Most banks issue credit cards with no issuance or maintenance fees when you have your salary paid directly into an account with them. Card may also be free if you choose a deferred payment method or if you meet some other requirement.
When your salary is paid directly into a bank account, credit cards often offer substantial benefits in terms of interest payments, annual or semi-annual maintenance fees, travel and life insurance, bonuses that allow you to recover a % of your spending and commercial links with other businesses, such as petrol stations, restaurants, supermarkets and travel agencies, offering special discounts.
But when you get a credit card from a financial institution without such an arrangement, with no associated products, there will almost certainly be some cost and higher interest rates, and this may also affect approval or your credit limit, depending on your income profile. Having your salary paid into your account is the best approach for obtaining a credit card. Banks usually offer very competitive financial products with excellent features for customers. But some banks only provide free credit cards for the first year, so you must read the terms and conditions carefully to avoid future surprises. It is always best to inform yourself of the terms and conditions before you apply for your card.
And even if your credit card has no annual fees, you still have to pay interest if you decide to use one of the deferred payment methods - payment in fixed instalments month by month or payment of a percentage - or if you withdraw cash.
Credit cards can also be turned into virtual cards by linking them to mobile devices using applications such as Apple Pay, Samsung Pay and Google Pay. This system provides you with greater security, and makes it easier to always have your cards with you, wherever you are.
Visa and MasterCard credit cards
If you want a credit card to pay for your purchases in instalments, you need to choose a card that allows you to pay confidently and securely in businesses all over the world. Having a MasterCard or a VISA card is like having a passport to pay in the vast majority of businesses worldwide. They are ideal when you are travelling, as they usually come with very attractive insurance benefits, for both travel and accidents. And, as we have mentioned, they often have agreements with other establishments offering you additional benefits when using these payment methods.