When it comes to credit cards, issuing banks generally tend to levy a host of different charges. One of the major ones that you would have to bear is the annual fee. It is the fee that the credit card issuer levies on your card annually to keep the account active.
That said, not all issuers levy annual fees on their cards. In fact, there are quite a few credit cards with no annual fee as well. Since there’s no annual renewal fee, these cards are commonly referred to as lifetime free credit cards.
If you’re interested in getting a lifetime free credit card for yourself, then here are the top 5 banks currently offering them.
Top 5 Banks Offering Lifetime Free Credit Cards
Some of the top public and private sector banks in India like State Bank of India, Axis Bank, RBL Bank, ICICI Bank and IDFC First Bank offer credit cards with no annual fee. Here’s an overview of the banks and their lifetime free credit card options.
State Bank of India
One of the largest credit card issuers in the country, SBI offers the Unnati card, which is a credit card with no annual fee. From the fifth year of ownership, you will be charged a small per annum fee of Rs. 499 plus taxes.
The SBI Card Unnati is an entry-level credit card that offers a few basic rewards. Check out the list of benefits down below.
- Cashback of Rs. 500 upon achieving annual spends of Rs. 50,000
- Fuel surcharge waiver of 1% for fuel transactions between Rs. 500 and Rs. 3,000
Axis Bank
Axis Bank is a premier private sector banking institution in India. The bank has an exciting portfolio of credit cards that have been thoughtfully designed to ensure that you receive maximum benefits. Out of the many Axis Bank credit cards, there are two particular options that come with no annual fee requirements – Axis Insta Easy credit card and the Axis MY Zone Easy credit card.
The Axis Insta Easy credit card is an entry-level card that comes with a few benefits. Here’s what it offers.
- Cash withdrawal facility up to 100% of the available credit limit
- Interest-free period of up to 50 days
- 15% discount on partner restaurants through the ‘Dining Delights’ programme
The Axis MY Zone Easy credit card, on the other hand, offers more benefits and rewards in addition to the ones listed above. Here’s a quick glimpse of the card’s benefits.
- Contactless payments up to Rs. 5,000
- 25% cashback on both online and offline movie ticket bookings
- EMI conversion facility for purchases above Rs. 2,500
- 4 reward points for every Rs. 200 spent on the card
RBL Bank
RBL Bank is another popular private sector bank that issues credit cards. Just like Axis Bank credit cards, RBL Bank also has two lifetime free cards in its repertoire – the RBL Bank BankBazaar SaveMax Credit Card and the RBL Insignia Preferred Banking World Credit Card.
The RBL Bank BankBazaar SaveMax credit card is a co-branded credit card that offers the following benefits.
- Complimentary credit advisory report
- 10% cashback on orders from Zomato and bookings from BookMyShow
- 5X reward points on fuel and grocery spends
- 1 reward point for every Rs. 100 spent on other categories
The RBL Insignia Preferred Banking World credit card is a more premium credit card that’s offered to individuals having a good relationship with the bank.
- Complimentary domestic and international airport lounge access
- 5 reward points for every Rs. 100 spent on domestic transactions
- 10 reward points for every Rs. 100 spent on international transactions
- Discounts of Rs. 500 each month on movie tickets from BookMyShow
ICICI Bank
One of the many popular credit card issuers in India, ICICI Bank has two credit cards with no annual fee in its portfolio – the ICICI Platinum Chip credit card and the Amazon Pay ICICI credit card. Both of them are designed to offer you with a plethora of exciting benefits.
The ICICI Platinum Chip credit card is an entry-level card that individuals as young as 23 years old can apply for. The benefits that it offers are minimal and are as follows.
- Contactless payments up to Rs. 5,000
- 1% fuel surcharge waiver on fuel transactions above Rs. 4,000 from HPCL pumps
- 1 PAYBACK point for every Rs. 100 spent on utilities and insurance payments
- 2 PAYBACK points for every Rs. 100 spent on your credit card on other categories
The Amazon Pay ICICI credit card is a co-branded card that offers plenty of benefits if you’re a regular shopper on Amazon. Check out the benefits of the card down below.
- 5% unlimited cashback on purchases made from Amazon for Prime members
- 2% cashback in the form of Amazon Pay balance on purchases made from select partners
- 1% cashback in the form of Amazon Pay balance on every other purchase
- 15% discount on dining bills from partner restaurants
IDFC First Bank
IDFC First Bank is a relatively new private sector bank that offers multiple credit card options. Among the many choices is the IDFC First Select credit card, which is a credit card with no annual fee. The benefits that the card provides you with are listed below.
- Welcome gift voucher worth Rs. 500 on spends above Rs. 15,000 within the first 90 days of card activation
Conclusion
So, there you have it. These are the top 5 banks that currently offer credit cards with no annual fee in India. Whether you’re looking to apply for an Axis Bank credit card or a card from any other bank, always make sure to go through the list of fees and charges. Doing so can help you make an informed decision on whether a card is right for you.