Tired of paying up to 20 NIS / month (240 NIS / year) for a credit card with little to no benefits? Want a backup card? Then, the Leumi Free Card is for you.
The Leumi Free Card is a no-cost, fee-free Israeli credit card – open to customers of all banks – with no minimum spending requirement and no tricks.
The Pros of the Leumi Free Card
- NO FEES / NO MINIMUMS – There are no fees whatsoever, including no minimum amount which you are required to spend each month to maintain the card’s fee-free status.
- It’s available to anyone – Customers of all banks can be cardholders.
- It’s a Visa card – Some people have primary credit cards which are not universally accepted (e.g., Diner’s, American Express) because they have cheaper monthly fees or offer more robust benefits. The Leumi Free Card can be your extra card for when a merchant will not honor your primary card.
- It can withdraw money from your bank account – The card can be used to withdraw money from ATMs. The amount you withdraw is deducted from your bank account within three business days.
- It’s an international card – There are both Gold (זהב / zahav) and International (בינלאומי / beinleumi) flavors of the card, both of which are fully-fledged cards that can be used to make purchases from international websites or when you are overseas.
The Cons of the Leumi Free Card
- No points or benefits – Most Israeli credit cards offer a modest benefit scheme (e.g., buy one, get one free tickets at the movies when you spend 1,500 NIS / month using the card). The Leumi Free Card offers no benefits. In fact, Leumi Free Cards are always excluded from special deals, benefits, and offers extended to all other holders of Leumi Cards.
- E-statements only – Leumi Free Card holders must log into the Leumi Card website to review their monthly statements. If a cardholder does not log in to review his statement at least once every six months, Leumi will begin sending him his monthly statements in the mail at a cost of 3 NIS / month.
Applying for the Leumi Free Card
- If you only have one credit card and are intending to cancel it, wait until after you apply for and receive your Leumi Free Card. Already having a credit card is part of Leumi’s check of your credit worthiness. You are welcome to cancel your other cards once you have your new Leumi Free Card in hand.
- Review the full terms of the card.
- Contact Leumi Card by calling *2133.
- You may have to be persistent in expressing your interest in the Leumi Free Card. It is not a very popular offering and certainly less lucrative for Leumi Card, so you may have to be clear that your intention is to apply for a Leumi Free Card and not any of their other products.
- Be prepared to provide a variety of personal information including your name, Israeli identification number (מספר תעודת זהות / mispar teudat zehut), date of birth, your household income, address, and the information for the bank account from where the monthly payment will be deducted.
- The representative will offer you a selection of days and times when a messenger will deliver your new credit card to you.