How much is the United Business Credit Card annual fee?

You need a credit score of 700+ for a United Business Credit Card. That means people with good credit or better have a shot at getting approved for the United Business Credit Card.

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the United Business Credit Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.... read full answer

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it's best to wait to apply until you meet the United Business Credit Card credit score requirement. You can check your credit score for free on WalletHub.

Credit cards have annual fees to help cover the cost of rewards programs, benefits like travel insurance, and account services such as billing and customer support. Annual fees also help credit card companies profit more, especially on cards that people don’t use much. And in the case of credit cards for people with limited or bad credit, annual fees help credit card companies reduce the risk of lending to unproven borrowers.... read full answer

The most common types of credit cards with annual fees are high-end rewards cards (especially the travel variety), business credit cards, credit cards for bad credit, and rewards cards for people with fair or limited credit. The more perks offered or the more risk there is for the issuer, the more likely there is to be an annual fee.

Do all credit cards have annual fees?

Not all credit cards have annual fees. There are hundreds of no annual fee credit cards available. And some annual fees are a lot bigger than others. They can range from $25 to $550 and up, depending on the card. Some will also waive the fee for the first year. When a card does have an annual fee, that fee is automatically charged to your account once a year. The first fee will be charged to your first month’s credit card statement.

Whether or not a credit card has an annual fee shouldn’t be the only factor you consider when shopping for a card. That’s because whether an annual fee is worth paying depends on what you get in return and what other options are available. You can learn more below.

Here is more on why credit cards have annual fees:

• Credit cards assess annual fees mainly to offset the cost of their benefits, rewards and account services. But they’re also a way for credit card companies to make greater profits.
• The Credit CARD Act helps explain why credit cards charge annual fees. It limits penalty fees, over-limit fees and APR increases but not annual fees.
• Rewards cards, including airline and hotel cards, tend to have the highest annual fees. But their benefits are often worth it if you use the card frequently.
• Some major credit card issuers don’t charge annual fees on any of their cards. Others charge fees on about half of their cards.
• Business credit cards are more likely to charge annual fees than personal credit cards.
• The average credit card’s annual fee is about $20, according to WalletHub’s Credit Card Landscape Report.

Whether or not you should have a credit card with an annual fee depends on your spending habits and credit standing. If you’ll save more with a card that charges a fee, even with that fee considered, it makes sense. But if you don’t plan to make a lot of purchases, a no annual fee card probably is the way to go.

Secured credit card fees are a lot lower than those charged by unsecured credit cards for people with bad credit. There are several secured credit cards with no annual fee, and many others won’t cost you much more than the average credit card, which charges about $16 per year. In contrast, unsecured cards for bad credit usually have a $75+ annual fee, plus a one-time fee near $90 for application processing. The tradeoff is that you have to place a refundable security deposit of at least $200 to enjoy low secured credit card fees. But unlike unsecured card fees, you’ll get your deposit back when you close your account.... read full answer

Annual fees aren’t the only secured card costs you have to worry about, though. There are foreign transaction fees, late fees and cash advance fees, too. Plus, if you carry a balance from month to month, you’ll have to pay interest.

But avoiding secured credit card fees is pretty easy. You just have to choose your card wisely and then use it responsibly.

Here are some low secured credit card fees:

• No Annual Fee: Citi® Secured Mastercard®– $200 deposit
• Low Deposit: Capital One Platinum Secured Credit Card– $49, $99 or $200 for a $200 limit
• No Foreign Transaction Fee: Capital One Quicksilver Secured Cash Rewards Credit Card – $0 abroad and no annual fee
• Low Late Fee: Commerce Bank Secured Credit Card – $15 max
• No Cash Advance Fee: Navy Federal Credit Union nRewards® Secured Credit Card– $0 at Navy Federal ATMs
• Low APR: Applied Bank® Secured Visa® Gold Preferred® Credit Card – 9.99%

The best approach is to choose whichever card has the lowest annual fee, regardless of branding or issuer. And either pay your bill in full every month or don’t use it to make purchases at all. Either way, your credit score will benefit from your account being in good standing, and you’ll avoid wasting money on interest.