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Credit cards are excellent financial tools that can benefit you in many ways. From getting discounts, rewards, and quick cash withdrawal facilities to EMI options, they can help you plan your finances. However, they may come with certain fees that are charged for availing and maintaining them.
But if we tell you that you can get a credit card, free of charge, that too for a lifetime – it sounds like a dream, doesn’t it? Well, it is far from one. Many credit card providers offer you a lifetime free credit card, which you can use for seamless transactions.
But what exactly is a lifetime free credit card? Let us find out.
What is a lifetime free credit card?
There are many credit cards that charge their users a certain fee to be able to simply use the card. A lifetime free credit card is one that is free from any annual fees or other financial charges. Also known as zero-fee credit cards, they do not charge you any amount for using the card every year.
Such cards can prove to be extremely beneficial, especially if you are looking to build your credit score. Moreover, you wouldn’t have to worry about not reaping much of the benefits offered by the card provider, which can get offset when you pay the annual fees.
Lifetime free credit cards like those offered by IndiaLends come with a range of benefits. Let us have a look at them.
Benefits of getting a lifetime free credit card
With a lifetime free credit card, you can enjoy the following benefits:
1. No joining or annual fees
Joining fees is the amount paid when you get a credit card, and annual fees are the charges paid every year for holding the card. However, the USP of a lifetime free credit card is that none of these charges apply to them. You can save a lot of unwanted expenses this way.
2. High withdrawal limit
Cash withdrawal on credit cards can be a handy feature. It allows you quick access to cash in case of emergencies. Usually, the cash withdrawal limit is somewhere around 60% of the total credit limit on the card. However, many banks offering a lifetime free credit card allow a higher withdrawal limit on them. This can be as high as 100% of the credit limit as well.
3. Rewards system
Almost all lifetime free credit cards have now come up with a reward points system. With this, you get a certain number of points depending on the value of your transaction. For instance, the conversion of rupee to points can be 1:4, implying for every rupee spent, you will get 4 points.
These points keep accumulating over time, and you can convert them into e-vouchers or gift cards which can be used for payment at various outlets. The more you transact, the more reward points you collect. This becomes a win-win situation for all.
Remember to convert your points into vouchers before they expire!
4. Cashbacks, discounts, and other offers
Lifetime free credit cards come with many exciting benefits apart from the rewards system. Many major credit card providers offer cash backs while transacting with specified merchants, such as Zomato, Amazon, BookMyShow, Nykaa, and countless others. This can fetch you great deals when you place an order.
Apart from this, you can also get discounts if you use your lifetime free credit card for specified transactions. For instance, you may get a discount for a one-time payment using your card while buying an expensive electronics product, depending on the service provider’s tie-up with the merchant.
Bonus: If you have ever wondered about getting access to the premium airport lounges, such credit cards can be your entry key! Certain high-end credit cards give you a pass to airport lounges where you can spend time before catching a flight. Other offers on lifetime free credit cards include fuel surcharge waivers, concessions on groceries, cheaper travel tickets, and discounts on hotel bookings.
However, to avail of all these amazing benefits, you must be eligible for such a credit card. Let us see what criteria you must fulfill.
Eligibility for getting a lifetime free credit card
You must check the following boxes to be able to apply for a lifetime free credit card:
1. Credit score
A credit score is a three-digit score that ranges between 300 and 900 and is a measure of your creditworthiness. It is based on various parameters, where one of the most important factors is your credit repayment history. This includes how timely you repay your loans and credit card bills. CIBIL issues the most widely accepted credit score in India.
To be able to avail of a lifetime free credit card, you must have a good credit score, which is anywhere between 750 and 900. This increases the trust that the credit card provider has in your ability to repay credit.
Having a steady source of income is a prerequisite for you to avail a lifetime free credit card. This ensures that you will have enough funds to honor your monthly bills. Moreover, many banks specify a minimum monthly income, which is usually at least Rs. 15,000 per month, for extending a credit card.
The credit card providers may look into the nature of your employment. Having a well-paying job or a steady business can help your case. Additionally, staying with the same employer for over a year can improve your chances of availing a lifetime free credit card. Frequent job changes can harm your application as this can be a sign of instability.
You must at least be 18 years old to have a credit card in your name. However, for a lifetime free credit card, many banks, and credit card companies set the minimum age as 21 years. The maximum age to avail of the card is usually set at 60 years.
5. Geographical location
Most credit cards are available for all citizens, residents, as well as non-residents of India. However, some credit cards are only available to those citizens who reside in India. Moreover, there are a few credit cards that are only accessible to people living in specific cities. For instance, you may get an edge while applying for a lifetime free credit card if you stay in a metropolitan city like Delhi or Mumbai.
6. Fixed deposit
If you are applying for a card for the first time or have no prior credit history, or even a bad credit score, assessment and approval of your application can be a task. However, this does not mean that you stand ineligible.
In such cases, many banks extend the option of opening a fixed deposit with them so you can get access to the card. This can be a great way to improve your credit score and build a good credit history if you diligently pay the credit card bills.
Now that you can assess your eligibility, let us look at a few things you must keep in mind while getting your lifetime free credit card.
Things to keep in mind when getting a lifetime free credit card
While getting a lifetime free credit card, it would help to keep the following things in mind:
1. Compare your options
There are many merchants in the market who offer lifetime free credit cards. Each merchant showcases different features in its card, which makes it essential for you to make a thorough comparison. Look at all the benefits and features that are present and select the card that gets you the best deals.
There are many websites that show a comparative analysis of the top cards. You may also visit the website of particular service providers to get the details of all the benefits.
2. Check the eligibility requirements of each bank
While we have listed generic eligibility criteria, they may differ from one credit card to another. It is thus important that you ensure you are eligible for a particular lifetime free credit card and only then apply. This will help you narrow down your options and also save you time since your focus will be limited to only those cards that you can opt for.
3. Check for hidden charges
While the main purpose of a lifetime free credit card is that you do not have to pay any charges, it is vital to check any hidden fees that may be there. For this, read all related terms and conditions carefully. It will allow you to steer clear of any unexpected charges in the future.
IndiaLends has NO hidden charges and upholds 100% transparency viz-a-viz charges and fees!
A lifetime free credit card can be a great financial tool to not just benefit from all the features that it offers but also to build your credit score seamlessly. It comes with no joining or annual fees. This ensures that the rewards you receive will not be offset by the amount you pay as yearly charges. Many service providers offer such a card, so make sure you compare all options carefully and select the best one for you!