You might have come across a credit card firm or a bank providing “lifetime free credit cards” to their customers. This means that the bank or the credit card company has completely ignored the yearly fee that is charged to the card.
Due to such reasons, the card is also dubbed the zero annual fee credit card. The annual payment of the credit card is something that you will get charged each year from the bank account. You have to pay this if you wish to keep using the credit card.
Things to Know About the Lifetime Free Credit Cards
Lifetime free credit cards are provided by many well-known banks, including IDFC First Bank. Here, at this bank, the credit card will provide 10x reward points on all incremental spending over INR 20,000 every month.
You will also get 3x and 6x rewards for all the offline and online purchases that you make with this particular card. You don’t have to work on the credit card bill payment when you utilise the lifetime free credit card, and you will also get endless rewards that will not expire.
The reward points that you will receive can be utilised for offline or online purchases. You will get the following credit card benefits, such as:
- Receive a forex markup of 3.5% for all the international transactions you make.
- Receive a low-interest rate of 0.75% to 3.5% monthly.
- You will also obtain interest-free account pullouts on all global and domestic ATMs
- You can also buy all the items that you require with this card and pay afterwards without any extra expenses. It’s because the credit cards will offer you an interest-free duration of 60 days.
- There are some credit cards that will provide an exact portion of your costs for all the dealings.
Read here : Tips for keeping track of credit card finances
How to Find the Best Lifetime Free Credit Card?
Since there are so numerous lifetime free credit cards with lounge access available, it can be demanding to discover the best card for yourself. Here are some of the adequate ways to locate the best card:
Research On the Credit Cards
Before you opt for lifetime credit cards, you should gain some information on them. Inspect what these cards include, how you will profit from them and so on. Once you have acquired all the needed data, you can then decide whether or to opt for these cards.
Don’t Believe Everything That the Salesperson Says
On certain occasions, the salesperson will try to sell the credit cards by lying about them to be lifetime-free. You should not take any credit card without checking their terms and conditions properly. It’s because when you don’t pay the additional charges, it will have a negative effect on your credit score.
Go for a Card Where the Reward Points Don’t Lapse
When you obtain a lifetime free credit card where the reward points don’t expire, you can easily spend the reward points on all your purchases. This will also ensure that there is no fee for redeeming the reward points.
Having a lifetime free credit card will allow you to utilise the card without disbursing the annual payment. You will also not be assessed for the reward points, which will be available and will also not lapse. Besides that, with this credit card, you can shop, travel and even use it for various transactions easily.