No Annual Fee Credit Cards

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

Annual fees are often tied to high-end rewards cards, travel rewards cards, business cards and secured cards for people with fair, limited, or bad credit. The annual fee helps the issue recoup the costs of rewards and benefits the card offers.

However, 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. If, after that first 12 months, you’ve determined that having the card isn’t beneficial, you can close the account. Keep in mind that closing a credit card account, especially after only a year, could have a negative effect on your credit score. In addition, when your card is closed, you will be unable to redeem any rewards you’ve earned with the card.

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.

Best Credit Cards with No Annual Fee and No Foreign Transaction Fee

The best credit card with no annual or foreign fees really depends on your credit standing and what type of rewards or other features you’re looking for. Fortunately, there’s a whole range of attractive possibilities.

The best credit card for fair credit with no annual fee is the Upgrade Visa® Card with Cash Rewards because it offers unlimited 1.5% cash back on all purchases (after you pay the bill) and has a $0 annual fee. Applicants with fair credit will also have good approval odds for the Upgrade Credit Card, which can be used anywhere VISA is accepted. 

Best Credit Cards for Fair Credit with No Annual Fee

• Best Overall: Upgrade Visa® Card with Cash Rewards
• Cash Back Rewards: Petal® 2 Visa® Credit Card
• Easy Approval: Capital One Platinum Credit Card
• Grocery Shopping: Capital One Walmart Rewards® Mastercard®
• Amazon Prime: Amazon.com Store Card
• Target Purchases: Target Credit Card

Most credit cards for fair credit with no annual fee are store cards. You can only use them at a particular retailer, but some do still give excellent rewards. For example, the Amazon.com Store Card offers 5% back on all Amazon purchases. But you have to be an Amazon Prime member to get that perk.

A good credit card that you can get with bad credit and $0 annual fees is the Secured Mastercard® from Capital One. This is a partially-secured credit card, ideal for people who want to build credit at a low cost; Capital One Secured has a $200 starting credit limit and requires a refundable security deposit of $49, $99 or $200.

Other good options are the U.S. Bank Secured Visa® Card and the Harley-Davidson® Secured Credit Card.

The best cash back credit card with no annual fee is Chase Freedom Unlimited®. In addition to a $0 annual fee, Chase Freedom Unlimited offers an initial bonus of $200 for spending $500 in the first 3 months as well as 1.5 - 5% cash back on purchases. More specifically, cardholders earn 5% cash back on grocery store purchases for the first year (up to $12,000 spent), 5% cash back on travel through Chase, 3% cash back at restaurants and drugstores, and 1.5% back on all other purchases.

Best Credit Cards with No Annual Fee and Cash Back

Cash back gives flexibility and freedom when it comes to earning and using rewards. You’ll get a percentage back on every purchase, and you can spend your rewards however you like. Below, you can get an even better sense of how much the top cash back credit cards with no annual fee could save you.

Best Cash Back Credit Cards with No Annual Fee Compared

The best credit card for a signup bonus with no annual fee is Chase Freedom Unlimited®, which has a $0 annual fee and gives an initial bonus of $200 for spending $500 in the first 3 months. Cardholders also earn 5% cash back on grocery store purchases for the first year (up to $12,000 spent), 5% cash back on travel through Chase, 3% cash back at restaurants and drugstores, and 1.5% back on all other purchases.

Best Credit Card Signup Bonuses with No Annual Fee

There are larger signup bonuses out there, but you may have to pay an annual fee to get them. You could still come out ahead though. The best approach is to compare the best credit card bonus offers after subtracting any fees they may charge. You can then pick the card that will save you the most at the end of the day.

Elite credit cards with $0 annual fee include the Capital One VentureOne Rewards Credit Card, the Citi® Double Cash Card – 18 month BT offer and the Amex EveryDay® Credit Card. These high-end cards require a minimum of good credit for approval and offer perks such as high everyday earning rates, big initial bonuses and 0% introductory APRs. Capital One VentureOne gives 1.25 miles per $1 on all purchases and a 20,000 miles initial bonus. Citi Double Cash Card gives 2% cash back on all purchases. And the Amex EveryDay® Credit Card offers an intro purchase APR of 0% for 15 months.

Here are some of the top elite credit cards with no annual fee:

• Travel: Capital One VentureOne Rewards Credit Card

  This is an elite $0 annual fee credit card due to its ample rewards. It gives 20,000 miles bonus when you spend $500 in your first 3 months. And you get 1.25 miles per $1 on all purchases. Capital One VentureOne comes with an intro APR of 0% for 12 months on purchases and its regular APR is 15.49% - 25.49% (V). Good credit is required.

• Cash Back: Citi® Double Cash Card – 18 month BT offer

  This is an elite $0 annual fee credit card because it gives one of the highest cash back rates on the market for all purchases: 2% cash back when you pay at least the minimum due on time. And there’s a 0% for 18 months intro APR for balance transfers. There is a balance transfer fee of 3% (min $5). This card’s regular APR is 13.99% - 23.99% (V). Good credit is required.

• Balance Transfer: U.S. Bank Visa® Platinum Card

  This credit card is elite because of its very long 0% intro APR period. You get 0% on purchases and balance transfers for 20 billing cycles. The card’s regular APR is 14.49% - 24.49%* (V). Transfers must be requested in the first 60 days to get the 0% rate, and there’s a 3% (min $5) transfer fee. You also get free cell phone protection. Good credit is required.

• 0% Purchases: The Amex EveryDay® Credit Card from American Express

  This card is elite because of its 0% intro APR for 15 months on purchases. Amex EveryDay® Credit Card’s regular APR is 12.99% - 23.99% (V). You get 2 points / $1 at U.S. supermarkets, on up to $6,000 per year and 1 point / $1 on all other purchases. Using your card 20 times in a month gets you 20% more points. There’s also a 10,000 points bonus when you spend $1,000 in your first 3 months. Good credit is required.

• Business: Ink Business Cash® Credit Card

  This is an elite $0 fee card because it has a lot of bonus categories. You get 1 - 5% cash back cash back, depending on the type of purchase. You get a $750 cash back bonus when you spend $7,500 in your first 3 months. There’s a 12 months intro APR on purchases. This card’s regular APR is 13.24% - 19.24% (V). You get employee cards at no cost. Good credit is required.

At the end of the day, elite and no annual fee are not always synonymous when it comes to credit cards. Cards with annual fees tend to offer more rewards and benefits. Generally, the higher the annual fee, the more rewards you get. Some of the most elite credit cards with fees include the Capital One Venture Rewards Credit Card and the Chase Sapphire Preferred® Card.

No annual fee American Express credit cards are great for people who have good or excellent credit, pay their bills in full every month, and don’t plan to spend enough to warrant paying for extra perks. After all, American Express (a WalletHub advertiser) targets its cards to people with the best credit histories and does not typically offer low interest rates. But there are plenty of no annual fee Amex offers to choose from. And to help point you in the right direction, WalletHub’s editors picked their favorites in a handful of popular usage categories.
 

Best American Express Credit Cards with No Annual Fee

• Cash Back: Blue Cash Everyday® Card from American Express
• Travel Rewards: Blue from American Express® Card
• Business: American Express Blue Business Cash™ Card

Amex obviously doesn’t issue the only no annual fee credit cards on the market, so we recommend expanding your search to include offers from Visa, Mastercard and Discover. Once you identify the best offer for your needs, be it an American Express credit card with no annual fee or not, we will automatically redirect you to the respective issuer’s secure online application page.

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Yes, a black credit card with a $0 annual fee is the RBC Bank Visa Signature Black Credit Card. You’ll earn 1 point per $1 spent on all purchases . There’s also an introductory purchase APR of 0% for 6 months that’s coupled with an introductory balance transfer rate of 0% for 6 months (each balance transfer is subject to a 3% (max $99) fee). Once the introductory periods are over, remaining balances are subject to a regular APR of 9.99% - 19.99% (V), based on creditworthiness. You’ll also get hotel upgrades, discounts on fine dining, and other travel privileges.

Black credit cards are a class of super-exclusive, high end credit cards that are black in color. While the RBC Bank Visa Signature Black Credit Cardoffers a decent set of benefits for a $0 annual fee, it is hardly in the same league as the Black Gold Standard of black cards: The Centurion® Card from American Express.

Shrouded in secrecy, the Centurion® Card from American Expressreportedly requires you to spend at least at least $250,000 a year on American Express cards. And that’s just to get an invitation to apply. If you’re interested in the Centurion® Card from American Express, you can also request to be considered for invitation. If you are lucky enough to garner an invitation, you’re still on the hook for some hefty fees. The initiation fee is $10,000, and the annual fee is $5000.

The Mastercard® Black Card, on the other hand, doesn’t require an invitation or an initiation fee like the Centurion® Card from American Express, but it does charge a $495 annual fee.

A black credit card with no annual fee is a good deal when compared to its high-priced brethren. But for customers who don’t have the money high-end cards require, there’s much better value in rewards cards of all colors.

Rewards cards such as the Capital One Venture Rewards Credit Card ($95 annual fee), Citi® Double Cash Card – 18 month BT offer ($0 annual fee) and Chase Sapphire Preferred® Card ($0 annual fee)  don’t offer as much in terms of perceived social status. But cardholders will come away with a solid array of rewards and benefits without the ridiculously high fees. If you’re considering a black credit card, you’ll also likely meet the requirements of some of the best rewards credit cards on the market.