Having a credit card is essential these days. Earning people, whether self-employed or on a salary, stuff their pockets with numerous credit cards. Consumers are increasingly familiar with the benefits and usage of credit cards, and they are searching for appropriate offerings in addition to the conventional perks that most people expect. To attract clients, Financial services marketplace also provides exclusive benefits like free entry to domestic and international lounges.
What is a Lifetime Free Credit Card?
A Lifetime Free Credit Card incurs no annual fee or renewal charge. In contrast to traditional credit cards, which can incur an annual fee ranging from several hundred to several thousand rupees, these cards offer an economical means of obtaining credit facilities.
Myths Around Lifetime-Free Credit Cards
1. Hidden Charges
Many individuals think that the lack of an annual fee results in hidden fees meant to balance off the waived annual price. Furthermore, although constantly reading the terms and conditions before applying for a credit card is crucial, lifetime-free credit cards do not include hidden charges.
2. Not Benefits
Many believe Lifetime Free Credit Card provides just the waived annual cost as benefits. On par with charged credit cards, some of the most excellent lifetime-free credit cards offer great value in cashback, reward points, and discounts.
3. High Interest Rates
Some believe that lifetime-free credit cards include outrageous interest rates to offset the absence of a credit card annual fee. Though they vary among banks, the rates are not always higher because the card has no annual fee.
4. Designed for Low-Income People
While lifetime-free credit cards are for those who cannot pay annual fees, premium cards are likely linked to high salaries. These cards, however, are meant for a broad spectrum of consumers, including individuals with good credit histories who hunt value without paying additional costs.
5. Limited Credit Limits
Another fiction is that Lifetime Free Credit Card has limited credit limits. This is untrue since credit restrictions rely solely on the cardholder’s income and creditworthiness.
6. Affect on Credit Score:
Though this is not the case, lifetime-free credit cards are sometimes thought not to affect your credit score. Your credit score depends entirely on adequately using your credit card—including one without annual fees.
What features of the Best Lifetime Free Credit Cards appeal to you?
With that out of the way, let’s take a look at the benefits of lifetime-free credit cards:
1. Cost-effective
Eliminating the need to pay an annual fee will result in significant cost savings in the long run. Depending on the card, the annual fees range from 499 to 60,000 rupees.
2. Advantages
Various lifetime-free credit cards—like the One Credit Card—offer many benefits, including the opportunity to earn points or miles that can be turned into gift cards, airfare, or merchandise. Other benefits include cash back, access to airport lounges, and more.
3. Establish Your Credit
Making all of your credit card payments on time will positively impact your score. When your credit history is strong, borrowing money becomes much more manageable.
4. Ease of Use
The transition to a cashless economy is gaining momentum in India. You can use a credit card to pay at businesses that don’t take cash. Contactless technology allows for a smooth payment process. By controlling it through an app, you may improve your experience with many cards, including One Credit Card.
Important Concerns
Spending Habits
Examining your spending habits will help you choose a card for regular expenditures. Travel cards are suitable for people who spend a lot on vacation.
Interest Rates
Pay attention to the interest rates on outstanding amounts even if the card is fee-free. High loan rates can offset any advantage of not paying an annual charge.
Rewards Program
Search for a card with a rewards program at Financial services marketplace that fits your lifestyle. Review the points system, redeeming choices, and any caps or expiry dates on the earned points.
Additional fees
Look for other fees that could increase your expenses, such as cash advance fees, late payment penalties, and foreign transaction fees.
Customer Service
Good customer service is vital. Make sure the financial organisation or bank providing the card is known for quickly resolving problems.
Conclusion
Whether trying to transition from a credit card with lots of fees or using a credit card for the first time, you should consider considering a lifetime-free credit card to your array of financial instruments. Lifetime Free Credit Card is an excellent tool for handling your money. You should resist giving in to gossip and compromise your financial needs in line with them. One clever move to arrive at an informed conclusion is comparing the several cards.
