Credit cards are easily one of the most profitable products of the banks and other financial institutions. They help to create a habit of purchasing which is beneficial to the card issuer as they profit from each purchase either in the form of transaction fee or through a commission when the products or services are bought from select outlets and stores. However, since a large number of people avoid using credit cards because of the annual charges, many banks offer lifetime free credit cards.
What are lifetime free credit cards?
A lifetime free credit card is a card that doesn’t have an annual fee and/or joining fee. These are marketed to individuals who don’t use credit cards frequently and want a “no-strings-attached” product.
A lifetime free card may sound like a terrific deal as you have nothing to lose. However, The reality can be different from what you choose.
It’s highly unlikely that you would want to use the same credit card in your entire lifetime even if it’s “lifetime free” and helps to improve credit score. This is because credit cards can get outdated in just a few years. So, you may enjoy the features of your card today, but when new ones are launched that offer even more benefits with no additional charges, then you may want to make a switch. Sometimes the banks reduce the benefits of old cards after a few years to push the newer products.
A lot of times the benefit of “lifetime free” has certain conditions attached. For instance, you might be required to spend a certain amount in a year to have the annual fee waived off. In other cases, it’s really free for the first year only and after second year onwards, you might be required to pay the appropriate annual fee. Thus, it’s strongly recommended that you read the fine print before making any decision.
Credit Card Expiry
Most credit cards come with an expiry date. So, your card may become invalid after 3-5 years which is actually a very common practice. Although you won’t just lose the card completely, your bank will replace it with a different one that may have fewer benefits or benefits that are different than the ones you got in the original card. Needless to say, this can be a huge bummer.
What are some of the best lifetime free credit cards in India?
The following are some of the best options that you can consider today:
HSBC Bank Platinum Credit Card
HSBC credit cards are widely popular because they are easily accepted in not just in India but also around the world. They can be used in over 100,000 outlets in India and over 18 million outlets overseas.
Joining fee: nil
Annual fee: nil
Interest rate: 39.6% per year
PNB Global Classic Credit Card
PNB Global Classic Credit Card is a popular credit card powered by Visa which is why you can sue it at any outlet that accepts Visa cards. It offers 20-50 days of interest-free period and has no annual fees.
Interest rate: 29.81% per year
Canara Bank Global Gold Card
Canara Bank Global Gold Card comes with a modest joining fee of Rs. 250+GST. However, it has no annual fee and offers lower interest rate compared to others.
Joining fee: 250+GST
Interest rate: 30% per year
Indian Bank Global Gold Credit Card
If the interest rate matters a lot to you, then you will be very happy with the Indian Bank Global Gold Credit Card that comes at an APR of just 23.88% which is by far one of the lowest in the industry. You can even get add-on cards for your family members at Rs. 250 each.
Interest rate: 23.88% per year
A credit card has many uses apart from helping during cash crunch and buying expensive items on EMI basis. For instance, you can use it to build your credit score for financial security. You can also use it to pay EMIs to avoid debt. However, make sure that do you research to apply for the card that meets your requirements perfectly.
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