Credit Cards Without Annual Fees
July 23rd, 2010
Annual fees – The basics
People shopping for credit cards are often looking for a credit card with no annual fees. It may seem that these credit cards are impossible to find, but that is not the case. There are credit cards out there that do not have annual or yearly fees. Credit card organisations that do charge annual fees do so for a reason, they charge you to use their credit card and receive the benefits such as a rewards program. Annual fees typically range from $50 to $200 and are charged on an annual basis. If you do not pay your annual fee during the billing cycle charged, you will incur interest on the fee.
Cards with no annual fees
While it’s true that most credit card organisations charge annual fees, there are credit card with no annual fees. There are two types of cards that do not charge annual fees.
- Credit cards that never charge annual fees – These credit cards will never have annual fees associated with them. You will more than likely not have the benefit of a rewards program if you have this type of card. But, if you rarely use your credit card and do not see a benefit in a rewards program, this may be a great credit card for you.
- Credit cards that don’t charge annual fees for a certain period of time, normally one year. Although the credit cards will eventually charge annual fees, the fee will be waived for one year during an introductory period.
Always make sure you read the documentation for a credit card with no annual fees, as there may be other types of fees that are associated with the credit card. While you may not be charged a fee annually, there may be a small fee to join in their rewards program.
AMEX Gold and Bankwest Zero Platinum
The American Express Gold card is a great example of a credit card that does not charge annual fees, though you will be charged a membership fee for having the credit card. Once you fill out your application, you can enroll in the membership program which costs $80. So while they say there is no credit card annual fee, there is a membership fee which is similar. Bankwest Zero Platinum credit card offers absolutely no annual fee. There are also no membership fees associated with this credit card.
So while finding credit cards without annual fees may seem difficult, they are available. You just need to do some research and be diligent about finding the perfect credit card to suit your needs.
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| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) | ||
|---|---|---|---|---|---|
 HSBC Credit Card | 17.99% | 0% for 8 months with 2% handling fee | $0 | 21.99% |
|
 Virgin No Annual Fee Credit Card | 18.99% | 2.9% for 6 months | $0 | 20.99% |
|
 Bankwest Zero MasterCard | 0% for 6 months (reverts to 17.99% ) | 4.99% for 9 months | $0 | 18.99% |
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