The Ultimate Guide to Lifetime-Free Credit Cards

Among the countless options available for credit cards today, a lifetime-free credit card can be a boon. Some credit cards have premium benefits and charge hefty annual and joining fees. Maintaining such a card can be heavy on the pocket.

However, a lifetime-free credit card doesn’t force you to pay such fees. Knowing the differences and functionality of such cards can give you a clear idea of why they're so popular.

What Are the Key Differences To Know?

Before we move on to the differences, these are the similarities in terms of functionality:

• Both can be used for online and offline transactions
• Both provide reward programs 
• Both require to be wary of utilisation ratio 
• Both affect your credit history
• Both are widely accepted by merchants

Now, you can study their differences to know which card is the ideal addition to your wallet. 

Free Credit Card	Regular Credit Card
Without recurring annual fees, it is a more affordable option It can be ideal if you use your card for limited purchases that do not justify the yearly renewal fee It is more accessible as it has simpler eligibility criteria to meet but may have a lower credit limit  It may have lower associated charges like forex fees, cash withdrawal fees and more	It comes with more benefits over a variety of categories Some cards come with welcome bonus points, but you may have to spend a specific amount within a certain period to avail of this benefit It may have a higher credit limit than a free credit card The perks and benefits may not justify the high annual fees if you don’t use it frequently

How to Choose the Ideal Lifetime-Free Credit Card

While selecting such credit cards, keep the following aspects in mind:

Ensure It Meets Your Needs: Often, such credit cards come with a lower credit limit in comparison to regular credit cards. That can be optimal if you only spend up to 40% of the limit to meets your needs. If you want to use more funds, your utilisation of credit increases, which can hurt your credit score. So, check the limit offered before you go ahead. 

Find Out All Related Charges: Such credit cards don’t charge annual fees. However, they have other hidden costs, such as:

• Late Payment Fees
• Balance Transfer Fees 
• Foreign Transaction Fees
• ATM Cash Withdrawal Charges 
• EMI Processing Fees 
• Interest Charges on Overdue Balance 

Take these into account so you can use the features in a more informed way.

Compare the Interest Rates: Interest applies when you do have an unpaid balance. These cards may have lower rates but check them beforehand as they can increase your debt and make it harder to repay.   

Consider Customer Care Service: All credit card issuers provide customer care services. This can make a difference in case of an emergency or when you have a query. Make sure to select a free credit card that provides good services.

Factors to Keep in Mind When Getting a Free Credit Card

All free cards are not alike. Their rewards and features vary based on the credit card company. Here’s when you can do after shortlisting cards and before applying. 

Compare the Advantages: Apart from the zero maintenance charges, there are several advantages to consider, such as:

• Features
• Reward Points
• Cashback

Select a card that gives you more benefits as per your spending habits. For instance, if your highest expense related to fuel and travel, pick a lifetime-free card that offers more points or discounts on these purchases. 

Ensure you Qualify: You can check with your issuer to make sure you meet the income criteria and other terms. Putting yourself in the best position for approval is helpful as it reduces chances of rejection, which can hurt your credit score.

Check Your Credit Score: An important factor that approval hinges on is your creditworthiness. So, check your score before you apply. If you need to improve it, hold off on the application until your score is better.

After carefully analysing all the benefits and the eligibility criteria, you can apply for a credit card by following the steps below:

1. Step 1: Visit your issuer’s official website/mobile application
2. Step 2: Apply for the lifetime-free credit card you’ve selected
3. Step 3: Fill the application form with necessary information
4. Step 4: Attach all the required documents and submit the application

On successful evaluation, your issuer will provide you with a credit card. Upon activation, you can start making purchases using your credit card.

If you’re looking for such a credit card, consider the One Credit Card. This lifetime-free premium metallic credit card has no hidden costs and offers a plethora of benefits, such as discounts, offers, cashback and more.

You can earn 5X reward points on your top two spending categories each month and get a range of deals on travel, dining, shopping and more. Its full-stack mobile app allows you to check offers near you via GPS, so you never miss out on discounts. You can also pay the recurring rent using the One Credit Card app. Apply now to get started!