No one likes paying an annual fee just to use a credit card, but many cards come with one. Some of these cards may even lure you in by cutting the annual fee for the first year.
Then, the year after, that fee surprises you. This is annoying at best and could strain your monthly budget at worse.
Fortunately, it isn't as hard as you might think to avoid these annual fees if you get the right cards. Here, we'll explain how to choose the best no annual fee credit cards no matter your credit score.
How Much Does Credit Score Matter in Getting a No Annual Fee Credit Card?
People with higher credit scores indeed tend to have access to more credit card options. By extension, these people will have an easier time finding no annual fee credit cards that offer the terms, perks, and rewards they want.
Here's the good news, though: there are cards without annual fees for people of nearly any credit score. You don't need good credit to avoid paying these fees.
In fact, the premium credit cards that require excellent credit scores often come with annual fees, sometimes up to hundreds of dollars. That's because those cards often come with perks that are suited to high spenders and frequent flyers. But there's a wide variety of no annual fee credit cards that can suit every budget and credit score.
Options for No Annual Fee Cards at Lower Credit
If you have low credit or little credit history and want to avoid annual fees, secured credit cards offer you an excellent potential place to start.
Secured credit cards simply require you to put down a refundable deposit (they usually require a specific minimum, like $200) to establish your credit line. For example, you could put down $500, giving you up to $500 to draw on each month.
Just like that, you can start working on your credit with ease.
It gets better, though: many companies will review your account monthly. If you have a perfect payment history and meet other criteria, the company may offer to refund your deposit and move you to an unsecured card.
Now, you have your money back, and you pay no annual fees.
Ditch the Annual Fees
Regardless of your credit score, there's no need to pay an annual fee if you don't want to. Secured credit cards offer a great, fee-free way to enter the credit world or rebuild your credit slowly and steadily while saving you money.
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Original Source: What Credit Score Do You Need to Get a No Annual Fee Credit Card?
