With so many credit cards in the market, choosing one that meets the needs, provides perks, and is great value for money can be challenging. Many cards which do offer perks have high joining and yearly fees. Although many banks or card issuers provide a lifetime free credit card, which gives the perks of both worlds: no joining or yearly fees while providing perks. This article will help to make choosing a card easy.
Features and Perks of a Lifetime Free Credit Card
Like every other credit card, a lifetime free credit card offers its own set of perks. Following are some examples of standard perks of a credit line without a monthly fee:
- No Regular Charge
One of the top perks of a lifetime free credit card is that there is no annual charge for using it.
- Highly Affordable
There is no joining cost for lifetime free bank cards, these cards are within budget. You can use them without any fear of extra charges.
- Bonus for New Clients
Some of the top lifetime free credit and debit cards provide a nice reward when people get the card membership. These welcome bonuses might be extra reward points, cashback perks to many sites, or anything else.
- Easy Approval
It is easy to get credit cards in India approved. The income standards for free lifetime credit cards are low. Though the cards with annual fees have more benefits than the ones which do not have any fees.
- Cashback and Reward
Almost all top free credit card options give cashback and rewards when you use them. Depending on the credit card you have chosen, the credits can be redeemed for items or turned into cash.
How to Apply for a Credit Card with No Annual Fee Online?
When applying for a no annual charge credit card online, go to the website of the bank.
- Go to the individual bank’s website
- Read their eligibility criteria and proceed if you meet the same
- Add your registered mobile number and date of birth
- Choose the card, confirm the details
- Click “Submit” once you have filled in all the details
You will be given an ‘Application ID’ after you submit the request and will be required to upload all necessary papers. Track your application using this ID.
Criteria to Enroll for a Lifetime Free Credit Card
The standards for applying for credit cards in India with no yearly fees vary from bank to bank. Yet, some basic qualifying needs must be met. These are some examples:
- Employment: One must be salaried/self-employed
- Age: One must be between the ages of 21 and 60
Note: In most instances, users must show proof of income. Although, depending on the bank’s rules, these qualifying terms may differ.
If the above terms are met, the documents listed below can be submitted to initiate the rest of the process:
- Proof of Address: Driving licence, passport, PAN card, Aadhaar card, electricity bill, etc.
- Income Proof: ITR papers, recent salary slips, bank records, etc.
- Identity Proof: Aadhaar card, a legal ID document card, PAN card, etc.
Credit Cards with no Annual Fee
Check the list of credit cards that can be availed without paying any annual fee:
HSBC Visa Platinum: It has an interest rate of 3.3% per month. Offers attractive rewards and discounts when you spend.
IDFC First Wealth: It gives four free cards with an interest rate of 0.75 to 3.5% per month. It offers air accident cover of 1 crore rupees and insurance and travel benefits.
Amazon Pay ICICI Bank: It has an interest rate of 3.5 to 3.8% per month. It is a good card if you are a member of Amazon Prime.
Kotak 811 #DREAMDifferent: It has an interest rate of 3.5% per month. Offers joining benefit has an attractive reward plan.
ICICI Bank Platinum Chip: It offers good discounts and reward points and has an interest rate of 3.4% per month.
Some more credit cards are listed below:
- Dhanlaxmi Bank Platinum
- Bank of Baroda Prime
- IDBI First Select
- Axis Bank Select (Burgundy)
- IDBI Aspire Platinum
How to Get Lifetime Credit Cards with No Income Requirement?
Almost all card issuers verify your income when you apply for a credit card. They want to ensure people have an income source that can be used to pay off their credit card bills. If you don’t have a steady source of income, it may be tough to get a credit card. Although, there are several credit cards In India that you can apply for even if you don’t have income proof or a credit rating. Because secured credit cards in India are provided against a set deposit, they can be granted without the need for proof of income. You must open an FD with the bank, which the bank will take as security if you fail to pay the credit card bills on time.
Whether you are a first-time applicant or a longtime credit card user, a zero annual fee credit card is always helpful. A lifetime free card may be the best option for you if you are using credit cards for the first time. It offers perks with lower fees. Free credit cards offer fewer perks than premium cards with annual fees. Still, most valid free lifetime credit cards come with more perks that outclass the aspects of some premium cards with annual fees. So, keep an eye out for such credit and use them without worry.
You may need to begin the credit trip with a secured card if you have no credit file or income, and then upgrade the card once you have a decent credit score. Visit Piramal Finance for valuable insights on your credit score or easy and customised credit card and personal loan solutions.