Gone are the days when having a credit card and flaunting it among your peers and relatives was a sign of high status. Today, almost everyone has a credit card be it the common middle-class man or a high net worth individual. With cashless transaction becoming more and more common, who would want to be inconvenienced with carrying cash? Credit card transactions are more secure and easy and do not require physical payment of cash. What’s more, you also get to pay for your purchases at a later date and reap great rewards on your card!
With credit cards gaining popularity, banks are increasingly cashing in on the increased demand. As a result, newer cards with maximum benefits are being offered by banks. However, many cardholders feel cheated when the banks charge them annual fees for continuing to use their cards. With so many mounting expenses, who wants another outgo in terms of an annual fee for the credit card? But what if there are credit cards which do not charge any annual fee? Here is the list of top 5 cards that do not charge an annual fee:
- HSBC VISA Platinum Credit Card –this card takes the prime position in my list because of the wide range of benefits it promises. It is an all-round card offering benefits and discounts on dining, movies, lifestyle expenses, fuel surcharge waiver, etc.
- ICICI Bank Instant Platinum Card – as the name of the card suggests, the card is available over the bank counter if the applicant holds a fixed deposit with the bank of a minimum value of Rs.20, 000 for a minimum tenure of 180 days. There is no joining fee or any additional card fee. Apart from this, the card offers multiple discounts on movies, dining, shopping, etc.
- Citibank Platinum Credit Card – a free credit card which gives extra benefits to the cardholder and does not charge any annual fees. The card also promises rewards on dining, movies and other lifestyle spends.
- Axis Insta Easy Credit Card – another card which is offered against a fixed deposit maintained with the bank of a minimum value of Rs.20, 000. The card can be availed instantly and features great benefits.
- RBL Bank IGU NHS Golf World Card – a specialized credit card for golf lovers which gives special privileges related to golfing in addition to various other features and benefits.
The following is a table which shows the cards and their respective benefits in a more reader-friendly view:
Table 1: Comparison of above credit cards across key criteria*
Name of Credit Card
HSBC VISA Platinum Credit Card
Age 18 years and above with a minimum income of Rs.4 lakhs
3 times reward points in the first year on dining, hotels and telecom.
2 reward points for every Rs.150 spent.
5 times the reward points on exceeding spending above Rs.4 lakhs.
Movie vouchers worth Rs.500 on spending Rs.50, 000 on the card.
Fuel surcharge waiver up to Rs.250 every month.
15% off on dining across 700 outlets.
ICICI Bank Instant Platinum Card
An existing Fixed Deposit with the bank of a minimum of Rs.20, 000 for 180 days
3 payback points for every Rs 100 spent.
Rs.100 discount on minimum two movie tickets booked through bookmyshow.com twice every month.
15% off on dining across 800 restaurants.
2.5% fuel surcharge waiver at ICICI Merchant Services
Other VISA offers on wellness, luxury hotels, spas and more
Citibank Platinum Credit Card
1 reward point for every Rs.150 spent on the card.
5 times reward points at select merchant outlets
Exclusive offers on dining and entertainment.
Facility of converting big purchases into EMIs
Axis Insta Easy Credit Card
Rs.500 which is refunded on spending Rs.5000 on the card within the first 45 days of issuance
An existing Fixed Deposit of at least Rs.20, 000
6 points on domestic spends.
12 points on international spends
100 points on the first online spend through the card.
2.5% fuel surcharge waiver up to Rs.400 every month.
Purchases above Rs.2500 can be converted to EMIs.
RBL Bank IGU NHS Golf World Card
Age 18 years and above
2 reward points on every Rs.100 spent.
10 points for spending Rs.100 at select partner outlets.
IGU NHS Golf membership.
Rs.15, 000 bonus for achieving hole-in-one.
50% discount in green fee access
Complimentary priority pass membership and two free quarterly access to domestic airport lounges
24×7 concierge service
*The above table is indicative and credit card features are liable to change from time to time.
So, owning a credit card is easy with no requirement of annual or joining fees. So what are you waiting for? Go grab your card and enjoy the perks that come with it, however make sure you check your credit report and score before completing the new card application.