Lifetime-free credit cards are well-known for two reasons: banks do not charge any joining fee or annual fee for these cards. The two sections in this article enlist the points you must note before applying for a lifetime-free credit card. Read about the features of these credit cards and about ways to apply for a credit card online.
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Features of lifetime-free credit cards
- The bank does not charge an annual fee: One of the few characteristic features of a lifetime-free credit card is the zero annual fees. The card-issuing bank does not charge any annual fee from the customer, thereby helping customers save more. This feature is also present in IDFC FIRST Bank’s “Classic Credit Card”, a lifetime-free credit card.
- Lifetime-free credit card applications are approved quickly: Since the income requirement are not as stringent for lifetime-free credit cards, a larger section of the populace can apply for them. Moreover, the eligibility criteria are pretty straightforward too. Owing to these reasons, banks approve lifetime-free credit card applications faster.
- Banks offer attractive rewards: On opting for the IDFC FIRST Classic credit card, for example, you can get a 25% discount on movie tickets bought on the Paytm mobile app up to ₹100. You can also benefit from complimentary roadside assistance on using this credit card, besides availing other benefits.
- Cardholders can enjoy various lifestyle benefits: Lifetime-free credit cards offer attractive lifestyle benefits too. You can benefit from 300+ merchant offers if you own the IDFC FIRST Classic credit card. Additionally, you can avail a discount of up to 20% at 1500+ restaurants and similar discounts at wellness outlets across India.
- Banks even offer a personal accident cover: IDFC FIRST Bank, through its FIRST Classic credit card, offers a personal accident cover of up to ₹2,00,000 and a Lost Liability Cover of ₹25,000.
- Cardholders can benefit from attractive welcome offers: IDFC FIRST Classic customers receive a Welcome Voucher worth ₹500 on spending ₹15,000 or more within 90 days of card generation.
Three steps you must follow while applying for an online credit card:
- Check the details of your repayment cycle in advance
As a first step, you must use an online credit card EMI calculator like the one on IDFC FIRST Bank’s. Just like how a personal loan EMI calculator displays personal loan EMIs, a credit card EMI calculator can help you calculate the value of your upcoming credit card EMIs, which can help you budget better for your expenses in the future.
- Read about the bank’s mobile banking app
An efficient mobile banking app can help you repay your credit card dues seamlessly. IDFC FIRST Bank’s mobile banking app, for example, offers two other online transfer modes besides UPI (Unified Payments Interface). You must choose a mobile banking app that offers sound security along with making your banking tasks more convenient.
- Research interest rates online
Finally, you must analyse the interest rates of various lifetime-free credit cards on the internet before selecting one. Since the interest rate has a direct effect on your repayment cycle, it is an important factor that must be considered.
Follow the points given in this article before choosing a lifetime-free credit card in India.
