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Credit Cards without Annual Fee Charges in India

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Zero annual fee or life time free is an attractive feature offered on some of the credit cards in India. The offers enables the consumers to reduce the overall cost of owning a credit card. Listed below are a few credit cards that are offered without any annual fee, some of which are lifetime free, while some others are free for a specified time. By availing lifetime free credit cards, one can save money on additional cost of procuring and maintaining the credit card.

No Annual Fee Credit Cards

Top 10 Credit Cards with Zero Annual Fee:

With the increasing demand for life time free credit cards, many banks and financial institutions are offering no annual fee credit cards. Listed below are top 10 credit cards that are currently offered without charging any annual fee.

Central Bank of India Titanium Credit Card
Vijaya Bank Platinum Credit Card
IndusInd Bank Pinnacle Credit Card
HSBC Bank Platinum Credit Card
HSBC Advance Visa Platinum Card
The PNB Global Classic Credit Card
Canara Bank Global Gold Card
Dhanlaxmi Bank Gold Credit Card
Indian Bank VISA Business Credit Card
LIC Corporation Bank Platinum EMV Credit Card

Central Bank of India Titanium Credit Card:

Central Bank of India Titanium Credit Card holders do not have to pay any annual fee when they avail this credit card. Borrowers can withdraw cash instantly using their Central Bank of India Titanium Credit Cards at any ATM in India.

Fees and Charges:

Annual Fee	Nil
Issuance Fee	Nil
Add-on Card Fees	Nil
Finance Charges	2.99% per month
Card replacement Fees	Rs.100
Renewal Fees	Rs.100
Emergency card replacement charges (abroad)	Rs. 150 for each instance
De-blocking charges	Rs. 100 for each instance
Over limit charges	2% of the credit limit or Rs.100, whichever is the highest.
Late Payment Fee	Below Rs. 100 - Nil Above Rs. 100 - Rs. 100
Charge slip Retrieval Charges	Rs. 100
Cheque Return Charges	Rs. 150
Duplicate statement	Rs. 100 per request
Foreign currency transactions	Conversion mark- up fee of 3.5%
Cash withdrawal	Rs 100 plus service charges
Fuel Transaction Charge	2.5%

Vijaya Bank Platinum Credit Card:

Vijaya Bank Platinum Credit Card holders can withdraw cash instantly from any Mastercard ATMs, worth up to 50% of his/her credit limit. The daily withdrawal limit is Rs. 25,000. If the borrower has not availed the revolving credit facility on this card, then he/she can enjoy a interest free credit period up to 50 days.

Fees and Charges:

Charge	Amount
Joining Fee	Free
Annual Fee	Nil
Renewal Fee	Rs. 300 from the 4th year onward
Interest rate	Not specified

IndusInd Bank Pinnacle Credit Card:

IndusInd Bank Pinnacle Credit Card offers great rewards and incomparable welcome offers which are tailor-made to suit a card holder’s lifestyle requirements. This credit card has no annual fee charges levied on it.

Fees & Charges:

IndusInd Bank Pinnacle credit card	Fees and Charges
Joining Fee	Rs 1,00,000
Annual Fee	Nil
Add-on Card fee	Nil
Interest Rates	3.83% (monthly)
Late Payment Charges	Ranges from Rs 350 to Rs 550, depending on the outstanding balance.
Cash Advance Charges	2.5% of the advance amount or a minimum of Rs 250.
Over limit charges	2.5% of the over limit amount or a minimum of Rs 300.

HSBC Bank Platinum Credit Card:

The HSBC Platinum Credit Card can be used anywhere in the world since it is globally accepted. In India, the credit card is accepted in over 18 million outlets and in more than 100,000+ outlets within the country itself. HSBC Platinum Credit Card holders do not have to pay any joining fee or annual fee. Customers can enjoy life time free benefits by using the card efficiently.

Fees and Charges:

Joining Fee	Nil
Annual fee – First year	Nil
Annual fee – Second year	Nil
Finance charges on extended cash and credit advances	39.6% per year or 3.3% per month calculated from the date of transaction
Minimum payment due – extended credit usage	5% of the total payment that is due ( a minimum of Rs. 100)
Duplicate statements	If over three months then Rs. 100
Cheque bounce/Unsuccessful ECS payment	Rs. 350
Cash advance limit against credit card account	As written in the user's monthly statement
Cash advance transaction fee	2.5% of the transaction amount (a minimum of Rs. 300)
Cash withdrawal transaction fee at ATMs abroad	Rs. 100
Cash withdrawal transaction fee at non-HSBC ATMs	Nil
Overlimit fee	Rs. 500
Late payment fee	50% of the minimum due amount (a minimum of Rs. 400 and a maximum of Rs. 750)
Sales slip retrieval	Rs. 225 per month
Currency Conversion Charge	3.5%
Balance enquiry on credit card at non – HSBC ATMs	Nil
Rewards redemption – handling fee	For every redemption, Rs. 50 is charged
Copy of credit Information report	Rs. 50

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HSBC Bank Gold credit card:

HSBC Bank Gold credit card holders can instantly access money for their requirements, at more than 1 million ATMs available in India and abroad. Cash withdrawals can be made from the customer’s HSBC bank account through any Cirrus ATM, Visa PLUS or MasterCard in India or overseas. The HSBC Gold credit card can be used at over 18 million merchant outlets, worldwide and at 100,000 outlets in India. HSBC Gold Credit Card holders do not have to pay any joining fee or annual fee.

Fees and Charges:

Annual Fee	Nil
Joining Fee	Nil
Add-on Card - Annual Fees	Nil
Finance Charges for Cash Advance/Extended Credit	3.3% per month from the transaction date
Free Credit Period	Up to 52 days
Due date of the payment from the statement date	22 days
Extended Credit - Finance Charges	2.49% per month, calculated from the date of transaction.
Minimum Payment Due	5% of the total outstanding amount, with the minimum being Rs 100.
Cash advance limit	Up to 60% of the card limit
Late Payment Fee	50% of the minimum amount due , with the minimum being Rs 400 and the maximum being Rs 750 per month
Over limit Fee	Rs 500 per month

HSBC Advance Visa Platinum Card:

HSBC Advance Visa Platinum Credit Card holders do not have to pay any joining fee or annual fee throughout the lifetime of the card. Any add on card you may avail of also will not attract any joining and annual fees.

Fees and Charges:

Charge	Amount
Joining fee	Nil
Annual fee (per annum)	Nil
Add on cards	Nil
Interest free period	Up to 52 days interest-free period is given provided the previous month's outstanding balance is paid in full.
Interest rate	3.3% per month or 39.6% per annum is charged from the date of transaction on the basis of a daily reducing balance.
Minimum Amount due	5% of your total payment due will be the minimum due (plus greater of past due or overlimit due), subject to a minimum of Rs. 100.
Late payment charges	50% of the minimum amount due is charged if the payment does not reach HSBC by the due date. A minimum of Rs. 400 to a maximum of Rs. 750 is charged.
Cash Advance limit	This limit will be set at 40% of the credit limit or will be communicated in your monthly statement.
Cash Withdrawal interest	2.5% of the transaction value from the date of withdrawal, subject to a minimum of Rs. 300.
Fees on cash withdrawal at any domestic ATM	Nil

The PNB Global Classic Credit Card:

PNB Global Classic Credit Card can be used at any merchant outlet that accepts Visa Cards, across the world. Customers can withdraw cash using this credit card, from any ATM in India or abroad, if it accepts Visa cards. 20 days to 50 days of interest free credit period is offered to customers, if he/ she paid the total amount due on the credit card on or before the due date of payment. There are no annual fees levied on this credit card.

Fees and Charges:

Initial Joining Fee	Nil
Add-on Card Fee	Nil
Renewal Fee	Nil
Annual Fee	Nil
Finance charges on revolving credit, outstanding amount, cash withdrawn on credit card, etc.	2.45% per month
APR on Revolving Credit	29. 81% per annum
Cash Advance Transaction Charges in PNB's ATMs	2% of the cash withdrawn or Rs. 50, whichever is the highest.
Cash Advance Transaction Charges in other ATMs	2% of the cash withdrawn or Rs. 75, whichever is the highest.
Cash Advance Transaction Charges Overseas	2% of the cash withdrawn or Rs. 150, whichever is the highest.
Late Payment Fees	30% of the minimum amount due, with a minimum amount of at least Rs. 200 and a maximum of Rs. 500 in each billing cycle.

Canara Bank Global Gold Card:

The Canara Bank Global card comes at a one-time joining fee of Rs. 250 but has no annual fees charged on the account. The borrower can avail facilities such as revolving credit, cash advances, free insurance coverage, surcharge waivers, and so on.

Fees and Charges:

Charge	Amount
Joining Fee	Rs. 250 + GST as applicable
Annual Fee	Nil
Add on Card	Nil
Interest on revolving credit	2.5% per month (30% per annum)
Minimum due	5% of the billed amount, subject to Rs. 100 minimum

Canara VISA Classic / Mastercard Standard Credit Cards:

Canara Bank does not charges a joining fee or annual fees for its VISA Classic / Mastercard Standard card. The card holder can enjoy the exclusive lifetime free benefits offered by the credit card without paying any subscription charges. Add on cards can also be availed by the primary cardholder’s family members at no additional charge and have no annual fee. The family member should be more than 18 years old in order to avail an add-on card.

Fees and Charges:

Charge	Amount
Joining Fee	Nil
Annual Fee	Nil
Supplementary Card	Nil
Interest on revolving credit	2.5% per month or 30% per annum
Minimum due	5% of the billed amount, subject to Rs. 100 minimum
Cash advance transaction charge at Canara Bank ATMs	3% of transaction amount, or a minimum of Rs. 30 for every Rs 1000 crossed
Cash advance transaction charge at Other Bank ATMs	As per the respective bank

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Dhanlaxmi Bank Gold Credit Card:

Dhanlaxmi Bank does not levy an annual fee on the Dhanlaxmi Bank Gold Credit Card as well as on any add on card provided to the main credit card holder’s family members. There are no joining fees charged for issuing the primary credit card and on add on cards either.

Fees and Charges:

Charge	Amount
Joining Fee	Nil
Annual Fee	Nil
Renewal fee	Nil
Add on Card	Nil
Interest on revolving credit	2% per month and 24% per annum. In the event of defaulted payment, the penal interest rate will be 3.5% per month.
Minimum due	5% of the billed amount, or a minimum of Rs. 200; whichever is the highest.

Dhanlaxmi Bank Platinum Credit Card:

Dhanlaxmi Bank does not levy a renewal fee or annual fee on the Dhanlaxmi Bank Platinum Credit Card making it a lifetime free credit card for its customers. The primary cardholder can also apply for add on cards for his/her family, free of charge. This credit card comes with purchase protection, free accident insurance and also lost card liability coverage. The interest charges are only 1.5% per month when the outstanding balance is carried forward.

Fees and Charges:

Charge	Amount
Joining Fee	Nil
Annual Fee	Nil
Renewal fee	Nil
Add on Card	Nil
Interest on revolving credit	1.5% per month and 24% per annum. In case of default, the charges increase to 3.5% per month.
Minimum due	5% of the billed amount subject to a minimum of Rs. 200.

Indian Bank Global Classic Credit Card:

Indian Bank does not levy any annual fee or joining fee on the Indian Bank Global Classic Credit Card issued to a customer. The one-time charge levied on add-on cards for members of the primary cardholder’s family, is Rs. 100. The interest rate applicable on the Indian Bank Global Classic Credit Card is only 1.99% per month and the interest free credit period is 15 days to 45 days.

Fees and Charges:

Charge	Amount
Joining Fee	Nil
Annual Fee	Nil
Add on Card	One-time fee of Rs. 100.
Interest on revolving credit	1.99% per month (23.88% per annum).
Minimum due	5% of the billed amount.

Indian Bank Global Gold Credit Card:

Indian Bank offers the Global Gold Credit Card as a lifetime free card by charging no joining fee and zero annual fee to the cardholders. The primary cardholder can also share the benefits available on this credit card with his/her family by applying for add-on cards. The one-time fee levied on each add-on card is Rs. 250. This credit card also comes with a comprehensive insurance coverage.

Fees and Charges:

Charge	Amount
Annual Fee	Nil
Joining Fee	Nil
Add on Card	One-time fee of Rs. 250.
Interest on revolving credit	1.99% per month (23.88% per annum).
Minimum due	5% of the amount billed.

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Indian Bank VISA Business Credit Card:

The Indian Bank VISA Business Credit Card is issued by the Bank at no extra cost since joining fees and annual fees are not charged on the same. Corporates and SMEs can avail maximum 5 cards per unit for their employees. The credit limit available on the card will be determined based on the availability of security coverage, branch recommendations and audited financials. The borrower can avail up to 20% of the credit limit as cash advance, at attractive rates of interest. The interest free credit period ranges from 15 days to 45 days. Revolving credit facility is available at an interest rate of 1.99% only, per month.

Fees and Charges:

Charge	Amount
Annual Fee	Nil
Joining Fee	Nil
Add on Card	NA
Interest on revolving credit	1.99% per month and 23.88% per annum.
Minimum due	25% of the transaction amount + service charges, or a minimum of Rs. 1,000/- whichever is the highest.

LIC Corporation Bank Platinum EMV Credit Card:

The LIC Corporation Bank offers the Platinum EMV Credit Card free of cost to borrowers. Annual fees, renewal fees and joining fees are not levied on this card. One add-on card can be availed free of cost and the rest are charged Rs. 200 each, for the issue of the card.

Fees and Charges:

Annual Fee	Nil
Interest Rate on Revolving Credit	3% per month and 36% annually.
Joining Fee	Nil
Add on card Charges	One Add-on card - free. Others, Rs. 200 each.
Cash withdrawal limit	30% of the credit limit
ATM cash withdrawal fee	2.5% of the transaction
Interest Free Credit period	Ranges between 15 days to 45 days
Replacement Card	Rs. 250
Duplicate PIN request	Rs. 30 for each instance.
Purchase Protection	Maximum Rs. 50,000/- for maximum 60 days.
Balance Transfer Processing Charges	1% of the amount transferred or Rs. 100, whichever is the highest.
Charge slip Retrieval Fee	Rs. 125 for each charge slip retrieved

LIC Corporation Bank Gold Credit Card:

Borrowers can avail LIC corporation bank gold card free of cost for lifetime. Annual fees, joining fees, or renewal fees are not charged on this credit card. The rate of interest levied on carrying over the outstanding balance to the next billing cycle is 2.75% per month and 33% per annum.

Fees and Charges:

Joining Fee	Nil
Annual Fee	Nil
Interest Rate on Revolving Credit	2.75% per month and 33% annually.
Cash withdrawal limit	30% of the credit limit
Interest Free Credit period	Ranges between 15 days to 45 days
Personal Accident Insurance	Rs. 1.00 lakh
Purchase Protection	Maximum Rs. 50,000/- for not more than 60 days.
Credit Shield	Up to Rs. 50,000/- in the event of Permanent Disability.

LIC Corporation Bank Platinum Credit Card:

The LIC Corporation Bank offers the Platinum Credit Card to LIC Employees, LIC Agents as well as LIC policyholders without levying any joining fees or annual fees or renewal fee. The validity of this credit card is 5 years and the fee remains the same throughout the lifetime of the card.

Fees and Charges:

Joining Fee	Nil
Annual Fee	Nil
Interest Rate on Revolving Credit	3% per month and 36% annually.
Cash withdrawal limit	30% of the credit limit
Interest Free Credit period	Ranges between 15 days to 45 days
Personal Accident Insurance	Rs. 2.5 lakh
Purchase Protection	Maximum Rs. 50,000/- for not more than 60 days.
Credit Shield	Up to Rs. 50,000/- in the event of Permanent Disability.

*GST rate of 18% applicable for all financial services effective July 1, 2017

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News About Credit Cards without Annual Fee/Charge

Credit Card Offers On Smartphones: Weekend Offers On E-commerce Sites
Credit card users can make most of their cards this weekend by purchasing smartphones and other electronic devices on e-commerce sites like Amazon and Flipkart. Under the new programme, ‘Week End Offers’ launched by the e-tailers credit cardholders of specific banks can avail some interesting offers.
While Flipkart is offering some interesting trading points and flat Rs.750 discount for HDFC credit card and debit card users, ICICI credit cardholders can avail 5% off on EMI transactions. SBI Cards, on the other hand, is providing an instant discount of 5% on the purchase of select smartphones.
Axis Bank credit card users will get complimentary one-year screen protection plan on the purchase of select mobile devices on Amazon India. The offer is valid for direct purchases as well as no cost EMI purchases made using Axis credit cards.
Some of the smartphones on offer include Vivo V7+, RealMe 1, Honor 7X, Motorola Moto E5 Plus, Moto G6, Huawei Nova 3i, Samsung Galaxy J8, etc.

5 September 2018
Steps To Follow After Loss Of Credit/Debit Card
In case of loss, theft or damage to a credit or debit card, the cardholder can undertake the following steps:

• The primary action to be taken in case of a lost credit/debit card is to notify the issuer of the card through phone banking or by visiting the nearest branch of the bank.

•They must be informed about the circumstances under which the card was misplaced and you could be required to cooperate with a verification process to confirm your identity. The issuer would immediately block your card to prevent any fraudulent transactions which might occur using your card.

•To confirm any action taken by the bank, a follow-up mail could be sent to the issuer that includes the details regarding the loss i.e. your name, account number, date and time of the loss, and the loss was reported.

•One could also keep track of any activity or transaction that took place after the card was lost. The details of these transactions could also be included in the mail to avoid any untoward billing to your account.

•The cardholder is also entitled to a monetary compensation based on their insurance plan, if any.

• It is suggested that an FIR can be filed at your nearest police station regarding the loss.

2 August 2018
About No Annual Fee Credit Card
Most credit cards charge an annual fee. Annual fees are one of the most common credit card fees charged in India. Depending on the type of card you apply for, credit card providers charge an annual fee. Also known as “Renewal Fee”, this fee is charged every year. As many did not like the idea of paying a high annual fee for owning a credit card, credit card providers came up with cards with no annual fees.

Applying for a zero annual fee credit card helps cardholders across the country to reduce their overall costs of owning a credit card. Currently, there are many credit cards in the market with no annual fees like Central Bank of India Titanium Credit Card, Vijaya Bank Platinum Credit Card, IndusInd Bank Pinnacle Credit Card, HSBC Bank Platinum Credit Card, HSBC Advance Visa Platinum Card, The PNB Global Classic Credit Card, Canara Bank Global Gold Card, Dhanlaxmi Bank Gold Credit Card, Indian Bank VISA Business Credit Card, and LIC Corporation Bank Platinum EMV Credit Card.

If you are planning on applying for a credit card with no annual fee, compare various cards available in the market before you choose one. You can visit neutral financial advisory website like BankBazaar to compare various credit cards with no annual fees.

27 July 2018
Unsecured Loans Are Growing Faster Than Credit Offered by banks According to a Crisil report
Crisil is one of the leading global analytical companies in the world. Recently, Crisil released a report according to which the unsecured loans in India is growing faster at a rate of four times that of overall growth in bank credit over the last three years. Between the financial year 2015 to 2018, unsecured credit which includes personal, small and medium enterprise (SME), and credit card loans recorded a compound annual growth rate (CAGR) of 27%.

By the end of March, the total outstanding unsecured loans stood at close to Rs.5 lakh crore which constituted 26% of all retail loans which is an increase of 21% at the end of financial 2015.

17 July 2018
No annual fee credit cards offered by SBI Cards
SBI Cards, the second largest credit card issuer after HDFC, offers different types of credit cards to suit the needs of self-employed, salaried employees, students and corporates. One interesting type of credit cards offered by SBI Cards include the no-annual fee credit card.

SBI Cards is currently offering one credit card with zero annual fee – SBI Unnati Card. The credit card is free for first four years, which would otherwise cost Rs.499 per year. The card, however, is a secured credit card. Applicants need to have a fixed deposit of minimum Rs.25,000 with SBI to avail the card.

Features and benefits of SBI no-annual-fee credit card include one reward point on every Rs.100 spent on the card, Rs.500 cashback on spends of Rs.50,000 or more in a year, 1% fuel surcharge waiver for a minimum transaction value of Rs.500 and more.

SBI Unnati credit card is accepted worldwide and can also be used at over one million Visa or MasterCard ATMs across the globe. Other advanced features available on the no annual fee credit card include balance transfer on EMI, FlexiPay facility, EasyMoney and add-on cards for applicant’s family members.

Another way to make an SBI credit card as a zero annual fee credit card is to avail an SBI credit card that offers annual fee reversal on reaching the set milestone. For instance, if your spends in the current year equal Rs.50,000, the annual fee for the next year will be waived. The spend limit varies from one card to another. If you’re able to achieve the same, you can enjoy the benefits of a no annual fee credit card while using a regular card.

28 May 2018
Interesting Facts About Credit Card Annual Fee
Most of the credit card users are aware of credit card annual fee. However, the annual fee is not applicable to all the cards. Some cards come with zero annual fee feature while some other cards offer annual fee waiver provided the cardholder achieves the set milestones. Let’s see some facts about credit card annual fee.

Annual fee and joining fee: As the names suggest, these are the fees that an individual needs to pay to maintain the credit card and to start using it, respectively. When an applicant procures a credit card, the bank charges a joining fee along with the annual fee that may vary from nil to Rs.30,000. These charges depend on the kind of the card that the cardholder is opting for. The cardholder can get an annual fee waiver from the second year onwards provided they spend a certain amount on their credit card.

The annual fee varies from one credit card to another. The fee will be communicated to the cardholder at the time of card issuance.

Credit card annual fee is different from credit card joining fee. While the joining fee is an one-time fee, annual fee shall be paid every year if the cardholder renews his/her membership

Annual fee is also called renewal fee

Credit card annual fee is typically charged in the 12th month billing cycle of a credit card

GST and other taxes are not applicable on annual fee

Zero annual fee credit cards and lifetime free credit cards do not attract any annual fee

The annual fee for the subsequent years will be waived on a few credit cards if the set conditions or milestones are met

16 April 2018
Spike In Credit And Debit Card Numbers
The total number of credit and debit cards in use in India have increased by 0.7 million and 9.58 million respectively as of December 2017. Card usage became more popular after the process of demonetisation. While there was a sharp spike in the number of cards that were operational in the initial stages of the demonetisation process, this dropped off later on.

While credit card usage increased by 6.6% year-on-year, debit card usage declined by 30% for the same period. Even so, it was noticeable that the total number of transactions using debit cards, at 290.35 million, was over double the number of transactions performed using credit cards, at 123.7 million. In yet another twist, it was noted that the sum total of the amounts transacted using debit cards, at Rs.40,461 crore, was less than the sum total for credit cards at, Rs.41,850 crore for December 2017.

Yet another trend that was noticed was that people tended to transact for a higher amount using credit cards than debit cards. The increase in transaction value was 26% while debit card transaction values declined slightly in the year between December 2016 and December 2017.

22 February 2018
The Importance of Closing an Unused Credit Card
With attractive offers and enticing benefits credit card companies often lure us to have more than one credit card. After using them for a while, the offer on the card expires discouraging us to stop using the card. This might happen with a couple of cards as we tend to ignore them with time. Industry experts recommend closing all such unused cards to have a clean credit history. Well, before closing credit cards you may have to make sure a few things are taken care. Eager to know what they are, read further to find those titbits.
Closing unused credit cards not only makes your life easy but also save your money which otherwise would have wasted on paying annual fee, maintenance fee and other charges associated with credit cards.

8 February 2018
Zero Annual Fee Credit Cards for SBI Accounts with Balance of Rs.20,000

Every State Bank of India account holder with a balance of Rs.20,000 to Rs.25,000 can now avail credit cards with zero annual fee from the bank. Their credit history will not be considered for these cards. The card is called ‘Unnati’ and will be offered for 4 years to promote digital payments.

3 April 2017
PayTM Withdraws Charge on Credit Cards

PayTM has removed the 2% charge that it had introduced earlier on the amount added in the wallet using credit cards. The charge was introduced by the e-wallet company after it suspected users of exploiting discounts. The CEO of the company said that many bank staff and merchants were found misusing PayTM’s 0% bank fee offer. PayTm said that this 2% charge became inconvenient for many users who were not misusing their e-wallets. To prevent misuse, the company has decided to build other features.

27 March 2017