June 20, 2024

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How to Evaluate the best Lifetime Free Credit Cards for your Needs?

Credit Cards

A credit card is a great financial tool that brings convenience to your life. With a credit card, you can spend and pay later without the burden of additional interest. What further adds to this charm is the reward points and additional discounts you get with credit cards. While credit cards can be a great financial tool, there are some costs associated with obtaining and maintaining them.

However, many banks offer lifetime free credit cards, which you can easily apply for and enjoy the wide range of benefits they offer. But it is necessary to choose the one that matches your needs. This article will help you to keep the necessary things in mind while evaluating the best lifetime-free credit cards. 

How to Evaluate the Best Lifetime Free Credit Cards?

Many credit cards have a fee associated with them that customers must pay to use them. A credit card with no yearly fees or any other costs until you cancel is considered lifetime free. These are also referred to as “zero-fee” credit cards because you have not assessed a fee each year for using the card.

Having said that, here are some points you need to remember to evaluate a free credit card:

  • Does it have Any Other Additional Charges?

The point about paying an annual fee is already mentioned above, but that is not the only charge associated with a credit card. You must also pay a joining fee while applying for a credit card, which a free credit card will not charge. However, do not count any processing charges here, as they will remain across every card.

  • What is the Cash Withdrawal Threshold?

A useful feature of credit cards is cash withdrawal. In an emergency, you can easily withdraw funds from it. The typical cash withdrawal cap is 60% of the card’s overall credit limit. Yet, a lot of banks that provide lifetime free credit cards let you withdraw more money from them, and this may account for up to the full allotted credit card limit. So, do look at the term related to this service before applying.

  • What are the Rewards on Offer?

Nearly every zero-fee credit card now has a reward point system in place. With this, based on your transaction amount, you receive a particular number of points. For example, if the ratio of rupees to points is 1:4, it means that for each rupee you spend, you will receive 4 points.

These points keep collecting with time, and you may turn them into gift cards or e-vouchers that can be used at a variety of retailers. You accumulate additional reward points as you conduct more transactions.

  • What are the Discounts, Cashback, and Other Benefits?

Aside from the rewards programme, lifetime free credit cards offer a variety of intriguing advantages. Many credit card issuers provide cash back for making purchases from a list of approved retailers, including e-commerce sites, online movie booking platforms, etc. Using the card for such retailers could result in excellent savings.

Also, using these free credit cards to make particular transactions might make you eligible for savings. For instance, depending on the relationship between the service provider and the retailer, you might qualify for a discount when using your card to make a one-time purchase of any expensive electronic item.

Additional benefits here are exemptions of fuel surcharges, discounts on groceries, cheaper airfare, and savings on hotel reservations.

What to Keep in Mind before Applying for a Lifetime Free Credit Card?

Applicants should keep the following things in mind while applying for such credit cards:

  • Candidates must compare the different credit card options available in the market and settle down for the one that offers the best terms as per their financial requirements. Usually, the best zero-fee credit cards have the benefits mentioned above. 
  • Further, checking the eligibility parameters also becomes necessary before applying for a credit card. This will ensure a faster approval procedure and receiving an excellent term of service.
  • Applicants should also carefully go through the terms and conditions of the credit card provider and look for hidden charges if any.

Also Read: How to get Free Airport Lounge Access

Conclusion 

A lifetime-free credit card can be a great option for those looking to avoid additional costs and fees associated with credit card usage. However, it’s important to carefully review the terms and conditions of any credit card offer, including interest rates and any potential hidden fees. Before applying for a lifetime-free credit card, it’s also worth researching and comparing different offers from multiple credit card issuers to ensure that you’re getting the best possible deal for your needs and financial situation.