What Is a No Fee Credit Card?
A "no-fee" credit card means that the issuer does not charge the card holder an annual fee simply for having the card, as some issuers do. No fee does not, however, mean that there aren't other fees associated with using the card.
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No Fee Is Common
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It was once standard practice for consumers to pay an annual fee to have a credit card. Now fewer cards charge such fees, though a good many still do. The credit card application must say upfront whether there's an annual fee, and it behooves a consumer to check for that information before applying.
Finding a No-Fee Card
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A number of websites, such as CreditCards.com, LowCard.com and Credit-Land.com, offer detailed comparisons of the credit cards on the market. By examining this information, consumers can find a no-fee card that otherwise meets their credit needs.
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Other Fees
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No annual fee does not mean no fees at all. Credit cards, even the "no fee" variety, can involve quite a few other kinds of fees, including sizable fees for being late with a payment or for exceeding one's credit limit, but also for transactions such as balance transfers.
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References
- Photo Credit credit card image by jimcox40 from Fotolia.com
