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Axis Bank, Scapia launch no-fee travel credit card with zero forex markup
Our read
Axis Bank and Scapia can win younger travel-card users quickly, but long-term success will depend on converting zero-forex cardholders into repeat travel-booking customers rather than subsidizing transaction-focused deal seekers.
For operators
Axis Bank and Scapia are targeting digitally native Indian travellers with a low-friction, app-led card that pairs zero fees and forex markup with travel rewards and airport perks.
Watch
Card approval volumes, monthly active cards, and the share of customers completing their first travel booking in the Scapia app.
The report,
Axis Bank and travel fintech Scapia launched a no-fee co-branded travel credit card for digitally native Indian travellers, offering zero forex markup, rewards, app-based trip booking and airport privileges across Mastercard and RuPay networks.
- Rewards on eligible travel bookingsUp to 20%
- Rewards on other eligible spendsUp to 10%
Reported figures
From the report. Source details below
| Users have travelled to | over 175 countries |
|---|---|
| Onboarding began September | 3 |
Also in the report
- Zero foreign exchange markup
- Up to 20% rewards on eligible travel bookings
- Up to 10% rewards on other eligible spends
- No joining fee
- No annual fee
- Third banking partnership
Why it matters for the brand
The co-brand demonstrates how banks can use fintech partnerships and dual-network issuance to acquire younger travel customers without building a full travel ecosystem in-house.
What to track next
- International transaction mix, average forex spend per active card, and whether zero-markup usage attracts profitable high-frequency travellers or reward optimizers.
- Changes to reward redemption rates, hotel/flight booking margins, and the breadth of merchant-funded travel offers.
- Airport lounge access policy changes, benefit caps, or user complaints about availability and eligibility.
- Responses from HDFC Bank, ICICI Bank, SBI Card, IDFC FIRST Bank, Federal Bank, and other travel-card issuers.
- Any revisions to card fees, forex terms, credit underwriting criteria, or minimum-spend requirements.
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Axis Bank is likely to market the card through digital onboarding, travel-season campaigns, and targeted offers for existing savings-account and credit-card customers.
- Scapia will likely expand merchant-funded hotel, airline, visa, and airport-service offers to make rewards economically sustainable and increase booking frequency.
- Competitor issuers may introduce limited-period zero-forex offers, reduced annual-fee thresholds, or enhanced airport and travel-insurance bundles.
- The partners may add spend-based credit-limit increases, subscription-style premium tiers, or co-branded loyalty integrations after establishing a core user base.
The counter-case
The case against this reading — not reported by the source.
The proposition may be less differentiated than it appears: zero forex markup is increasingly common among travel-focused cards, while Mastercard/RuPay dual-network availability does not itself solve acceptance or customer-service friction abroad. With no joining or annual fee, the economics depend heavily on interchange, travel-booking commissions and cross-sell; sustaining generous rewards and airport perks could require future caps, spend thresholds or devaluations. Axis also risks attracting low-profit, reward-maximising users rather than building durable primary-banking relationships.