One of the biggest draws for a new credit card customer is doing away with fees that they were charged from their previous credit card company. Most of the time, people expect to be charged some sort of fee by their credit card issuer. However, in recent years, many companies have done away with charging annual fees. Therefore, many people who search for a "no fee credit card" may actually just mean one that doesn't come with an annual fee.
Sorry to disappoint, but there isn't really a credit card that doesn't charge some type of fee. Nearly all issuers charge for balance transfers which are offered by most credit cards. You can avoid fees by 1) paying your monthly minimum and 2) limiting balance transfers between cards.
One of the best rewards of a good credit score is the opportunity to qualify for low-interest no fee, or even zero interest credit cards. Chances are you won't have to pay an annual fee. Unless you’re paying your entire balance off each month, the interest rate is the most important consideration.
Do you usually carry over your credit card balance each month? If the answer is yes, you should apply now for a card with a low or zero interest rate on transfers. Switching to a low interest credit card can literally put dollars back into your own pocket.
Depending on the type of balance you carry, a low interest credit card can result in substantial savings. Finding the right card which has a fee structure that you can live with is a matter of paying close attention to the terms or fine print. Most credit card companines have made it really easy to read credit card terms online and must make them easy for you to find when considering to apply for a specfic credit card. Lastly, if your looking to avoid interest and fees with a new card, you’ll want to consider how quickly you will be able to reduce your balance and what the rate will be when the introductory period expires.
Below is an example of how Chase has made the "Pricing and Terms" section easier for consumers to review:
The only card that we know of which doesn't have a fee involved with balance transfers with the GM Flexible Earnings card.
| Intro APR: | * |
|---|---|
| Regular APR: | As Low As 14.24% |
| Annual Fee: | None |
| Intro Period: | * |
|---|---|
| Balance Transfer: | Yes* |
| Credit Needed: | Good |
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