Hello friends, in this vlog we’ll discuss about a credit card which can be called the best for travelling purposes. The name of this credit card is Niyo Global credit card, and this card is quite in demand presently, because it’s a lifetime-free credit card as it requires no joining fee or annual fee. You’ll see this kind of interface for this card; and I’ll put the link for the application in the description box below. It’s nothing special; as soon as you click on the link, you’ll be taken to the Play Store and then you’ve to install the app and apply for the credit card. You can go to the Play Store and apply by yourself too. But first, I’d suggest that we discuss its features, then we’ll go through the rest. So, first, as we saw already this card doesn’t have any annual or joining fee. The name of this credit card is Niyo Global credit card and talking about this card, there’s a bank called SBM with which it is partnered. So, it has collaborated with this bank. Now, apart from the credit card, it also comes with a debit card as well. It means if we open a savings account along with it – like if I install this app, then not only I can apply for the credit card, but if I open a savings account alongside, then it offers features that are similar to that of credit card. If I talk about the savings account, i.e., the debit card I’d get after opening the savings account, I’ll have two options to choose from. I can open a savings account in DCB bank or I can choose Equitas bank for that too. So, if I have both the credit and debit card then they’d be Niyo Global credit card plus Niyo Global debit card. Now, a lot of you will ask What does it mean to get a debit card along with a credit card? Usually, there’s no added benefit of that – suppose there’s some XYZ bank from which I’m getting a credit card, then there’s no point in opening a savings account. But here, it becomes necessary because the facilities that the credit card is offering are almost the same as what the debit card is offering. Now, let’s suppose I travel to US or trip internationally anywhere, then the limit that I’d get in my credit card – let’s suppose, the limit of my credit card is 1 lakh rupees – suppose this limit is exhausted; then, the debit card that I’ll have will give almost the facilities as the credit card. So, the benefit that I’ll get is that, if my credit limit is exhausted, then I don’t need to wait for someone – I can easily use the Niyo Global debit card as it has similar features to the credit card. And another thing is, I don’t need to maintain a minimum balance to have this debit card, so this is zero-balance savings account. So, it creates the best combination and that’s why, I said it in the beginning that it’s best for travel purposes. Let’s move on to the next features. I’ll tell you the proper features later on, of the debit card of DCB Bank, and of the Equitas bank as well. So, the bottom line is, the credit card is collaborated with SBM, and if I take the debit card, then I can have it of DCB Bank or of Equitas Bank. Now, talking about the credit card, to get the credit card I have to open an FD. It’s an FD-backed credit card. I have to open an FD of a minimum of 5K rupees, and I’ll get a 100% limit on that FD. Suppose, I’ve made an FD of 25k, so I’ll get a limit of 25K on my credit card. Now, talking about the features, then the first and most impressive feature is that no Forex markup fees are charged for this. The international travellers will know its value – because the Forex markup fee is quite hard on the pocket. To explain what Forex markup fee is, suppose I travel to US or Europe or somewhere else; so, when I’ll spend there – well, technically I have Indian rupees with me, so when travel to, say, US, then I have to convert the INR into US Dollar. So, when I’ll convert Indian rupees into dollars, I’ll have to pay conversion charges, which is called the Forex markup fee. Well, let me give you another example – suppose I am in India and I’m buying software from the US. Suppose, it costs 20k in Indian rupees. But I’ve to pay in dollars. So, when I’ll these Indian rupees into dollars, bank will charge 3%, or for some banks, it’s 5%, as a markup fee. So, if I have to pay 5% of 20k, then you can see the loss I’ll bear. But here, the Forex markup fee is zero. So, how much I’ll spend – if it’s 10 US dollars for example, then if the present rate is 1 dollar per 82 rupees, I’ll just have to pay 820 rupees. I don’t have to pay any 5%-7% extra Forex markup fee. So, I’ll pay as it is printed on the bill. Another great thing is that I’ve also put the screenshot of this app too when you’ll open this app and get the credit card, you’ll see all these. So, I’ve opened my app and took a screenshot and put it here, so that you can easily understand. So, you can see here written at the top – currency converter. So, when you click on it, you’ll see that over 150 countries and 130 currencies are listed here. So, you can convert the INR into the currency of the place you want to visit and see the present rate, and it’ll convert according to the current rate. Suppose, today the rate of 1 dollar is 83 rupees. So, whenever you convert, it’ll convert according to the ongoing rate then. So, it’s the best feature of it. So, this way we can save money. So another thing is suppose I get both the credit and debit card of Niyo Global, then the advantage will be that – suppose I go somewhere and I book hotel with credit card and shop as well suppose I go somewhere and book a cab there often the cab driver doesn’t have the facility for credit card so I can use debit card instead. And the great thing is that the Niyo Global debit card also have zero Forex markup fee. That’s why this combination is best, as I don’t have to pay any extra charges. Another thing – well, I’ll discuss all the details of these three, but first, let’s see the prominent features. Now, those who travel internationally know the struggle of the TCS. TCS is Tax Collected at Source. As we open FDs in the bank, for normal citizens, not senior citizens or those who are under 60 so, if their interest crosses 40k in a year, then bank deduct 10% TDS from the interest. This is what happens with FD. Similarly, TCS or Tax Collected at Source is charged. Suppose you travel to somewhere – before, whenever you used to spend anything in a foreign land, the income tax department – I mean, the bank would deduct 5% and submit it to the income tax department, and when you’d file your ITR at the end of the year, then you used to get this 5% back. Then, after the Budget of 2023, what the government did is that, they increased the TCS. They said that, on the spending up to 7 lakhs, 5% TCS will be charged But over any expenditure over that 7 lakhs, 20% of TCS will be deducted. Now, if you go to travel to somewhere- suppose you go to Europe- then the expenses go over 7 lakhs quite easily. Now think, if you're spending 10 lakhs worth of money, and I deduct 20% TCS on that- then how much are you left with? Only 8 lakhs. But this Niyo Global Credit Card says that they won't deduct any TCS. If we spend 10 lakhs, then the whole of the 10 lakhs will be converted. No TCS will be deducted. And similarly, the features on the debit card says, the 5% TCS that's usually deducted upto 7 lakhs, that won't be deducted here. If you spend over 7 lakhs, then it will be deducted. But on credit card, it's written clearly- you make any unlimited expenses- your TCS won't be deducted. So, even this...ask those who go to travel sometimes- they know, in a way, what benefits it does provide. That's why I said in the beginning, this is the best travel credit card. Okay, along with this, they also say- suppose I have made no plans of travelling, I am in India. So, any domestic expenses I make while staying in India- suppose any payment I make here and there- on that, I'll continue to receive some cashback of upto 1%. And whatever amount of cashback I accumulate- that I can redeem on my foreign trips. Whenever I'll go to travel somewhere internationally, there- whatever amount that'll be saved up, I can redeem that easily. Just like this...what is said...when it's fully beneficial for international travel, in such cases, they say- once in every quarter- that is, four times a year- the international airport lounges within India- like, what happens is... so, I'll give you the example of Delhi. In Delhi, there's Terminal 3 in Indira Gandhi Airport. This international one is that- I mean, to come and go- for arrival & departure. So, the international lounges that are situated within it- you'll get access to those. Not the domestic lounges- the international ones that are in India- to that, you get the access four times in a year- that means, once in every quarter. In this way, I'll get this on a credit card. Similarly, if we get a combo of credit & debit cards from Niyo Global, then on the debit card too, I'll get it once in a quarter. So, that's why this features double up. Because, see- even if I get a debit card- that too is zero balance. No money to give from the pockets. And credit card too is annually free- lifetime free. So, no money to pay for that either. But, look, the benefit of getting the combination is that my features double up, any feature I am supposed to get will double up. Let's move on. Let's talk about interest rates. Suppose I choose either DCB Bank or Equitas Bank. It's your choice to make about which debit card to take- for credit card, there's already collaboration with SBM Bank there's no option in that. But as for the debit card, then we do have the option to choose either from DCB Bank or from Equitas. Okay? What is the rate of interest that we'll get? Suppose that I want to open a an FD in my savings account. So, if I go with DCB Bank here, then they say, I can earn upto 8% of interest rate. And similarly, if we talk of Equitas Bank, then they say, we can earn a maximum of 7.8% interest rate on an FD. But as per the bifurcation, if your balance is upto 1 lakh, then the rate is 1.75%. Likely, if there's 1-2 lakhs, then it's 3%. And if your savings account balance is above 10 lakhs, then you'll get 8%. Sorry, I said 'an FD' here. What we're talking about is savings account, that how much rate of interest you can earn on savings account. Just like this, if I talk of Equitas Bank, then here's the maximum rate is of 7.80%. But if the balance in your savings account is less than 1 lakh, then it's 3.5%. Similarly, you can see, if the balance is between 1-5 lakhs, then it's 5%. And if your balance is above 50 lakhs, then 7.80% is the maximum rate of interest we'll get, on savings account. So, it's your choice- whichever debit card you like- you can look it up. For the rest- now, let's look at a final conclusion, that- what the features are in case of credit cards by Niyo Global. And if we get Niyo Global debit cards from Equitas Bank, then what features are available, and if we get DCB Bank debit cards- then as final conclusion- let's see the features. First of all, there's zero forex. You get any credit card, or debit card, there's zero forex on all three of them. Talking of airport lounge- then even here you get one in every quarter, on credit cards. And for debit cards, get any of them on both of these two, every quarter which is... you'll get access to international lounge in India for once. We've now observed the details of TCS, that- on credit cards, it's unlimited- and on any debit card you choose- it's upto 7 lakhs. Account opening charges. For credit cards, I told you, there are no charges. And the debit cards that are there, they too, in a way, the savings account that'll be opened- they'll be lifetime free. Even though you keep 0 balance in your account- no amount will be deducted. The card that I'll receive- suppose I have this credit card with me- of Niyo Global. So, this credit card you get- you don't have to pay anything for it. Its annual charges are absolutely zero. No money has to be paid by you. But if I talk about debit card- for debit card, if I talk of one by Equitas- then generally speaking, it's lifetime- what's that called- yeah, zero-balance. But the card that I'll get from Equitas Bank- the fees for the physical card itself- for that the payable amount for me will be Rs.199+18% GST- that is, Rs.234. This is a fees for the card. In general, it doesn't matter if you keep 0 amount of balance in your account. But you have to pay the card's fees once a year- that's Rs.234, And even on this fees we can get a waiver, suppose- whenever your account is opened- after that, when you make the first deposit to it, deposit Rs.1000, that is, deposit Rs.1000 or Rs.1100- anything above Rs.1000, then this particular fees you're bound to pay will be fully refunded as well. Because of this, it will become lifetime zero-balance as well. Similarly, if you open one in DCB Bank, there too, the card's fees is Rs.500+18% GST- that is, Rs.590. And even this we can get a waiver on, if the quarterly average balance- like monthly average balance, there's quarterly- if you maintain Rs.5000 for that- then the annual card fees that's there for you- it'd be waived. So, these were all its features. After that- what is said- yeah, one feature is, suppose I go on an international tour, and come across an ATM there. First thing- even the ATM locator is available within the app. And also, all these things are available inside the app- perhaps I missed the screenshot back there- look at this. Here I attached the airport info. See- the currency converter is available here. I can also generate international lounge pass. For e.g., if I go to an airport, then the lounge pass can be availed from here too- just like this, that is available here as well- what's it called- ATM locator- so internationally, wherever the ATM is, I can easily locate it. Okay, we were saying- I go on an international tour. So, when I go on that tour, and go to an ATM over there, and if I withdraw cash, swiping the credit card in ATM- in international currency- in such a case, they say, a fixed charge of Rs.500 is required. Suppose I withdraw an exact 500- then Rs.500 will be deducted. Or, suppose I'm withdrawing a large sum of money, then in that case, it's said, 2.5% is required. Suppose I withdraw 1 lakh- then its 2.5%- that is, Rs.2500- will be deducted. This is a kind of transaction fees which will be required. So, in the same way, talking about debit card, if I get one from Equitas Bank- then for every transaction, Rs.422.88 will deduct. And if I get one from DCB Bank, then they say- Rs.300+18% will be deducted as one-time transaction fees. As for the rest, it's a zero-balance account, we've seen the interest rates- okay, interest rate- this credit card- as it is an FD-backed- you have to open a an FD, any amount of an FD that you open, that'd be your card limit. But, on the money kept in that FD too, I'll get an interest- on that, I'll get an interest rate of 7.25%. Apart from it, we've already looked at the savings account interest rate, of DCB Bank, and Equitas Bank. We've already seen how much it costs in different currencies. So, that's there. And all these things we've covered already as well. And one last feature is that, suppose, this credit card gets lost or is stolen from you, then, in that case, you can inform the bank or there's no need to inform the bank either the best thing is that the app itself contains the feature that you can temporarily block your credit card too. What happens in such cases- you block it temporarily, and when your credit card is found, you can unblock it from there only. So later on, you start using it again. So, these were all the features. If you think it's of any use to you, if you go on international trips, for that, this credit card is the best. The link for applying to this- I'll give it to you in the description box below. I hope you've found this video to be informative. For now, this is the end of the video. Thanks for listening, and thank you all.
