As suggested by its name, a free credit card is a unique product from financial institutions which has no annual (or joining) fee levied on it. These cards have the following features.
- These cards do not have any joining or annual renewal charge. The only charge levied on them is that of penalty fees in the event of late bill payment.
- These cards are usually quite helpful in credit building since users maintain timely bill clearance to avoid late fees.
- Like other credit cards, these also have reward points that are accumulated over usage and can be exchanged for gifts and cashback.
- High-value purchases can be conducted using these cards, with their cost broken down into EMIs.
Potential users of credit cards should note the following aspects while choosing their free credit card.
- Features and benefits should be checked since these cards don’t offer much. For attractive offers, individuals can opt for the Bajaj Finserv RBL Bank SuperCard.
Bajaj Finserv also provides pre-approved offers that simplify the process to avail financing and help save time. These offers are available on numerous financial products like personal loans, business loans, etc. You can easily check your pre-approved offer by providing personal details like name and phone number on the official web page of your financial institution.
- Associated terms and conditions of usage should also be checked by potential users to avoid any penalty charge.
- These cards can be discontinued by a financial institution, though under such circumstances, users are duly notified.
Users considering to opt for a credit card should note that it is advisable to arrange necessary documents from before. This includes KYC documents, and PAN card, financial and employment details. Potential applicants should follow these steps explained below.
- Visit the official website of their financial institution of choice.
- After selecting relevant options for credit card applications, applicants should fill in their form and submit them.
- When prompted, all necessary documents should be submitted as per the directions of an applicant’s financial institution.
Once users get their credit card, it is vital they clear the bills on time. In the event of financial emergencies, they should at least pay their minimum due to avoid any late fees.
Also Read: What Does Lifetime Free Credit Cards Mean and How to Apply for It?
