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How to Choose a No Annual Fee Credit Card

Oct 30, 2007
The majority of banks now offer no annual fee credit cards to lure in potential customers. Picking a card with no annual fee can save you a lot of money. Don't jump at the offer you receive though. Choosing the right card can be tricky and knowing what kind of agreement you are locking into is important.

Tips for Choosing the Right No Annual Fee Credit Card
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. As a responsible card-holder, you need to be aware of the terms you are agreeing to.

Read the fine print every time. 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. The fine print often contains the most important details about your credit agreement, including additional fees you may otherwise not be unaware of.

Credit card companies also update these policies from time to time and mail the new copy with your billing statement. Take the time to note the changes in the policy to avoid paying extra fees.

Be aware that over time the interest rate of your no annual fee credit card may go up by 10% or more. Introductory rates look good and work well to draw new customers in. Just know that this usually means there will be a large increase in the interest rate in the near future.

Be sure to know the policy on late fees. Some credit cards charge as much as $39 for a late fee, which makes up for them not charging an annual fee. Many cards also have a policy that the low APR is only locked in as long as payments are made on time. Late payments may result in an instant increase in your interest rate.
Learn the company's policy on over-the-limit fees; they can snowball if left unchecked. 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.

Check to see if the credit card company offers any type of benefit like traveler's miles, merchandise perks, a purchase protection plan, balance transfer options, gas rewards or a cash back reward system for using the card.

The Best No Annual Fee Credit Cards
Every credit card has different terms. Carefully look over each option to decide which one would work best for your financial situation and spending style. The right no annual fee card can help you save money.

Chase Bank offers a Platinum Business Card that has an introductory rate of 0% with no annual fee and the APR is just 12.24%.

The Discover Business Card offers a 13.99% APR, no annual fee and cash back rewards.

Citi Bank offers the CitiBusiness Card that has a low APR of 10.74%, no annual fee, merchandise discounts and a 0% introductory offer.

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 8.25% APR.
About the Author
Nick Bair is a long-time consumer advocate and the owner of http://www.Credit-Rate.com, a credit card comparison site.
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