IDFC FIRST vs Amex Credit Cards: What a 3.5% Forex Markup Does to the Comparison

Almost every Amex India card on our list carries a 3.5% forex markup; every IDFC FIRST card carries 0%. Add the fees (Amex starts at ₹495, IDFC FIRST's core cards charge none) and this is a lopsided pairing. Amex still wins in one corner: the charge cards at the very top.

What a 3.5% markup costs

For a traveller paying in foreign currency, 3.5% against 0% is the first line of the comparison. Amex Platinum Travel, Platinum Reserve, Gold and Membership Rewards all charge 3.5%; the Centurion charges 2%. IDFC FIRST's Millennia, Select and Wealth charge nothing. IDFC FIRST wins outright.

Everyday and entry cards

The Amex SmartEarn costs ₹495, waived at ₹40,000 of spend, with a ₹37,500 income floor and 10% on selected categories, capped at ₹150 a month. The Amex Membership Rewards costs ₹1,000 to join and ₹4,500 a year, waived at ₹1,50,000. IDFC FIRST Millennia has no fee and a ₹25,000 income floor. IDFC FIRST WOW! also has no fee. On cost and income access, IDFC FIRST wins.

Mid-range lounge cards

The Amex Platinum Travel costs ₹5,000 with a ₹50,000 income floor. From 1 October 2026 it gives 2 domestic lounge visits a quarter once previous-quarter spend reaches ₹70,000 and later ₹1,00,000, plus Priority Pass with the US$99 fee waived (per-visit charges may still apply). IDFC FIRST's Ashva costs ₹2,999 with 4 domestic and 2 international visits a quarter, and the Mayura costs ₹5,999 with up to 16 domestic and 16 international visits a year. IDFC FIRST gives more lounges per rupee.

The top end

The Amex Platinum Reserve costs ₹10,000, waived at ₹10,00,000, and includes Priority Pass with 2 free international visits a year for the basic Cardmember. The Platinum Charge costs ₹66,000 and gives unlimited access to Amex lounges at home and Amex and Centurion lounges abroad, 1,200+ Priority Pass lounges and select Delta lounges. The Centurion costs ₹7,00,000 to join and ₹2,75,000 a year, with unlimited access to 1,300+ lounges worldwide. IDFC FIRST's Private costs ₹50,000 to join and ₹25,000 a year with unlimited lounges for primary and add-on cardholders, at 0% forex. At the top, Amex offers the broader global lounge network; IDFC FIRST offers a far smaller cheque. If budget is the constraint, IDFC FIRST; if network is, Amex.

Rewards structure

Amex Membership Rewards earns 2% base and Platinum Travel earns 2%; the Platinum Charge earns 2.5% on travel and dining. IDFC FIRST Select pays 4% on dining and travel with no fee, and the Classic pays 3% on dining. IDFC FIRST wins at the entry and mid levels.

Which should you pick

An everyday buyer with no fee tolerance: IDFC FIRST Millennia. Someone who travels abroad regularly: IDFC FIRST Select or Wealth. A mid-income traveller wanting Priority Pass: IDFC FIRST Ashva or Amex Platinum Travel, depending on whether you value the card brand. A buyer with a large annual spend who wants the charge-card network: Amex Platinum Charge.

More from us

The IDFC FIRST Bank credit cards guide and Amex credit cards guide cover each lineup in detail, and Yes Bank vs Amex shows how another mid-size bank stacks up.