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      April 25, 2019

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When a No Annual Fee Credit Card Doesn't Save You Money

 

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

When a No-Fee Credit Card Doesn’t Save You Money

When the government placed heavy restrictions on credit card policies in 2009, an effort to better protect the consumer financially, credit card companies had to become more creative in making their money. The days of double fees, underage clients, and unfair interest rate increases were over for them. But, new, less obvious methods of making back that lost revenue evolved.

Today there are a number of reasons why a credit card company will not charge an annual fee but most often it's used to draw in a customer. Annual fees are often waved for the first year or longer and credit card companies make every effort to make that back as quickly as possible. Below are several ways credit card companies work to draw you in and then make money off your business:

  • Interest rates. Most no annual fee credit cards have at least a slightly or significantly higher interest rates. This is one common method of earning back the cost of the waived annual fee. This is fine for those that never carry a balance and feel confident enough they will never have to. However, if you do tend to hold a balance from month-to-month you'll want to closely consider the annual interest rate and how much it will cost you to maintain your balance over time. If your balance is so large that the interest you accrue over the course of a year would be larger than the annual fee, you might want to opt for a card that will save you over all.
  • New Fees. Consumers should be on the lookout for additional fees not legally restricted by the Credit Card act of 2009. Perhaps all of them have not yet been identified but activation and application fees are some that we can think of. Reading the fine print of your credit card agreement will probably either give you a headache or put you to sleep but it's important in identifying any fees that you will be charged.
  • No annual fee offers might not last. Some no annual fee credit cards wave the fee only in that first year. When consumers are quick to avoid reading the fine print they are often shocked, the next year, when a hefty, say, $200 annual fee hits their account unexpectedly. This is a clear example of when a waived annual fee is not a good option.
  • Enticing offers. All of us like to receive something that feels free. No annual fees, cash back and reward credit cards are all very enticing. When a consumer chooses a no annual fee card with rewards programs, that encourage them to spend more than they can afford or quickly pay off, then the credit card is not a good savings opportunity.

Any time you're opening a new credit card account, you should look at several offers and do the math on which one is the best for your spending needs. If you plan on maintaining a bigger balance you may save money with a credit card that charges a small annual fee but offers a lower fixed interest rate.

Need a Credit Card for your Side Hustle? These Business Cards Have no Annual Fee

Advertiser Disclosure: The credit card offers that appear on the website are from companies from which this site receives compensation. This compensation may impact how and where products appear on ...

Published:  Mon, 22 Apr 2019 10:57:48 GMT



5 Things to Look for in a Travel Rewards Credit Card

There's no such thing as a one-size-fits-all travel credit ... so if you use it regularly, this can be a great credit card perk. 5. An annual fee that makes sense for you As a final consideration, ...

Published:  Mon, 22 Apr 2019 06:47:00 GMT



Need A New Credit Card? These Ones Have The Best Rewards

If you want to learn more about the best credit card rewards out there, then look no further ... there's a credit card for you. Annual fee: $95 Regular APR: $17.99% - 25.24% (variable) Intro ...

Published:  Tue, 23 Apr 2019 12:06:00 GMT



Best Credit Cards for International Travel (2019) - Conde Nast Traveler

Annual fee: $450 Sign-up bonus: This card's bonus holds steady at 50,000 points ... even have a habit of taking Ubers to and from work-you'll have no trouble getting that $300 travel credit, which ...

Published:  Tue, 23 Apr 2019 00:57:00 GMT



Lower credit card rates, waived fees & extended limits there for the asking, survey shows

"The worst thing that can happen is they say "No,' " she's told ... it comes to many things, including credit cards and waived or reduced annual fees, increased credit limits and waived ...

Published:  Wed, 17 Apr 2019 04:02:00 GMT



40 Million Americans Will Miss At Least One Credit Card Payment In 2019

You may also incur a penalty annual ... fee is waived, you'll still lose the grace period and may see a penalty APR. With all the ways to set reminders, there's no reason to forget a payment. Set ...

Published:  Wed, 24 Apr 2019 01:03:00 GMT



The best no-fee credit card, according to The Points Guy

You can build up valuable travel points with the no-annual-fee card, and then, he says, if you switch cards, you're going to be able to "upgrade those points to get as much value out of them as ...

Published:  Thu, 04 Apr 2019 12:42:00 GMT



How Apple Card Stacks Up Against Other No-Annual-Fee Credit Cards

Promising lenient payment terms, low interest rates, and no fees, the new Apple Card seeks to be a revolutionary credit card for the rest of us. But many of its features aren't actually new but an ...

Published:  Tue, 26 Mar 2019 11:06:00 GMT



A look at the best credit card perks available

... currently has no annual fee. It is easy to keep track of how much cashback is being built up, through the American Express online portal. With a number of retailers not accepting American Express ...

Published:  Wed, 24 Apr 2019 01:40:15 GMT



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