Most credit cards you must have come across have joining and annual membership fees, which can unnecessarily add to your expenses. These maintenance fees are usually charged by issuers for providing a range of benefits in the form of offers, discounts and points.
Today, multiple issuers in the market offer free credit cards. These are free of any joining fee or annual maintenance fee whatsoever and are emerging as a popular choice amongst young savvy spenders. Convenience and cost-effectiveness are the cornerstones when it comes to using a free credit card.
Top 7 Things You Must Know About Free Credit Cards
Let’s look at a few factors you must be aware of before opting for a free credit card.
- Zero one-time or recurring fees
As the name suggests, you do not incur any charges apart from your personal expenditure via the card for its entire lifetime. This includes the initial joining fee as the yearly maintenance charges. However, other charges may apply, such as the credit card interest rate if you have any overdue balance as well as cash withdrawal charges, if any.
- Relaxed eligibility criteria
These credit cards have more relaxed eligibility criteria in comparison to cards with fees. The ‘no joining fee’ factor makes it an excellent choice for young spenders who wish to build their credit scores. Since you can qualify for these cards with ease, you can use this financial tool to boost your purchasing power.
- Easy application process
Gone are the days when you’d have to visit a bank and fill in heaps of paperwork with your details. These no-joining-fee credit cards offer the same digital convenience as regular cards, allowing you to apply online, even on the go. As long as you are eligible, you can upload basic documents and get instant approval.
- Competitive credit card interest rate
When you use no-fee credit cards, you still need to be careful about the interest that is applied when you make late payments. As long as you clear the entire outstanding bill before the due date, there are no interest charges.
Any amount due past the will incur interest. Usually, such cards come with competitive rates of interest; however, if you do not manage your card responsibly, you can end up straining your finances.
- Discounts and rewards
Despite being free, these credit cards offer multiple deals, such as freebies from partner retailers, discounts on shopping and reward points. You can earn points and redeem them to settle your bill or pay for goods and services. When used wisely, these incentives can add a lot of value in the long term.
- Lounge access
Most credit card companies provide travel miles and free VIP lounge access at airports and train stations to make your travel experience more delightful. Check the terms of your card to ensure you get this benefit if you are a frequent traveller.
- Online management
Maintaining your credit card well can result in a strong credit score and boost your financial health. Most of these credit cards can be managed entirely digitally via their mobile apps or net banking. With user-friendly interfaces and 24X7 customer service, these credit cards cater to the growing needs of modern spenders.
Lifetime-Free Credit Cards In India
Though they have a lot of great features, you must always read the fine print and review the terms and conditions before applying for a free credit card. Listed below are some of the best free cards in India, along with their key benefits.
One Credit Card
- Earn 5X reward points on the top two spending categories
- Plan international holidays with the MyTrips feature, which comes with an integrated Forex calculator
- Set budget alerts and spending limits on the powerful mobile app
- Share your limit with up to 5 family members
IDFC First Classic Credit Card
- Withdraw cash from ATMs and pay no interest when you repay in up to 48 days
- Earn 3X reward points on spending up to ₹20,000 online
- Get 10X Points on spending above ₹20,000 a month
- Get a welcome voucher of ₹500 on spending ₹5,000 in the first 30 days of activation
YES Finbooster Credit Card
- Stay secure with complimentary insurance cover of ₹2.50 Lakhs
- Get 5X reward points on ordering food online
- Earn 3X points on ordering clothes and groceries online
- Monitor your credit health with a real-time dashboard
To avail of these benefits, simply apply for a credit card you like from any of these issuers and get started! If you’re looking for a credit card that has no joining fee and offers attractive discounts, consider applying for the One Credit Card. With this card, you can save more with 80+ offers on various categories like travel, dining and shopping.
The One Credit Card also has an app built on full-stack technology, so you can review all your transactions and spending reports. You can even set spending alerts and automate your monthly bill payments. All these features within one app to help you manage your finances seamlessly. Apply now to discover the power of the One Credit Card and handle your finances confidently!
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