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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:
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.
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No Annual Fee Credit Cards In The News
For those who enjoy centralizing purchases to one card, a 3% back shopping spree for 12 months could be a great deal, especially as there is no annual fee, and 0% APR for the first 14 months; then a v...
Published: Tue, 11 Dec 2018 08:13:00 GMT
You can check your credit score and read your credit report for free within minutes by joining MoneyTips. A $150 annual fee on a 2% cash back card equals $7,500 in eligible charges paid in full, with ...
Published: Mon, 03 Dec 2018 05:41:00 GMT
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Published: Tue, 11 Dec 2018 05:20:00 GMT
2. 41% thought all credit cards had an annual fee Not true! There are a heap of great credit cards with no annual fee at all. These cards are great for spenders who will pay off their balance in full ...
Published: Thu, 06 Dec 2018 14:15:00 GMT
For a lot of people out there, the idea of paying an annual fee just to be allowed to spend money seems absurd. While annual fee credit cards can be cost-effective, we know there are plenty of you who ...
Published: Mon, 24 Sep 2018 03:16:00 GMT
The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans "¦ with a total sample size of 901 U.S. small business owners (ages 18+). 3 Cash"¦
Published: Tue, 11 Sep 2018 17:00:00 GMT
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Published: Wed, 12 Sep 2018 04:17:00 GMT
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