No Annual Fee Credit Card

You enjoy the freedom and convenience of your credit card. Who doesn’t love the privileges, rebates, discounts not to mention the luxury of buying on credit every month. But, perhaps, you don’t love the various fees you need to pay for your card! While you might get a free lunch at a partner outlet as part of your rewards programme, you might be paying for it in terms of very heavy annual fees! Look no further – here are a few credit cards that will save you the annual fee payment.

A credit card which has no annual fee can be great if used properly. If you make your purchases using the credit card and pay it in full at the end of every billing cycle, then you virtually are not accruing any form of interest or additional charges. Following is an overview of the different credit cards which have no annual fee at the time of joining. Keep in mind that they might or might not charge a nominal sum from the second year onward.

ICICI Bank Instant Platinum Card: This credit card can be availed against a fixed deposit in your saving account. Usually meant for first time credit users or for those who have bad credit and wish to build a healthy credit score.

Standard Chartered Platinum Rewards Card: A no-annual-fee credit card offering by the bank, this comes with rewards and perks that makes shopping with this card a rewarding experience.

Kotak Royale Signature Credit Card: Best used for lifestyle expenses, this card provides rebates and offers for shopping and entertainment spends. Earn accelerated 15X reward points on every Rs. 150 spent on merchant outlets and 2 complimentary domestic airport lounges access every quarter of the year.

SBI Simply Save Credit Card: While not exactly a no-annual-fee credit card, the annual fee of Rs. 499 is waived on annual spends of more that Rs. 75,000. A lifestyle card, it offers fuel surcharge waiver and accelerated reward points on partner grocery spends. It also offers accelerated 10X reward points for spend on dining and movies.

HSBC Visa Platinum Credit Card: A no-annual-fee, and no-renewal-fee credit card, it offers Cashback rebates. Maximum cashback is capped at Rs. 3,000. It offers accelerated reward points for expenditure on dining, hotels and telecom. It also offers discounts and rebates at select restaurants and lounges in India.

If you are a first-time credit card user, first check if you are eligible for these credit cards before applying for one. While it might sound attractive not to pay annual fees, applying for a card that you are not eligible for might hurt your credit score. If however, you are eligible, go ahead and explore the world of no-annual-fee cards. You have nothing to lose but extra charges!   

Note: The cards mentioned in the article are merely indicative of the kinds of no-annual-fee credit cards available on the market. It is advisable to choose your card based on your specific requirements.