Credit Cardsare a lot of help. They can help you buy something you need immediately and be able to pay the money for it later. Some of the Best Credit Cards in India also come with quite a few benefits, like reward points, waiver on certain prices, and even international expenses. But you will need to make sure that international transactions are enabled on your card.
If you’re looking for ways to enable international transactions on your Credit Card, here are all the things that you should know.
General or Domestic Usage of Credit Cards
When you buy something in a retail store and hand out your Credit Card to be swiped, you are asked to enter a pin to authenticate the transaction. When you buy something online and use your card to make the payment, you are usually sent an OTP to your registered number to authenticate the transaction.
These are both two-step verification techniques that have been mandated by the Reserve Bank of India (RBI) to avoid frauds. However, when it comes to international transactions, you can use your Credit Card without an extra step to authenticate the card. All you need is the Credit Card number, expiry date, and the CVV (the three-digit pin on the card present on the back).
The RBI has given every citizen with a Credit Card the liberty to either enable or disable international spending. When you are on an international payment gateway, you are not bound by RBI rules to use two-step verification to authenticate your transaction. This is why you need not enter any other data apart from your Credit Card details.
When you are using your Credit Card internationally, you have the choice to set a limit on your Credit Card (credit limit). In case international transactions on your Credit Card are disabled, you will be unable to use it for international transactions both online and offline, International ATMs, or international merchant outlets.
Additional Charges for International Transactions
When you use your card for international transactions, you pay for your purchase in a different currency, depending on where you are making the transaction. As Indian Rupees need to be converted into a foreign currency and also add the GST, you incur additional charges for the process. This fee is called the Consolidated FYC Markup fee, and you will need to pay this to your bank.
Why is There No Two-Step Verification on Credit Cards for International Usage?
In India, RBI has mandated two-step verification for debit and Credit Cards to ensure that fraudulent transactions are minimised. However, in foreign countries like the USA, they need not have such a system in place. This is because they usually have fraud protection programs and fraud insurance in place to protect the Credit Card user.
In the European Union, the two-factor verification (2FA) is only mandatory for online transactions. These factors increase the risk of Credit Card frauds for Indians. If in any case, you find any transaction on your Credit Card to be fraudulent, you can raise the matter to your bank or Credit Card issuer.
Enabling International Transactions on Your Credit Card
Depending on what Credit Card you have or who is the issuer of your Credit Card, the method to enable international transactions on your card can vary. However, you can rest assured that these are all simple steps that can enable international transactions on your Credit Card within a short amount of time.
Enabling International Transactions on ICICI Credit Card
To enable international transactions on ICICI Credit Cards, all you need to do is send an SMS with INTL to the number 5676766 through your registered mobile number. Otherwise, you can give a call to the ICICI customer care and request them to guide you through the process or raise the request to enable international transactions.
You can also log in to your ICICI iMobile App and head onto services, then cards services, then Modify Credit Card Limit and then click on “Choose to Activate International Transactions”.
Enabling International Transactions on HDFC Credit Card
To enable international transactions on your HDFC Credit Card, you will need to head onto the website and log in to Net banking. Once you are here, click on Cards, then on Credit/Debit Cards, and then click on “International Enable/Disable”.
You could also give a call to Phone Banking and raise a request to enable international transactions on your Credit Card.
Enabling International Transactions on Kotak Mahindra Credit Card
If you want to enable international transactions on your Kotak Credit Card, give a call to the customer care. The number is 1860-266-2666. This is not a toll-free number so you might incur local call charges.
If you want to call Kotak customer care from outside of India, you will have to use the number +91 22 4955 2484.
Enabling International Transactions on Axis Bank Credit Card
All you have to do to enable international transactions on your Axis Credit Card is head over to the internet banking or mobile banking for your account. From here you will have to go to Accounts, then Select Credit or Debit Card, then Select your specific Credit Card, then Replace/Upgrade Credit Card, then Change Usage Preference, and then enable international transactions on your Credit Card.
Enabling International Transactions on SBI Credit Card
For this, you can log in on theSBI Credit Cards website and then navigate on the website to enable international transactions. Head over to Request, and then click on “Activate International Usage” on the left-hand side.
Whenever you are using your Credit Card for international transactions, remember that you will incur conversion fees and transaction charges. In case you need to withdraw cash, you will have to pay the cash advance fee, which is likely to be a lot higher for international ATMs than in India.
Along with enabling international transactions on your Credit Card, be sure to also set a limit on how much you spend internationally. Failing to do so can make you susceptible to international frauds. Make sure that you are always safe with your international transactions on your Credit Card.