Different Types of No Annual Fee Credit Cards
January 7th, 2011
Many banks have decide to offer a range of no annual fee credit cards instead of just one no annual fee credit card.
This means that there may be a number of credit cards offered at any given time. Now, customers can get highly sought after credit cards such as the gold and platinum cards and not pay an annual fee.
Obviously customers cannot use the annual fee of the many different no annual fee credit cards to decide which card is best because the fee for all of them is 0. Instead, customers can use the interest rate as a means for deciding which card is best. Typically, if a customer selects a credit card that has a higher service level then that card will have a higher interest rate as well.
The ability to compare no annual fee cards to other credit cards by using the interest rate often times is one of the overlooked advantages that customers have. By comparing the different cards available, customers are able to easily tell which cards are more advantageous.
There are a number of services that are typically provided by no annual fee credit cards regardless of whether they are gold or platinum cards. One thing that you will find, however, is that no annual fee credit cards typically do not have rewards programs which is one of the features that a prestige card will often offer to its cardholders.
No Annual Fee Credit Cards Have Their Advantages
When it comes to the different types of no annual fee credit cards that are offered, you will find that there are 3 different types:
- Standard
- Gold
- Platinum
The most basic of the three different types of no annual fee credit cards is the standard version, which is basically a stripped down version of the other two credit cards. The standard version generally will not have any promotional incentives and may have higher interest rates than the other two types. The only real benefit of the standard no annual fee credit card is that it can be used for standard purchases and cash advances.
One benefit that gold no annual fee credit cards offers is insurance on the products purchased with the credit card. Two types of insurance that are typically offered are travel and platinum insurance.
No annual fee platinum cards typically offer the same types of insurance that gold no annual fee credit cards offer. Not only that, but no annual fee platinum credit cards offer access to a concierge service.
Related posts:
| 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% |
|
