While several luxury credit cards charge you a yearly fee, some top credit card providers like Kotak 811 offer no joining fee, no annual fee credit card, and a vast array of benefits.
If you are a rational spender and wish to own a credit card with comprehensive advantages, you can choose a credit card with no annual fee. It will reduce the maintenance expenses of your credit card and offer additional benefits.
Features of no annual fee credit cards
The following includes the list of features of no annual fee credit cards:
- They are issued for a lifetime, and the user doesn’t have to pay any yearly fee or joining fee for using this card.
- It ensures effective transactions on fuel and provides waivers depending on your credit card company.
- The additional benefits you can derive from no annual fee credit card include lounge access at the airport, discount on dining, shopping, movie tickets, and food delivery.
- The card also offers benefits like bonus reward points, coupons and vouchers, OTT subscriptions, and more.
- The eligibility criterion for such a credit card is easy, offering a quick approval.
- The income requirement for such a credit card is low.
Steps to apply for a no-annual-fee credit card online
To apply for a no joining fee, no annual fee credit card, you should visit the bank website of the respective credit card company.
Once you visit their website, you can follow the steps after checking the eligibility criteria and submitting the documents and details they demand. Upload your documents and click on submit. Once your application is submitted, you can track its status online.
Read: No More Minimum Balance Constraints: Maximising the Benefits of Kotak 811
Advantages of a credit card with no annual fee India
- It helps you save money: An obvious benefit of a credit card with no annual fee in India is that it helps you save money. You don’t need to pay anything to use the card. The maintenance price is pretty low, eventually adding to your savings over time. For instance, if you have a credit card charging INR 500 as a yearly fee, you can save around INR 5000 in 10 years by choosing a credit card with no annual fee.
- You can easily qualify for this credit card: The no-annual-fee credit cards are offered by credit card companies targeting beginners or people with minimal or average credit ratings. They usually have the lowest possible eligibility criteria compared to premium cards charging higher yearly fees. If you opt for a credit card for the first time or have an average credit score, you should use a no-annual-fee credit card.
- It offers incredible rewards and benefits: No annual fee credit cards are no less than credit cards with annual fees for rewards and benefits. Several annual fee credit cards are offering appealing reward and bonus programs, including miles, vouchers, hotel coupons, points, and cashback, which can be redeemed for different reasons. Some no-annual-fee credit cards also offer insurance coverage, airport lounge access, free complimentary food, welcome gifts, concierge services, and discounts to enhance your comfort and lifestyle.
Conclusion
No annual fee credit cards are an attractive option for individuals seeking to manage their finances wisely and minimise unnecessary costs. These cards provide the convenience and benefits of traditional credit cards without the burden of an annual fee, making them a cost-effective choice for everyday transactions.
For budget-conscious consumers, no joining fee no annual fee credit card offer an opportunity to build credit, earn rewards, and access various perks without worrying about additional charges. They can be particularly beneficial for those who use credit cards sparingly or prefer to avoid annual fees altogether.
Ultimately, the suitability of a no-annual-fee credit card depends on individual preferences, spending patterns, and financial circumstances. By conducting thorough research and understanding their credit needs, consumers can make informed decisions and choose the credit card that aligns best with their financial objectives.
Read: How to Get Started with Zero Balance Digital Savings Account
