
On the other hand, while travelling abroad, forex cards are a good bet as they help with multi-currency applicability, giving you the freedom to use one in various countries.
Benefits of HDFC Bank Credit Card and ForexPlus Cards
Despite minor disadvantages, Credit Cards and forex cards are among the safest options to transact in while you are abroad, as you can travel cash-free and complete your transactions at a cheaper exchange rate. In this regard, HDFC Bank Credit Cards and ForexPlus Cards deserve a special mention.
HDFC BankForexPlus Cardsoffer you several advantages:
- Convenience of payment with a single card in more than one country (as a ForexPlus card supports multiple currencies)
- Better cost-efficiency compared to other traditional modes of payments such as an international debit card or a traveller’s cheque
- Protection from foreign exchange rate fluctuations (as the rate is fed/locked at the time of card purchase)
- Helps in the creation of different currency wallets and transfer balance using NetBanking
To apply for HDFC Bank ForexPlus card online, clickhere
(Please note: These services continue to be available on existing MasterCard and Maestro cards. However, new cards from these brands are no longer available with effect from 22 July, 2021, as per RBI directives.)
Some of the main benefits offered by HDFC BankCredit Cardsinclude:
- Loan against your Credit Card.
- Easy EMI options.
- Best-in-class rewards program.
- Option to secure your card with OneAssist.
- Easy online transactions.
- Complimentary accident and permanent disability insurance, subject to terms and conditions.
To apply for HDFC Bank Credit Cards, clickhere.
Last words
A Credit Card or a Forex Card is not just a safe mode of payment while you’re abroad or buying something on an international website, it also offers you other inbuilt benefits. Just remember to exercise due caution before you splurge.
Readmoreon the different ways to manage your money when travelling abroad.
Looking to apply for HDFC BankCredit Card? Click here to know more!
* Terms and conditions apply. Credit Card and Forex Card approvals at the sole discretion of HDFC Bank limited. Credit Card and Forex Card approvals is subject to documentation and verification as per Banks requirement.
As a financial expert with a comprehensive understanding of banking, credit cards, and foreign exchange, I bring forth a wealth of knowledge to guide you through the intricacies of international transactions. Having extensively studied and kept abreast of the Reserve Bank of India's (RBI) regulations and financial trends, I am well-equipped to discuss the nuances presented in the article.
The article touches upon several key concepts related to international financial transactions, credit cards, and forex cards. Let's break down the information:
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RBI Regulations:
- The RBI restricts the amount of foreign currency Indians can carry while traveling abroad.
- The apex bank recommends setting transaction limits for various types of purchases, including international ones, to enhance security and prevent fraud.
- From October 1, 2020, the RBI mandated card issuers to deactivate international transactions on new cards by default, requiring cardholders to opt in.
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Credit Cards as Travel Necessities:
- Credit cards serve as a viable alternative for travelers, especially in places like Europe where merchants increasingly prefer contactless payments.
- During the pandemic, the convenience, safety, and time-saving aspects of credit card usage become more pronounced.
- The RBI's recommendations and measures, such as transaction limits, contribute to the security of credit card transactions.
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Benefits of Using Credit Cards:
- Safety and security are emphasized, with the RBI's recommended measures reinforcing the same.
- Credit cards offer an interest-free loan period of at least a month, reward points, and prompt transactions even in foreign countries.
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Forex Cards for International Travel:
- Forex cards are recommended for international travel due to multi-currency applicability, providing flexibility in various countries.
- HDFC Bank's ForexPlus Cards are highlighted for their advantages, including payment convenience, cost-efficiency, and protection from foreign exchange rate fluctuations.
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HDFC Bank's Credit Cards and ForexPlus Cards:
- HDFC Bank's ForexPlus Cards support multiple currencies, offer cost-efficiency, and protect against foreign exchange rate fluctuations.
- HDFC Bank Credit Cards provide benefits such as a loan against the credit card, easy EMI options, a rewards program, and additional features like OneAssist protection and insurance.
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Application Process:
- The article provides links for readers to apply for HDFC Bank ForexPlus Cards and Credit Cards online, emphasizing convenience in the application process.
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Last Words and Cautionary Note:
- The article concludes by emphasizing that credit cards and forex cards are safe modes of payment abroad, offering additional benefits. However, it advises exercising caution before making extravagant purchases.
In summary, the article provides a comprehensive overview of the advantages and precautions associated with using credit cards and forex cards for international transactions, with a specific focus on HDFC Bank's offerings in this domain.
