Many different credit card options are available in the market, each with unique benefits and features. The decision to select the best is an important one you must make along with your other daily choices. According to us, the two cards you should consider are- the IDBI Card and the Niyo Global Card. In the later part of the blog, we will study these two cards and contrast their features, benefits, and fees in this post to help you decide which card is ideal.
Traveling heals a soul and hassle free travel is what one always desires! Forex Cards are designed to add comfort in the finance part of your travel while you have all the plans ready to explore internationally.
Overview:
Let’s first have a look at the IDBI bank forex Card. IDBI Bank offers a range of credit cards to accommodate its customers’ needs and interests. These cards provide various benefits, such as savings, cashback, and reward points. People who frequently use their credit cards may find the IDBI Card useful because of its vast acceptance network and high credit limit.
The IDBI Card has the advantage of being widely accepted nationwide. As a result, cardholders can use their IDBI cards in various settings, such as stores, dining establishments, and online retailers.
Now let’s look at the Niyo Global Card. The Niyo Global Card is a unique card with various features and benefits created primarily to satisfy the needs of frequent travelers. Several significant characteristics of the Niyo Global Card include:
- No foreign exchange conversion charges when used for transactions in multiple currencies
- Low annual fee
- Low-interest rates
- Low cash withdrawal charges
- 24/7 customer service
The Niyo Global Card is more affordable than the IDBI Card in terms of charges. Niyo Global Card often features a lower annual fee than IDBI Card, lower interest rates, foreign exchange conversion fees, and cash withdrawal fees.
The acceptance network is a crucial additional consideration. Due to its extensive acceptance network, the IDBI card is a practical choice for consumers who frequently use their credit cards for purchases. While Niyo Global Card does not incur conversion fees when used for transactions in several currencies, it is more suited for overseas tourists.
The Niyo Global Card can store several currencies. In addition to saving money on buying foreign currency, the cardholder can avoid currency conversion fees when visiting various countries. The Niyo Global Card provides alluring savings and reward deals on multiple expenditures.
How to apply for Niyo Forex Card
- Install the Niyo Global application.
- Complete the KYC procedures using your Indian passport, Aadhaar, and PAN.
- A virtual card for usage with online purchases will be available in your account.
- You must deposit 5,000 into your savings account before ordering a physical card.
- Receive your physical card within a week or two.
How to apply for IDBI Forex Card:
- Get in touch with the bank using our Phone Banking Toll-Free numbers.
- Visit their nearest branch.
- Wait shortly for their call back.
Pros and Cons
Here is a comparison of the pros and cons of the IDBI Card and the Niyo Global Card:
Pros of IDBI Card:
- Wide acceptance network
- High credit limit
- Rewards, cashback, and discounts
Cons of IDBI Card:
- Higher annual fee
- Higher interest rates
- Higher foreign exchange conversion charges
- Higher cash withdrawal charges
Pros of Niyo Global Card:
- No foreign exchange conversion charges when used for transactions in multiple currencies
- Low annual fee
- Low-interest rates
- Low cash withdrawal charges
- 24/7 customer service
Cons of Niyo Global Card:
- Limited acceptance network
Comparison Table: IDBI Card VS Niyo Global Card
Feature | IDBI Card | Niyo Global Card |
Acceptance Network | Wide | Wide |
Annual Fee | High | Low |
Interest Rates | High | Low |
Foreign Exchange Conversion Charges | High | None |
Cash Withdrawal Charges | High | Low |
24/7 customer service | No | Yes |
According to the table, the Niyo Global Card offers no foreign exchange conversion fees when used for transactions in different currencies, making it a better choice for international travelers. It also offers a lower annual cost, interest rate, and cash withdrawal fee than the IDBI card. As it has an extensive acceptance network, the IDBI Card is a practical option for people who frequently use their credit cards for purchases, but it comes with higher fees.
Charges: IDBI Card VS Niyo Global Card
Feature | IDBI Forex Card Charges | Niyo Global Card Charges |
Card issuance fee | INR 500 | INR 250 |
Reload fee | INR 100 | INR 0 |
Balance enquiry fee | INR 15 | INR 0 |
Replacement fee | INR 100 | INR 0 |
Foreign currency markup fee | 3.5% | 0% |
According to the table, Niyo Global Card is a superior choice because it has no reload, balance inquiry, or replacement fees. Additionally, it charges no foreign exchange markup fee, as opposed to the 3.5% set by the IDBI forex card. While the Niyo Global card has a higher issue charge, the IDBI forex card does not.
IDBI Cash Card Balance Check
IDBI Cash Card Balance Check online method is available in different ways:
Through ATM: Utilize the ATM-cum-debit card issued by IDBI bank for the bank account to access the IDBI Bank balance inquiry facility. Make sure your ATM card and PIN are current.
Through Internet Banking: IDBI Bank provides an internet banking option via internet banking. It makes checking the IDBI Bank balance easier. Holders of IDBI Bank accounts can apply for service activation at the local branch.
Through Mobile Banking: Two mobile apps are available from IDBI Bank through mobile banking, giving account users quick access to financial data. These are IDBI Bank mPassbook and IDBI Bank GO Mobile+.
Using Passbook: Every account holder receives a passbook when their IDBI Bank account is opened. Any IDBI Bank branch can update the same and utilize it to obtain IDBI Bank transaction information.
Making use of Missed Call Banking: IDBI Bank offers balance inquiries through missed calls to make it easier to check your balance when you’re on the go. You can use this toll-free service to get mini statements or account balance details. The customer’s registered cellphone number can access this service for free.
IDBI Bank forex card rates
| Currency | TT Sell | TT Buy | Bill/Card Sell | Bill/Card Buy | Currency Sell | Currency Buy |
Currency | vs INR | TTS | TTB | BLS | BLB | FCS | FCB |
USA Dollar | usd | 82.67 | 80.39 | 82.84 | 80.23 | 83.20 | 79.90 |
Great Britain Pound | gbp | 103.11 | 98.91 | 103.32 | 98.71 | 103.10 | 98.95 |
Euro | EUR | 90.49 | 86.82 | 90.67 | 86.65 | 90.50 | 86.85 |
Japanese Yen | JPY* | 64.27 | 61.25 | 64.40 | 61.13 | 65.30 | 60.25 |
Swiss Francs | CHF | 90.58 | 86.29 | 90.76 | 86.12 | 92.05 | 84.85 |
Australian Dollar | USD | 59.38 | 56.59 | 59.50 | 56.48 | 60.35 | 55.65 |
Singapore Dollar | SGD | 63.57 | 60.57 | 63.70 | 60.45 | 64.60 | 59.55 |
HongKong Dollar | HKD | 10.66 | 10.16 | 10.68 | 10.14 | 10.85 | 9.95 |
Canadian Dollar | CAD | 62.60 | 59.66 | 62.73 | 59.55 | 63.65 | 58.65 |
UAE Dirham | AED | 22.88 | 21.52 | 22.92 | 21.47 | 23.10 | 21.30 |
Conclusion:
The Niyo Global Card offers no foreign exchange conversion fees when used for transactions in different currencies, making it a preferable choice for international travelers. It also offers a lower annual cost, interest rate, and cash withdrawal fee than the IDBI card. In addition, the Niyo Global Card has no reload, balance inquiry, or replacement fees. It also has no foreign exchange markup fees, as opposed to the 3.5% charged by the IDBI forex card. While the Niyo Global card can be used for domestic and international transactions, you can only use the IDBI Forex card for foreign transactions. While the Niyo Global card has a higher issue charge, the IDBI forex card does not. The Niyo Global card is more flexible and economical for those who frequently travel abroad or transact in multiple currencies.
