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Free Credit Cards India

By: EconomyWatch Content Date: 15 February 2010

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Most credit cards have an annual membership fee associated with them. This fee differs from bank to bank and from card to card. For instance, ICICI Bank charges an annual fee in the range of Rs3,000 to Rs7,000 on its premier cards. The fee on HSBC credit cards is in the range of Rs350 to Rs4,000. However, for the budget-conscious individual, a free credit card in India is the best alternative, which comes without any annual fee or membership charges.

Some popular credit cards offered without an annual fee are:

ICICI American Express Gold Credit Card

This card is an airline miles card, offering cardholders the option to earn 5 airline miles on every Rs100 spent on the card. These miles can be redeemed for discounts on several domestic and international airlines, including Air Sahara, Indian Airlines, Jet Airways and Singapore Airlines. Other important features of the card are:

Complementary supplementary card
Zero interest on balance transfer for 90 days
24x7 access to ICICI personal concierge services

Citibank Silver Card

In association with MasterCard, this is rewards card offers 1 reward point on every Rs200 spent on the card. These points can be redeemed for several exclusive gifts as well as to pay the card renewal fee. Important features of the card are:

Introductory interest rate of 0% for the first six months
Up to Rs5 lacs coverage on card outstanding with Citibank Credit Shield Plus.
Option to convert credit card purchase into EMI for greater savings

Axis Bank Gold Credit Card

Offered with Visa, this card comes with an interest free credit period of up to 50 days. Purchases with an Axis Bank gold card are eligible for 1 reward point on every Rs100 spent within the nation and 2 points on foreign purchases. Some important benefits of the card are:

Purchase cover up to Rs40,000
Personal Accident Cover up to Rs5,00,000
Air Accident insurance up to Rs20,00,000

However, to be eligible for these benefits, the credit card has to be used for an ATM withdrawal or at a merchant establishment within 90 days of issue.

Finally, while applying for a free credit card in India, an individual must bear in mind that issuers of these cards may charge higher interest rates to compensate for the absence of an annual fee. In fact, other charges on these cards, such as balance transfer fee, tend to be higher.

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