7 best credit cards with no joining fee

Credit cards are highly useful financial instrument that can be used for a variety of purposes to save money even when you spend it. For those card holders, who consider saving as an important parameter to select the right credit card in 2023, we have compiled a list of 5 best credit cards with no joining fee. Besides, you would enjoy many other facilities using these credit cards.

See also: Best hotel credit cards to choose from

 

7 best credit cards with no joining fee

SBI Card Unnati

State Bank of India’s (SBI) Unnati card is available to any account holder with a balance of Rs 25,000 or more. There is no charge on annual card fee for the first four years, an added financial advantage for users. This card is packed with many benefits, making it an attractive choice for individuals seeking a credit card for their basic usage, such as utility bill payments, shopping, and other everyday expenses. With the Unnati card, users gain access to a vast network of over 24 million outlets, ensuring widespread usability. To facilitate quick approvals, the bank reviews the application based on the KYC documentation, without extensive underwriting, or scrutinising the applicant’s bank balance history.

Key features

• Zero fee card
• Free for first four years
• Get one reward point per Rs 100 spent.
• Use your reward points to redeem for a wide array of gifts from the rewards catalogue.
• Rs 500 gift voucher
• Receive Rs 500 cashback within 15 days of achieving annual spend of Rs 50,000 or more.
• 1% fuel surcharge waiver for each transaction between Rs 500 and Rs 3,000 (exclusive of GST, wherever applicable, and all other charges).
• The card is issued with a lien on cardholder’s fixed deposit with SBI of Rs 25,000 worldwide acceptance.
• You can use your SBI Card Unnati in over 24 million outlets across the globe, including 3,25,000 outlets in India.
• Use your card to make payments at any outlet that accepts Visa or MasterCard
• With SBI Card Unnati, you can empower your family with add-on cards for your parents, spouse, children, or siblings above the age of 18.
• Pay your electricity, telephone, mobile and other utility bills using the Easy Bill Pay facility on your card.
• Transfer the outstanding balance of other banks’ credit cards to your SBI Card Unnati and get a lower rate of interest and pay back in EMIs.
• With Flexipay, convert your transactions in easy monthly instalments. Make any purchase for Rs 2, 500 or more using your SBI Card Unnati, and log in with your username and password to sbicard.com within 30 days of purchase to convert it into Flexipay.

See also: How to pay rent through credit card?

IDFC First Bank Classic Credit Card

IDFC First Bank’s Classic Credit Card is a lifetime free credit card, catering to various financial needs of customers. This rewards credit card offers a diverse array of benefits, particularly in the reward points category, as well as attractive perks in entertainment, travel, etc. The IDFC First Classic Credit Card offers a competitive interest rate, making it a favourable option for prudent financial management. With its enticing features and no-cost benefits, the IDFC First Classic Credit Card presents a rewarding and financially sensible choice for customers seeking a reliable and user-friendly credit card experience.

Key features

• No annual fee
• Lifetime free credit card
• Interest free cash withdrawals on domestic and international ATMs for up to 48 days
• OVL charges: 2.5% of the over-limit amount subject to a minimum charge of Rs 500
• Late payment fee: 15% of total amount due (subject to a minimum of Rs 100 and a maximum of Rs 1,250)
• Forex markup at 3.5% for all international transactions
• Welcome voucher worth Rs 500 on spending Rs 15,000 or more within 90 days of card generation
• 5% cashback (up to Rs 1,000) on the transaction value of first EMI done within 30 days of card generation
• 25% discount on movie tickets up to Rs 100 on Paytm mobile app (valid once per month)
• Four complimentary railway lounge visits per quarter
• Complimentary roadside assistance worth Rs 1,399
• Fuel surcharge waiver of 1%, at all fuel stations across India, up to Rs 200 per month
• Over 300 merchant offers; Up to 20% discount at over 1,500 restaurants
• Up to 15% discount at over 3,000 health and wellness outlets
• Personal accident cover of Rs 2,00,000 and lost card liability cover of Rs 25,000 (valid on doing at least one transaction on FIRST Classic Credit Card in last 30 days)

 

ICICI Bank Platinum Chip Credit Card

ICICI Platinum Chip Credit Card stands out as an excellent choice for individuals who are new to credit and aim to establish a strong credit score. This card comes with a distinct advantage of being a lifetime free credit card, making it a cost-effective option for users. Cardholders can earn reward points on their transactions, making their spending more rewarding. Additionally, the card provides dining discounts, helping users save on their restaurant bills. Further, the card includes a fuel surcharge waiver, making it convenient and economical for users to refuel their vehicles.

Key features

• Joining fee: Nil
• Annual fee (second year onwards): Nil
• Supplementary card fee: Nil
• Overdue interest on extended credit and cash advances: 3.40% per month (40.80% annualised)
• Earn two reward points on every Rs 100 spent for all retail purchases except fuel.
• Get one reward point on every Rs 100 spent on utilities and insurance categories.
• 1% fuel surcharge waiver can be availed on fuel transactions of maximum Rs 4,000 at HPCL pumps when the card is swiped on ICICI Merchant Services swipe machines.
• Save a minimum of 15% on your dining bill at over 2,500 participating restaurants spread across 12 major cities.

 

Kotak Mahindra Bank Fortune Gold Card

Kotak Fortune Gold Card stands out as an excellent option with numerous benefits designed to provide substantial savings on specific transactions. This card comes with a host of advantages, including interest-free cash withdrawals, fuel surcharge waiver, 0% balance transfer feature and added perks of no annual fee.

If you frequently require cash advances or tend to use credit cards for fuel purchases, Kotak Fortune Gold Card is ideally crafted to suit your needs, making it a highly appealing choice for savvy customers seeking maximum value from their credit card experience.

Key features

• Joining fee: Nil
• Annual fee: Nil
• Interest charges on outstanding balances: 3.50% (annualized 42%)
• Cash limit: 50% of your credit limit
• Cash advance fee: Rs 199 per Rs 10,000 or part thereof
• Maximum fuel surcharge waiver in a year: Rs 3,500 applicable on transactions between Rs 500 and Rs 3,000
• Balance transfer: Processing fee of Rs 349 per Rs 10,000
• Continued interest free period on fresh retail purchases
• Spend Rs 1,50,000 in a year and get four free PVR tickets or cashback of Rs 750

 

HSBC Cashback Credit Card

HSBC Bank’s Cashback Credit Card is a distinctive offering that brings numerous benefits to its users. With no application fee, this card stands out as a cost-effective choice. One of its remarkable features is the unlimited rewards it offers on all purchases, allowing cardholders to earn rewards on every transaction they make.

Enabled with VISA Paywave technology that allows contactless payments, the HSBC Cashback credit card provides a rewarding and user-friendly experience to its customers.

Key features

• Zero joining fee
• Annual membership fee of Rs 750 will be reversed if your total annual spend exceeds Rs 100,000
• Unlimited cashback on all transactions
• 1.5% cashback on all online spends, excluding transfer of funds to online wallet, and 1% on all other spends
• Cashback also available on instant EMI facility on your card across listed merchants.
• Allows you to pay your credit card dues in EMIs, such as balance transfer on EMI, cash-on-EMI, loan-on-phone, etc.

 

IDFC First Select Credit Card

IDFC First Select is a zero annual fee credit card that comes with a high rewards rate. The card is based on an incremental spend reward points model, where the earnings increase once you reach a particular spending milestone.

Key features

• Zero annual fee
• 10X reward points on incremental purchases greater than Rs. 25,000 per billing cycle
• 6X reward points on all online purchases up to Rs 25,000 per month
• 3X reward points on all offline purchases up to Rs 25,000 per month
• Gift vouchers worth Rs 500 on spending Rs 15,000 within 90 days of card set-up
• 5% cashback on your first EMI transaction made within 90 days of card set-up
• Buy 1 get 1 offer on booking movie tickets (Up to Rs. 250 per ticket) via Paytm mobile app (twice per month)
• Complimentary domestic airport lounge and railway lounge access (4 per quarter)

 

Amazon Pay ICICI Credit Card

Amazon Pay ICICI Credit Card is a credit card available for Amazon Prime members and offers cashback of up to 5% for purchases made on Amazon, along with a 1% cashback across all online and offline spending. The card is free for a lifetime, and one can apply for it through the Amazon website or application.

Key features

• Zero joining fee
• 5% cashback on Amazon spends for Prime members
• 3% cashback on Amazon spends for non-Prime members
• 2% cashback on spends at Amazon Pay partner merchants
• 1% cashback on other spends
• 1% waiver on fuel surcharge across all petrol pumps in India

 

FAQs

What is a credit card?

A credit card is a financial instrument that allows cardholders to make purchases on credit up to a predetermined credit limit. It enables users to borrow money from the card issuer to make payments and settle the dues later.

How do credit cards work?

When you use a credit card to make a purchase, the card issuer pays the merchant on your behalf, and you incur a debt to the issuer. You need to repay it by the due date to avoid interest charges. If you pay the full outstanding amount, there will be no interest, but if you carry forward a balance, interest will be levied.

How can I apply for a credit card in India?

You can apply for a credit card in India through various channels, including online application on the bank's website, visiting the bank branch, or through pre-approved offers. The bank will review your creditworthiness and other eligibility criteria before approving your application.

Does SBI have lifetime free credit card?

SBI Bank offers the SBI Lifetime Free Credit Card without any annual fee.

What is a lifetime free credit card?

A lifetime free credit card is a credit card offered by most banks and does not have any joining or annual fee.

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com