HDFC Bank
Joining: Nil*
Renewal fee: Nil*
DBS Bajaj Finserv
Joining: Nil*
Renewal fee: Nil*
What is Lifetime Free Credit Card?
A lifetime free credit card is a credit card that does not charge any annual or membership fees for the life of the card. This allows cardholders to enjoy the benefits and perks of having a credit card without paying recurring fees.
Banks offer lifetime free credit cards as an incentive to attract new customers. These cards are usually basic in nature and do not offer excessive rewards or luxury perks. However, they provide an easy and affordable way for people new to credit to start building their credit score.
The main advantage of opting for a lifetime free credit card is the long-term savings on fees. As there are no annual fees for the lifetime of the card, consumers can save a significant amount over time. This makes it ideal for those who want to use credit responsibly without incurring too many expenses.
Lifetime free cards also help cardholders avoid penal annual percentage rates (APRs) that lenders often levy when annual fees are not paid on time. As no fees are charged with these cards, there is no scope of paying additional penalties.
Lifetime free credit cards usually have higher interest rates compared to premium cards. Also, they do not offer too many frills and benefits like sign-up bonuses, airport lounge access, complimentary insurances, etc. But for people who predominantly want to avoid annual fees, these cards present an excellent proposition.
Why we Choose Lifetime Free Credit Card?
A lifetime free credit card offers exceptional long-term value that keeps rewarding you every time you use it.No Annual Fees, Ever: Unlike most credit cards, lifetime free card comes with no annual fees for as long as you remain a cardholder. This saves you money year after year, with some annual fees on premium cards running over 5000.
Unlimited Cash Back: Lifetime free card offers an unlimited 1.5% cash back on every purchase you make- no caps or thresholds. This means the more you use the card, the more cash rewards you earn to redeem for statement credits, gift cards, travel and more.
Low Intro APR: Lifetime free cards offer a 0% intro APR for the first 12 months on both purchases and balance transfers. This makes a lifetime card ideal for large purchases, consolidating high-interest debt, or managing unexpected expenses without getting charged interest upfront.
No Foreign Transaction Fees: When traveling or shopping overseas, you won’t incur any foreign transaction fees that usually run 3% on international purchases. Some Lifetime cards save you money when using your card globally.
Premium Travel Benefits: Even though there’s no annual fee, you still enjoy premium Mastercard travel benefits like rental car insurance, trip cancellation/interruption coverage and luggage protection. Receive peace of mind when traveling on vacations or business trips.
How to Choose the Correct Lifetime Free Credit card?
Choosing the right lifetime free credit card can be tricky, but following a few key steps can make the process much easier. First, understand that typically “lifetime free” means the card has no annual fee for as long as you keep the account open and active. However, most of these cards still charge interest and additional fees if you carry a balance or miss payments. When comparing lifetime free card offers, look closely at the ongoing costs beyond the annual fee, like:- Interest rates – Ideally under 15% for purchases and balance transfers
- Balance transfer fees
- Cash advance fees
- Foreign transaction fees
- Penalties for late payments or going over limit
Applying for Pre-Approved Credit Cards first allows you to compare personalized offers without a hard credit inquiry. Then you can apply fully knowing your approval odds for your top choice that combines solid rewards with low ongoing costs.
Best Tips for Using Lifetime free Credit Card?
Pay off balance each month to avoid interest charges
- Set up automatic payments or payment reminders
- Stay below 30% of credit limit to help credit score
Review statements carefully for errors or fraudulent charges
- Dispute any issues promptly
- Set up account alerts for key activity
Use credit card for everyday purchases
- Groceries, gas, dining out – things you’d buy anyway
- Earn rewards points/cashback with no extra cost
Understand fees to avoid penalties
- Late payment fees, cash advance fees
- Balance transfer or over-limit fees
Increase credit line over time if needed
- Ask for periodic credit line increases
- Higher limit = lower utilization
Use card benefits like purchase protection
- Can dispute charges for damaged/nondelivered goods
- Extended warranty, rental car insurance etc.
Pros of a Lifetime Free Credit Card
- No annual fees. One of the biggest advantages of a free lifetime credit card is not having to pay annual fees, potentially saving you hundreds of dollars per year.
- Introductory rewards and bonuses. Lifetime free credit cards often come with lucrative sign-up bonuses and intro 0% APR periods that you can take advantage of. This allows you to earn extra rewards or save on interest when you first open the card.
- Keep it forever. Since it’s a lifetime free card, you get to keep the benefits without ever having to pay annual fees as long as you keep the account open and in good standing. This provides long-term savings.
- Build credit history. Having a credit card in general helps build your credit score. And given there are no annual fees to worry about paying, a lifetime free card makes it easy to keep long term to build a robust credit file.
Cons of a Lifetime Free Credit Card
- Lower rewards rates. The rewards rates on lifetime free credit cards tend to be lower than premium travel rewards cards that charge annual fees. So you may be missing out on maximum rewards.
- Limited benefits/perks. You’ll get fewer bells, whistles and luxury travel perks compared to premium rewards cards. Free lifetime cards focus more on basics like no annual fee over luxury perks.
- Lower credit limits. Credit limits may start lower and have slower limit increases over time compared to fee-based cards. This can impact credit utilization ratios and scores.
- Must monitor closely. Having no annual fees means issuers profit less from each account, so application approval standards tend to be higher while account closure policies may be aggressive. Requires diligent monitoring.
| Credit Card | Reward Redemption Rate | Airport / Railway Lounge Access |
| IDFC FIRST Classic Credit Card | 1 Reward Point = Rs. 0.25 | 2 Airport Lounge Access |
| AU Bank LIT Credit Card | 1 mile = Re. 1 | 2 complimentary visits per year |
| Shoppers Stop HDFC Bank Credit Card | 1 point = Rs. 0.25 (on partner brands), Rs. 0.5 (on non-partner brands) | 2 complimentary domestic lounge visits per year |
| Bank of Baroda (BoB) Easy Credit Card | 1 point = Rs. 0.25 | No |
| Amazon Pay ICICI Bank Credit Card | 1 point = Rs. 0.5 | 2 complimentary domestic lounge visits per year |
| IDFC FIRST Millennia Credit Card | 1 point = Rs. 0.25 | No |
| Bank of Baroda (BoB) Prime Credit Card | 1 point = Rs. 0.25 | 2 complimentary domestic lounge visits per year |
| ICICI Bank Platinum Chip Credit Card | 1 point = Rs. 0.25 | 4 complimentary domestic and international lounge visits per year |
| HSBC Visa Platinum Credit Card | 1 point = Rs. 0.25 | 6 complimentary domestic and international lounge visits per year |
| HDFC Bank Millennia Credit Card | 1 point = Rs. 0.25 (partner brands), Rs. 0.5 (non-partner brands) | 2 complimentary domestic lounge visits per year |
| Axis Bank ACE Credit Card | 1 point = Rs. 0.5 | 2 complimentary domestic lounge visits per year |
| SBI SimplyCLICK Credit Card | 1 point = Rs. 0.25 | 4 complimentary domestic lounge visits per year |
| American Express Membership Rewards Credit Card | 1 point = Rs. 0.35 | Unlimited complimentary domestic and international lounge visits |
| Axis Bank Neo Credit Card | 1% of transaction amount as cashback | No |
| IndusInd Legend Credit Card | 1.5 points = Rs. 100 cashback | 6 complimentary domestic and international lounge visits per year |