There is nothing more satisfying than a freebie. Most people are not only on the look out for the best deals but for free deals as well. Credit cards are no exception. Who doesn’t want to have the convenience offered by credit cards for free? The concept of a free credit card is enticing and desirable. The question is, are they for real? Is there really a credit card that is offered for free?
Well, the answer really depends on your definition of free. So, it can be both a yes and a no. If by free you mean absolutely free, then it just does not exist. Rarely will you ever find anything that is absolutely free, especially from a company that’s sole purpose is to make a profit. The word free, when it comes to credit card offers, comes with a condition.
You must have heard offers of a free credit card. But these cards are only free to the extent of fees such as annual fees and processing fees. If you fail to pay on time, you will still be charged with interest rates and for some, even late payment penalties.
However, if you always pay in full and on time, then you will not be made liable for interest rates, making your credit card in fact, absolutely free. So, whether or not there is a free credit card will depend on your capacity to keep it free.
If you get an offer for a free credit card, find out whether or not the waiver of annual fees and processing fees is good for as long as your credit card is effective or is only limited for the first initial period. If it is only limited for the initial period, it is important to find out what kind of fees you’ll be paying later. This is to ensure that you won’t be paying more fees than you are willing to pay. So, it is crucial to make credit card comparisons to ensure that you get the best deal there is available.