Lifetime free credit card – a card with no joining or annual fee. But are there no fees involved at all? There are! Here are some of the most common ones.
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Annual Percentage Rate (APR)
Also called interest rate, APR is applicable on outstanding credit card dues. The APR can start from 1% p.m. and go up to 5% p.m.
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Cash advance fee
If you use the credit card for ATM withdrawals, this fee will apply. It will be calculated on the amount withdrawn and payable till repayment.
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Overlimit charges
Transacting more than the allowed credit limit is called going overlimit. If that happens, this charge would apply. It is typically up to 3% of the overlimit amount.
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Late payment fee
Delaying credit card bill payment, beyond the due date, attracts a late payment fee besides the APR.
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Forex mark-up fee
This fee is levied if you use the credit card for making international payments - for example, on a foreign website or when traveling abroad.
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Lifetime-free credit cards are not entirely free. For low charges, choose Metra Trust Credit Cards with APR starting at just 9% p.a.