Best No Fee Credit Cards Reviewed To Help You Compare and Save In 2014
No Fee Credit Cards are those that do not have carry a yearly fees, and can therefore be free to use as long as you pay your bill in full and on time every month. There are many reasons to go with a no fee credit card. Maybe you do not use a credit card for anything but those emergencies that seem to only pop up once or twice a year. Perhaps you do not make a lot of purchases on a credit card, so a credit card carrying a fee just to have it would make no sense. You may have a great primary credit card that carries a fee already, and you seek a supplemental card, perhaps a supplemental card with a specific rewards program for purchasing gas. Regardless of the reason, we will examine the best no fee card options available.
The credit cards with no yearly use fee’s we will outline below also have a rewards program for use of these cards. I have focused on travel rewards as out of all the rewards programs attached to no fee credit cards, the travel rewards program gets you the most mileage out of use of the card, pun intended. As far as the specific rewards for travel go, these cards rewards are usable on airlines and hotels.
Here are the best no yearly fee credit cards:
Barclaycard Arrival World MasterCard: Best No Fee Travel
While this cards rewards are not as high as its fee based sister card, you will not pay a yearly fee to own this card. You earn 1 mile on general spending, as well as 2 miles when you spend on dining or travel using this card. The miles on this card are redeemable towards statement credits on travel expenses. Using this card and paying off the balance monthly to avoid any interest can greatly offset the cost of your yearly vacation. You also get a 20,000 mile signing bonus with this card, which equals $200 dollars towards a hotel stay or airline ticket. This card is best for those who spend more than 25% of their income on travel and dining related expenses.
VentureOne Rewards Credit Card
This is the no fee cousin of the popular Venture Rewards card from Capital One. This card carries no fee and gives you a reward of 1.25 miles for every dollar spent, category of purchases makes no difference. This card is more geared towards those who spend less than 25% of their income on dining or travel. For those who spend less than 25% of their income on travel and dining, which is most of us, this card out performs any other no fee travel card. You also get 20,000 miles as a signing bonus with the catch that you must spend $2000.00
Capital One Quicksilver: Best No Fee Cash Back
While this card is not a travel related rewards card, it does offer some really good rewards, in the form of cash back, with 1.5% of all purchases returned to you. Coupled with no annual fee this credit card makes for a good primary card or secondary card. Many other cards restrict the spending categories for rewards or restrict your rewards to redemption for things such as travel or gift card redemption’s, but this credit card gives you pure cash back, while costing you nothing if you pay the balance off every month. This card is geared for those with excellent credit, but if your credit is not up to those standards, they still offer another option, the QuicksilverOne, although this card carries a nominal fee of $39.00 per year. There is a $100 cash back bonus for new card holders, with the requirement that you spend $500 in the first three months, which is an easy threshold to meet.
While this card requires excellent credit, it has some good features that make it note worthy. There is no earn and redeem limit for cash back with this card, and you earn 5% cash back on gas station and Kohl’s store purchases, as well as 5% cash back on categories that change every 3 months, and an unlimited cash back of 1% on all other purchases. This card also features a intro rate APR of 0% for the first 15 months on any purchases and credit card balance transfers, although credit card balance transfers carry a fee of 3% of the total amount transferred. The regular APR after the promotional period ranges between 13.99% – 22.99% depending on your fico score and other factors.
5% cash back credit card: the Discover it
The Discover it card not only has no annual fee, it also gives you 5% cash back on bonus categories that change every 3 months, for up to $1500.00 dollars spent, which equals up to $75.00 cash back alone on the bonus categories. You also earn 5% to 20% cash back shopping online via the ShopDiscover online rewards mall. This card pays you back in cold hard cash, not in vouchers or credit statements, so it is no hassle to redeem your rewards. The card is simple to use and provides a lot of value along with its no annual fee. It also features a 0% APR on balance transfers for a period of 18 months, so if your looking to dump a card that carries an annual fee and your already paying interest on that card, getting this card can save you money.
This article was written by Steven Moore, who has been covering consumer finance and the credit card markets since 2006. You can learn more and connect at his Google+ page.