Keytrade Bank has one of the few free credit cards on the Belgian market

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Research by TopCompare shows that Keytrade Bank credit cards are among the few free credit cards in Belgium. With most financial institutions you will easily pay tens to hundreds of euro per year for a credit card, but the three credit cards offered by Keytrade Bank are free.

A credit card comes at a price

A credit card is a secure, flexible payment method that allows you to finance (unexpected) expenses without having to deduct the amount from your account immediately. This is a benefit that many people are eager to use, but one that often comes with a price tag. There are up to one hundred different credit cards on the Belgian market, issued by dozens of financial institutions. Most of these credit cards require an annual fee to be paid for their usage. The fee itself usually depends on what extras you want, such as insurance or air miles. For most credit cards, you will have to pay a few dozen euro, while for the most expensive credit card the annual fee can be as much as EUR 570. A credit card quickly becomes an extra expense that you need to factor in to your budget.

There are free credit cards on the market

Although you have to pay for most credit cards, there are also a few free credit cards on the Belgian market. Research shows that Keytrade Bank offers three of the eleven

credit cards: VISA Classic, VISA Gold and VISA Platinum. Each credit card offers different benefits, and the formula depends on your income and is subject to acceptance. You also have to open a current account. However, all three credit cards are free for the first year, and remain free for as long as you use them 12 times each year. This gives you financial freedom for EUR 0 per year.

But does free really mean free?

A credit card is described as free if you, the user, do not have to pay an annual fee, as is the case with Keytrade Bank. However, you should always be aware of other costs associated with credit cards – whether free or not. For example, withdrawing cash or making payments in the euro zone is free, but you will pay for currency exchanges once outside it. In addition, some credit cards also require you to pay interest if you spread the repayments over a long period of time. You pay no interest if you repay the money in full in the month following your purchase.

Free yet with many benefits

If a credit card is free, can you still enjoy the extras? For most credit cards, this is either not the case or the benefits are very limited. However, every option at Keytrade Bank does include benefits. For example, the Classic card includes a basic insurance package that protects your (online) purchases against theft or your purchase not being delivered. The Gold card also insures you against accidents and cancellations. A Platinum card comes with additional personal assistance and other extras. The credit card which is best for you will depend on your lifestyle and your needs.

article drafted in accordance with TopCompare

This article does not contain any investment advice or recommendation, nor a financial analysis. Nothing in this article may be construed as information with a contractual value of any sort whatsoever. This article is intended for information only and does not constitute in any way a commercialization of financial products. Keytrade Bank cannot be held liable for any decision made based on the information contained in this article, nor for its use by third parties. Every investment entails risks such as a possible loss of capital. Before investing in financial instruments, please inform yourself properly and read carefully the document "Overview of the principal characteristics and risks of financial instruments" that you can find in the Document centre.

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