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 $489.52 $405.45 $1,794.97
    * 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 $650.50 $540.60 $2,391.10
    * 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 ? $86.40 $86.40 $86.40 $259.20
    * This card offers 5% cash back ($.05) on up to $1,500 spent in rotating categories that change each quarter. We assume cardholders spend 35% of their total purchase balance on these 5% cash back options. We then assume that consumers earn 1% cash back on the remaining 65% of their monthly purchase balance.
    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 $2,051.40 $1,226.42 $1,032.45 $4,310.27
    * 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.

    Discover it® Summary

    • 0% intro APR on purchases & balance transfers for 14 months—then a variable purchase APR applies, currently 10.99 - 22.99%. A 3% fee applies to each transferred balance.

    • Rated 4.8 out of 5 stars by over 4,000 cardmembers.*

    • No annual fee, no late fee for your first late payment - APR won't go up for you paying late, no overlimit fee and no foreign transaction fee.*

    • Free FICO® Credit Score online and on monthly statements.*

    • 5% cash back at gas stations on up to $1,500 in purchases from July through September 2014 when you sign up*. 1% cash back on all other purchases automatically.*

    • Each Discover purchase is monitored. If it's unusual, you're alerted by e-mail, phone or text-and never responsible for unauthorized Discover card purchases.

    • U.S.- based customer service—anytime, day and night.

    • *See rates, rewards, free FICO® Credit Score terms and other info by clicking "Apply."

    MyRatePlan's Expert Rating & Review

    Discover it® review written by and updated on .

    Expert Rating: 4.90 / 5 stars

    4.9
    • Pros:

      This card does not charge most fees that other cards charge which include: foreign transaction fees, late fees on the first late payment, and annual fee. In addition, Discover will not increase the cardholders APR if they pay late. The card also offers a great cash back bonus program with 5% cash back in rotating categories, as well as 1% cash back on all other purchases. Lastly, the introductory 0% APR period on both purchases and balance transfers is generous.

    • Cons:

      None

    • Our Final Take:

      The Discover it Card is one of the best credit cards available, and one of the highest rated cards at MyRatePlan. You'd be hard-pressed to find another comparable cash back credit card for people with good credit or better.

    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 Discover it®

    Discover it® - 18 Month Balance Transfer

    Expert Rating: 4.80 / 5 stars -
    4.8
    1
    • Intro APR

      0%
      6 months
    • Regular APR

      10.99% - 22.99% Variable*
    • Balance Transfer

      0%
      18 months
    • Average Savings

      $1,721.70 Over 1 year view details
    Show More Info
    x

    Your Average Savings

    Year One Year Two Year Three Total
    Interest Savings on Balance Transfers ? $900.00 $652.73 $405.45 $1,958.18
    * 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 ? $870.30 $540.60 $540.60 $1,951.50
    * 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 ? $86.40 $86.40 $86.40 $259.20
    * This card offers 5% cash back ($.05) on up to $1,500 spent in rotating categories that change each quarter. Creditnet assumes cardholders spend 35% of their total purchase balance on these 5% cash back options. Creditnet then assumes that consumers earn 1% cash back on the remaining 65% of their monthly purchase balance.
    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 $1,721.70 $1,279.73 $1,032.45 $4,033.88
    * 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.

    Discover it® - 18 Month Balance Transfer Summary

    • 0% intro APR on balance transfers for 18 months—then a variable purchase APR applies, currently 10.99 - 22.99%. A 3% fee applies to each transferred balance.

    • 0% intro APR on purchases for 6 months. Then the variable purchase APR applies, currently 10.99% - 22.99%.

    • Rated 4.8 out of 5 Stars by over 4,000 cardmembers.*

    • No annual fee, no late fee for your first late payment - APR won't go up for you paying late, no overlimit fee and no foreign transaction fee.*

    • Free FICO® Credit Score online and on monthly statements.*

    • 5% cash back at gas stations on up to $1,500 in purchases from July through September 2014 when you sign up*. 1% cash back on all other purchases automatically.*

    • 100% U.S.- based customer service—anytime, day and night.

    • *See rates, rewards, free FICO® Credit Score terms and other info by clicking "Apply."

    MyRatePlan's Expert Rating & Review

    Discover it® - 18 Month Balance Transfer review written by and updated on .

    Expert Rating: 4.80 / 5 stars

    4.8
    • Pros:

      The 0% introductory APR period on balance transfers is one of the longest you can find on any card on the market. This card also does not charge most fees that other cards charge which include: foreign transaction fees, late fees on the first late payment, and annual fee. In addition, Discover will not increase the cardholders APR if they pay late. The card also offers a great cash back bonus program with 5% cash back in rotating categories, as well as 1% cash back on all other purchases.

    • Cons:

      We can't find any.

    • Our Final Take:

      The Discover it Card is one of the best balance transfer credit cards available. In addition, it'd be tough to find another cash back credit card for people with good credit or better with as long of a 0% introductory APR period on balance transfers.

    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 Discover it® - 18 Month Balance Transfer

    Discover it® chrome

    Expert Rating: 4.80 / 5 stars -
    4.8
    1
    • Intro APR

      0%
      14 months
    • Regular APR

      10.99% - 22.99% Variable*
    • Balance Transfer

      0%
      14 months
    • Average Savings

      $2,013.60 Over 1 year view details
    Show More Info
    x

    Your Average Savings

    Year One Year Two Year Three Total
    Interest Savings on Balance Transfers ? $900.00 $489.52 $405.45 $1,794.97
    * 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 $650.50 $540.60 $2,391.10
    * 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 $145.80
    * This card offers 2% cash back ($.02) on up to $1,000 spent at gas stations and restaurants combined each quarter. We assume cardholders spend 35% of their total purchase balance on these 2% cash back options. We then assume that consumers earn 1% cash back on the remaining 65% of their monthly purchase balance.
    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 $2,013.60 $1,188.62 $994.65 $4,196.87
    * 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.

    Discover it® chrome Summary

    • 2% cash back automatically on up to $1,000 in combined purchases at restaurants and gas stations every quarter—no sign-ups needed*. 1% cash back on all your other purchases.

    • 0% intro APR on purchases and balance transfers for 14 months—then a variable purchase APR applies, currently 10.99% - 22.99%. A 3% fee applies to each transferred balance.

    • APR won't go up if you pay late.

    • No annual fee, no overlimit fee, no late fee on your first late payment and no foreign transaction fee*.

    • Free FICO® Credit Score online and on your monthly statement so you can track your score's progress*.

    • Each Discover purchase is monitored. If it's unusual, you're alerted by e-mail, phone or text-and never responsible for unauthorized Discover card purchases.

    • U.S. based customer service—anytime, day and night.

    • *See rates, rewards, free FICO® Credit Score terms and other info by clicking "Apply".

    MyRatePlan's Expert Rating & Review

    Discover it® chrome review written by and updated on .

    Expert Rating: 4.80 / 5 stars

    4.8
    • Pros:

      Long introductory period of 14 months of 0% APR on purchases and balance transfers. 2% cash back on dining and gas on up to $1,000 per quarter as well as 1% cash back on all other purchases make this a great cash back option.

    • Cons:

      None we can think of.

    • Our Final Take:

      The Discover it® chrome is one of the best cash back credit cards on the market that also offers a generous 0% introductory APR period on both purchases and balance transfers.

    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 Discover it® chrome

    Discover it® chrome

    Expert Rating: 4.80 / 5 stars -
    4.8
    1
    • Intro APR

      0%
      6 months
    • Regular APR

      10.99% - 22.99% Variable*
    • Balance Transfer

      0%
      18 months
    • Average Savings

      $1,683.90 Over 1 year view details
    Show More Info
    x

    Your Average Savings

    Year One Year Two Year Three Total
    Interest Savings on Balance Transfers ? $900.00 $450.00 $405.45 $1,755.45
    * 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 ? $870.30 $540.60 $540.60 $1,951.50
    * 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 $145.80
    * This card offers 2% cash back ($.02) on up to $1,000 spent at gas stations and restaurants combined each quarter. We assume cardholders spend 35% of their total purchase balance on these 2% cash back options. We then assume that consumers earn 1% cash back on the remaining 65% of their monthly purchase balance.
    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 $1,683.90 $1,039.20 $994.65 $3,717.75
    * 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.

    Discover it® chrome Summary

    • 0% Intro APR* on balance transfers for 18 months. Then the variable purchase APR applies, currently 10.99% - 22.99%. A fee of 3% applies for each balance transferred.

    • 0% Intro APR* on purchases for 6 months. Then the variable purchase APR applies, currently 10.99% - 22.99%.

    • 2% cash back automatically on up to $1,000 in combined purchases at restaurants and gas stations every quarter—no sign-ups needed*. 1% cash back on all your other purchases.

    • No annual fee, no overlimit fee, no late fee on your first late payment and no foreign transaction fee*.

    • Free FICO® Credit Score online and on your monthly statement so you can track your score's progress*.

    • Each Discover purchase is monitored. If it's unusual, you're alerted by e-mail, phone or text-and never responsible for unauthorized Discover card purchases.

    • U.S. based customer service—anytime, day and night.

    • *See rates, rewards, free FICO® Credit Score terms and other info by clicking "Apply".

    MyRatePlan's Expert Rating & Review

    Discover it® chrome review written by and updated on .

    Expert Rating: 4.80 / 5 stars

    4.8
    • Pros:

      Long introductory period of 18 months of 0% APR on balance transfers and 6 months on purchases. 2% cash back on dining and gas on up to $1,000 per quarter as well as 1% cash back on all other purchases make this a great cash back option.

    • Cons:

      Nope.

    • Our Final Take:

      The Discover it® chrome is one of the best cash back credit cards on the market that also offers a generous 0% introductory APR period on both purchases and balance transfers (18 months for balance transfers is quite long.)

    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 Discover it® chrome

    U.S. Bank Visa® Platinum Card

    Expert Rating: 4.50 / 5 stars -
    4.5
    1
    • 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
    x

    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.