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Frequently asked questions: Global credit cards

faq's on global credit cards

Apnaloan.com Research Bureau

10 Aug 2007

What is a global credit card?

Global credit cards allow you the flexibility and the convenience of using a credit card rather than cash or traveler's checks while travelling abroad for either business or personal reasons.


Where can I use my global credit card?

Your global credit card would be valid at merchant establishments as well as at ATMs during international travel in over 200 countries around the world, Nepal, Bhutan as well as in India. You could pay hotel bills, book flight tickets, and make car rentals and other purchases too. Moreover, based on the card-issuing bank's guidelines, may also choose to defer payment of outstanding amounts related to overseas trips.


How do I get billed on m global credit card?

Your monthly billing statement will clearly segregate expenses incurred in India/ Nepal/ Bhutan from those incurred while travelling abroad. While the total amount billed will be in Indian Rupees, the overseas transactions will be clearly identified by details providing the transaction currency and amount of the country where the expense was incurred. Please note that all further expenses like finance charges or late fees will be based on this amount in Indian rupees.


How do I settle my global credit card payments?

You will need to make sure that you are following RBI guidelines all along for international purchases. As a cardholder, it is your responsibility to submit a declaration form as soon as you return, with appropriate details (length of the visit, entitlement availed of through cash/ TCs, etc.) to your preferred authorized dealer. The remittance in Indian rupees can be sent by cardholders directly for outstanding amounts relating to foreign travel provided Authorized Dealers validate RBI guidelines.


Can I buy foreign exchange for my overseas trip against my global card?

Some card-issuing institutions do offer this facility. You may get a cash advance facility on your global credit card, which can be used to purchase cash or traveler's checks from authorized dealers. This can only be up to the prescribed entitlement limits. You would also need to surrender the amount of unspent foreign exchange cash advance to an Authorized Dealer within 90 days of return to India.


Do I need to surrender my global card before moving abroad?

Since global cards are issued to Indian residents only, you must surrender your global credit card to the issuing bank if you are proceeding for employment or immigration abroad.


Can I hold multiple global cards of different issuers?

Yes, you may hold multiple global credit cards of different issuers. But the overall entitlement limits as per RBI guidelines will remain the same for each overseas trip irrespective of the number of global cards held. Remember that it is the cardholder and not the issuing institution who is responsible for compliance with foreign exchange guidelines.