No Annual Fee With Rewards
Is it possible to get a no annual fee with rewards credit card? The answer is yes, but what are the pros and cons for these offers, and are there any sacrifices you will have to make?
The amount of different credit card deals available is astronomical. Balance transfer cards, reward credit cards, cards with fixed balance for life, and Silver, Gold and Platinum cards are all on the market ready for our spending pleasure. Whatever kind of consumer you are, there will be a credit card to suit you.
Once feature that all consumers benefit from regardless of spending style is the No Annual Fee feature. Annual fees are normally payable once a year (hence the name) and go towards the management of your credit card account. It could even be thought of as a membership fee.
Traditionally the more features that come with a credit card, the higher the annual fee will be. The highest fees are usually associated with Silver, Gold, and Platinum cards. Credit cards with a very low, or even no annual fee tend to be very basic, with few added extras. However, is it possible to get No Annual Fee with rewards?
No Annual Fee With Rewards- Fact or Fiction?
Ordinarily you will tend to find that one of the features absent with no annual fee offers is a reward program. Reward programs give customers points each time they spend money using their card, and these points can then be redeemed for a range of gifts, rewards, or in some cases even air travel.
The best of the reward programs tend to be tied in with more premium cards, such as Gold or Platinum's. These cards also tend to come with a whole bunch of added extras such as free travel insurance, as well as purchases protection, concierge services, and a host of others. These added extras are what equate to the higher annual fee and this is what can often put bargain hunters off.
Look Hard
Even with this said with a large amount of digging there are few Gold credit cards that actually do offer customers a rewards program, AND charge no annual fee. These offers are few and far between, and some only run the no annual fee with rewards offer for your first year as a customer, but they are out there for those who do their homework.
What you can find with these cards is that the no annual fee element of the deal is balanced out by much higher interest rates which may put some people off. Higher interest rates mean a bigger risk of debt if you do not keep up regular payments on the card.
There can often be slight variations on the type of reward programs offered. They may be slightly limited or even instant rewards. Instant rewards give card holders advantages such as discounts in various retail outlets, or upgrades on hotel rooms or travel.
In other words, the offers are out there, although if you want to benefit from a full rewards program then you may be better looking for a traditional premium credit card with a higher annual fee. Of course if saving money is your aim then a no annual fee card is probably going to be a better option.
