Lifetime Free Credit Card – All You Need to Know

Credit cards have become the go-to financial tool for many consumers worldwide. A credit card allows an individual to purchase items and services on credit, pay bills and earn rewards, among other benefits.

In India, credit cards have become very popular in recent years, with a significant increase in their usage. Numerous credit card providers are now offering a lifetime free credit card, which has become a buzzword in the market. However, not many people know what a lifetime free credit card is, and the criteria for eligibility.

In this article, we will explain all you need to know about a lifetime free credit card, including eligibility criteria.

What is a Lifetime Free Credit Card?

A lifetime free credit card is a credit card that does not charge annual fees or any other fees associated with its usage throughout the cardholder’s lifetime. The reason why lifetime free credit cards are so popular is that they offer significant cost savings for cardholders.

Unlike regular credit cards that may charge annual fees or other kinds of fees that can substantially add up, a lifetime free credit card does not require the cardholder to pay any fees. This feature of free lifetime credit cards has made them an attractive financial tool for many individuals.

Eligibility Criteria for a Lifetime Free Credit Card

Different credit card issuers have their criteria for eligibility for lifetime free credit cards, but the following are some general criteria that apply to most.

A Good Credit Score – Credit card companies evaluate an individual’s credit score to determine their credit card eligibility. Consumers with higher credit scores are more likely to be approved for a lifetime free credit card than those with lower credit scores.

Therefore, individuals who want to apply for a lifetime free credit card must maintain a good credit score by paying their bills on time and not defaulting on their debt obligations.

Steady Income – Credit card issuers evaluate applicants’ income to ascertain the likelihood of their ability to repay their debt. Individuals must have a steady income and should be able to prove their income from a reliable source to be eligible for a lifetime free credit card.

Credit Utilisation Ratio – Credit utilisation ratio is the percentage of an individual’s credit limit that is currently utilized. A high credit utilization ratio can negatively impact an individual’s credit score, which may result in the denial of a lifetime free credit card application.

Therefore, individuals who want to apply for a lifetime free credit card must maintain a low credit utilization ratio by keeping their outstanding balances below their credit limit.

Relevant Documents – Individuals are required to submit relevant documents to the credit card issuer while applying for a lifetime free credit card. These documents typically include proof of identity, address, and income.

Credit card issuers have different document requirements. Therefore, individuals must check the document requirements of the credit card issuer before applying for a lifetime free credit card.

Benefits of a Lifetime Free Credit Card

Here are some of the benefits that come with a lifetime free credit card:

No Annual Fees – As mentioned earlier, lifetime free credit cards do not charge any annual fees. This feature enables individuals to save on any additional expenses attributed to holding the card, making it more cost-effective.

Reward Points – Individuals with a lifetime free credit card can earn reward points when they use their card. These reward points can be redeemed for a variety of benefits and discounts on purchases, travel, and more.

Cashback Offers – Lifetime free credit cards often offer cashback rewards for purchases made using the card. These rewards can be in the form of actual money back on certain purchases, leading to significant cost savings for the cardholder.

Interest-Free Period – Lifetime free credit cards often come with an interest-free period, which enables cardholders to avoid interest charges by paying their credit card bills in full before the due date. This feature is ideal for individuals who want to avoid paying high-interest rates on unpaid balances.

Lower Interest Rates – Lifetime free credit cards usually offer lower interest rates than regular credit cards. Individuals who carry a balance on their credit card can benefit from a lower interest rate, resulting in reduced costs.

Conclusion

A lifetime free credit card is an attractive financial tool for individuals who want to save on credit card fees, rewards, and other benefits. However, potential cardholders must meet specific eligibility criteria to apply for a lifetime free credit card. These requirements include having a good credit score, steady income, a low credit utilisation ratio, and providing relevant documents.

Individuals who successfully obtain a lifetime credit card can take advantage of the benefits that come with it, including no annual fees, rewards points, cashback offers, an interest-free period, and lower interest rates.

Therefore, it is essential to research and compare different lifetime free credit card issuers to determine which card is the best for individual needs and lifestyle.