The annual fee is an essential factor to be considered when you look for the best credit card for yourself. Almost everyone wants a credit card that can provide maximum benefits to them with the minimum charges. Some people even look for credit cards that are lifetime free as they don’t want to pay anything for a credit card. Keeping such requirements of the individuals in mind, almost all the card issuers issue some lifetime free credit cards.
Now, you might have understood what are lifetime free credit cards? As the term suggests, a life time free credit card is a card that comes with no annual fee, i.e, no don’t need to pay any annual charges on these cards. A lot of individuals start their credit journey using a free credit card as these seem to be the most affordable and risk-free to them. Moreover, a no-annual-fee credit card can help you lower your expenditure and help you get more value out of your credit card. Owning zero annual fee credit cards could be a great prospect in terms of the value you derive from the welcome bonuses, additional benefits, and special privileges. Thus, these cards don’t only help you save money by avoiding the annual fee, but you can also save a lot on your spends as almost every credit card comes with some rewards/cashback program through which you can save every time you perform a transaction.
All the major card issuers in India provide some credit cards with absolutely no annual fee charged. However, these credit cards generally have fewer features and benefits as compared to credit cards with an annual fee. But you still get some benefits for sure, such as reward points/cash back, fuel surcharge waivers, zero liability protection, etc. Some card issuers even provide airport lounge access with their lifetime free credit cards and such credit cards can be the best choice for lots of individuals out there. Not only this, but the no annual fee credit cards can have a lot more advantages. These cards are easier to be approved for as their income requirements are not really high. Moreover, you can manage them easily without worrying about your annual fee getting deducted every year from your credit card account. Therefore, if you are a person who wants to earn the maximum credit card benefits with the minimum or no charges at all, you should definitely go for a lifetime free credit card. As there are many such credit cards available in the Indian market, you might be confused about which card you should choose as all the cards have their own benefits and privileges. To help you out in choosing the right card for you, we are here with a list of some top lifetime free credit cards in India. You can compare different cards and then go with the one that seems to be the best for you and your requirements.
List of Best Lifetime Free Credit Cards in India 2023
As there are plenty of lifetime free credit cards in the market, it might be really confusing for you to choose one out of them. Some of you may also find it difficult to find out the best no annual fee credit cards, and hence might miss out on the best offer sometimes. Keeping this fact in mind, we are here to help you with a list of all the top lifetime free credit cards in India. You can go through each of the features & the benefits of every credit card and then compare all the cards. Keep all your requirements and spending habits in mind and then go with a card that seems to to best suited for you:
- IDFC FIRST Classic Credit Card
- AU Small Finance Bank LIT Credit Card
- Bank of Baroda ( BoB ) Easy Credit Card
- Amazon Pay ICICI Bank Credit Card
- IDFC FIRST Millennia Credit Card
- Bank of Baroda (BoB) Prime Credit Card
- ICICI Bank Platinum Chip Credit Card
- HSBC Visa Platinum Credit card
- HDFC Bank Millennia Credit Card
- Axis Bank ACE Credit Card
- SBI SimplyCLICK Credit Card
- American Express Membership Rewards® Credit Card
Card Details +
IDFC FIRST Classic Credit Card is a reward point based credit card offering tons of points on every transaction, be it offline or online. The card welcomes you with a gift voucher (worth Rs. 500) and also offers great entertainment benefits. Apart from this, the card also offers many other benefits like free roadside assistance and complimentary railway lounge access. Following are the features of the card:
- 10 Reward Points on every Rs. 150 you spend on purchases above Rs. 20,000.
- 6 Reward Points on every Rs. 150 you spend on online purchases.
- 3 Reward Points on every Rs. 150 you spend on offline purchases.
- 25% discount on movie tickets.
- 4 complimentary Railway lounge access (every quarter).
Card Details +
AU Small Finance LIT Credit Card is India’s First customizable Credit card where it lends you the ability to customize the features of the card. With LIT card you can select from five types of features that you want to use for a period of 90 days. The five categories are, travel benefit, OTT membership benefit, shoppers category, Milestone cashback category and other categories. Moreover, you will earn base RP for every Rs. 100 that you spend with the card. Following are the features of the LIT card:
- Free Membership of Zee5, Amazon Prime and Cult.fit for 3 months
- 10X or 5X accelerated Reward Points
- 5% cashback 3 times over a 90 days period.
- Additional 5% cashback for travel, dining and grocery expenses.
- 4 complimentary lounge access per quarter.
5X reward points on every Rs. 100 spent on selected merchant categories like movies, groceries, and departmental stores. 1 reward point on every Rs. 100 spent on other categories. 0.5 % cashback on card bill payment.
Card Details +
Bank of Baroda Easy Credit Card is reward point based credit card that offers tons of reward points on groceries, departmental stores, movies, and much more. Following are the Benefit of the card:
- 5X reward points on selected merchant categories like groceries, departmental stores, movies, etc.
- 1 reward point on other categories.
- Accidental Death cover.
- 1% fuel surcharge waiver.
Welcome bonus of Amazon Pay Balance (Rs. 300 to Rs. 600)
5% cashback on Amazon purchases for Prime members and 3% cashback for Non-Prime members, 2% cashback on partner brands & 1% cashback on all other payments except fuel purchases
Card Details +
Amazon Pay ICICI Bank credit card is a card launched in collaboration with Amazon that provides you special cashback on your shopping spends. Prime members can get up to 5% cashback on shopping at amazon and non-prime members get up to 3% cashback on their spendings. Some of the important details of the Amazon Pay ICICI Bank credit card are listed below:-
- 5% cashback on your purchases through Amazon for prime users
- 3% cashback on purchases through Amazon for non-prime users
- 2% cashback on all transactions using Amazon Pay at partner merchants
- 1% cashback on all other transactions made using your Amazon Pay ICICI Bank credit card
- Up to 15% off on dining with the ICICI Culinary Treats program.
- 1% fuel surcharge waived on all petrol pumps across India.
5% cashback on first EMI spend and additional gift vouchers worth Rs. 500.
3 Reward Points on each offline spend of Rs. 100, 6 RPs per online spend of Rs. 100, and 10 Rewards on every Rs. 100 on spends above Rs. 20,000.
Card Details +
IDFC FIRST Millennia credit card is a top trending beginner-level credit card that provides you with a host of lifestyle and travel benefits on your spendings. You get up to 10x accelerated RPs on your spendings of Rs 20,000 or above. The reward points earned with the Millennia card do not expire and can be carried forward to another term. Besides that, you get 4 complimentary railway lounge access. Here are some important details of the IDFC FIRST Millennia credit card mentioned below:-
- Gift voucher of Rs 500 on the spending of Rs 15000 or above as a signup bonus.
- 10x Reward Points for every Rs. 100 you spend on purchases above Rs. 20,000.
- 10x Reward points for every Rs 100 spent on your birthdays
- Low interest rate (0.75% – 2.99%)
- 25% discount on movie tickets once every month
- 4 complimentary railway lounge visits every calendar quarter
- Personal Accidental Cover worth Rs 2 Lacs
Card Details +
Bank of Baroda Prime card is a secured credit card offered by the BOB financial. The card can be issued against a deposit of Rs. 15,000. The card offers reward points every time you use it for any transaction and offers many other benefits like:
- 4 Reward points every time you spend Rs. 100.
- 1% surcharge waiver
- Personal accident insurance cover.
Card Details +
ICICI Bank Platinum Chip credit card is an entry-level card that comes in both Visa and Mastercard variants. ICICI Bank Platinum Chip credit card uses a Payback loyalty program to award reward points. With this card, you get up to 2 payback points on every Rs 100 spent on retail spends. 1 PAYBACK Point on every ₹ 100 spent on utilities and insurance. Some of the important details of the ICICI Bank Platinum Chip credit card are listed below:-
- 2 Payback Points on every spend of Rs. 100 on all retail transactions except on fuel.
- 1 Payback Point on every spend Rs. 100 on utilities & insurance transactions.
- ICICI Bank Platinum Chip credit card comes in two variants: VISA & Mastercard
- Up to 15% off on all dining transactions with ICICI Culinary Treats program.
- 1% fuel surcharge waived on all petrol pumps across India.
Amazon Voucher worth Rs. 500, 3 complimentary lounge access/3 meal vouchers, 50% discount (up to Rs.100) on the first transaction on google pay, and 10% cashback (upto Rs. 2,000).
For every Rs. 150 spent using this credit card, the cardholders will get 2 Reward Points.
Card Details +
HSBC Visa Platinum credit card provides you with exclusive lifestyle and travel benefits and privileges on your spendings. With this credit card, you could earn up to a 5x accelerated reward rate on your spendings. You can earn up to 15000 reward points in a year using your HSBC Visa Platinum credit card. Moreover, as a signup bonus, you can enjoy 3 complimentary access to domestic and international lounges. Some of the important details of the card are listed below:-
- Earn 5x reward points on achieving annual spending target of Rs. 4,00,000 or above.
- Get 3 complimentary domestic & international lounge access visits, Amazon voucher worth Rs. 500 and up to 10% cashback on your spendings as a sign-up bonus.
- Buy 1 get 1 offer on booking movie tickets through BookMyShow
- 10% discount on Tata CLiQ on a minimum transaction of Rs. 1000
- 10% discount on electronics on a minimum transaction of Rs. 3000
- 10% discount on the Tata CLiQ luxury website on a minimum transaction of Rs. 5000
Lifetime Free Credit Cards Based on Spends
While some credit cards are free for a lifetime irrespective of how you use them, there are many credit cards for which the annual membership fee is waived off on spending a certain minimum amount in a year. Following are some of the most popular credit cards with which you can get a full waiver on the annual membership by achieving a certain stipulated spend milestone-
Card Details +
HDFC Millennia Credit Card is one of the most popular credit cards offered in the mid-level segment. Millennia Credit Card is ideal for new to credit millennials as it offers an accelerated reward rate on spends at online merchants including Amazon, Flipkart, Myntra, Zomato and many more which is of the favorite spends categories for millennials. The card has been offered with an annual fee of Rs. 1,000 (plus taxes) which can be waived off on spending a minimum of Rs 1 lac in the previous year. Following are the key features of the Millennia Card:
- You get cashback as CashPoints which can be redeemed for cashback (1 CP = Re. 1), hotel/flight bookings (1 CP = Rs. 0.30), product catalog (1 CP = Rs. 0.30), AirMiles (1 CP = 0.30 Miles).
- Get 1,000 CashPoints as a welcome gift on joining the card, provided that the joining fee is paid (not waived off).
- Millennia Credit Card earns you a cashback of 5% at select partner online merchants including Flipkart, Myntra, Amazon, Uber, Zomato, BookMyShow, Swiggy, Sony LIV, Tata CliQ and Cult.fit.
- Earn a cashback of 1% on all other transactions done with the card (except fuel purchases).
- Millennia Credit Card also entitles you to complimentary access to domestic airport lounges 8 times a year (max 2 times in a quarter).
- Card’s yearly fee of Rs. 1,000 is waived off on a minimum expenditure of Rs. 1 lac in a year.
Card Details +
Axis Bank Ace Credit Card is an entry level card by Axis Bank offered in collaboration with the UPI Payment app Google Pay. It is a cashback credit card. You earn an accelerated cashback of 5% on mobile recharges and bill payments via Google Pay. The annual fee of Rs. 500 (plus GST) can be waived off if a minimum of Rs. 2 lacs were spent in the preceding year. Following are some of the main features of Axis Ace Credit Card-
- The card earns you a cashback of 5% on mobile/DTH recharges and bill payments (electricity, broadband, water, gas, LPG) via Google Pay and a cashback of 4% on spends on Zomato, Swiggy and Ola.
- You earn a cashback of 2% on all other categories of spends with the card (with certain exceptions).
- No cashback is earned on fuel purchases, wallet reloads, purchases of gold items, cash advances, purchases of gold items and purchases converted into EMIs.
- You get 4 complimentary access to lounges at select domestic airports across the country.
Get an Amazon e-voucher worth Rs. 500 as welcome benefits after paying the annual fees.
1 Reward Point every Rs. 100 spent on offline spends (reward rate is 0.25%), 10X RPs on online spends at partner merchants (BookMyShow, Apollo24x7, etc.) (reward rate is 2.5%), 5X RPs on other online spends (reward rate = 1.25%)
Rs. 499 + GST
Card Details +
SimplyCLICK Credit Card by SBI Card is a popular credit card in the Indian credit card market in the entry-level segment. It is a Reward Points based credit card and earns accelerated Reward Points on online transactions (particularly at partner online merchants). The annual fee of Rs. 499 (plus GST) can be waived off on spending a minimum of Rs. 1 lac in a membership year. Some of the key features of SBI SimplyCLICK Credit Card are as under-
- Get an Amazon Voucher worth Rs. 500 with the card as a joining gift.
- The card earns you 10x Reward Points at partner online merchants including Amazon, Cleartrip, BookMyShow, Dineout, Lenskart, Apollo24x7, and Netmeds, while you get 5x Reward Points on all other online spends. The regular reward rate of SimplyCLICK Card is 1 RP per Rs. 100 on offline transactions.
- A maximum of 10,000 bonus Reward Points can be earned on SBI SimplyCLICK Card in a given month.
- You get an e-voucher worth Rs. 2,000 from ClearTrip on a minimum annual expenditure of Rs. 1 lac. You can get two such e-vouchers from ClearTrip if you spend a minimum of Rs. 2 lacs with the card in a year.
Welcome benefit of 4,000 Bonus Membership RPs can be availed on settling the joining fee of Rs. 1,000 and spending of Rs 15,000 within the first 90 days of the card issuance.
1 membership reward point per Rs 50 spent excluding fuel transactions, Utility bill payments, insurance, and cash transactions
Rs 1,000 (plus applicable taxes)
Card Details +
American Express Membership Rewards card is a shopping credit card offered by American Express. The joining fee of the card is Rs. 1,000 and an annual fee of Rs. 4,500 is applicable second year onwards. You get a 50% waiver on the annual renewal fee on an annual expenditure between Rs. 90,000 and Rs. 1,49,999, and a 100% percent waiver on renewal fee on spending Rs. 1.5 lacs or more in a year. Some of the key features of AmEx Membership Rewards Credit Card are as under-
- You get 4,000 Bonus Membership Rewards Points as a welcome gift.
- Earn you 1 Membership Rewards Point for every Rs. 50 spent.
- You get 2x Membership Rewards Points on spends through American Express Rewards Multiplier.
- Get 1,000 bonus Membership Rewards Points on spending a at least Rs. 20,000 or more in a calendar month.
- You also get 5,000 Membership Rewards Points on the realization of the 2nd year’s annual fee of Rs. 4,500.
- You get a 50% waiver on the annual fee on expenditure between Rs. 90,000 and Rs. 1,49,999 in a year. The annual fee is fully waived off if Rs. 1.5 lacs were spent with the card in the preceding year.
Lifetime Free Credit Cards – Features & Benefits
Like every other type of credit card, lifetime free credit cards also have their own advantages. The following are some of the general benefits of having a credit cards with a zero annual fee:
Highly Affordable – As you don’t need to pay any joining/annual fee for the lifetime free credit cards, these cards can be considered pocket-friendly and anyone who wants can have them without worrying about the charges.
Easy Approval – Getting approved for the no annual fee credit cards is comparatively easier than the other premium cards. It is because the income requirements for lifetime free credit cards are generally low, which are really high for the premium cards that have a high annual fee. Moreover, you can get some of these cards even with an average credit score, but that is not possible in the case of premium cards.
Other than these general benefits, the following is a list of privileges that you can get with your lifetime free credit cards. However, these cards generally don’t come with a lot of benefits, but you can still avail of the following with some or all of the no annual fee credit cards:
Welcome Bonus – Not all, but some of the best life time free credit cards provide you with a welcome bonus when you join the card membership. These welcome benefits can be bonus reward points, cashback offers, complimentary premium subscriptions of any platform, or anything.
Reward Points/Cashback – You will definitely get some type of reward points/cashback on almost all your purchases/transactions made with your credit card. These rewards can be more on a few particular categories and fewer on others, so you should choose a credit card that provides the maximum rewards on a category on which you spend the most.
Fuel Surcharge Waiver – All the top lifetime free credit cards provide their customers with 1% waiver on fuel surcharge for all their fuel transactions. As the prices of fuel as increasing day by day, this benefit provided by credit cards might seem to be really great to you. But, be aware of the fact that this fuel surcharge waiver is generally capped at a certain price and you can avail of the benefits only up to that in a month.
Zero Liability Protection – All the major card issuers offer zero liability protection against lost card, no matter whether your card is lifetime free or a premium credit card. According to this, the cardholder will not be held liable for any loss on the credit cards if your card is lost or stolen and you have reported the loss to the bank within the stipulated time.
Airport Lounge Access – This is a benefit that is generally provided by credit cards with an annual fee, but there are some best lifetime free credit cards that come with the feature of complimentary airport lounge access.
Other Benefits – Apart from all the features mentioned above, your no annual fee credit card can come with some additional benefits, which may include insurance benefits, dining a7 movie benefits, milestone benefits, and many more.
How To Apply For No Annual Fee Credit Cards Online?
The process of applying for a credit card is very similar to that of the other credit cards. All the major card issuers provide their customers with various ways in order to apply for a credit card like online as well as offline ways. To apply for a credit card online, you will just need to visit the official website of the bank/card issuer from which you want to get your card issued. On their official website, you can easily find the option to apply for the credit card under the personal banking section. Sometimes the option is given on the home page itself to make it easy and convenient for the customers. You can also find the customer care numbers on the official website and contact them in case you need any assistance. Be ready with required documents, including identity proof, income proof, and address proof, handy.
However, some people don’t prefer online methods and want to get their works done offline if possible. Keeping this in mind, banks also allow you to apply offline for a credit card by visiting the nearest branch of your respective bank.
Lifetime Free Credit Cards Without an Income Proof
Almost all the card issuers ask you for income proof when you apply for a credit card. It is because they want to be assured that you have a source of income that can be used to repay your credit card bills. And if you are someone who doesn’t have a source of income, you may find it really difficult to get approved for a credit card. But there are some lifetime free credit cards in India that you can get even without income proof and a credit score, such as SBI Unnati Credit Card. These cards can be issued without income proof because there are secured credit cards that are issued against a fixed deposit. You need to make an FD at the bank which is used by the bank as a security amount that they can use if you fail to make your credit card bill payments.
No Annual Fee Credit Cards Reward Points/Cashback Benefit
Many people wrongly assume that lifetime free credit cards don’t provide any benefits, not even reward points. But, it is not true. There are a lot of no annual fee credit cards that come with a reward rate of around 2.5%, which is not bad. Refer to the following table to know more about the reward rates of some of the most popular lifetime-free credit cards in the country.
|IDFC FIRST Classic Credit Card||
3 Reward Points for every offline spend of Rs. 150.
6 Reward Points for every online spend of Rs. 150.
10 Reward Points for every Rs. 150 spent on purchases above Rs. 20,000.
10 Reward Points for every Rs. 150 spent on your birthday.
|AU Small Finance LIT Credit Card||
1 Reward Point for every Rs. 100 spent on retail.
10X or 5X Accelerated Reward Points on all online and offline retail transactions,
5% additional cashback 3 times over a 90 days period for every Rs. 100 spent.
2% additional cashback 3 times over a 90 days period for every Rs. 100 spent.
|BOB Easy Credit Card||
5X reward points on every Rs. 100 spent on selected merchants.
1 reward point on every Rs. 100 spent on other categories.
0.5% cashback on the payment of the card bill.
|Amazon Pay ICICI Bank Credit Card||
5% cashback for Prime members and 3% cashback for non-Prime members
2% cashback at Amazon partner merchants
1% cashback on other transactions made with Amazon Pay ICICI Credit Card
|IDFC First Millennia Credit Card||
1 Reward Point per Rs. 100 on normal spends6x Reward Points on online purchases
3x Reward Points on offline purchases up to Rs. 20,000
10x Reward Points on spends above Rs. 20,00010x Reward Points on your birthday
|Bank of Baroda Prime credit card||4 Reward Points on every spend of Rs. 100.|
|ICICI Bank Platinum Chip credit card||
2 Reward Points on every spend of Rs. 100 on retail purchases.
1 Reward Point on every Rs. 100 spent on utilities and insurance services.
|HSBC Visa Platinum Credit Card||2 Reward Points on every spend of Rs. 150.5x reward points after crossing total spends of Rs. 4,00,000|
|HDFC Bank Millennia Credit Card||
5% cashback on partner online merchants
1% Cashback on all other online and offline spends
|Axis Bank ACE Credit Card||
5% cashback on utility bill payments
4% cashback on Zomato, Swiggy, and Ola.
2% cashback on all other spends.
|SBI SimplyClick Credit Card||
10X Reward Points on online spends at partner merchants.
5X Reward Points on all other online spends .
1 Reward Point per Rs. 100 spent on offline spends
|American Express Membership Rewards Credit card||1 Membership Reward Point on every Rs. 50 you spend.|
Lifetime Free Credit Cards Reward Redemption
Earning reward points is as easy as purchasing something with your credit card. But, you can earn benefits with a reward credit card if you are having the knowledge of how to redeem earned reward points. All the card issuers have an option to redeem their reward points through net banking or they have their own rewards portal. Moreover, all the card issuers can keep different values of their reward points. The following table shows the value of reward points for different free credit cards.
|Cards||Reward Type||Reward Redemption Rate|
|IDFC FIRST Classic Credit Card||Reward Points||Re. 0.25|
|AU Small Finance LIT Credit Card||Reward Points/ Cashback||NA|
|BOB Easy Credit Card||Reward Points||Re. 0.25|
|Amazon Pay ICICI Bank Credit Card||Cashback||Re. 1|
|IDFC First Millennia Credit Card||Reward Points||Re. 0.25|
|Bank of Baroda Prime credit card||Reward Points||Re. 0.25|
|ICICI Bank Platinum Chip credit card||Reward Points||Re. 0.25|
|HSBC Visa Platinum Credit Card||Reward Points||Re. 0.37|
|HDFC Bank Millennia Credit Card||Cashback||Re. 0.30|
|Axis Bank ACE Credit Card||Cashback||NA|
|SBI SimplyClick Credit Card||Reward Points||Re. 0.25|
|American Express Membership Rewards Credit card||Reward Points||NA|
Lifetime Free Credit Cards With Lounge Access
Lounge access is considered one of the most exclusive benefits provided by credit cards and generally the premium cards come with this privilege. But, some of the top no annual fee credit cards also provide railway/airport lounge access to their customers. These cards are as mentioned below in the table:
|IDFC FIRST Classic Credit Card||16 complimentary Railway Lounge access every year.|
|AU Small Finance LIT Credit Card||4 complimentary lounge access per quarter.|
|BOB Easy Credit Card||NA|
|Amazon Pay ICICI Bank Credit Card||NA|
|IDFC First Millennia Credit Card||NA|
|Bank of Baroda Prime credit card||NA|
|ICICI Bank Platinum Chip credit card||NA|
|HSBC Visa Platinum Credit Card||NA|
|HDFC Bank Millennia Credit Card||8 complimentary domestic airport lounge access every year.|
|Axis Bank ACE Credit Card||4 complimentary domestic lounge visits every year.|
|SBI SimplyClick Credit Card||NA|
|American Express Membership Rewards Credit card||NA|
Other No Annual Fee Credit Cards
|IDFC FIRST Wealth Credit Card||
6x Reward Points on all online spends.
3x Reward Points on all offline spends
4 complimentary domestic lounge visits per quarter.
4 complimentary international lounge visits per quarter.Low foreign currency markup of 1.5%.
|IDFC FIRST Select Credit Card||
6x Reward points on every Rs 125 spent on online spends.
3x Reward points on every Rs 125 spent on offline spends.
Low foreign currency markup of 1.5%.
4 complimentary domestic airport lounge visits per quarter.
4 complimentary railway lounge visits per quarter.
|Bank of Baroda Premier Credit Card||
2 reward points on every Rs 100 spent on all categories.
Reward points on your spends on travel, dining, and international transactions.
1 complimentary domestic lounge access every quarter.
Is a Lifetime Free Credit Card Really Free?
A lifetime free credit card means that a card for which you do not have pay any annual fee, renewal fee, or membership fee every year. To answer your question, yes, the lifetime free credit cards are really free as they don’t charge any annual fee. But, this doesn’t mean that you can avoid all the other charges as well. A no annual fee credit card only allows you to avoid the annual membership fee, however, you will still be charged with other fees if required, which can be as follows:
Interest Charges: Like every other credit card, you will have to pay the interest if you are having an outstanding amount on your credit card. However, you will not face any charge if you pay the balance in full by the payment due date, but if you only pay the minimum amount due, or if you miss the payment, the interest will start accruing on your outstanding balance from the very next day of the payment due date.
Late Payment Fee – If you fail to pay your credit card bill by the payment due date, you have to face a late payment fee on your credit card account and you can’t avoid it even if your card is a lifetime-free card. However, even if you only pay the minimum amount due, you won’t face any late payment charges.
Cash Advance Charges – On withdrawing cash using your credit card, a cash advance fee is charged to your account. It is generally of 2.5% of the transaction amount, subject to the lowest amount. So, it is advisable not to withdraw cash using your credit card until it’s really an emergency.
Foreign Currency Markup Fee – If you use your card to make transactions in a different currency, a forex markup fee is charged to your account. It is generally 3.5% of the transaction and may differ depending on the card issuer.
Is it worth it to pay an annual fee for a credit card?
Yes, paying an annual fee for a credit card can be advantageous for you since you get exclusive benefits and features. These special benefits and privileges provided with annual fees make it worthwhile. Given below are some factors that essentially make a credit card with an annual fee worthwhile.
Welcome Bonus– Several credit cards come with special welcome benefits that help you trade off your annual fee cost. These features might not be available on your no annual fee credit card.
Reward and Bonus– Credit cards having an annual fee provide you with a higher reward rate than other credit cards with zero annual fee. You can accumulate more rewards points on your credit card with an annual fee.
Special Perks and Benefits- You get unique perks and benefits that might not be available on your credit card with no annual fee. These special privileges include airport lounge access, golf privileges, insurance benefits, etc.
Who should apply for a no annual fee credit card?
New Credit Cardholders-: If you are a first-time applicant and searching for the right credit card that fits your needs well. A no-annual-fee card is a great option to begin your credit card expedition.
Build Credit Background-: No annual fee credit card may be a suitable option for a low credit score or limited credit history. As it is easier to avail of a no annual fee credit card than other credit cards.
Cardholders Looking to Diversify-: Any premium cardholder looking to diversify may benefit from the no annual fee credit cards.
Occasional User- A no annual fee card is a cheaper and more economical option for the occasional credit card user.
No matter if you are a first-time applicant or an experienced credit card user, a zero annual fee card can always provide value to you. A lifetime free credit card can be the best choice for individuals who are about to start their credit card journey and are looking for a card that can provide maximum benefits with minimum charges. It is true that free credit cards generally have fewer benefits as compared to the premium cards that come along with an annual fee, but some of the best lifetime free credit cards come with exceptional privileges, which are better than the features of some cards with an annual fee.
So, you must look out for such credit cards and go with them without any doubts in your head. However, if you are someone with no credit history or no income, you might need to start your credit journey with a secured credit card and then update your card after you build a good credit score. No annual fee credit cards can be truly a blessing for someone who looks for an affordable credit card offering maximum saving opportunities.
The Lifetime free credit cards are the cards that do not carry any joining and renewal fee. These cards are not different from other credit cards, they just don’t carry any annual fee with them. Though the membership fee for such cards is zero, the cardholders would still incur and face other fees associated with the card such as finance charges, late payment fees, cash withdrawal fees, etc.
Yes, the lifetime free credit cards are actually free in terms of their membership charges. However, this doesn’t mean that you will not face other charges that a card carries. That is, you will still face the cash withdrawal charges, interest rates, foreign markup fee, etc.
It is really hard to categorize a credit card as the best card over other credit cards, as the needs of an individual are different. However, these are some of the lifetime free credit cards that should be considered as they offer great benefits – IDFC FIRST Classic Credit Card, HSBC Visa Platinum credit card, and AU Small Finance Bank LIT Credit Card.
Almost every credit card issuer offers a lifetime free credit card. Banks like ICICI, AU Small Finance, HSBC, IDFC, BoB, and many more have offered lifetime free credit card options for the applicants.
No, a zero annual fee on your credit card does not necessarily mean that it is a free credit card. You are liable to pay certain charges on your no annual fee credit cards
You pay zero annual fees on your credit card by following ways
- You can get a waiver on your annual fees by contacting your card issuer
- You can avail of a special sign up bonus on your credit card equal to the net cost of the annual fee charged
- Or you get a credit card that comes with a lifetime free membership
Yes, you can use your no annual fee credit card for foreign transactions just like a normal credit card.
Yes, you can use no annual fee credit card to make cash withdrawals at ATMs