Lifetime Free Credit Cards: Everything You Need To Know

Who doesn’t like to have things for free? And getting something like a credit card with exclusive benefits for free is an even more interesting deal. You might have surely heard of the term ‘Lifetime Free Credit Card’ and some of you might also be having one free credit card as well. Still, for those who don’t know, a lifetime free credit card is a credit card with no annual fee. These are generally entry-level credit cards that come with fewer features and are targeted at low-income individuals and people who are new to the world of credit cards. You might be having a lot of doubts related to lifetime free credit cards. With this article, we will make you understand everything about these cards and how they work. Keep reading for further details:

Are Lifetime Free Credit Cards Really Free?

Yes, the lifetime free credit cards are really free in terms of annual fees, i.e, you don’t need to pay any annual charges to avail all the benefits of a lifetime free credit card. In general, you have to pay an annual fee for a credit card, which is sometimes as high as Rs. 2 lakhs. But, you can avoid paying this fee if you have a free credit card. However, it doesn’t mean that you are exempted from other charges as well. All the charges other than the annual fee will be applicable to your credit card. Following are the detailed fees and charges that will be applicable on no annual fee credit cards:

Other Charges On No Annual Fee Credit Cards

Interest Rate – An interest is applicable on the outstanding balance on your credit card if you don’t pay it by the payment due date. However, no interest is charged on the outstanding amount if you make your credit card bill payment on time. Generally, an interest of 3% to 4% per month is chargeable on credit cards in India. However, there are some low-interest credit cards as well. You can find more info about the same here.

Late Payment Fee – Late Payment Fee is charged when you fail to pay your credit card bill by the payment due date. You can avoid the late payment fee even by paying only the minimum amount due. This fee can be more or less depending on the outstanding amount. If the amount is high, so will be the late payment fee and vice versa.

Cash Advance Fee – The cash advance fee is charged on a credit card when you withdraw cash using it. This fee is generally 2.5% of the withdrawn amount subject to a minimum amount.

Forex Markup Fee – The foreign currency markup fee is charged when you make a transaction in a different currency using your credit card. Generally, credit cards come with a forex markup fee of 3.5%. However, some premium cards like HDFc Regalia Credit Card come with a low forex markup fee of 2% or even less.

Over Limit Fee – Your card issuer provides you with a credit limit which is the maximum amount that you are allowed to spend using your credit card. However, some banks allow you to spend beyond your credit limit, but a fee is charged for doing the same. This fee is known as the over-limit fee on credit cards.

Reward Redemption Fee – Whenever you spend using a credit card, you earn reward points or cash back. Cashback is credited to your account automatically, but the reward points need to be redeemed. Some card issuers allow you to redeem your earned points for free whereas others charge a nominal fee, known as the reward redemption fee, for the same

Best Lifetime Free Credit Cards in India

Amazon Pay ICICI Credit Card

The Amazon Pay ICICI Credit Card is a co-branded credit card issued by the ICICI Bank in partnership with Amazon India. It is one of the most popular credit cards offered by the bank as it comes with a no annual fee and allows its customers to save up to 5% on their purchases. However, the card earns you cash back on all your spends, but is it most beneficial when used for making purchases on Amazon. You can find further information about Amazon pay ICICI credit card here.

IDFC First Select Credit Card

The IDFC First Select Credit Card is one of the most exclusive lifetime free credit cards in India. It welcomes you with a gift voucher worth Rs. 500 and earns you up to 10 Reward Points on every Rs. 100 you spend. Not only this, but you also get complimentary airport lounge access with this credit card, which makes it one of the most wanted no annual fee credit cards.

BoB Prime Credit Card

The BoB Prime Credit Card is also a lifetime free credit card issued by the Bank of Baroda. It also allows its customers to save on all their spends by offering 4 Reward Points on every purchase of Rs. 100. Other than this, you also get a 1% fuel surcharge waiver, an insurance cover against personal accident, and many more benefits with this credit card. To know more about it, click here.

Bottom Line

Lifetime Free Credit Cards can be a great choice for people who are not very experienced in using credit cards and also for those who want to avail of credit card benefits without paying a high annual fee. But, you should be aware of the fact that you can make a no annual fee credit card really lifetime free by avoiding all the other charges as well. This is possible only if you use your card responsibly by making all the payments on time, not spending beyond your credit limit, and not withdrawing cash using your credit card. If you are looking for a credit card with no annual fee, the above-mentioned credit cards would be some of the best options. To get detailed information about more lifetime free credit cards in India, you can refer to this page.

If you have any further doubts/queries regarding lifetime free credit cards, you can freely ask us in the comment section below!