Compare Credit Cards with No Annual Fee

There are lots of credit card companies that require you to pay an annual fee to use their service. Fees range from $0 up to $500. Sometimes, the annual fees for some credit cards can be expensive enough to sway you from even considering those cards.

Many credit cards, however, don’t charge annual fees, so it isn’t too tough to find a good credit card with no annual fee. But before you pick a no annual fee credit card, you should be aware of why a credit card company might want to impose an annual fee on your card. You should also be aware of the payment options for cards without annual fees. Check out our tool below to compare no annual fee credit cards and see which credit card might be best for you.

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    Your Average Savings

    Year One Year Two Year Three Total
    Interest Savings on Balance Transfers ? $900.00 $394.09 $225.45 $1,519.54
    * For Interest Savings on Balance Transfers calculations, we use the amount you input in your "My Credit Card Profile". For calculation purposes, please note that as of February 2010, the CARD Act requires credit card companies to use customer credit card payments to pay off the highest APR portion of their balance first, which is more favorable for the customer.
    Interest Savings on Balance for New Purchases ? $1,200.00 $525.45 $300.60 $2,026.05
    * For Interest Savings on Balance Carried on New Purchases calculations, we use the amount you input in your "My Credit Card Profile". Please note that as of February 2010, the CARD Act requires credit card companies to use customer credit card payments to pay off the highest APR portion of their balance first, which is more favorable for the customer.
    Reward Points ? $48.60 $48.60 $48.60 $145.80
    * This card offers 2 points per dollar (estimated at $.02) spent on gas, grocery, and utility purchases. Creditnet assumes 35% of total purchases made with this card are on these premium purchases, with the remaining 65% of purchases receiving the standard 1 point per dollar (estimated at $.01).
    Anniversary Bonus ? $0.00 $0.00 $0.00 $0.00
    *
    One Time Bonus ? $100.00 $0.00 $0.00 $100.00
    * Cardholders earn 10,000 points after spending $750 in the first 3 months of having the card. This is the equivalent of $100. This one-time bonus will only display in your savings calculations if the monthly purchases entered into your "My Credit Card Profile" meet this qualification.
    Balance Transfer Cost ? -$180.00 -$0.00 -$0.00 -$180.00
    * For Balance Transfer Cost calculations, we take the specific balance transfer fee associated with a card to determine the cost. Once this balance transfer cost is calculated, we deduct this value from the total savings amount. Please note that we only factor in this cost if a user intends to transfer a balance, as determined by selecting "Yes" under "I want to carry a balance" in your "My Credit Card Profile".
    Annual Fee ? -$0.00 -$0.00 -$0.00 -$0.00
    * Annual fee costs are only deducted from your total savings when a card includes an annual fee. Credit cards that waive the annual fee for the first year have also been accounted for in our calculations.
    Totals $2,068.60 $968.14 $574.65 $3,611.39
    * Credit card savings displayed are based on estimates as calculated by MyRatePlan, are not endorsed by any credit card issuer, and are for comparison purposes only. Savings vary based upon individual factors such as spending & payment habits and how long you expect to maintain the card.

    Barclaycard® Rewards MasterCard® - Excellent Credit Summary

    • Earn up to 10,000 points, equal to a $100 statement credit, after spending $750 in the first three months

    • 0% Introductory APR for 12 months on purchases

    • No annual fee

    • Earn 2 points per $1 on gas, grocery, and utility purchases

    • Earn 1 points per $1 everywhere else

    • Use the points you earn like cash to pay for almost any purchases you've made.

    • No blackout date, no redemption fees, no limit on the points you can earn and no complicated set up.

    • This offer is for individuals with a good to excellent credit history which amongst other things is clear of bankruptcy and delinquent accounts

    MyRatePlan's Expert Rating & Review

    Barclaycard® Rewards MasterCard® - Excellent Credit review written by and updated on .

    Expert Rating: 4.75 / 5 stars

    4.75
    • Pros:

      Cardholders earn double points on each dollar spent at gas stations, grocery stores, and utility bills. These are large spending categories for most people, so there's a big opportunity to earn a significant amount of points here.

    • Cons:

      The card requires excellent credit, so not everyone will qualify.

    • Our Final Take:

      The card offers big rewards on everyday spending categories, so it should benefit most people who can qualify for the card with excellent credit. In addition, the card offers generous intro periods of 0% APR on both purchases and balance transfers, and requires no annual fee.

    Offer details may have changed since the last update of the information on this page. Please see Fees, Terms & Conditions for updated and complete information.

    User Reviews for Barclaycard® Rewards MasterCard® - Excellent Credit

    • Ongoing APR

      14.99%
    • Setup Fee

      N/A*
    • Reports to Major Credit Bureaus?

      Yes
    Show More Info

    First Progress Platinum Select MasterCard® Secured Credit Card Summary

    • Receive Your Card More Quickly with New Expedited Processing Option

    • No Credit History or Minimum Credit Score Required for Approval

    • Quick and Complete Online Application

    • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History

    MyRatePlan's Expert Rating & Review

    First Progress Platinum Select MasterCard® Secured Credit Card review written by and updated on .

    Expert Rating: 4.45 / 5 stars

    4.45
    Offer details may have changed since the last update of the information on this page. Please see Fees, Terms & Conditions for updated and complete information.

    User Reviews for First Progress Platinum Select MasterCard® Secured Credit Card

    First Progress Platinum Elite MasterCard® Secured Credit Card Summary

    • Receive Your Card More Quickly with New Expedited Processing Option

    • No Credit History or Minimum Credit Score Required for Approval

    • Quick and Complete Online Application

    • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History

    MyRatePlan's Expert Rating & Review

    First Progress Platinum Elite MasterCard® Secured Credit Card review written by and updated on .

    Expert Rating: 4.85 / 5 stars

    4.85
    • Pros:

      The card reports to the three major credit bureaus, which will help people with bad credit improve their credit scores if they use their card responsibly, pay their bill on time, and stay within their credit limit. There's no set-up fee to use the card, and you don't need a credit history or minimum credit score to get approved. In addition, you can receive your card very quickly in the mail if you select the Expedited Processing option. Lastly, you can get 24/7 online access to check your balance, pay your bill, and more.

    • Cons:

      The card is not yet available to residents of New York, Iowa, Arkansas, or Wisconsin.

    • Our Final Take:

      The First Progress Platinum Elite MasterCard® Secured Credit Card is one of the best credit cards for people with bad credit currently on the market. People with bad credit can be instantly approved for the card, and can help increase their credit scores by using the card responsibly and paying their bill every month.

    Offer details may have changed since the last update of the information on this page. Please see Fees, Terms & Conditions for updated and complete information.

    User Reviews for First Progress Platinum Elite MasterCard® Secured Credit Card

    • Intro APR

      0% or 7.5% for 12 months
    • Regular APR

      7.50%, 9.50%, or 11.50%
    • Balance Transfer

      1.99%
      1.99% or 7.50% for 12 billing cycles
    Show More Info

    Iberiabank Visa® Select Card Summary

    • Introductory Rate of 0.00% or 7.50% based on creditworthiness for 12 months from date opened on Purchases. This rate will not change during the introductory period.

    • Intro APR on Balance Transfers of 1.99% for the first 12 billing cycles. After that, APR will be the same as your assigned purchase rate, based on your creditworthiness.

    • Low Ongoing Variable Rate APR after introductory period of 7.50%, 9.50%, or 11.50% based on your creditworthiness. This APR will vary with the market based on the Prime Rate.

    • Online access to credit card account information

    • Low Annual Fee of $35.00

    MyRatePlan's Expert Rating & Review

    Iberiabank Visa® Select Card review written by and updated on .

    Expert Rating: 4.25 / 5 stars

    4.25
    Offer details may have changed since the last update of the information on this page. Please see Fees, Terms & Conditions for updated and complete information.

    User Reviews for Iberiabank Visa® Select Card

    • Intro APR

      0%
      15 billing periods
    • Regular APR

      9.99% - 23.99%* (Variable)
    • Balance Transfer

      0%
      15 billing periods
    • Average Savings

      $1,965.00 Over 1 year view details
    Show More Info
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    Your Average Savings

    Year One Year Two Year Three Total
    Interest Savings on Balance Transfers ? $900.00 $562.84 $450.45 $1,913.29
    * For Interest Savings on Balance Transfers calculations, we use the amount you input in your "My Credit Card Profile". For calculation purposes, please note that as of February 2010, the CARD Act requires credit card companies to use customer credit card payments to pay off the highest APR portion of their balance first, which is more favorable for the customer.
    Interest Savings on Balance for New Purchases ? $1,200.00 $750.45 $600.60 $2,551.05
    * For Interest Savings on Balance Carried on New Purchases calculations, we use the amount you input in your "My Credit Card Profile". Please note that as of February 2010, the CARD Act requires credit card companies to use customer credit card payments to pay off the highest APR portion of their balance first, which is more favorable for the customer.
    Anniversary Bonus ? $0.00 $0.00 $0.00 $0.00
    *
    One Time Bonus ? $0.00 $0.00 $0.00 $0.00
    *
    Balance Transfer Cost ? -$135.00 -$0.00 -$0.00 -$135.00
    * For Balance Transfer Cost calculations, we take the specific balance transfer fee associated with a card to determine the cost. Once this balance transfer cost is calculated, we deduct this value from the total savings amount. Please note that we only factor in this cost if a user intends to transfer a balance, as determined by selecting "Yes" under "I want to carry a balance" in your "My Credit Card Profile".
    Annual Fee ? -$0.00 -$0.00 -$0.00 -$0.00
    * Annual fee costs are only deducted from your total savings when a card includes an annual fee. Credit cards that waive the annual fee for the first year have also been accounted for in our calculations.
    Totals $1,965.00 $1,313.29 $1,051.05 $4,329.34
    * Credit card savings displayed are based on estimates as calculated by MyRatePlan, are not endorsed by any credit card issuer, and are for comparison purposes only. Savings vary based upon individual factors such as spending & payment habits and how long you expect to maintain the card.

    U.S. Bank Visa® Platinum Card Summary

    • 0% Intro APR* on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 9.99%-23.99%

    • No annual fee*

    • Online bill pay for a fast and convenient way to pay bills online with your U.S. Bank Visa® Platinum

    • $0 fraud liability* for unauthorized transactions if your card is ever lost or stolen

    • Fraud Protection detects and notifies you of any unusual card activity to help prevent fraud

    • Online account management and account alerts

    MyRatePlan's Expert Rating & Review

    U.S. Bank Visa® Platinum Card review written by and updated on .

    Expert Rating: 4.50 / 5 stars

    4.5
    Offer details may have changed since the last update of the information on this page. Please see Fees, Terms & Conditions for updated and complete information.

    User Reviews for U.S. Bank Visa® Platinum Card

    Pages

    Why do some cards have annual fees?

    Any type of credit card can have an annual fee. But why would you ever choose a card with an annual fee when you have your choice of credit cards with no annual fee? There are a few particularly common scenarios in which a card might have an annual fee:

    • You want a premium card with lots of benefits and high credit score requirements
    • You want a secured credit card for people with bad credit scores
    • You want to use a charge card

    Premium cards have annual fees in part to offset the cost of rewards and rebates. So before you choose a premium card with an annual fee, you need to decide if the benefits that you will receive will eventually offset the cost of the annual fee. Premium cards can be very expensive, so you will need to pick a premium card with rewards that are relevant to you. For example, if you travel a lot then an airline mile credit card would make sense for you.

    Generally, a secured credit card is targeted towards a customer with a bad credit score. The credit card company is taking a risk by giving that customer a credit card, since a bad credit score can indicate an unreliable debtor. Credit card companies impose annual fees to ensure that they are making a profit with an unreliable debtor.

    Secured credit card annual fees can be very high, so you should be sure to do research before choosing a secured credit card. They can also have very high interest rates. If you can avoid getting a secured credit card, you should probably get a different credit card, or use your secured credit card to improve your credit score so you can eventually get a cheap credit card.

    Charge cards also require a high credit score and good payment history. Banks charge annual fees as another prohibitory measure in determining who can have a charge card. They don’t have interest fees because you cannot make late payments with charge cards. You have to repay the entire amount that you have used at the end of the credit period. This is why charge cards are reserved for those with good credit scores: you need to be very good at keeping track of your expenses when you use a charge card, and you need to be able to repay your entire debt in full on a monthly basis.

    How do banks profit from no annual fee credit cards?

    All credit cards, including no annual fee credit cards, still charge APR, or Annual Percentage Rates. APRs determine how much your bank collects based on the interest accruing on your loans. You may have several APRs on one credit card. For example, you might have

    • A low APR for balance transfers (moving all or part of a balance between accounts)
    • A very high APR for cash advances
    • A medium APR for purchases

    These values determine how much interest your bank can collect on your various transactions.

    Do annual fees affect APR?

    In short, not necessarily. Annual fees don’t automatically defray the costs of your APR. Compare the interest rates on the following cards. Some credit cards with annual fees can have even higher APRs than some no annual fee credit cards. While it’s hard to give a generic quote for APR (since APR is based on credit score, payment history, etc.), you can see that you would have to make a careful study before choosing a credit card based on its annual fee.

    Credit Cards with No Annual Fees

    The following banks offer some options in no annual fee credit cards. However, you should be careful when shopping for a no annual fee card. In most cases, a credit card company offers more than one no annual fee credit card, and some “no annual fee” cards actually do charge a fee after the first year.

    • Chase Bank
    • Capital One
    • Discover
    • US Bank
    • Citi Bank
    • American Express

    And in some cases, you can actually have annual fees removed from your credit card. Some credit cards only require annual fees in the first year of card use. After the first year, the bank may determine that you are a reliable borrower, so they will cancel your annual fee. And in some cases, you can call your bank and ask that an annual fee be cancelled. The bank won’t always agree, but sometimes they only need a little bit of prodding before they will cancel the fee.