Credit cards have become a necessity in today’s world. It increases your purchasing power, build a credit score and earn rewards. Considering these aspects, annual fee on credit card may not seem like a lot. However, there are many credit cards with no annual fees.
Here are the top five credit cards with no annual fees.
Kotak 811 #DreamDifferent Credit Card is a lifetime free credit card. Kotak Aqua Gold Credit Card has been re-branded as a 811 Credit Card. It is a secured credit card i.e. the banks offer this card on the back of a Fixed Deposit.
Who can apply for Kotak 811 Credit Card?
- Only Indian residents can apply
- The age of the primary card holder should be between 18 years to 75 years. The add-on card holders need to be above 18 years.
- The credit card can be availed on the back of an individual Term Deposit(TD).
- The minimum fixed deposit amount is Rs. 15,000
- No income proof or credit score is needed to apply for the credit card.
Features of 811#Dream Different Credit Card
- No joining fees or annual fees
- Low minimum fixed deposit of Rs.15,000
- Ability to fix your credit limit
- Maximum credit limit is 80% of your FD
- Overall high credit limit of Rs.12 lakhs
- Apply for Kotak 811 Credit Card Online through mobile banking application
- 500 bonus reward points on Rs.5,000 spend in the first 45 days
- Rs.750 cashback on annual spends of Rs.75,000
- Interest free cash withdrawal of up to 48 days
Related Article: How to Apply for Kotak 811 Credit Card Online
Kotak Fortune Gold Card is another credit card of Kotak Mahindra Bank that does not have an annual fee and is free for life.
Cardholders can get the benefit of interest free cash withdrawals, fuel surcharge waiver, 0% balance transfer.
- Access Cash easily: You have many ways to withdraw cash from your credit card during an emergency. You can withdraw money from Kotak or other bank ATMs. You also have the option to visit your nearest branch to withdraw cash or transfer fund. Online fund transfer and demand draft is also available.
- Cash withdrawal limit: The maximum cash withdrawal limit of the card is up to 50% of your credit card limit. The card comes with an interest free period of up to 48 days.
- Fuel Surcharge Waiver: Get fuel surcharge waiver while making transactions between Rs. 500 and Rs. 3000. The maximum fuel surcharge waiver that you can avail in a calendar year is Rs. 3500.
- Fortune Shield: If your credit card is stolen, you will get a cover of Rs. 50,000 against any fraudulent use of your card for up to 7 days before reporting.
- PVR tickets or Cash back: You get four PVR tickets by spending Rs. 1.5 lakhs in a year. Or you can avail a cash back of Rs. 750.
- Get Add-on Card: You can get an add-on card for a family member above 18 years. You can set the spend limit on your add-on card as per your wish.
ICICI Bank Instant Platinum Credit Card is another free credit card that comes with no annual and joining fees. The credit card is issued against fixed deposits which makes it a good option for individuals looking to build credit history or improve credit score.
- Easy online application: The application of the credit card is easy. If you have an ICICI Bank account, you can log on to ICICI Bank’s net banking portal or mobile banking app to apply for the credit card against FD.
- Contactless credit card: The credit card comes with contactless technology that helps to make quick payments.You can pay payment of up to Rs.2,000 without dipping your card.
- PAYBACK Points: You can earn PAYBACK Points by using your credit card. It can be later redeemed with your purchases. You can earn two PAYBACK points on every Rs.100 spent (except fuel).
If you shop a lot on Amazon, ICICI Bank’s Amazon Pay Credit Card without annual fees can be the ideal option for you. Customers can get a percentage of your value of your purchases back as Amazon Pay balance.
- Fees: ICICI Bank Amazon Pay Credit Card doesn’t have any joining fees or annual fees.
- Earnings: There is no maximum limit on how much you can earn from this card. To use your earnings, you can make purchases on Amazon and other partner merchants.
- Cash back: If you are an Amazon Prime customer, you can earn 5% back on Amazon. Non Prime customers earn 3% back on purchases on Amazon. You can earn 2% back on Amazon Pay merchants while using the card on Amazon Pay as payment method. Also, you can earn 1% back on all other payments. The earnings will be in the form of Amazon Pay balance.
- Offer: You can save a minimum of 15% on your bill while dining at participating restaurants.
- Waiver: Cardholders get a complete waiver of 1% on fuel surcharge whenever you refuel your vehicle.
SBI Unnati Credit Card is a another secured credit card with no annual fees for the first four years. After the 4th year, an annual charge of Rs.499 is applicable.
- Minimum FD Amount: A minimum fixed deposit of Rs.25,000 is needed to apply for Unnati card.
- Rewards: You can get 1 reward point for every Rs.100 spent paid through the card. The Reward point can be used to redeem gifts available on the reward catalogue.
- Fuel surcharge waiver: Cardholders get 1% fuel surcharge waiver for transactions worth between Rs 500 and Rs 3000.
- Milestone Rewards: You will receive Rs 500 Cashback, if you spend an annual amount Rs 50,000 or more.
- Application: You can apply for an SBI Unnati Credit card by visiting the nearest SBI bank branch. Online application of the credit card is still not available.
Conclusion on Credit Card with no annual fee
These credit cards can help to build and repair your credit score. As these credit cards are offered against fixed deposits, it can be offered to the customers with minimum processing without any joining fees or annual fees.
Click here to check out other bank credit cards.
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