(5.00 out of 5) (5.00 out of 5) (5.00 out of 5) (5.00 out of 5) (5.00 out of 5) (5.00 out of 5)
(4.80 out of 5) (4.67 out of 5) (4.50 out of 5) (4.50 out of 5)Credit card and finance computations can make your head spin, we have developed common calculators to assist you.
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Competition for your credit card business is quite fierce. When credit cards first came out, the best credit cards, those with great perks and rewards programs, also came with annual fees. Annual fees were fees the user paid simply for the privilege of using the credit card. However, as competition for credit card business increased, more and more companies began offering no annual fee credit cards. Today, you do not have to pay an annual fee for a regular credit card that comes with nice perks, because there are numerous no annual fee credit cards available… read more.
Card Issuer   |
Brand |
Interest Rate |
Interest Free |
Annual Fee |
Transfer Rate |
 |
 |
 |
18.24% per annum |
44 days (up to) |
$0 | 7.99% | |
 |
 |
19.24% per annum |
55 days (up to) |
$24 | 5.99% | |
 |
|
16.99% per annum |
45 days (up to) |
$0 | 5.99% | |
Benefits Are Available
So what kinds of benefits can you find with no annual fee credit cards? One benefit is a great rewards program. Rewards programs help you earn points or credits that you can use to purchase merchandise, gift cards, airline miles, and many other items.
You may even be given identity theft or fraud protection with a no annual fee credit card. This didn’t used to be the case. In the past, credit card users had to pay substantially for this protection, but more and more it is becoming available without added costs.
Some no annual fee cards offer great introductory rates. If you have a large balance on another card that you need to transfer to a low or zero percent credit card, you can find a card with no annual fee. In fact, paying an annual fee just to get a low interest rate is now a bad financial decision.
What About Bad Credit?
If you have bad credit, you may still be able to get a no annual fee credit card. However, your card is going to cost you more than it would for someone with good credit. The increased cost comes from a higher interest rate, not an annual fee. If your credit is too low, however, you may not be able to qualify for a credit card, regardless of whether or not it has an annual fee.
Avoiding Annual Fees
When you apply for a new credit card, do not ignore the fine print. This is where the annual fee may be hiding. If you are filling out a paper application, flip it over and read the boxes on the back. Look for an annual fee to be listed. If there is one, look for a different card. If you are applying for your new card online, be sure that you read all of the terms and conditions before you apply.
If you find that you inadvertently applied for a card that had an annual fee, cancel it as quickly as possible. When you call to cancel, be sure that the company knows why you are canceling. They may offer to drop the annual fee to keep you as a customer. If not, cancel the card. There are so many other card options out there that are no annual fee credit cards, so there is no reason to pay for a card. The exception to this rule is if you are purchasing a business credit card. However, personal users can fulfill their credit needs without paying annual fees.
