Frequently Asked Questions
Q. What are some lifetime free credit cards with lounge access?
A. HSBC Visa Platinum Credit Card and IDFC FIRST Select Credit Card are some lifetime free credit cards with lounge access that offer 3 free airport lounge access at domestic and international lounges and 4 free domestic airport lounge visits per quarter, respectively. IDFC Millennia Credit Card also offers access to railway lounges for 4 visits per quarter.
Q. Which banks offer lifetime free credit cards?
A. Popular card issuers in India such as ICICI Bank, IDFC FIRST Bank, HSBC Bank, etc., are offering lifetime free credit cards these days. Some other issuers may also run lifetime free credit card offers from time to time. You need to track the issuers website for updated details to get such a card.
Q. Is a lifetime free credit card really free?
A. A lifetime free credit card never charges any application or annual fee. However, charges such as late payment fee, cash advance fee, interest, etc. will be applicable depending on how you use the card.
Q. I was told my card is free but why is the annual fee charged now?
A. It is important to get clarity on which charges are free. In this case, it appears that the issuer has waived the registration fee but for the second year onwards, annual/renewal charges will be applicable. Some cards also have the condition that you use a certain facility within a certain period, for example the first 90 days, to make the card free for life. When you get a free credit card offer, read the terms and conditions carefully to make sure the card has no charges.
Q. How can I waive my credit card annual fee?
A. Different credit cards come with different terms for annual fee waivers. Usually, you have to reach a particular spending milestone within a set time period, say 1 year, to have the annual fee reversed/waived.
Q. What happens if I don’t pay the bill with my lifetime free credit card?
A. When you don’t pay the bill by the due date, you will have to pay late fees as well as finance charges (interest). The rate varies from card to card. Also, when you have an unpaid balance on your credit card account, the interest-free period is also cancelled, which means that all new transactions will also incur finance charges from day one.
Q. Why should I get a credit card with an annual fee when lifetime free credit cards are available?
A. Lifetime free credit cards mostly come with basic features and low rewards. On the other hand, there are cards that charge an annual fee, but focus on one or more categories and have a better reward/cash compensation structure. It is important to weigh the annual fee against the total value of the benefits offered to see if the fee is justified. If the value of benefits exceeds the annual fee by a wide margin, it is worth applying.