The Pros and Cons of a No Annual Fee Card

As someone who is investing a credit card, you face a lot of choices. One of those choices has to do with a yearly charge on your credit card. Some cards have the fee while others are a no annual fee card. Which is right for you? Here are some of the pros and cons associated with a no annual fee card.

No annual fee card – Con: A no annual fee card may come with fewer bells and whistles. Often, a card with an annual fee might offer something extra that you want or need, such as extra points or higher insurance or lower interest rates. On the other hand, a no annual fee card is usually a little more "bare bones".

No annual fee card – Pro: A no annual fee card will save you money on your fee. A good part of maintaining a healthy financial plan is to reduce the amount of money you spend here or there in the form of fees, surcharges, etc. A no annual fee card is just one less expense for you in the year.

No annual fee card – Con: If you pay extra for something that an annual fee might offer to you for just that fee amount, you might end up spending more on it. For example, if a card with an annual fee offers you discounts while a no annual fee card doesn't, the amount of discounts could outweigh the fee itself. It's worth calculating to see.

No annual fee card – Pro: A no annual fee card could theoretically cost you nothing at all! This happens because many cards don't charge you interest unless you haven't paid your bill within the payment period. So, as long as you pay your bill you may not see any interest applied to your purchases and therefore you don't pay anything to use the card at all!

A no annual fee card is a great financial tool to have in your wallet if you are looking to add an affordable, useful credit card to your financial plan.

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