HSBC RuPay Cashback loses 0% forex — from 1 Sep 2026

The HSBC RuPay Cashback card will lose its 0% foreign-currency mark-up on 1 September 2026. Until 31 August 2026, the card has a 0% mark-up on every foreign-currency spend, but afterwards, it will revert to the 3.5% mark-up printed in the shared RuPay tariff sheet. The loss of the 0% forex mark-up will significantly impact cardholders who use the card for foreign transactions. For example, a ₹1,00,000 foreign spend will incur a ₹3,500 mark-up, which exceeds the ₹400 monthly cashback cap. The card’s lounges, which include two domestic visits a quarter and two international visits a year, will remain untouched. Our take: with the 0% forex window closing on 31 August 2026, cardholders should use the card for foreign transactions before the deadline to avoid the 3.5% mark-up. After the deadline, the card’s value proposition will be limited to its lounge benefits, so cardholders should reassess their usage and consider alternative options if they frequently make foreign transactions.