When it comes to choosing a Credit Card in India, joining and annual fees can be a major hindrance for many users. Luckily, there are solutions such as a lifetime free credit card with no annual fee and premium features.
This guide covers the scope of Credit Cards with no joining and annual fees.
What are Credit Card joining fees?
Joining fees is an amount of money you need to pay when you sign up for a new Credit Card. This is required to activate the card upon approval. Fortunately, there are Credit Cards that do not require any joining or sign-up fee upon approval. For instance, you can consider OneCard, one of the best metal credit card in India, as a typical example.
Credit Card companies that require a joining fee often ask for an annual membership fee to keep your card operational as well. Joining and annual fees can eat into your Credit Card balances. But they are not necessary to pay for if you choose cards that do not require any fees to activate or renew annually.
Why do you need Credit Cards with no joining and annual fees?
Credit Cards without membership fees are more accessible and cost-effective. Many Credit Cards in India offer no joining and annual fees. This makes it easier to enjoy their benefits without additional costs.
The following are some of the benefits of Credit Cards with no joining or annual fees:
● No financial burden
Some Credit Cards do not require any upfront payment or annual fees. This implies that you can enjoy the benefits of a Credit Card without undue financial burden. Due to the low-cost maintenance costs, they are a cost-effective option for saving money.
● Easy approval
These cards do not have any joining or annual fees, so they are approved faster if you meet other eligibility requirements.
● Build your credit score
By using these cards responsibly, you can build a good credit score. They are a popular option among Indians for building a good credit score.
How to apply for Credit Cards with no joining and annual fees?
Applying for a Credit Card with no joining and annual fees is straightforward. Most financial institutions have online application forms you can complete in a few minutes. However, you must ensure that you meet the eligibility criteria before applying.
This typically includes proof of income, a good credit score, and a valid government ID. Some banks may also require additional documents, such as salary slips or bank statements.
If you meet all the requirements, follow this procedure to apply:
● Explore the different Credit Card companies and understand their credit card offers and eligibility criteria.
● List those whose eligibility criteria you can meet. Your preferred Credit Card should also meet your needs.
● Apply for in-person, online, or via phone.
● Fill out the Credit Card application form accurately.
● Submit necessary documents such as income proof along with other requirements.
● Wait for the Credit Card issuer to review and process your application. They usually do it within minutes.
● Once your application is approved, activate your Credit Card by following the instructions. This usually involves verifying your identity and setting up a PIN.
● Start using your Credit Card with no joining or annual fee responsibly. However, pay off your outstanding credit balance on time to avoid interest charges and late fees.
While a lifetime free Credit Card with no annual fee can be an excellent option for many users, it is also essential to consider certain factors. These include interest rates, late payment fees, foreign transaction fees, and cash advance fees. You must also ensure the Credit Card offers rewards and benefits that align with your spending habits and lifestyle.