Is Lifetime Free Credit Cards Really Free?
Credit cards are now a necessary payment method everywhere you look. It has become a very useful tool for handling money and reaping rewards of all kinds. You’ve probably heard of banks or credit card companies that provide lifetime free credit cards.
Lifetime free credit cards are a standout among the many credit card options available for those who want convenience without having to pay yearly or membership fees. People want to get the most out of their credit cards while paying the lowest reasonable fees.
Lifetime Free Credit Cards: What Is It?
Many credit cards tend to charge an annual fee to their customers just for the privilege of using the card. A credit card that has no yearly fees is regarded as lifetime-free. Often referred to as “zero-fee” credit cards, they never charge you a fee for annual card usage. These cards can be very helpful, particularly if you want to raise your credit score.
Does a Lifetime Credit Card Actually Have No Fee?
There are no hidden fees when you use a lifetime free credit card. The bank is extremely transparent about the fees connected to the card. There are a few charges that you have to look out for, such as Interest Rates, Cash Advance Fees, Transaction Fees, Late Payment Charges, Overlimit Charges, Card Replacement Fees, etc.
Why Choose Lifetime Free Credit Cards?
Here are some advantages that come with having a lifetime free credit card:
No Yearly Or Membership Fees
When you apply for a credit card, you must pay joining fees, and the amount due each year is the annual fee associated with maintaining the card. An annual credit card fee is an expense that will be deducted from your account each year. To keep using the card, you must pay this fee. The unique selling point of a lifetime free credit card is that it is exempt from all of these fees. This will help you cut down on a lot of unnecessary spending.
Rewards
Nowadays, almost all lifetime free credit cards have a reward point structure in place. Depending on the amount of your transaction, you receive a particular amount of points with this. Over time, these points are accumulated and can be redeemed for gift cards or electronic vouchers that are used to make purchases at a variety of establishments.
For example, the ratio of rupee to points can be 1:4, meaning that you will receive 4 points for every rupee you spend. Thus, you earn more reward points the more transactions you complete.
High Limit For Withdrawal
In an emergency, you can quickly get funds thanks to the feature of credit card cash withdrawal. The maximum amount that can be taken out in cash is typically 60% of the card’s total credit limit. On the other hand, a greater withdrawal limit of around 100% of the credit limit is permitted by many banks that provide lifetime-free credit cards.
Interest-Free Period
Up to 50 days are included in the interest-free term for lifetime free credit cards. This means there are no interest fees if you use the card for purchases and pay the bill by the deadline.
Cashback and Discounts
In addition to countless more retailers, Zomato, Amazon, BookMyShow, Nykaa, and many other major credit card companies provide cash back when you shop at their designated merchants. Based on the service provider’s partnership with the retailer, you might be eligible for a discount when making a one-time card payment for a costly purchase.
How Can I Pick Out The Best Lifetime Free Card?
Selecting the best lifetime free credit card can be challenging. After all, practically all credit cards have a feature that makes them stand out. You still have the option to select the finest credit card for you, though.
All you need to do is make sure you understand the terms and conditions of each credit card you choose. Your credit score will suffer if you refuse to pay the additional fees later. After that, take note of the perks they offer and determine whether you will benefit from them. You should constantly search for credit cards that provide perks like airport lounges, discounted airfare, and other perks if you are an active traveller.
Sometimes, salespeople would lie about a credit card being lifetime-free in order to close a deal during a call. Thus, you can check online or go to your nearest bank to verify the details of the card.
Make sure redeeming your reward points does not involve paying any Read more...