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2020

No Annual Fee Credit Card Reviews

What are the best No Annual Fee Credit Cards? Credit cards with no annual fees are popular for every reason you would expect. For consumers with good to excellent credit, these cards offer all of the rewards and perks with none of the cost. And, sometimes you can get great "extras" like no late fees and lower-than-average interest rates too.

Credit cards can be an excellent tool, allowing you to make purchases and pay for them later, to make money or get gift cards through rewards programs, and to track your spending more easily. Why pay for the privilege of having a credit card when there are so many banks offering cards with no annual fees?

The Best No Annual Fee Credit Cards

 

No Annual Fees? No Joke!

Believe it or not, there are lots of credit card companies that don't charge you to have their cards. Really! You'll get all of the perks and convenience with none of the fees. Why would a bank offer such a deal? Well, typically, credit cards with no annual fees are offered to consumers with good-to-excellent credit scores: think 660+.

If that sounds like you, you're a great candidate for a no annual fee credit card!

 

Other Perks With No Annual Fee Credit Cards

Most of the no annual fee cards on the market come with all of the same bonuses as annual fee cards. If you love rewards programs, no problem! Many cards not only offer rewards in the form of cash back, points, or miles for every purchase you make, but they also have sign-on bonuses when you're approved. For example, you might get a cash bonus of $150 if you spend $500 within the first 3 months you have the card. Who doesn't love free money for doing the things we do anyway (like buying gas and groceries, or going out to eat)?

Other great perks we've found with no annual fee credit cards are 100% fee free (no annual fee, no late fees, no penalty rates), 0% intro APR on purchases in the first 12 months, and 10% cash back bonus on your credit card anniversary every year.

 

No Annual Fees: What To Keep In Mind

Really, there are no downsides to using credit cards with no annual fees. You'll need to keep in mind the same principles as with any other card: pay your balance in full if you want to avoid paying a lot in interest, make at least the minimum payment every month, and use your credit wisely.

So, why would anyone choose a card with an annual fee? It usually comes down to two things: bad credit or elite status. Some credit cards designed to help people (re)build their credit history come with an annual fee, in exchange for giving credit to consumers who are a bigger risk to the issuing banks.

On the other end of the spectrum, for credit card users who are looking for top-tier perks like access to airport lounges, concierge services, or maximum airline miles rewards, paying an annual fee of $100 to $400 is well worth it for the elite-level perks they receive.

The Best No Annual Fee Credit Cards

TopConsumerReviews.com has partnered with Lending Tree to help you find the best No Annual Fee Credit Cards currently available. We hope this information makes it easy to find the right credit card for your needs, while saving you money too!

 

Comparing No Annual Fee Credit Cards

When it comes to comparing no annual fee credit cards, there are a lot of different factors to take into account before narrowing down a specific credit card. Credit card companies often heavily advertise no annual fee offers. In fact, no annual fee credit cards have become the most popular credit card characteristic in marketing efforts to date. The reason is that consumers have gotten tired and leery of the unexpected annual fees that pop up when they least expect them. As such, the no annual fee credit card is a hot topic in today's credit card trends.

How to choose the best no annual fee credit card? By closely examining each different credit card offer you'll be identify which one will best meet your financial goals year in and year out.

  • No annual fee plus cash back rewards. If you are able to find and qualify for a no annual fee credit card that also offers cash back rewards you've found a good deal. This will mean you pay no out of pocket for the use of the card plus earn cash back on certain purchases. Cash back rewards may be limited to certain stores or purchase types and the payment rate may fluctuate monthly. Rewards may come in the form of a regular check in the mail or a credit to your card. Often these cards are most affordable for those that maintain little to no balance, as the interest rate can be heftier for those that don't pay off their monthly charges. They have to pay for those cash back rewards in some way, right?
  • No annual fee plus reward points. Some people love the idea of credit card rewards. When it comes to earning rewards its best when you can choose from a list of rewards you'll actually want to utilize and that don't cost you an annual fee. This is the same scenario where you need to also look at your spending to determine if you'll be maintaining a balance and how frequently you plan on using that card. Will the rewards accrue slowly? What purchases qualify for reward points? Do those reward points expire and importantly, how long is the grace period on purchases before an interest rate is charged? For those that can't realistically pay off charges as they occur, the cost of interest should be an important factor in determining the right card for you.
  • No annual fee plus low introductory interest rate. Often no annual fee credit cards come with an additional bonus of a low introductory interest rate on transferred balances. This can be a great way to save on current higher interest rate charges for balances you can't afford to pay off immediately. A question that should come to mind is how long the introductory rate will last and what will be the rate going forward. Also ask yourself how soon you can pay off that balance at the lower rate and what will be the cost once that rate increases.

Comparing, contrasting and ultimately choosing the right no annual fee credit card that's right for you is dependent on your spending trends and what balances you'll maintain. Keep a close eye on the interest rate charges that come with any offer as your desire to always pay off your monthly balance may be inhibited by unexpected life changes.

 

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