Friday, April 16, 2010

Save Money With No Annual Fee Credit Cards

No annual fee credit cards don't charge you a yearly fee for the privilege of using them. Most of today's consumers strongly resist the idea of paying extra money for the opportunity to make banks and other financial institutions more money. Interest charges are enough of an additional cost. Creditors have wised up to this trend and there are not as many credit cards that charge an annual fee than there once was. Credit cards may still charge an annual fee for three main reasons:

  1. For providing a fixed low interest rate.
  2. For providing extra rewards and other perks.
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What You Need to Look for in No Annual Fee Credit Cards

Credit card companies offer many incentives to choose their card over another card. One way they try to do this is to lower or eliminate fees, as in no annual fee credit cards. An annual fee is basically a service charge the credit card company makes to a person's credit card every year. It is like the credit card company charging the person for using their card. So no annual fee credit cards basically offer a person a free credit card.

Many times the annual fee is used to make up for savings on other fees. For example, many card companies offer low interest rates, but charge a higher annual fee. Other times the savings on cards with lower interest rates are void when one figures the annual fee into the equation. Many people are starting to catch on and are now looking for these low annual fee credit cards.

To find a good no annual credit card a person should compare a variety of no annual fee credit cards. By comparing they can find the card that will cost them the least amount. Many times credit card companies wave the annual fee for a certain amount of time or they raise interest rates to make up for the loss of the annual fee. The main things a person should look at is how long the no annual fee applies and how much it will be once the no annual fee time period expires. This could mean the difference in saving big or losing big.

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Wednesday, April 14, 2010

No Annual Fee Credit Cards

Credit cards with outrageous fees and mile-high interest rates are slowly declining in popularity, as more people realize the benefits behind no annual fee credit cards. Why pay to spend with a card when the card issuer already wins from your weekend splurge at Nordstrom's? This isn't to say that all credit cards charging yearly rates are a waste of time--plenty offer special perks and bonuses to their cardholders. However, there's a lot of useful information you may wish to know about cards without annual fees. No-Fee Must Know's:

o Find a no-fee card but don't like the listed APR percentage? Many credit companies can review your credit history and if they like what they see, you can potentially snag a lower rate.

o Many cards allow customers to go over their credit limit or make a late payment without penalty. However, it's necessary to check the small print, because repeat offenses may hurt you.

o Make sure you read the fine print--your no-fee card may roll over and charge you a fee after extended periods of time.

o Many card issuers charge high penalty rates on late payments, making up for an annual fee that isn't charged.

o Sometimes no-annual-fee credit cards don't offer all the special perks like travel miles or insurance that other types of cards do, so it's best to compare credit cards. reports that one card in particular, Discover More, offers some great perks in their no annual fee credit card reviews. Discover More offers cardholders a great APR rate, travel accident insurance and versatile cash back bonuses.

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