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Help Choosing a No Annual Fee Credit Card

Nov 14, 2007
The bulk of lending institutions now offer no annual fee credit cards to draw in new consumers. Selecting a card with no annual fee can save you boat loads of money. Don't accept the first offer you receive though. Selecting the right card can be tricky and understanding the type of contract you are locking into is essential.

Suggestions for Selecting 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 pamphlet included with your card. As a accountable card-holder, you need to know the terms you consent to.

Read the fine print every time. Though the information regarding your card's account terms may read like legal drivel, it is essential to read through it. The legal talk often contains the most important elements about your credit agreement, including any additional charges you may otherwise not be aware of.

Lenders also update these policies now and then and mail the updated agreement with your billing statement. Take the time to read about the changes in the contract to avoid paying additional charges.

Be aware that in the future 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 cardholders. Just know that this most likely means there will be a significant increase in the interest rate in the future.

Make sure you understand 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 cards also have a rule that the low APR remains the same as long as payments are made before the deadline. Late payments may result in an increase in your APR.
Understand the lender's policy on over-the-limit fees; they can get out of control if left free. 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.

Take care to see if the lender offers any type of rewards like airline miles, merchandise perks, a purchase protection plan, balance transfers, gas rewards or a cash back reward system for using the card.

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

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

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

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 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 owner of http://www.Credit-Rate.com, a credit card comparison site. Nick wishes to alert the public about their options when it comes to using credit.
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