Lifetime-free Credit Cards

Some of the best travel rewards credit cards with no annual fees include; the IndusInd Bank Platinum Card, YES First Preferred, Axis MY Zone Easy Credit Card, and YES Premia Credit Card.

Yes, a lifetime-free credit card can have a number of travel benefits and can be used overseas. However, there might be some overseas banking charges involved in the case of foreign transactions as per the respective banks’ policies.

The card issuer is usually very clear about the terms and conditions associated with the credit card, including the charges. A credit card with no yearly fee or joining fee, typically, does not entail any other hidden charges. However, it is always recommended to read the terms clearly to avoid any unpleasant surprises later on.

As with all kinds of credit cards, if you fail to clear all your outstanding dues on or before the due date, you will be charged a penalty in the form of a late fee. Additionally, your total outstanding amount would also start to accrue interest. This will be at the interest rate applicable to your card till the time you clear the dues. Your card issuer may also deactivate the card if your dues remain unpaid for a long time. Meanwhile, your credit score would also take a huge hit due to this.

Most credit cards come with minimum income requirements that you need to satisfy to be able to apply for them. This means that you cannot get a credit card if you don’t have a source of income. 

However, there are a few banks that offer secured credit cards which don’t require you to have a stable income source. You can apply for these credit cards as long as you possess a fixed deposit of a minimum amount with the card issuing bank. So, if you don’t have an income source or you don’t meet the minimum income requirements, consider applying for a secured credit card instead.

Some lifetime-free credit cards tend to waive off the annual fee upon registering spending of a certain specified amount in a year. In that case, you can use your card to make purchases and payments up to the specified amount to automatically waive off your annual fee for the next year.

Yes. There are many lifetime-free credit cards available in India that don’t levy joining or annual fees. So, you can continue to use these credit cards without worrying about fees each year, making them lifetime-free. All other charges, such as finance charges, over-limit charges, and cash withdrawal charges, among others, will continue to be applicable.

Yes. The HDFC Bank Infinia Credit Card is the only credit card in India to be offered with the No Pre-set Spending Limit (NPSL) feature. The annual fee for the HDFC Bank Infinia Credit Card is ₹12,500 plus GST, and it comes with low finance charges of just 1.99% per month and a foreign currency conversion markup fee of just 2%.  However, this card is only available for high-net-worth individuals.

Almost all banks ask you for proof of income when you apply for a credit card. Even with lifetime-free credit cards, it is imperative to have proof of income. This will help the bank know whether or not you have sufficient resources to pay your credit card bills. 

However, in case you don’t have verifiable proof of income, you may find it difficult to obtain a credit card. For this purpose, several banks have come out with lifetime-free credit cards that are issued without proof of income. 

These credit cards are secured against a fixed deposit. You can simply open a fixed deposit with the concerned bank and apply for a credit card against it.

Credit cards that do not charge an annual fee are free in the sense that they do not attract any membership charges. This means that you are not required to pay only the annual membership fees. However, you will still be required to pay interest, forex markup fees, and withdrawal charges, among other operational charges sought for a credit card.