Credit cards with no annual fees – Bingo! Commonly referred to as “lifetime free credit cards,” these cards provide the special perk of having both- no application fees and no yearly fees. In essence, this means you won’t be subject to any annual maintenance fees on your credit card. Lifetime free credit cards can be an ideal choice for first-timers because there is no fee to pay.
Among the well-liked categories of lifetime-free credit cards offered in India are rewards cards, cash-back cards, fuel cards, lifestyle cards, travel cards, and shopping cards.
Lifetime-free credit cards like the Kotak lifetime free credit card offer several benefits, including:
Easy Approval
You can get these types of credit cards even with a low CIBIL score, and other criteria for qualifying are also lenient. Because of this, you can anticipate speedy application approval and get your card.
No Annual Fee
One of its main advantages is that you don’t have to pay an annual fee to use a lifetime-free Kotak 811 zero-balance credit card or other cards with such features.
Fuel Fee Waiver
Free credit cards may also provide a fuel fee waiver, typically up to 1%. This might lead to significant overall savings, given the steadily rising cost of fuel.
Rewards & Cashback
The majority of the top free credit cards provide rewards and cashback on purchases made in various categories and within specific spending limits. Depending on the conditions of your chosen card, these rewards can be used to make purchases.
Welcome Gifts
Due to the availability of various free credit cards, like lifetime-free Kotak credit cards, the offer is made more enticing by including welcome gifts like extra reward points, gift cards for stores, free OTT subscriptions, etc. with it. Don’t forget to keep an eye out for these deals while selecting a credit card for yourself.
Interest-Free Withdrawals
Many of these credit cards also come with interest-free withdrawals. These credit cards may offer interest-free cash withdrawals of up to 90% of your credit limit.
Charges That You Will Have to Pay When You Use a Lifetime Free Credit Card
If you pay off your outstanding credit card bills after the due date, the bank will assess finance charges, which are interest-based fees. You are granted credit with no interest for 25 to 50 days using your credit card. You won’t be charged any fees if you pay up your credit card balance before the due date.
Depending on how you use the credit card, you will be responsible for paying other fees in case you go over your credit limit, use your credit card to make an ATM cash withdrawal, or lose your card and need a replacement. However, your credit card is free, provided you exclusively use it for online purchases and pay your bills on time.
Free Credit Cards for a Lifetime with No Income Verification
When you apply for a Kotak 811 zero balance or other credit cards, banks will verify your income. Even with lifetime free credit cards, having your income verified is an essential step in the process.
However, it could be challenging for you to get a credit card if you don’t have the necessary documents. Numerous banks have released lifetime-free credit cards that don’t require income verification. These credit cards need to have a fixed deposit as collateral. You can easily open a fixed deposit account with your preferred bank and apply for a credit card by keeping it as collateral.
Conclusion
As we already mentioned, credit cards without an annual fee are free. However, you will still need to pay for operational costs associated with a Kotak lifetime free card or any other credit card, such as interest and foreign exchange markup fees.
Therefore, get all the information before you apply for one.