Pls let me know is there any gimmick or googly behind offering us lifetime free credit card, is there will be any hidden charges banks will levy on us. because its not possible for us to understand the technically written terms & conditions. which we dont understand really or get bored of reading such a long lists.
RE:Lifetime free credit card
by kris ch on Jul 17, 2007 05:50 PM Permalink
I am using HDFC credit card. Its a life time free card. Only thing you should ensure is to pay the full amount within the due date and you can enjoy the benefits. No interest, no charges.
RE:Lifetime free credit card
by hrp on Jul 17, 2007 05:54 PM Permalink
"life-time-free" - meaning of this changes time-by-time and bank-by-bank.
I got a lifetimefree card but every year, they charge a renewal fee of Rs.750 taxes. and as I yearly-routine work, I call customer care and blast them with all possible words. Finally, they will reverse the transaction. (they cancel the charges).
this is happening for me for the last 2 years (with CitiBank) and I hope, most of the CC users have this kind of experience.
RE:Lifetime free credit card
by Amrit Rao on Jul 17, 2007 06:01 PM Permalink
Please note that in a life time free card the annual fees will not be applied. However, please ensure that you pay the full statement balance on your card account on or before the payment due date otherwise interest charges will be applied on the next statement and these would include from the very first transaction of your card statement.
RE:Lifetime free credit card
by Shriniwas Deshpande on Jul 17, 2007 08:12 PM Permalink
No . There are no hidden charges. These banks love to charge exorbitant interest as U have seen in the said article. If You withdraw Rs. 100 in caSH . u OWE bank Rs. 100 150 Interest even if u are paying the next day. In US the rate of interest is 2% per annum in India it is 28 to 48 %
