How to Get a No-Fee Credit Card
Credit cards without annual membership fees could save you between $25 and $100 per card per membership year. An annual membership fee is an amount credit card companies charge for the right to use or carry their card. When signing up for a no-fee credit card, you must do your homework and compare card offers.
Other People Are Reading
Instructions
-
-
1
Request one free copy of your consumer credit report through the AnnualCreditReport website. Check your consumer credit report for inaccurate or expired accounts that can hurt your credit rating and disqualify you for credit cards with attractive features.
-
2
Improve your credit rating if it is below the prime range of 680 or 700. Financial expert Suze Orman suggests lowering your balance to within 30 percent of your credit limit. Keep your existing credit cards active to achieve the greatest boost to your credit score.
-
-
3
Apply for a no-fee credit card through one of the five largest credit card companies. American Express, Diners Club, Discover, MasterCard and Visa all offer no fee credit cards to qualifying applicants. Complete an application with your Social Security number and mailing address. You must also meet the income requirements, which vary from company to company, but could be as little as $2000 per month.
-
4
Compare interest rates and terms before accepting a final offer. Regardless of your credit rating, you want to determine which card is best for you. Getting a no-fee credit card with a percentage point or two less than another card could save you in interest fees over the course of your membership year.
-
1
Tips & Warnings
Not all credit card companies require you to have a prime credit rating to qualify for a no-fee credit card but having a strong credit rating improves your chances of receiving approval.
Take advantage of pre-qualify offers, but remember to read the fine print and stay away from high interest rates, which could cost you more in the end.
Contact your local bank and ask if you qualify for a no-annual fee credit card.
