How much is the First Tech Choice Rewards World Mastercard annual fee?

A credit card annual fee is the minimum cost of keeping the account open for a year. It helps the issuer afford any rewards or promotional financing the card may offer as well as general account services, such as billing and customer support. The average credit card annual fee is about ... read full answer$22, but many cards have no annual fee. A credit card’s annual fee typically is charged on the account anniversary or the month after it. It will show up on the credit card statement like a normal purchase.

An annual fee on a credit card isn’t necessarily a bad thing. Lots of credit cards with annual fees more than make up the extra cost with better rewards and supplemental perks such as travel insurance. Others, however, try to seem prestigious by charging a big fee without offering nearly enough in return. That’s why it’s important to do your research before applying.

Here’s what you should know about credit card annual fees:

• Annual fees typically range from $0 to $500.
• The annual fee gets added to your balance as a purchase, reducing your available credit (and possibly leading to interest charges) until you pay it off.
• As a special promotion, many credit cards waive their annual fee during the first year an account is open.
• If you ask your credit card company to lower or waive your annual fee, they may consider it. But don’t count on your request being approved.
• You should only get a credit card with an annual fee if it will save you more money overall than the best no annual fee card you can qualify for.
• Getting a starter credit card with no annual fee is a great idea if you are new to credit. Closing your oldest credit card account can hurt your credit score, and you probably don’t want to continue paying for a card that you eventually stop using as your credit improves.

All in all, annual fees may or may not be worth your while, depending on what your card gives you in return. But it’s best to avoid fees while building credit, if possible, since you’re unlikely to get benefits that are worth the cost until you're more established. Once you’re able to qualify for more lucrative rewards cards, you can weigh the fees against the benefits and decide which card is right for you.

No, most credit cards do not have an annual fee. Only about 15% of credit cards charge annual fees, according to WalletHub’s database of more than 1,500 credit card offers, and even those few cards that do charge fees often make up for the cost with rewards and benefits. So, you shouldn’t rule out a card just because it has an annual fee.... read full answer

Best Credit Cards with No Annual Fee

If you’re a big spender, some of the best credit cards with an annual fee offer good enough rewards to more than cover the cost of the annual fee. If you don’t plan on using your credit card very often, though, one of the best no annual fee credit cards may be a better option.

No annual fee means you will not be charged every year for using your credit card. This means you’ll save anywhere from tens to hundreds of dollars in annual fees, depending on the credit card.

What you should know about credit card annual fees:

• Annual fees are often tied to high-end ... read full answerrewards cards, travel rewards cards, business cards, in addition to cards for people with limited and bad credit. The annual fee helps the issuer recoup the costs of rewards and benefits the card offers.
• There are a number of no annual fee credit cards that offer rewards such as cash back or rewards earned on purchases. But you will need good credit or better to qualify for most of these cards.
• A good go-between is a credit card that waives the annual fee for the first year you have the card. After the first year, the fee will be charged to your account, unless you close the account before that happens. But doing so could have a negative effect on your credit score. You might also lose any unredeemed rewards.

Whether you should have a no annual fee card depends on your spending habits and preferences. If you’ll earn enough in rewards to warrant the cost of an annual fee, it might be worth the investment. But if you know you won’t make too many purchases over the course of a year, your best bet would be to stick with the no annual fee card.