If you are credit worthy all banks love to give you loans and credit cards. This means you know how to manage your finance and you payback your loans well in time. Banks and finance companies provide free credit cards to these kind of good customers where no charges are levied. Lifetime free credit cards are those where, there are no joining fees & annual fees charged. As long you have this card and you are using it, the lifetime free offer continues. However, do not think that banks will not charge you interest, late payment fees, limit exceeding charges and all other charges. Be cautious, rest all charges will be very much applicable as per the card features.
Why banks offer Lifetime Free Credit Cards ? To get good customers whose credit reports have been good and those who are not willing to go for charged cards. There may not be great offers such as free lounge access, heavy cash backs, insurance coverage etc. on such Lifetime Credit Cards as banks mostly try to keep their cost low. Banks mostly earn interchange charges (MDR) from the merchants when you do a transaction via swiping the credit card or pay online. Also, if you delay payment then banks earn through late payment fees and hefty interest that they charge on credit cards. However, customers should feel happy that they are getting Lifetime Time Credit Card for free and the credit limit which they can use when they need it.
Should you apply for a Lifetime Free Credit Card ? It depends on your need, if you are not going to use your credit card much and will not be able to utilise the offers, then go for Lifetime Free Credit Cards instead of going for charged cards. If you already have a Lifetime Free Credit Card along with other cards, then why surrender, use it once a while and keep the card live. The additional credit limit that you are holding in this Lifetime Free Credit Card can be keep as an emergency fund in case some exigencies arise.
