Credit cards give the easiest access to credit. They are loved for their facility of ‘buy now, pay later.’
They do away with the need of bulking your pockets with cash and make payments quick and convenient.
According to research, 55% of 18-29 year olds have at least one credit card.
This increases to 73% for people between 30 and 49 years, 75% for people between 50 and 64 years, and 89% for 65 and above.
Thus, credit cards are the favourite mode of spending across all age groups.
There are various credit card options available for customers, among which lifetime free credit cards are very popular due to the features and benefits they offer. Let us explore lifetime free credit cards in detail.
What is a lifetime free credit card?
A lifetime free credit card is a zero annual fee credit card with the unique benefit of zero joining fee and an annual fee for the cardholder. These credit cards are great in terms of long-term value. A cardholder can keep a lifetime free card open without having to pay an annual fee on it. It helps in improving the credit score of the cardholder.
Key advantages for opting to choose lifetime free credit card
Apart from the usual benefit of zero joining and annual fees on the credit card, the cardholder also enjoys numerous other benefits on a lifetime free credit card. These benefits are as follows:
- No joining and annual fees: Usually, credit cards come with an annual renewal fee and a joining fee. The card issuer automatically adds the renewal fee to the last monthly bill of the billing cycle. However, for a lifetime free credit card, the cardholder does not have to pay a single rupee as a joining fee or renewal fee.
- Reward points: Among the various beneficial credit card features, rewards points attract cardholders the most. Premium credit card companies offer bonus reward points on the initial spending on the credit card. Apart from these bonus points, there are regular reward points also on online and offline spending.
- Cashbacks: Lifetime free credit cards also give cashback on the annual spending on the credit card.
- Interest-free cash withdrawal: Credit card companies do not charge any interest for up to 48 days on cash advances on lifetime free credit cards. A cardholder can withdraw up to 90% of the card limit for a nominal processing fee.
- Balance transfer: Lifetime free credit cards come with a continued interest-free period on fresh retail purchases. A balance transfer is simple on these cards with a quick phone call to the card issuer.
- Cover against card misuse: If a lifetime free credit card gets stolen, the cardholder gets a cover of Rs. 50,000 up to 7 days pre-reporting.
- Add-on cards: The cardholder can get an add-on card with the same features along with this card. He can set the spending limit on the add-on cad as per his need and track spending on all his add-on cards individually.
- Petrol pumps and Railways surcharge waiver: The cardholder gets a waiver of 1% up to a limit across all petrol pumps. He can also enjoy a waiver of 1.8-2.5% on online and offline railway bookings.
Eligibility criteria for a lifetime free credit card
The eligibility criteria for a lifetime free credit card are as follows:
- The cardholder should be a resident of India.
- NRI customers have the option of applying through the offline process.
- The primary cardholder should be between 18 and 75 years, and the add-on cardholder should be at least 18 years of age.
- The minimum TD amount on this card is Rs. 10,000, and the TDs should be individual.
Benefits of applying online for a lifetime free credit card
Leading banks in the country do not ask for any income documents from customers who apply online for lifetime free credit cards.
Customers can also get a credit card against their Fixed Deposits for as low as Rs. 10,000.
- Customers can apply online in a few easy steps and get the card delivered in 7-10 working days.
- Customers do not need to fill out any physical forms or provide additional documents.
Customers who apply online for a lifetime free credit card have the option of deciding their credit limit as per their requirements. These cards come with several benefits like a waiver on outstation cheque processing fee and zero fees for charge slip requests