Browsing Credit Cards » No Annual Fee Credit Cards
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For those who have used credit cards for a while and have built up a good credit history, there is a natural inclination to try and find cards that can actually save you money. From low interest rate credit cards to going with gold or perhaps platinum cards for those that qualify, one of the more interesting types is the no annual fee credit card.
A credit card that charges you less can certainly save you money, but what exactly is a no annual fee credit card Australians can use and what are the potential benefits and pitfalls of owning such a card?
This is a credit card that does not charge an annual fee. As a general rule, credit card companies will charge an annual fee for their cards to cover administrative costs and the like. As an incentive, eliminating the annual fee can certainly save the credit card owner the fee itself as compared to a standard credit card.
However, is having a no annual fee credit card really advantageous and what are the pitfalls for having this type of card in your wallet?
No Fee: The most obvious advantage is that you will certainly save money from not paying any annual fee. Of course, you will need to compare this advantage with other payments that you need to make to see if the card is actually saving you money.
Better Rewards: As an added incentive, many companies that offer a no annual fee card will also throw in perks such as better rewards, cash back on purchases and more frequent flyer miles and the like to make it an attractive offer.
However, there are some disadvantages to having such a card which starts with the qualification process. You have to have good credit and a good track record to qualify for a no annual fee credit card Australians enjoy. However, this may not be such a bad thing if you have maintained a good credit history.
Low Fee: Most annual fees on credit cards are actually fairly small so you might not be saving all that much money in the first place. The fees themselves are generally not the main way that credit card companies make money.
Higher Interest Rates: As with most things in life, nothing is free and not having to pay an annual fee doesn’t necessarily mean that you are saving money. Before you decide to get such a card, it pays to see what other fees the card has and their interest rate in particular as this is where they might make up for not having an annual fee.
You will need to look at the totality of the no annual fee credit cards Australians like to use before making your decision about whether you are really saving money. In many cases, you might be better off with a low interest rate or perhaps gold or platinum card instead if you qualify.
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