The most popular credit cards in the Indian market these days are ‘lifetime-free credit cards’. Not only is their repayment cycle affordable for customers, but their benefits are numerous and spread across various services. If you prefer using a single credit card rather than having to worry about multiple personal loan EMI payments, consider applying for a lifetime-free credit card. Let us know more about these cards and understand their benefits better in this article.
What are lifetime-free credit cards?
Also called ‘no annual fee credit cards’, lifetime-free credit cards are a popular category of credit cards in India that do not charge any joining fee or annual fee from the customer. Along with these benefits, customers can also enjoy additional perks such as a fuel surcharge waiver and a range of lifestyle benefits. Moreover, lifetime-free credit cards are approved instantly by the bank, and their eligibility requirements are straightforward. These features distinguish lifetime-free credit cards from other instant credit cards.
What are the benefits of a lifetime-free credit card?
There are six primary benefits of opting for a lifetime-free credit card. Let us understand these benefits with the example of IDFC FIRST Bank’s popular lifetime-free credit card – the Classic credit card:
1. Bank does not charge any annual fee
The primary advantage of a lifetime-free credit card is that there is a zero-annual fee. Such a feature helps customers save on credit card fees throughout the year.
2. Instant approval
The income requirements for a credit card applicant are generally quite basic for lifetime-free credit cards. Additionally, the eligibility criteria are not very stringent. Therefore, these cards are quickly available to applicants and are instantly approved.
3. Attractive rewards
In the case of an IDFC FIRST Bank Classic credit card, customers can benefit from a 25% discount on movie tickets up to ₹ 100 purchased through the Paytm mobile app. Customers can also benefit from 4 complimentary railway lounge visits per quarter and complimentary roadside assistance worth ₹1,399 through this credit card.
4. Numerous lifestyle benefits
Up to 300+ merchant offers can be availed by customers who have IDFC FIRST Bank’s Classic credit card. These offers are valid for the whole year! Add to this a discount of up to 20% at 1500+ restaurants and up to 15% discount at 3000+ health and wellness outlets. Most lifetime-free cards offer such attractive lifestyle benefits to customers.
5. Fuel Surcharge Waiver
IDFC FIRST Bank offers a fuel surcharge waiver of 1% to all customers who have to use the Classic credit card at all fuel stations in India. IDFC FIRST Bank also offers this benefit for an expense of up to ₹200 per month. Additionally, the bank offers a Personal Accident Cover of ₹2,00,000 and a Lost Liability Cover of ₹25,000.
6. Welcome offers
As joining benefits, IDFC FIRST Bank’s Classic credit card offers a Welcome Voucher worth ₹500 on spending ₹15,000 or more within 90 days of card generation.
The six features that are mentioned in this article are subject to minor changes depending on the card-issuing bank. These features, however, continue to remain characteristic of lifetime-free credit cards.