Most credit card issuers charge their clients a joining fee when they apply for a credit card and an annual cost to renew the services provided by that credit card. It’s a good thing that lifetime fee credit cards skipped the memo. All of these card advantages are available to you without having to pay these fees. There are certain credit cards available from each of the main card issuers in India that have absolutely no annual fees. However, these credit cards provide limited features and advantages than credit cards that charge an annual fee. But you still receive some advantages, such as zero liability protection, exemptions of fuel surcharges, and reward points or cash back.
Advantages of Lifetime Free Credit Card
Reduce Expenses:
You may divide your significant costs into smaller EMIs by using a credit card that is free for the rest of your life. By this, your larger expenses will fit within your budget and the break will benefit your bank account. Also, you will earn additional credits and be able to use them to get even more free goods when you use your credit card for larger purchases.
Improve Credit:
Anyone who has ever applied for a loan understands the significance of their credit report. Credit card use is a fantastic strategy to establish credit. The chance to establish your credit for nothing is provided with a lifetime free credit card.
Gain Rewards:
The best aspect of using a card has to be the various discounts and offers available. These advantages enable us to save in nearly every aspect of our lives. All of these features are available with lifetime free credit cards without paying any fees.
Disadvantages of Lifetime Free Credit Card.
Chargeable upgrades:
Some lifetime free credit cards have a policy of periodically upgrading the services. These improvements may or may not be mandatory. And also get charged. Before applying for a lifetime free credit card, search for these fees in your terms and sign only when you’re sure of it.
Swapping Terms:
Lifetime-free credit cards indeed come with a wide range of perks, such as rewards, savings, and premium features. However, this relationship could not last a lifetime. After some time, the credit card issuer may modify the conditions or perks associated with the card. Be careful with the fine print when you’re accepting it.
Discontinuation:
A lifetime free credit card may sometimes be discontinued if the credit card issuers begin to lose money on it. The advantages you were receiving from the card would likewise disappear in this situation. Also, you should confirm the provider’s policies regarding how to terminate the card in this circumstance.
Conclusion
A card with a zero annual fee can benefit you whether you are a first-time applicant or an established credit card user. For those who are just beginning their credit card experience and are seeking a card that may offer maximum perks with little fees, a lifetime free credit card may be the perfect option. Therefore, keep checking for these credit cards and use them without hesitation. On the other hand, if you have no credit history or income, you might need to begin your credit journey with a secured credit card and update your card once you achieve a solid credit score.
Additional Reading: Things To Remember When Getting New Credit Card
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