IndusInd doubles DCC fee to 2% on mass shelf
IndusInd Bank doubles its DCC fee to 2% on most cards, while premium cards will have a 1% fee. This change will result in higher charges for cardholders who use their credit cards for international transactions.
IndusInd Bank has revised its Dynamic Currency Conversion (DCC) fee. The fee is now split into two rates: 2% + GST for most cards, and 1% + GST for premium cards. The 2% rate applies to cards like Platinum RuPay, Platinum, and Duo, while the 1% rate applies to cards like Pioneer Legacy and Avios Visa Infinite.
This change affects cardholders who use their IndusInd Bank credit cards for international transactions. The increased DCC fee will result in higher charges for cardholders who opt for dynamic currency conversion. Cardholders can avoid this fee by choosing to pay in the local currency when transacting abroad.
Our take: cardholders who frequently use their IndusInd Bank credit cards for international transactions should be aware of this change and take steps to minimize their DCC fees. This can be done by opting out of dynamic currency conversion and instead paying in the local currency. For cards like the Tiger, which already has a 1.5% forex markup, the additional 2% DCC fee can result in significant charges, making it essential for cardholders to be mindful of their transaction fees.