Are lifetime free credit cards actually free?

Lifetime free credit cards do not come with any annual or joining fee and are perfect options for beginners. Even though most lifetime free credit cards include basic features and a lower reward rate, some of them provide good value on certain brands or spending categories. When deciding to apply for credit card online, you must always ensure that you analyse your spending preferences and go for a card that provides maximum value in your preferred categories.

What is a Lifetime Free Credit Card?

A lifetime free credit card is quite clear with its name and hence is a card that comes with no joining or annual fee throughout its life. Compared to traditional credit cards, which have annual charges, lifetime-free credit cards remove the annual fee, offering cardholders cost-effective financial assistance.

Key Benefits Of Lifetime-free Credit Cards

A lifetime free credit card comes with a wide range of benefits for you to explore. Some of them are:

• As lifetime free Rupay credit cards come with no joining or annual fee, you get to enjoy the conveniences and perks of a credit card without the burden of recurring charges.

• With no annual fees, you explore the major benefit of saving money for a longer term.

• Some banks offer lifetime-free credit cards that are UPI enabled, providing you with hassle-free access to make purchases and other transactions.

• Not only does a lifetime free credit card eliminate annual fees, but it also provides multiple reward programs, discounts, and cashback benefits.

• When you successfully maintain a lifetime-free credit card, you get to create a positive credit history.

• You can also enjoy great discounts on dining, shopping, and travel.

• Certain lifetime free credit cards provide a credit limit up to a specific percentage of your FD amount.

• Some banks provide a balance transfer feature for a lifetime free credit card user.

Are Lifetime Free Credit Cards Actually Free?

Yes, many lifetime-free credit cards offered by multiple banks or financial institutions are lifetime-free, as they do not charge any joining or annual fees. However, there are certain other charges that you need to pay while using such cards, such as interest charges on outstanding balances, ATM cash withdrawal charges, late payment charges, charges for cash payment at the bank and charges for replacement or reissue of the card.

Eligibility Criteria to Apply For a Lifetime Free Credit Card

To be eligible for a lifetime free credit card, you must align with the following eligibility criteria:

• Primary cardholders must be between 18 and 75 years old.

• Applicants must be residents of India.

• Credit score must be over 750.

Tips To Avail A Lifetime Free Credit Card

Even though lifetime free credit cards sound pleasing, you might find yourself confused among the options. Here are some key tips that you can follow to ensure you get your hands on the best one:

Research: Start researching financial institutions and banks that provide lifetime free credit cards. Go a step ahead by looking through their features, eligibility criteria, and benefits to see which one fulfils your needs.

Credit Score: A good credit score (above 750) will improve your chances of getting your lifetime free credit card approved.

Income Requirement: Several banks have a set income threshold for applicants. Hence, ensure that your income aligns with or exceeds the minimum criteria.

Credit Card Offers: Consider all the promotional offers that banks offer along with their lifetime free credit cards. These can be special incentives or relaxed eligibility criteria for new applicants.

Summing Up

Lifetime-free credit cards provide a great opportunity to get your hands on credit without any burden of joining or annual fees. Pick a lifetime free credit card that aligns with your preferences and financial goals. Remember to utilise your card with full responsibility by making timely payments and using its benefits to boost your financial well-being.

FAQs

Q1. What is a lifetime free credit card?

For credit-worthy customers, banks provide lifetime free credit cards with no annual or joining fees.

Q2. How does a free credit card work?

A lifetime free credit card does not charge annual or joining fees. You may have to pay other costs like interest on outstanding balances, late payment fees, and others. In addition, these cards offer some great benefits to users, such as enhancing their experience.