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The best credit cards in India in 2023 are lifetime-free credit cards since they allow customers to save more and benefit from multiple rewards. In this article, we take the example of IDFC FIRST Bank’s popular lifetime-free credit cards – Select and Classic credit cards – to enumerate the benefits of opting for these cards.
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IDFC FIRST Classic credit card charges no annual fee
The most popular benefit of lifetime-free credit cards is No Annual Fee. This feature helps customers increase their savings in the long run. Coupled with a low interest rate (APR) – from 0.75% to 3.5% in IDFC FIRST Bank’s case – lifetime-free credit cards can help customers access high-end rewards at a low price.
Customers can benefit from multiple rewards by choosing the FIRST Classic card
Before selecting a credit card online, you must read about its rewards and cashback offers. Banks offer special rewards through their lifetime-free credit cards. The IDFC FIRST Classic credit card, for instance, offers a welcome voucher of ₹500 to customers who spend ₹15,000 or more within the first 90 days of card generation. Customers can also benefit from interest-free cash withdrawals on Domestic and International ATMs for up to forty-eight days.
The FIRST Classic credit card allows customers to convert their balance into EMIs
Customers can convert all their transactions above the threshold of ₹2500 into EMIs (Equated Monthly Instalments) through the IDFC FIRST Bank mobile banking app. Most lifetime-free credit cards offer this feature.
IDFC FIRST Bank offers multiple ways to repay credit card bills
From Auto Pay and One-Swipe Pay to UPI (Unified Payments Interface) transfers, the IDFC FIRST Bank mobile banking app helps customers conveniently pay their credit card bills. Customers can also opt for Net Banking or other modes of transfer like IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer).
IDFC FIRST Bank’s lifetime-free credit cards offer various lifestyle and travel benefits
Lifetime-free credit cards offer a wide range of travel and lifestyle-related benefits. Here is a brief list of travel and lifestyle benefits offered by the Select card:
The FIRST Select credit card offers four complimentary domestic airport lounge visits per quarter.
Customers can access more than three hundred merchant offers through the year and can benefit from a 20% discount at more than 1500 restaurants.
IDFC FIRST Bank also offers four quarterly complimentary railway lounge visits to customers through this card.
The FIRST Classic and FIRST Select range of cards offer the Fuel Surcharge Waiver facility
A special feature offered by most lifetime-free credit cards is the Fuel Surcharge Waiver facility. IDFC FIRST Bank’s Select and Classic credit cards offer this feature, too – they offer a Fuel Surcharge Waiver of 1% at all fuel stations in India up to ₹300 per month.
Applying for credit cards is very easy today, especially since banks have made all banking services available through their mobile apps. However, knowing the details of your card’s repayment cycle in advance can be helpful in planning for your future expenses. You must use a credit card EMI calculator to estimate the value of your future EMIs.