Apple states that my recent purchase of iPhone SE (2020) comes with 1 year free access to Apple TV . The website requests my credit card information. If Apple TV is free for 1 year then Apple does not have any need for my credit card information.

You should first redeem the offer on their new Apple device, within the first three months. This will require a valid payment method, as you sign up for a subscription that will auto-renew until canceled. Once you have the subscription, it will be available on other compatible devices as well.

On browser on computers, you may be asked again for a credit card. This is not about payment, but about user verification and consent for e.g. TV-MA content. Parental controls for Apple TV+ on the web - Apple Support

Read here how to redeem: Apple TV+ - One Year Offer - Apple

Read here about the conditions: Apple TV+ one year offer - Terms and conditions - Apple

Read here if you have trouble redeeming: If you can't redeem your promotional trial of Apple TV+ - Apple Support