Users of credit card in India have a plethora of options. Many of the country’s biggest financial institutions provide credit cards with a variety of features and rewards. They employ low interest rates, bigger credit limits, prizes, partnering with retail behemoths, and giving additional discounts to entice clients.
Traditionally, credit card holders were charged an annual fee, which resulted in significant outflows over time. However, in today’s economy, providing a free credit card for life has become a critical instrument for lending institutions to recruit clients and improve their market position.
Features and Benefits of Lifetime Free Credit Cards
- One of the most significant advantages of a lifetime free credit card is that you do not have to pay an annual fee to use it.
- Cashback is available on some of the top no annual charge credit cards. For example, the Axis MY Zone Easy Credit Card offers 25% cashback on movie ticket bookings.
- With some of the greatest credit cards, you can get a large cash withdrawal limit without paying an annual fee: For example, the Axis Insta Easy Credit Card enables cash withdrawals up to 100% of the credit limit.
- Some of the no-fee credit cards include fantastic travel and dining benefits. The HSBC Visa Platinum Credit Card, for example, provides three complimentary airport lounge passes (domestic and international) or three AirDine (meal) coupons.
- Fuel surcharge waiver is one of the perks of no annual fee credit cards. The Axis Insta Easy, YES Prosperity Reward Plus, and ICICI Bank Platinum Chip credit cards, for example, waive up to 1% of gasoline surcharges.
- Cardholders who have a lifetime free credit card can also earn reward points with each transaction. For example, for the first year following card issuance, the HSBC Visa Platinum Credit Card gives 3x greater reward points on specific categories. The YES Prosperity Edge Credit Card comes with a 1,500 reward point welcome bonus when you spend $7,500 within the first month of card issue.
Credit limit : A credit card has a set credit limit that is decided by your credit history, age, and wage, among other things. For the same qualifications, various banks may provide different credit limitations. So, before you apply for a credit card, go to a bank representative to find out what your credit limit is.
Card Privileges linked to card category: A credit card is no longer solely a means of obtaining credit. As a result, the goal is to find the best credit card category. Lifestyle cards, cashback cards, reward cards, travel cards, fuel cards, business and professional credit cards – there are so many different types of credit cards that you may choose one that fits your personality and needs.
How to Apply for a Lifetime Free Credit Card?
An applicant can apply for a credit card with no annual fee by visiting the bank and filling out an application form in person, or by applying online through the bank’s official website. The following are the steps to apply for a credit card with no annual fee:
- The applicant can explore the credit card area and select a ‘no cost credit card’ from the bank’s selection of lifetime-free credit cards that meets his or her needs.
- For an annual fee-free credit card application, make sure to verify the qualifying conditions provided by the particular bank.
- If the candidate fits the requirements, he or she can proceed to the ‘Apply’ button.
- The applicant must supply information such as his or her name, age, and proof of income, among other things.
- The applicant must next provide the required paperwork, including evidence of income (salary slips, Form 16, etc).
After you’ve finished filling out all of the fields, click Submit.
What is the Eligibility to Apply for a Lifetime Free Credit Card?
The requirements for applying for any credit card with no annual fee varies from one bank to the next. However, there are certain fundamental qualifying requirements that must be met.
- Age: The candidate must be between the ages of 21 and 60.
- The candidate must be either salaried or self-employed in order to be considered.
A pay stub, bank statement, or tax return will usually be required as proof of income in most cases. To qualify for a lifetime-free credit card, the applicant must earn between $25,000 and $200,000 each month. However, depending on the regulations of particular banks, these qualifying conditions may alter.