Don’t have a savings account but want to get a credit card? No issue! You can now start an online digital savings account with no balance and apply for a credit card at the same time.
Here are just a few of the benefits of using a free credit card. With it, you can take advantage of discounts, build your credit score, enjoy a billing cycle of around 45 days, and much more. For those who don’t currently have a credit card, a Kotak free credit card is a great option.
Advantages of Opening a Zero Balance Savings Account:
With a zero-balance savings account, there is no minimum balance requirement, and your payment is automatically deposited into your bank account. Debit cards, checkbooks, Kotak 811 credit cards, internet banking, and other services are also available, subject to some requirements. Owners of these accounts can also be eligible for improved credit terms.
No Balance Maintenance
The first benefit of opening a zero-balance savings account is that you have the liberty to keep your account balance at 0 if needed. You have no minimum balance maintenance criteria. So if you want to keep the account at nil balance, you can do that without paying any penalty fee. But one thing you have to keep in mind is that if you keep an account at 0 balance for a long time, the bank may discontinue it. Therefore, ensure you maintain a minimum balance every month to avoid issues like that.
Net Banking
You may manage your zero balance savings digital account and keep a close check on your finances with Net Banking services from your home, office, or anywhere else with internet access. You may access your account information with Net Banking, including a summary of your account, statements, and fund transfer information. Not only that, but you may also order draughts, request another account online, pay bills and use utilities, register for SMS notifications to your phone number, and do a lot more.
Receive Interest
The Zero Balance Savings Account eliminates your concern about running out of money in your account and paying a fee for dropping below the allowed amount. Additionally, having a zero-balance account does not preclude you from receiving interest. Still possible to get tax-free interest income up to a certain limit.
Cashless Convenience
Customers of zero-balance savings accounts receive an ATM/debit card that gives them access to a sizable network of ATMs throughout India. For purchases overseas, you can also select foreign debit cards.
Lifetime Free Credit Card
The most alluring advantage of a zero-balance digital account is that you can apply for a lifetime free credit card. You do not have to pay anything to apply for this card, and even the maintenance fee is also nil in this case. You can enjoy all the benefits of your Kotak-free credit card only when you apply for a zero-balance savings account.
Benefits of Lifetime Free Credit Card:
No Documentation
No income documentation is required while applying for the Kotak 811 credit card. Homemakers, students, and self-employed can easily apply for a credit card without worrying about providing evidence of their income.
Use in Emergency
Additionally, the card can be useful in an emergency. With a cash advance, you can make money up to 90% of your entire credit limit without paying interest for up to 48 days.
Apply Online
On the mobile banking app for the bank, applying for a credit card is simple. There is no paper used in the procedure. Within 7 to 10 working days, the Kotak 811 credit card will arrive at your communication address.
What If You Do Not Have a Zero Balance Digital Account?
The minimum requirements for obtaining a lifetime free credit card include pledging an asset as collateral before securing a credit line, having a specific minimum credit score, demonstrating your ability to make the required minimum monthly payments, and continuing to make monthly payments to maintain card financing.
Conclusion
The advantages of using a lifetime free credit card against savings accounts include establishing or restoring your credit because card issuers typically report to credit bureaus, the ability to earn interest on your collateral deposit, the fact that you only lose your security deposit if you default on your payments, and the ability to establish or restore your credit. The payment of the security deposit, various additional fees, and paying higher interest rates are all drawbacks of obtaining secured credit.
