Credit cards with no annual fees can help you keep costs down, because these credit cards offer free annual fees for card life or annual fees that are written off for the promotional period (such as the first year of your card). Some credit card issuers also release annual fees on an ongoing basis if you meet certain criteria, such as using a certain amount each year.
Credit cards with no annual fees not only help save costs but also have other benefits including balance transfers, awards or frequent flyer points and other travel benefits. You are advised to look for other references to get a credit card with no annual fees according to your needs. You need to compare and find out more about the credit card features with no annual fees. It is expected that you can get a low-cost credit card according to your needs.
What are credit cards with no annual fees?
With a credit card with no annual fees, you won’t be burdened by your annual account maintenance costs. According to finder.com calculations, when compared to credit cards that charge an annual fee, credit cards without annual fees can save costs starting from IDR 125,000 to IDR 3,500,000 or more per year.
But it must be remembered that credit cards with no annual fees generally have a high interest rate if used for purchase. Credit cards without annual fees also offer a few additional features, such as a gift program, or other free promos.
One more thing that must be acknowledged is that credit cards with no annual fees cannot be said to be the best, because everyone has a habit and the amount of expenditure that is different from the use of a credit card owned. All you can do is compare options and details of credit card offers without annual fees, so you can use credit cards wisely.
As stated above that credit cards with no annual fees have very limited features. This is different from credit cards with annual fees that offer various additional features and benefits.
If there are other features that you want in addition to the annual fee of IDR0, you can compare credit cards that combine no annual fees with everything from 0% interest rates to frequent flyer, free reward and extra points.
As stated at finder.com, there are several types of credit cards with no annual fees, as follows:
• Annual fee of IDR0 and 0% balance transfer credit cards
• There is no annual fee frequent flyer credit card
• There is no annual low credit card fee
• Reward credit cards without annual fees
• Travel credit cards without annual fees and without foreign transaction fees
What Must be Considered?
Before you apply to get a credit card with no annual fees, it’s a good idea to ask yourself about everything related to the annual fee card you are interested in. Here’s the question that you should know.
How often do you use a credit card? If you still rarely use a credit card, you need to have an annual credit card that can be used for unexpected expenses or emergencies. With this card you can save on expenses.
Do you have a balance? Banks generally charge a higher interest rate on credit cards with no annual fees. The costs that you bear actually become expensive. Thus, you might need to consider a low interest credit card.
Do you have debt? It’s a kind of trap. You may be out of control to use a credit card. You no longer think of the ability to pay credit cards because all you have in mind is paying off debt – using a credit card. In such conditions, it is necessary to consider a balance transfer credit card to save money on interest costs.
What are the benefits of a credit card that you want? Credit cards with no annual fees generally have fewer facilities than cards that have annual fees. If you are interested in features such as free gift and insurance programs, having a credit card without annual fees becomes less suitable. You need to consider other options such as cards with annual fees so that you can find options that suit your needs.
Will you use a credit card after the annual promotion fee ends? If the card without annual fees only applies during the promotion period, do you only want to use the card until the delivery period ends? You can still cancel the card before the annual fee applies if the card does not have competitive interest rates or additional features. If you are the type of person who doesn’t like complicated problems, you need to consider a card with a low annual fee or IDR 0 for life.
How much do you have to pay for other credit card bills? In theory, a credit card with no annual fees can help you save money, but in reality it doesn’t mean you won’t pay fees or get a free credit card. You are advised not only to check interest rates but also other credit card fees that might apply, such as foreign transaction fees, late payment fees, and cash withdrawal fees. What you do can help you find a card that is affordable.
Best No-Annual-Fee Credit Cards
For many consumers, a credit card with no annual fees is the most appropriate choice because it saves costs. With a credit card without annual fees, you will have plenty of access to a number of benefits, including cash back, free credit scores and discounts with hundreds of no-load traders maximizing the benefits of cards to offset annual fees.
U.S. News launches news about credit cards with no best annual fees. The following are the results of the report.
• Discover it® Cash Back: Best for rotating bonus categories with no annual fee and 14-month balance transfer offer.
• Bank of America® Cash Rewards credit card: Best for gas rewards with no annual fee.
• Citi® Double Cash Card — 18 month BT offer: Best for flat-rate rewards with no annual fee.
• USAA® Rate Advantage Visa Platinum® Card: Best for low ongoing APR and no annual fee.
• Discover it® Student Cash Back: Best for student rewards with no annual fee and a cash-back match.
• Discover it® Secured: Best secured card with no annual fee.
• SunTrust Prime Rewards Credit Card: Best for balance transfers with a low ongoing APR and no annual fee.