After reviewing hundreds of cards as a credit card editor, I know that you don’t need to pay an annual fee to get a great credit card.
If you find a no-annual-fee credit card with a rewards structure that pairs nicely with your spending habits, and you keep up with your monthly bill, you can get more long-term value than you might think.
An annual fee doesn’t always mean the card offers enough value to make it a good fit for you. There are plenty of inexpensive cards to choose from.
What is an annual fee?
Some issuers charge a recurring annual fee for using a particular credit card. Annual fees can range from $50 for a basic rewards card to over $600 for premium cards with luxury perks. Credit cards with steep annual fees generally offer lucrative rewards and perks, including travel credits, airport lounge access, travel protections and better redemption options. However, many credit cards still offer rewards and perks without charging an annual fee.
How to choose the best no-annual-fee credit card
Before you apply for a credit card, consider what you want out of your card. Start by comparing your goals to card features: A rewards credit card can help you get steep discounts on travel while a cash-back card can put some money back in your pocket for general spending.
You’ll want to choose a credit card that rewards you for how you spend already — you don’t want to alter your spending habits to fit a credit card.
For travelers, if you have a specific trip in mind, research which airlines fly to that destination and check to see which type of points you can use to fly that airline. From there, you can pick a credit card that will help you earn those types of points.
Finding a no-annual-fee credit card with a welcome bonus is a great way to earn a higher return on your spending, but be sure you can earn the bonus without spending on unnecessary purchases. A great way to earn a welcome bonus is by applying for a new card right before a large planned purchase — like a tuition payment or kitchen remodel. That way, you can easily meet a welcome offer for money you were already planning to spend.
Is a credit card with an annual fee better?
While rewards credit cards without an annual fee offer a guaranteed return on your spending as long as you use the card responsibly, you may be able to earn more lucrative rewards with a card that charges an annual fee.
However, if you don’t regularly use the benefits and perks (like TSA PreCheck or Global Entry credits) enough to justify the annual fee, you’re likely better off sticking with no-annual-fee card.
What experts are saying about no-annual-fee credit cards
Annual fees usually equate to better card perks and higher rewards, but that doesn’t mean you need to pay one to get a good credit card. Credit expert Julia Menez notes that it’s important to make sure an annual fee fits into your budget.
“It’s better to opt for a credit card with no annual fee if you’re not able to justify the investment,” she said.
But why would someone consider paying them when there are plenty of viable no-annual-fee options?
“With annual fees, you’re typically paying for a higher level of perks and benefits,” credit expert Gerri Detweiler said. “So it may be a higher level of points that you earn on purchases, or it might be additional benefits like free checked bags or status with a rewards program.”
Detweiler said to determine if an annual fee is worth paying, try to apply a dollar amount to the card’s benefits. “Start by looking at what specific benefits are offered, and the dollar cost associated with those. For example, if you have a family of four, and you’re going to fly across the country at Christmas, the savings from free checked bags could cover the cost of the card’s annual fee.”
But if you aren’t sure you can justify the cost, most credit cards offer a no-annual-fee alternative. If you opt for a card with an annual fee that ends up not being worth it, contact your credit card issuer to inquire about downgrading to a version without a fee.
How to maximize your no-annual-fee credit card
If you use your no-annual-fee credit card responsibly, you can reap the benefits without stressing over a high annual price tag. Here are a few tips to consider when using your card:
- Pay your balance on time and in full every month. Paying your credit card bill on time and in full every month is one of the most important steps toward building strong credit. Missing a payment might result in steep late fees, and you may accrue interest charges if you carry a balance.
- Take advantage of the welcome bonus and introductory APR. Plenty of no-annual-fee credit cards offer welcome bonuses or introductory APR offers. Make sure you aren’t stretching your finances to meet the welcome bonus. And avoid overspending simply because interest isn’t accruing for now. Once a 0% intro APR period ends, any remaining balance will start accruing interest at your card’s regular APR.
- Pair your no-annual-fee card with a rewards card. You can pair your no-annual-fee credit card with a rewards credit card that charges an annual fee to take advantage of additional perks. By being intentional about how you spend, you can earn more rewards without overspending.
- Don’t close the account when you’re ready to upgrade. If you get another credit card, you may not want to close your no-annual-fee credit card. When you lose a line of credit, it can increase your credit utilization — how much credit you have compared to the amount of debt you carry. This typically dings your credit score, so consider your options before closing a credit card.
How to apply for a no-annual-fee credit card
Follow these steps to apply for a credit card without an annual fee:
- Find the card that complements your usual spending. There are plenty of solid no-annual-fee options available. Carefully consider each card’s rewards rate, APR, benefits and credit requirements.
- Apply securely on the credit card issuer’s website. Go to the credit card issuer’s website to access the official application page.
- Fill out the application. You’ll need to provide your name, date of birth, Social Security number, income and address. Every credit card application results in a hard credit check, which gives the issuer permission to pull your credit report from the credit bureaus. A hard inquiry generally drops your credit score by a few points, but it’s usually only temporary.
- If you’re approved, start using your card responsibly. Treat your new credit card like you would cash — swipe your card only when you know you have the money to pay off your balance in full and on time. If you can’t keep up with your balance or consistently pay your bill late, your credit score will take a hit. Set your account on autopay to eliminate any room for error.
FAQs
Can I get a no-annual-fee card with bad credit?
Yes, there are credit cards designed for bad credit that have lower requirements to qualify for. Some have annual fees while others don’t.
Will credit card issuers waive an annual fee?
They can, but that doesn’t mean they will. It depends on a number of factors, including your relationship with your card issuer and your account status. You could contact your credit card issuer and see if they’ll waive an annual fee, but there’s no guarantee.
How much are credit card annual fees?
Annual fees can range from under $50 to $600 and beyond. Many rewards credit cards and travel credit cards have annual fees around $100. These are usually associated with better rewards rates and perks. Premium travel credit cards can cost hundreds of dollars, but often offer annual statement credits or other niche benefits.
Are there balance transfer credit cards with no annual fee?
Yes. In fact, most balance transfer credit cards offer no annual fee. You’ll want to keep an eye out for balance transfer fees, though. Most cards charge a 3% balance transfer fee, but some charge as much as 5%. Otherwise, you can find a handful of credit cards with no balance transfer fee.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
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