How To Compare Annual Fee Credit Cards

If you want to save money you should look into no annual fee credit cards. While they are not the best choice for everyone they can mean big savings to the right owner. The term no annual fee can mean a few different things, so be sure to familiarise yourself with the terminology.

Featured No Annual Fee For Life Credit Card

The HSBC Credit Card is a no annual fee for life credit card which means you will not be charged an annual fee for life. This card is also ideal for those who want to get in control of their finances with a low balance transfer offer for the first 6 months.

• $0 annual fee
• 17.99% p.a. on purchases
• 0% p.a. for 6 months with 2% handling fee on balance transfers
• Cash Advance Rate of 21.99% p.a.
• 55 days interest free
• Minimum Income Requirement of $20,000 p.a.

Read the HSBC Credit Card terms and conditions.

No annual fee credit cards can save a lot of money. Annual fees start at around $50 per year and can go up to the hundreds of dollars depending on the card. Often these cards carry a higher interest rate then those cards that have annual fees. For this reason they are best for customers who either use their cards only in emergencies or who pay off their full balance each month. If you think you will carry your balance over from month to month you may be better off with a low interest credit card instead. These cards also do not usually have rewards programs, which cost money. In short they are a no-frills credit card with a no-frills cost. However, there are some platinum no annual fee cards that offer basic rewards, just not the luxury ones associated with big ticket cards.

Three kinds of no annual fee credit cards

1. No annual fee for life credit cards – If your card says that it is free forever, it means that you will not be charged an annual fee for the entire time that you keep the card active. That being said it is important to read all of the regulations from your credit card company to ensure that they intend to keep the no annual fee deal for the life of the card.
2. No annual fee credit cards for the first year – These cards have an annual fee that is waived for the first year that you own the card. After that time the regular annual fee will be charged to your account. These can be a good deal if the ongoing annual fee is an average and not way above the cost of other cards. Saving $60 the first year is the same as paying $40 a year for three years, so be sure that the other benefits make this card worth the cost.
3. No annual fee special discounts – A special discount is usually offered if you spend a certain amount each year or if you link it to another account. These can be good deals if you are able to meet the regulations of that particular card.

As you compare no annual fee credit cards you have to take into consideration the other costs of ownership. Purchase interest rates, interest free days, balance transfer offers, and rewards programs can all make a card more or less affordable. The annual fee, or lack of one, should not be the final deciding factor in your credit card choice. Careful research is required before you sign on the dotted line.

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%