Axis Bank and Scapia launch no-fee travel credit card with UPI rewards and zero forex markup
Axis Bank and travel fintech Scapia have launched co-branded Mastercard and RuPay credit cards, offered through the Scapia app. The cards combine travel-booking rewards, UPI rewards, zero forex markup and airport benefits, with onboarding beginning September 3, 2026.
What happened
Axis Bank and travel fintech Scapia launched a no-fee co-branded Mastercard and RuPay credit card for Indian travellers, combining travel bookings, UPI rewards,
Key facts
- No joining or annual fee
- Zero forex markup
- Up to 20% Scapia Coins on eligible travel bookings
- Up to 10% rewards on eligible everyday spending
- 5% rewards on UPI, online and offline transactions of Rs 500 or more
- 1% fuel surcharge waiver
- Unlimited domestic airport lounge access after Rs 20,000 monthly spend
- Up to Rs 2,000 back in Scapia Coins on eligible airport shopping
- Scapia users have travelled to over 175 countries
Why this matters
The co-brand deal illustrates how banks can use fintech distribution and travel loyalty ecosystems to acquire digitally native cardholders, making similar partnerships attractive targets for travel and payments platforms.
What to watch
- Card approval and activation rates after September 3, 2026 onboarding.
- Monthly active cardholders, RuPay credit-card-on-UPI transaction share, and repeat travel bookings per cardholder.
- Reward redemption velocity, average reward cost per active customer, and changes to earn or redemption caps.
- Competitor launches from major banks, issuer-fintech partnerships, and travel platforms offering no-fee or zero-forex cards.
- Interchange, UPI credit-card routing, and RBI policy changes affecting card economics.
- Delinquency, revolving balances, credit-line utilization, and fraud rates for newly acquired cohorts.
- Prioritize in-app card issuance at travel-search, booking, and post-trip payment moments.
- Use UPI reward accelerators to establish the card as a daily-spend default, then cross-sell travel bookings and airport products.
- Segment rewards by profitability, with higher earn rates for Scapia travel inventory and partner-funded offers.
- Expand airport, airline, hotel, and international-payment partnerships to differentiate beyond the no-fee and zero-forex proposition.
- Monitor credit quality among digitally acquired, travel-oriented customers and adjust underwriting before scaling limits.