Wednesday, October 27, 2021

What Is No Fee Credit Card

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Us Bank Altitude Go Visa Signature Card

Best No Annual Fee Credit Cards

Our pick for: Dining rewards + no annual fee

The;U.S. Bank Altitude® Go Visa Signature® Card is perhaps the most cost-effective restaurant card on the market, earning a whopping 4 points per dollar on dining purchases including takeout and delivery. You can find higher rates on dining, but not on cards with no annual fee. Read our review.;

Best No Annual Fee Credit Cards Of September 2021

ALSO CONSIDER:;Best credit cards of 2021;||;Best cash back credit cards;||;Best 0% credit cards ||;Best no-annual-fee travel credit cards

Paying an annual fee on a credit card;can be worth it;if it gets you substantially;higher rewards. But in many cases,;credit cards that dont;charge annual fees offer better long-term value than those;that do. No-annual-fee credit cards make it easy to come out ahead, regardless of your spending. Plus, youll be able to keep your card open;for a long time at no cost, increasing the;average age of your accounts,;which has a positive effect on your credit score.

ALSO CONSIDER:;Best credit cards of 2021;||;Best cash back credit cards;||;Best 0% credit cards ||;Best no-annual-fee travel credit cards

Paying an annual fee on a credit card;can be worth it;if it gets you substantially;higher rewards. But in many cases,;credit cards that dont;charge annual fees offer better long-term value than those;that do. No-annual-fee credit cards make it easy to come out ahead, regardless of your spending. Plus, youll be able to keep your card open;for a long time at no cost, increasing the;average age of your accounts,;which has a positive effect on your credit score.

No Annual Fee Credit Cards That Earn Transferable Points

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Transferable points are some of the most valuable rewards currencies in the travel world. The best ways to redeem these points is typically to book travel or to transfer them to airline and hotel partners. While there are many attractive rewards credit cards with annual fees, today well focus solely on no-fee credit cards that earn transferable points to help you start accruing travel rewards at minimal cost.;

New to The Points Guy? Sign up for our;daily newsletter;and check out our;beginners guide.

Read Also: How To Transfer Money Off Credit Card

Youre Our First Priorityevery Time

We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

BEST OF

Bank Of America Customized Cash Rewards Credit Card: Best For Customizable Rewards Structure

The 9 best no

Current bonus:;Earn $200 cash bonus after you spend $1,000 in purchases in the first 90 days of account opening.

Rewards rate:;Earn 3% on the bonus category of your choice; 2% at grocery stores and wholesale clubs (with a $2,500 cap in combined bonus category spending each quarter; then unlimited 1% cash back on all other purchases.

Intro and regular APR:;0% intro APR for your first 15 billing cycles on purchases and balance transfers . After the intro APR offer ends, a variable APR thats currently 13.99% to 23.99% will apply. The card has a balance transfer fee either $10 or 3% of the amount of each transaction, whichever is greater.

Why its the best no-annual-fee credit card for customizable rewards structure:;If youre looking for a flexible rewards structure, its hard to beat the Bank of America Customized Cash Rewards card. Youll choose which category earns 3% cash back each month from a list that includes gas stations, online shopping, dining, travel, drug stores and home improvements/furnishings. Also earn 2% cash back at grocery stores and wholesale clubs. Youll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.

Recommended Reading: How To Get Someone’s Credit Card Info

Other Options That Are Not Us Dollar Credit Cards

Alternatively, you can always get a card like the CIBC AC Conversion Card so that you can have US dollars loaded on the card without having to have a US Dollar bank account . ;The CIBC AC Conversion card is free and it is a preloaded card, not a credit card.

Another option is choosing a credit card that has no foreign currency transaction/ conversion fee. ;So even though you get a bit dinged with the higher spread for the exchange rate, you wont get dinged the extra foreign currency transaction fee. ;Boomer and Echo listed two options for no foreign currency conversion fee credit cards that replaced the Amazon.ca credit card- namely Home Trust and also the Rogers Fido Mastercard. ;This works well if you dont just limit yourself to traveling in the US.

For the best US dollar savings accounts, check out this post.

Readers, would you prefer to have a US Dollar card or a no foreign currency conversion card?

Discover It Cash Back

Best no-annual-fee card for rotating cash back categories

  • This card is a good fit for: Someone looking to cash in on a variety of seasonal expenses.
  • This card is not a great choice for: Someone who prefers a simple rewards structure.
  • What makes this card unique?: This card offers 5 percent cash back on up to $1,500 spent in quarterly rotating bonus categories, then 1 percent.
  • Is the Discover it® Cash Back worth it?: Discovers cash back categories are usually pretty valuable, with previous categories including restaurants, gas stations, grocery stores and Amazon.com. To put it in perspective, activating and maxing out each quarters bonus category would earn you $300 in cash back over the course of a year . And with Discovers first-year cash back match, your earnings would essentially double to $600 for your first year, which is pretty phenomenal.

Jump back to offer details.

Also Check: Is Carecredit Visa Or Mastercard

Yes Prosperity Edge Credit Card

Key Highlights: Apply for YES Bank credit card now and enjoy the benefits offered by the card free for lifetime.

The YES Prosperity Edge credit card provides accelerated rewards on online and international transactions along with other travel and entertainment benefits.

Joining Fee: Rs.1,199.

Renewal Fee: Rs.1,199.

Joining Bonus: Earn 1,500 reward points as a welcome gift on spending Rs.7,500 within the first 30 days of the card issuance.

Features and benefits:

  • Up to 6 reward points on every Rs.100 spent on birthday, online, and international purchases.
  • 12 complimentary golf lessons per year at select golf courses in India
  • Free membership to airport priority pass program and 2 free lounge visits per quarter to domestic airports.
  • Insurance coverage up to Rs.65 lakh for primary cardholder.
  • Discounted interest rate and preferential foreign currency mark-up fee.

Rewards redemption options:Redeem reward points to book flights, hotels, and movie tickets , for JPMiles or for exclusive products from rewards catalog.

Suitable for: Individuals who shop online, especially on international websites or locations. Travel, golf, and other benefits come as complimentary.

Eligibility to apply for the YES Prosperity Edge Credit Card

Age
  • Set flexible credit limits – up to 80% of the fixed deposit
  • 100% of the credit limit allowed for cash withdrawal.
  • 1% fuel surcharge waiver
  • 15% off on dining bills at select restaurants.

Suitable for: First time credit card applicants without a credit history.

Best For Students: Bank Of America Travel Rewards For Students

Top 5 No-Fee Credit Cards 2018 (Canada)

25,000 bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening – which can be redeemed for a $250 statement credit toward travel purchases.

Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere.
INTRO PURCHASE APR0% for 12 Billing Cycles
Balance Transfer FeeEither $10 or 3% of the amount of each transaction, whichever is greater.
Foreign transaction fee
  • Why We Chose This Card
  • Pros & Cons

Our choice for the best student no annual fee credit card is the Bank of America Travel Rewards for Students because of its earning power and 0% APR on purchases. Students can earn an unlimited 1.5x points on every purchase with no expiration of points. For the first 12 billing cycles, new cardholders can take advantage of the 0% APR on purchases to avoid paying interest while paying off their charges. The card has no annual fee and does not charge foreign transaction fees, so it can be used everywhere to earn rewards.

  • Pay off purchases for 12 months with no interest

  • Friendly to foreign travel

  • No 0% APR balance transfer offer

  • Relatively high spending for students required for the introductory one-time bonus

Also Check: How To Sign Up For 3d Secure Visa

Balance Transfer Credit Cards

Once you accumulate a debt load on an existing credit card, the interest will compoundrapidly. Your best bet is to transfer the debt to a balance transfer credit card, which lets you move debt from a high-interest card to one with a lower rate. These cards often offer promotional interest rates for a specific period0% interest for the first 10 months, for examplewhich can buy you time to pay down your balance with little or no interest. Sometimes, even the regular interest rate on a balance transfer card is lower than usual.

Best No Annual Fee Credit Cards From Our Partners

Our pick for

0% intro APR on Balance Transfers for 18 months

Recommended Credit Score

Why We Like It

Pros & Cons

Product Details

The;Citi® Double Cash Card 18 month BT offer is one of the best rewards cards on the market for its high rate and its ease of use.;Cardholders can shop as they normally would and get a fantastic rewards rate. The simple cash-back structure means no categories to track and no complicated redemption options.

The;Citi® Double Cash Card 18 month BT offer is one of the best rewards cards on the market for its high rate and its ease of use.;Cardholders can shop as they normally would and get a fantastic rewards rate. The simple cash-back structure means no categories to track and no complicated redemption options.

Pros

  • The;Citi® Double Cash Card 18 month BT offer earns a stellar 2% cash back on all purchases:;You get 1% back on every dollar you spend and another 1% back when you pay off those purchases. That’s best in class;for a flat-rate;cash-back card with an annual fee of;$0.

Cons

  • There’s no sign-up bonus or 0% APR period on purchases, nor is there a chance to earn higher rewards in different categories, which you might find on some other cards. You have to accrue a minimum of $25 in rewards before you can redeem them. It charges a foreign transaction fee, so it’s not ideal for using internationally.

Our pick for

0% intro APR for 14 months on purchases and balance transfers

Recommended Credit Score

Why We Like It

Pros & Cons

Product Details

Also Check: How To Change Usps Address Without Credit Card

American Express Cobalt Card*

With a high earn rate, a generous welcome bonus and easy-to-use points, the American Express Cobalt Card is our top pick as the best travel credit card for everyday spending.;

The points you earn can be redeemed for travel at a rate of 1,000 points for $10 for any flight on any airline with no blackout dates, or they can be used toward the American Express Fixed Points Travel Program, which lets you unlock even better value on round-trip flights. If you prefer to use your rewards for accommodations, you can transfer your points to one of the American Express Hotel partners, including Marriott Bonvoy.

  • Annual fee: $155.88
  • Earn rate: 5 points per $1 spent on dining out and groceries; 2 points per $1 spent on travel; 1 point per $1 spent on all other purchases
  • Welcome offer: Up to 30,000 bonus points , plus, earn a bonus of 20,000 points when you spend $3,000 in purchases within your first 3 months of having the card
  • Income requirement: $12,000

What Are Credit Cards With No Annual Fee

Canada

No fee credit cards are very simple you dont pay any fees to have the card. The no fee credit card might be free indefinitely, or it might be just for a promotional period for example the first six months or year after you take it out.

You will potentially still pay charges if you dont pay off the balance in full every month, or if you pay off some balance. That is because with some zero fee credit cards you will still be charged interest on the outstanding balance.

Other zero fee cards may have no annual charge and no interest on debt that you transfer over from another card, although you will probably have to pay a transfer fee to move your debt.

Recommended Reading: Is Apple Credit Card Worth It

What You Need To Be Aware Of

Even though no annual fee credit cards dont charge you an annual fee, you will still pay costs if you go over your credit limit or dont pay off your minimum monthly amount. Most will charge you an interest rate on the outstanding balance on your card, although this depends on the type of credit card you choose.

What are the benefits and disadvantages?

There are many benefits to having a no fee credit card. They are simple and easy to use and there are no ongoing costs if you pay the balance off in full every month.

Whats more, if you have a reward credit card with no annual fee then you get the benefit of any rewards, perks or cashback without having to work out whether the rewards outweigh the cost.

For reward credit cards with an annual fee you would need to decide whether the benefits best suited your lifestyle and the value of the benefits was worth more than the annual fee.

The disadvantage is that fee free credit cards don’t usually offer the great rewards packages that come with cards that charge an annual fee.

For example, if you are looking for travel miles, complimentary travel insurance or generous cashback incentives then you will probably have to pay an annual fee on your credit card. You will need to work out whether this is cost effective in the long run.

No Annual Fee Credit Card

  • 0% p.a. for 12 months on balance transfers2;.No interest free days apply while you have a balance transfer.
    Interest Free Days8No interest free days apply while you have a balance transfer.
    Purchase Rate0% p.a. for 12 months on purchases2 .
    Cash Advance Rate
    Minimum Income$25,000

    * You must pay your balance in full each month to receive interest free days.

  • If youre paying 20% p.a. interest on a $7,000 balance, you could save3 up to $1,324 with the balance transfer offer. Heres how it works:

    Interest with another provider over 12 months:$1,324
    How much interest could you save3?Up to $1,324

    This savings estimate is based on a $7,000 balance transfer at an interest rate of 20% p.a. compared to the balance transfer offer shown and assumes minimum monthly payments made as due for 12 months, and no other transactions.

Read Also: What Is The Annual Fee For First Premier Credit Card

Could My Credit Card Application Get Rejected

The short answer is, yes, credit card providers do decline applications for a variety of reasons so itâs really worth knowing what could potentially knock yours back.

First and foremost make sure all of the information you include is correct. For example, if you enter your licence number incorrectly, the bank wonât be able to verify your identity, so may reject your application.;

But incorrect spelling isnât the only thing that could determine the success or failure of your application, things like your financial situation, credit history and citizenship are common reasons banks donât provide some applicants with credit cards.;

Make sure you have read all the conditions on the card, like minimum income or age limit, before you apply. And if youâve already applied for multiple cards over a short period of time, consider whether you really need another as often this is a red flag for financial institutions as they assume you may be financially struggling.

JP Pelosi

Jean-Paul Pelosi is an experienced journalist and editor who has contributed to many of Australia’s leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ’s Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

Cibc Aventura Us Dollar Visa Card

What Is the Best Rewards Credit Card with No Annual Fee?
  • The Adventura US Dollar Visa looks like a new product from CIBC and it also provides points of some sort
  • The annual fee is $35 USD but the first year is rebated for new cardholders
  • You can get up to 2500 Adventura Points
  • To do this you need to :
  • Sign up for estatements
  • Add an authorized user to your US dollar credit card
  • Add your US dollar card to Apple Pay, Samsung Pay, or Android Pay
  • Have a CIBC chequing account
  • 1:1 Adventura points per dollar spent on purchases at their CIBC Rewards Centre, and 1:$2 for purchases elsewhere
  • 90 day purchase protection insurance for lost, damaged, or stolen goods
  • You need a minimum household income of $15,000 to apply for this card
  • There are Avis and Budget car rental discounts
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