Best Zero Annual Fee / Lifetime Free Credit Cards in India 2023

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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-

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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.

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.

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:

Other No Annual Fee Credit Cards

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.

Bottomline

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.