Choosing the best free credit card in India is no easy task simply because of the number of options on offer. From lifetime free credit cards to various other variants, zeroing down to just one takes time. One way to simplify this process is to understand what they offer and how to find one that suits your needs.
Here’s what you need to know and some tips to help you pick the right card.
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What are Lifetime Free Credit Cards and How Do They Work?
A lifetime free credit card, also referred to as a zero-fee credit card, is a card that doesn’t have any joining fees or annual renewal charges. This benefit is applicable right from the start, and many issuers advertise it as a perk.
These have all the benefits of a regular credit card, only with the added advantage of lower associated costs. As such, getting one is a smart choice for:
- Students or individuals who are using a credit card for the first time
- Individuals looking to increase their credit score without any additional charges
- Individuals who are looking for a credit card with lower fees and charges
- Individuals who are occasional users of credit cards
- Individuals who want to get a card to diversify their credit mix
Features and Benefits of Lifetime Free Credit Cards
Here are the attractive perks and features that come with a zero-fee credit card:
Cost-Saving
A significant perk of getting your hands on a lifetime free credit card is that you eliminate the expenses of annual renewals that come with other cards. This is because the issuer either offers a waiver or simply eliminates the charge altogether. It is worth noting that some lenders waive the annual fees after you pass a certain mark in expenses while using a card. Check this limit as it may be set too high for you.
Easy EMI Conversions of Purchases
In addition to zero annual charges, these cards also allow you to convert your big-ticket purchases into cost-effective EMIs. By eliminating the need to pay for the whole purchase in a lump sum, you enjoy more freedom when making big-ticket expenses. You can repay the amount over budget-friendly EMIs and a convenient tenure.
Going for the right tenure is an essential decision since it influences the EMI that you need to pay each month. To choose a suitable tenure, assess your income and expenses carefully.
Attractive Rewards and Cashback Offers
With these cards, you enjoy a number of attractive perks as well, such as:
- Welcome or joining perks such as extra reward points and deals
- 0% annual percentage rate (APR) period for the first year of joining
- Reward points on every transaction you make through the card
- Vouchers and gift cards on reaching a certain threshold
- Complimentary airport lounge access and concierge services
- Travel insurance and accidental coverage
- Waiver of fuel surcharge and other costs
- Cashback on eligible purchases
Convenient to Manage
Since you don’t need to worry about paying the annual renewal charges associated with the card, managing it is comparatively easier as compared to a regular card. In some cases, the high fees associated with regular cards can easily negate any cost-saving benefits you earn throughout the year. Such an outcome can lead you to reconsider your decision to get the credit card, as the upkeep may not be worth it.
Tips to Choose the Best Lifetime Free Credit Card
Incorporating these tips while looking for a card can help you get the best free credit card in India:
- Check if the card that you opt for will levy an annual renewal charge in the future, or after the first year
- Note if the features and benefits associated with the lifetime free credit card are also applicable if you upgrade your card
- Assess your spending patterns to understand which type of credit card is most suitable for you
- Look for additional perks such as discounts, offers, cashback, insurance, travel benefits, etc.
- Pay attention to the expiry period of the credit card reward points
- Read the terms and conditions associated with the card thoroughly
- Check other associated fees and charges, such as late payment fees, overdraft fees, cash withdrawal charges, etc.
- Pay attention to the eligibility criteria and the documentation requirements to know your eligibility for the card beforehand
- Learn how to redeem credit card points and ensure that the issuer’s reward redemption process isn’t too complicated
It is a lot easier to make the right decision when you have the right information to work with. If your priority is finding a cost-saving option, you can consider the One Credit Card. This card comes with zero joining and annual renewal charges, as well as no charges for redeeming reward points.
This way you can take charge of your finances and spend confidently. In addition to this, you get a number of exciting perks, like easy EMI conversion of your big-ticket expenses, discounts on shopping and dining, up to 5X rewards on top spends and more. Apply now to get started.
