No Fee Credit Cards
Finding a credit card usually means choosing from a wide array of credit card options. Many banks charge an annual fee for the use of their credit card. Other lenders offer no-fee credit cards.
Paying an annual fee on your credit card can be worth the cost if it means earning higher rewards. Having no-fee credit cards can also be especially valuable if you’re trying to build your credit score.
Most no-fee credit cards don’t offer rewards programmes, in order to save on maintenance costs.
A credit card with no annual fees could save you money.
In the case of credit cards that do charge an annual fee, these are the types of fees that may be charged:
- A Late payment fee is a charge that can apply if you don’t pay at least the minimum payment, shown on your statement, by the due date.
- Cash advance fees are charged when you sue your credit card to withdraw cash from an ATM, or over the counter at banks.
- An over limit fee may be charged if your account is in excess of your credit card limit.
No-fee credit cards will typically require good to excellent credit for approval and have quite a number of money-saving benefits.
Benefits of signing up for no-fee credit cards:
- You can build your credit and you have the freedom to cancel the card whenever you choose.
- You can secure a personal or business line of credit for use in emergencies
- You can leverage 0% APR offers to save money on interest while you work towards becoming debt free
When you sign up for a credit card, make sure to look at the fine print for additional fees, including late, over limit and payment by phone fees. Make sure that you compare various lenders too.
