Free for life: Discover the perks of lifetime free Credit Cards

Did you know that credit cards have taken India by storm? As per recent data from the Reserve Bank of India (RBI), as of April 2023, India’s number of credit cards surged to over 8.6 crore, witnessing a 15% increase from the previous year.

This is because credit cards have revolutionised how we handle our money, making transactions convenient and secure. From online shopping and dining out to travel bookings and online bill payments, they have become a must-have because of numerous credit card offers such as rewards, cashback, and discounts.

Amidst this growth, the lifetime free credit card has been drawing quite a bit of attention. Let’s understand why!

What is a lifetime free credit card?
 

Also known as a zero-fee credit card, a lifetime free credit card is one that does not charge any annual fees for its entire duration of use. Hence, if you are a first-time card user and want to establish your credit score without paying any additional charges, you can consider obtaining a lifetime free credit card.

Features of a lifetime free credit card
 

These cards are also known as zero-fee credit cards in light of their features, which include -

• No annual fees -
  
  

  One of the primary advantages of a lifetime free credit card is the absence of annual fees. Contrary to other credit cards that typically charge an annual fee for their usage, lifetime free credit cards waive this fee. Therefore, you get to enjoy the benefits of this card every year with no additional costs.

• No joining fees -
  
  

  The lack of joining fees is another feature of lifetime free credit cards. When you apply for a credit card, some providers may charge a one-time joining fee as part of the application process. However, with a lifetime free credit card, you bypass this fee, further reducing your upfront costs.

• No renewal fees -
  
  

  In addition to avoiding annual fees and joining fees, lifetime free credit cards do not charge any renewal fees. You can continue using your credit card without worrying about incurring any charges when renewing it each year.

Benefits of a lifetime free credit card
 

Lifetime free credit cards offer several advantages, helping you optimise your financial management and maximise your savings. The following are the benefits -

• Cost savings for cardholders -
  
  

  The absence of annual fees is a significant advantage of lifetime free credit cards. By eliminating this expense, you can save a considerable amount of money each year.

To illustrate, banks usually charge Rs 500 to Rs 2000 per year as annual fees. But with IDFC FIRST Bank Credit Cards, which also function as lifetime free credit cards, you can save up to Rs 18,100 every year!

• Reward programs and cashback offers -

  These are other amazing benefits of lifetime free credit cards. Card companies collaborate with merchants and service providers to offer special discounts, reward points, and cashback.

By using your lifetime free credit card for everyday transactions, such as shopping, dining, travel, and fuel expenses, you can accumulate reward points or enjoy cashback benefits.

• EMI conversion -

Moreover, lifetime free credit cards permit you to convert large-ticket purchases into manageable equated monthly instalments (EMI). This EMI conversion helps you avoid paying a lump sum amount upfront, thus granting you financial flexibility.

• Fuel surcharge waiver -

Some lifetime free credit cards, like those offered by IDFC FIRST Bank, come with a fuel surcharge waiver of 1% of the transaction value. It allows you to save money on fuel expenses by providing a waiver on the surcharge levied at fuel stations.

• Insurance coverage -

Certain lifetime free credit cards also provide insurance coverage, including travel insurance, purchase protection, and medical insurance, offering you peace of mind during your travels and daily life.

For example, with the FIRST Wealth Credit Card from IDFC FIRST Bank, you get an air accident cover of Rs 1 crore, a personal accident cover of Rs 10,00,000, and a lost card liability cover of Rs 50,000. Additionally, you also receive comprehensive travel insurance cover worth $1200.​​​

Why choose IDFC FIRST Bank?
 

When selecting a lifetime free credit card, picking the right bank is crucial. Here are the reasons why you should consider IDFC FIRST Bank Credit Cards -

• Interest rate -
  
  

  IDFC FIRST Bank Credit Cards offer a starting interest rate of 9% p.a., which is significantly lower than the standard market rates of around 42% p.a. The APR on these lifetime free credit cards is determined by factors including your credit score, relationship value with the bank, income profile, repayment behaviour, and other relevant considerations.

• Interest on ATM cash withdrawal -
  
  

  IDFC FIRST Bank Credit Cards offer the benefit of zero interest on ATM cash withdrawals until the next due date. Additionally, they only have a withdrawal fee of Rs 199, which is significantly lower than other banks offer.

• High rewards -
  
  

  IDFC FIRST Bank lets you earn 10X reward points on any additional monthly expenses exceeding a particular amount and on purchases made on your birthday. Additionally, for monthly spends up to a specific amount, you can earn 6X reward points on online purchases and 3X reward points on offline purchases.

• Redeeming Reward Points -
  
  

  IDFC FIRST Bank Credit Cards enable you to use your reward points like cash. You can effortlessly redeem your reward points for your next online purchase on brands like Amazon, Yatra, BookMyShow, and more. Moreover, the reward points don't have an expiration date, meaning you can redeem them at your convenience.

• Joining benefits -
  
  

  IDFC FIRST Bank Credit Cards offer a welcome voucher worth Rs 500 when you spend Rs 5,000 or more within 30 days of card generation, along with a 5% cashback (up to Rs 1000) on the first EMI transaction within 30 days of card generation.

• Complimentary card offers -
  
  

  IDFC FIRST Bank extends credit card offers, including complimentary railway and airport lounge access, roadside assistance, and more.

IDFC FIRST Bank offers a range of free credit cards that are designed to cater to different customer needs. To name a few -

• The FIRST Millennia Credit Card is designed for young millennials who prioritise online shopping and bill payments 
• The FIRST Classic Credit Card is ideal for individuals seeking simplicity and convenience in managing day-to-day expenses
• The FIRST Select Credit Card is perfect for frequent flyers 
• The FIRST Wealth Credit Card caters to high-net-worth individuals with exclusive privileges and tailored rewards

How to apply for IDFC FIRST Bank Credit Cards?
 

Let’s explore the process for applying for IDFC FIRST Bank Credit Cards in a few simple steps -

• Visit the IDFC FIRST Bank website and navigate to the Credit Cards section
• Explore the various credit card alternatives and select the one that best meets your needs and preferences
• Click on ‘Apply now’
• Complete the form by filling in all the necessary details
• Upload the needed documents, such as proofs of identity, address, and income
• Review and then submit the application form

Once your application is processed and approved, you will receive your IDFC FIRST Bank Credit Card.

To wrap it up
 

Lifetime free credit cards are an incredible tool to enjoy all the perks of owning a credit card without incurring any acquisition costs. With IDFC FIRST Bank Credit Cards, you can claim rewards and benefits tailored to your lifestyle. Apply now and experience the convenience, rewards, and financial freedom these cards deliver.


 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.