If you don’t want to pay charges like annual or joining fees, lifetime-free credit cards may be what you’re looking for. These cards come without these fees, but are they indeed a money saver or just a myth? Here’s a comprehensive overview of lifetime-free credit cards and whether they help you save money.
Are Free Credit Cards Actually Free?
The term ‘free’ can be a bit misleading. While a card may not charge an annual fee, it doesn’t mean it’s entirely cost-free. Here are some of the charges associated with a free credit card:
| Late Payment Fees | If you don’t make the payment in the interest-free period, which is up to 50 days between purchase and payment, a late payment fee will be imposed |
| Interest Charges | If you don’t pay off your balance each month, you will start to accrue interest charges on the remaining amount; this can lead to debt accumulation |
| Foreign Transaction Fees | If you use your card for withdrawing money or making purchases in a foreign country, it will charge you a currency transaction fee which is usually 1 to 3% of the transaction amount |
| Cash Advance Charges | If you withdraw cash using your credit card, this fee is applied, and it is typically higher than regular interest rates |
Learn How a Free Credit Card Can Actually Save You Money
Credit cards are a reliable financial tool to achieve your goals, and here are what to look out for in free cards to maximise savings:
- Instant Approval and Easy Access: Credit card applications can be completed online, with approval often taking just a few minutes; you can also start enjoying the perks right away with a virtual version of your free credit card
- No Annual Fees: A lifetime free credit card has no annual or joining fees, making it a stress-free option for managing your finances
- Dining and Travel Perks: Look out for credit card offers such as restaurant discounts, complimentary airport lounge access, and travel-related perks, allowing you to enjoy shopping while getting rewarded
- Cashback for Daily Expenses: Lifetime-free credit cards offer cashback on everyday expenses like groceries, fuel, and utility bills; this adds up to huge savings at the end of the month
- No-Cost EMI Options: Free credit cards often offer interest-free EMI options, allowing you to make small monthly payments for large purchases
While many credit cards have hidden charges, the One Credit Card is an exception. It is ideal for first-time users and has no annual or joining fees. It has no reward redemption fee either.
If you’re new to credit, you can start with a fixed deposit of just ₹5000 and build your credit profile with the FD-backed One Card variant. The card’s powerful app helps you manage expenses seamlessly, whether you’re paying rent or securing a loan. You can also earn 5X rewards on top spending categories and pay bills in instalments without extra charges. Apply now to enjoy this lifetime free credit card.
Read Also: The Advantages of Using Virtual Credit Cards: All You Need to Know