no annual fee credit cards
Choosing The Right No Annual Fee Credit Card
There are a number of different concessions that are being offered by the credit card companies in order to attract new clients. One of these concessions are no annual fee credit cards, and this may be something that is of interest to you in order to save a little bit of money. There may be some reasons, however, why you would want to look at one of these credit cards with a bit more scrutiny, as the annual fee may be something that you want included in some cases. Here is the reason why.
Many times, no annual fee credit cards are offered in exchange for a higher percentage rate on the money that is charged. Generally speaking, this is something that very few of us are going to be able to take advantage of, because not many of us pay our credit card off at the end of every month. If you are very diligent in doing so, however, you will fall underneath the grace period and will not have to pay any interest at all on the times that you use the credit card. If that is the case, a higher interest credit card with no annual fee is going to be of benefit to you.
You might also be interested in looking at some of the additional perks that are available with these no annual fee credit cards. For example, earning SkyMiles with certain cards may be of benefit to you if you enjoy traveling or tend to fly a lot. Other credit cards may give you points that you can exchange for items, or perhaps even cash back at the end of the year. Still other credit cards can be used in order to receive a discount on hotels, car rentals and other items. If you can bundle this with one of the no annual fee credit cards that is available, it may be of great benefit to you.
Finally, look at the points that you’re going to get whenever you use your credit card at particular places. This is a good idea, regardless of whether your credit card charges an annual fee or not. Many times, you will get double points whenever you use your credit card at the gas station or a grocery store. This is done by the credit card companies in order to encourage people to use them more often so that they get the visa surcharge from the merchant.
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Is it good to cancel a credit card with annual fee?
I had recently cancelled the AmEx Delta card, mainly because I misinterpreted their wording about annual fees. It was only open a year. I’ve been thinking about cancelling a couple of others with annual fees that I can’t really afford anymore. Is it better to just go the route of cutting them up, and leaving the account open? I’ve probably had my first credit card since 2004, which is still open and no balance. Thanks!
You should have asked them for a no fee Amex card before cancelling it. Usually 24 months of good payment history gives you good credit score. I also had two credit cards with annual fee when I was starting out then I cancelled after two years.