If you find credit cards with no annual fee, they basically mean that you do not have to pay a regular fee in order to continue using them. Not only is this a free card; it also has rewards that include miles, hotel stays, cash backs, gift cards, and many others. If you want to get one of these cards, you might want to consider several factors before deciding on a particular card.
Which Credit Card is Best for You?
The card you will select is contingent on your financial goals, requirements, spending habits, and debts. Here is a simple guide that will help you determine which card suits you best:
- For quick and huge cash back rewards, go for Chase Freedom. This card offers huge cash backs on different categories of purchase. Likewise, when you sign up, you instantly get a hefty bonus, which is credited into your account.
- If you have debt that you would like to eliminate fast, go for Citi Platinum Select. This card offers great balance transfer offers designed to help people who are struggling with paying off their debts. It also offers low to zero interest rates on purchases.
- For fewer fees, go for Capital One Cash. This card allows you to earn rewards and to enjoy lower payments. This card gives cash back rewards on your purchases and an enticing APR within a certain period from signing up. It also offers no foreign transaction fees. If you feel that Capital One Cash does not fit your needs, you can also try Capital One VentureOne. This gives you the opportunity to earn miles from your spending. This card offers no foreign transaction charges well.
Other Credit Cards to Consider
Aside from the top creditors in the United States, there are also credit cards with no annual fee offered by little known banks. An example is the Iberia Bank Visa Classic, issued by the Louisiana-based financial institution. It not only offers freedom from annual fees but very low interest rates for cardholders as well. The only catch to having this card is that you are required to have a good credit rating in order to be approved for this card.The PenFed (Pentagon Federal) Platinum Rewards Card is another good alternative. This card is issued by the credit union, which was established to provide services to the armed forces. Membership for this card is open to everyone, so you do not have to be a member of the credit union in order to qualify for this card. You may need to pay for your application, though, which the union considers as your donation to their organization. The PenFed (Pentagon Federal) Platinum Rewards Card does not have an annual fee and also provides points whenever you purchase gas and merchandise at grocery stores.
Whatever card you choose, it is important that you pay your balances in full every month in order to avoid getting into so much debt. If it cannot be helped and you often carry balances, you can opt for the Chase Slate or Iberia Visa Classic. These cards do not have penalty and late fees. Cards, such as the American Express Fidelity Investment Rewards Card and PenFed Platinum Rewards Card are for those that do not carry balances as well. These can give you greater cash back rewards compared to other cards in the market today.