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:
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 |
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 |
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. |
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 |
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. |
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. |
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. |