A lifetime free credit card is exactly what it sounds like. It is a card you can obtain and use without worrying about annual fees. It lowers the cost of card ownership, allowing you to maximise its benefits. Earlier, limited lifetime free credit card options were available. They had a very specific eligibility criteria for application and usage terms and conditions.
However, now, several lifetime free credit card options are available in the market. By satisfying the basic eligibility criteria, you can apply for the card and fully leverage its features. This blog explains how lifetime free credit cards are a smart financial choice.
More About the Lifetime Free Credit Card
Typically, with a regular credit card, you need to pay a joining fee and annual fees and charges. The amounts vary by bank and depend on the type of card you use. Since you need to pay these costs upfront, they are included in the total cost of the card. Hence, it’s essential to take them into account.
With the lifetime free credit card, you do not have to pay any joining fees or annual fees. In simple terms, you can get and use the card at zero cost. However, be mindful of other card charges which will apply as per actuals. This may include transaction fees, interest charges, and penalties for delayed or defaulted payments.
Furthermore, all card charges are applied as per the rules and regulations provided by the government. You might think there’s a catch, such as minimum annual spending requirement to continue enjoying free benefit.
However, IDFC FIRST Bank offers various card like the FIRST Classic, FIRST WOW! credit cards and a few more with no joining/annual fees and no minimum annual spend requirement. All you need to do is apply for the card, await approval based on your eligibility, and once obtained, use it responsibly.
Lifetime Free Credit Card: Repayment System
A lifetime free credit card’s repayment system works the same as the regular credit card repayment system. Here is how repayment works:
Make the purchase:
- When you use your credit card to make purchases, those amounts appear on your billing statement.
- You need to pay the amount shown on your statement by the due date listed.
- You can either pay the full amount or turn eligible purchases into EMIs.
EMI Option
- If you make a large purchase, you can convert it into EMIs to make repayment easier.
- Choose a repayment period that fits your budget.
- Ensure to review the interest rates and any processing fees before choosing the EMI option.
Timely Payments
- Make sure to pay your EMIs or any outstanding amounts on time.
- If you pay late or miss a payment, you may have to pay extra fees and interest.
- Paying late can also hurt your credit score.
Automation for Convenience
- You can set up auto-debit using Net Banking or your bank’s mobile app.
- Automated payments can help you avoid missing due dates and paying penalties.
Lifetime Free Credit Card: Reward System
Rewards programs vary from bank to bank and depend on the type of card you hold. Generally, premium cards offer the widest range of benefits, including financial rewards and lifestyle perks.
However, with IDFC FIRST Bank you can get the best of banking with easy accessibility and therefore, offers exceptional features and valuable benefits across all its card options. Take its lifetime free credit card options, for example FIRST Select credit card, FIRST Classic credit card, FIRST Millenia credit card etc., offering various benefits, including:
Lifetime Free Card
- No joining fee or annual fee
- No minimum spend requirement to keep the card free
Never-Expiring Reward Points
- Earn reward points on almost every transaction
- Reward points never expire
- Redeem points at your convenience without time pressure
Lifestyle Privileges
- Complimentary airport lounge access
- Complimentary railway lounge access
- Exclusive Buy-One-Get-One movie ticket offers
- Access to curated lifestyle experiences
Summing It Up
Instant credit access, seamless transactions, EMI conversion options, and additional benefits, a credit card offers it all. If cost is on your mind, consider the Lifetime Free Credit Card. True to its name, it comes with no joining fee and no annual maintenance charge, just the card benefits you can enjoy.
