The Best No Annual Fee Credit Cards

Category: Finance, Credit.

The majority of banks now offer no annual fee credit cards to lure in potential customers.

Don' t jump at the offer you receive though. Picking a card with no annual fee can save you a lot of money. Choosing the right card can be tricky and knowing what kind of agreement you are locking into is important. Everything you need to know about a particular credit card and its policies can be found either on their website or in the fine print included with your card. Tips for Choosing the Right No Annual Fee Credit Card. As a responsible card- holder, you need to be aware of the terms you are agreeing to. Though the information printed about your card's account terms may seem like boring copy or legal talk, it is important to read through it.

Read the fine print every time. The fine print often contains the most important details about your credit agreement, including additional fees you may otherwise not be unaware of. Take the time to note the changes in the policy to avoid paying extra fees. Credit card companies also update these policies from time to time and mail the new copy with your billing statement. Be aware that over time the interest rate of your no annual fee credit card may go up by 10% or more. Just know that this usually means there will be a large increase in the interest rate in the near future. Introductory rates look good and work well to draw new customers in.

Be sure to know the policy on late fees. Many cards also have a policy that the low APR is only locked in as long as payments are made on time. Some credit cards charge as much as$ 39 for a late fee, which makes up for them not charging an annual fee. Late payments may result in an instant increase in your interest rate. They can snowball if left unchecked. Learn the company's policy on over- the- limit fees. A late fee is all it takes to put you over- the- limit and without making a purchase you could owe an additional$ 80 or more to bring your credit card current.

The Best No Annual Fee Credit Cards. Check to see if the credit card company offers any type of benefit like traveler's miles, a purchase protection, merchandise perks plan, gas rewards or, balance transfer options a cash back reward system for using the card. Every credit card has different terms. The right no annual fee card can help you save money. Carefully look over each option to decide which one would work best for your financial situation and spending style. Chase Bank offers a Platinum Business Card that has an introductory rate of 0% with no annual fee and the APR is just 124% . Citi Bank offers the CitiBusiness Card that has a low APR of 174% , no annual fee, merchandise discounts and a 0% introductory offer.

The Discover Business Card offers a 199% APR, no annual fee and cash back rewards. The American Express Simply Cash Business Card offers no annual fee, unlimited cash back for purchases made with the card, a 0% introductory rate and a low 25% APR.