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Choosing a No Annual Fee Credit Card

Nov 5, 2007
The bulk of lending institutions now offer no annual fee credit cards to entice prospective clients. Picking a card with no annual fee can save you loads of cash. Don't accept the first offer you receive though. Picking the right card can be tricky and being aware of what type of agreement you are getting into is vital.

Suggestions for Picking the Right No Annual Fee Credit Card
Everything you need to know about a specific credit card and its policies can be found either on their website or in the fine print included with the card. As a conscientous card-holder, you should know the terms you are agreeing to.

Read the contract every time. Though the information regarding your card's account terms may read like nonsense, it is vital to read through it. The contract often includes the crucial elements about your credit agreement, including any additional fees you may otherwise not be aware of.

Institutions also update these agreements from time to time and send the new copy with your bill. Take some time to read about the changes in the agreement to avoid paying extra fees.

Know that over time the interest rate of your no fee credit card may go up by 10% or more. Introductory rates look good and work well to draw new in clients. Just know that this usually means there could possibly be a significant increase in the interest rate in the future.

Make sure you know the policy on late fees. Some institutions charge as much as $39 for a late fee, which makes up for them not charging an annual fee. Many institutions also have a policy that the low interest rate is only locked in as long as payments are made before the deadline. Late payments could result in an increase in your interest rate.
Read the company's policy on over-the-limit fees; they can snowball if left unrestricted. A late fee could possibly be all it takes to put you over your limit and without making a purchase you could owe an additional $80 to bring your credit card below your credit limit again.

Check to see if the institution offers any type of rewards like airline miles, merchandise perks, insurance, balance transfers, gas rewards or a cash back reward system for using the card.

Great No Annual Fee Credit Cards
All cards have different terms. Carefully look over all of your options to choose which one would work best for your financial situation and spending style. The right no fee credit card can help save you money.

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

The Discover Business Card has a rate of 13.99%, no annual fee and cash back rewards.

Citi Bank has 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 has no annual fee, unlimited cash back bonuses for purchases made with the card, a 0% introductory rate and a very low 8.25% APR.
About the Author
Nick Bair is a long-time consumer advocate and the webmaster of http://www.Credit-Rate.com, a credit card comparison site. Nick wishes to inform the buying public about their options when it comes to using credit.
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