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Free Credit, The No Annual Fee Credit Card

Nov 12, 2007
The greater part of lending institutions now offer no annual fee credit cards to draw in potential clients. Selecting a card with no annual fee can save you a great deal of money. Don't accept the first offer you receive though. Selecting the right card can be tricky and knowing what type of contract you are commiting to is important.

Tips for Selecting 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 the instituion's website or in the fine print that came with the card. As a conscientous card-holder, you need to know the terms you are agreeing to.

Read the card-holder's agreement every time. Though the information printed about your card's account terms may seem like nonsense, it is important to read through it. The fine print usually includes the essential aspects about your credit agreement, including additional charges you may otherwise not be aware of.

Institutions also update these agreements from time to time and send the updated agreement with your bill. Take the time to note the changes in the contract to avoid incurring extra charges.

Understand that over time the interest rate of your no fee credit card may increase by 10% or more. Introductory interest rates look good and work well to draw new in customers. Understand that this most likely means there could possibly be a large increase in the interest rate in the future.

Be sure to know the policy on late fees. Some institutions charge as much as $39 for a late fee, which makes up for the lack of an annual fee. Many lenders also have a policy that the low APR is only locked in so long as payments are made on time. Payment deliquency could 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 could possibly be 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 institution offers any type of rewards like vacation miles, merchandise perks, extended warranties on goods, balance transfer options, gas rewards or a cash back reward system for using the card.

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

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

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

Citi Bank offers the CitiBusiness Card that has a low rate 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 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 consumer advocate and the webmaster of http://www.Credit-Rate.com, a credit card comparison site. Nick wishes to alert the public about their choices when it comes to using credit.
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