TOP 5 – Best No Annual Fee Credit Cards for Jan, 2023

No annual fee credit cards are always a great choice. It reduces the cost of owning the card, making it a strong financial choice as well. In recent years, no annual fee offers have become more common, but there are still a few caveats budget-minded consumers should keep in mind.

Editor’s Choice

  • Get $325 and stop paying account fees!
  • Free checking and savings accounts
  • Earn up to 1.25% APY (41x the national average!!)
  • No overdraft, minimum balance, or monthly fees
  • Get reimbursed all ATM fees
  • 55,000+ fee free ATMs within the Allpoint® Network
  • Get paid 2 days earlier
  • Automatic saving features
  • Your phone gets insured for up to $200, up to 2 claims per year
  • The SoFi Money World Debit Mastercard is issued by The Bancorp Bank
Intro APR Intro Period Regular APR Annual Fee Credit Needed Rate this Card
N/A* N/A* 0.00% (Fixed)* 0* Accepts All*
total votes: 28

Like anything else, there are varying considerations that play into these offers. Our editors carefully reviewed all of the current no annual fee credit cards on the market today. They were looking for comparable APRs, conveniences associated with any particular offer as well as the absence of other fees that could sneak in and serve as a balancing factor that would allow the credit card companies to collect the equivalence of an annual fee via other monthly or convenience fees. Here’s what our editors chose:

4 More Top No Annual Fee Credit Cards for Jan, 2023

  • Overdraft protection up to $200 with opt-in and eligible direct deposit*
  • No monthly fees with eligible direct deposit, otherwise $5 per month
  • Earn up to 7% cash back when you buy eGift Cards in the app
Intro APR Intro Period Regular APR Annual Fee Credit Needed Rate this Card
N/A* N/A* See Terms * 0* Bad Credit OK*
total votes: 44
  • $1000 Credit Limit
  • No Credit Checks
  • Instant Approval
  • 0% Financing
  • No application denied for bad credit!
Intro APR Intro Period Regular APR Annual Fee Credit Needed Rate this Card
N/A* N/A* 0.00% (Fixed)* 0* Accepts All*
total votes: 225
canada
  • Smart digital Business account for Freelancers, Startups, and Small business owners
  • Get 1 month Free. No commitments, cancel anytime
  • No monthly minimum requirements
  • No credit check is needed
  • Create Envelopes for rent, taxes, payroll, and anything else automatically
  • Deposit money from PayPal, Stripe, Airbnb, Amazon, Venmo, Uber, Lyft, Square, Etsy, and more
  • Compatible with QuickBooks, FreshBooks, Gusto, ADP, Wave, and more
  • Open a Business account in minutes
  • Real humans support by Live Chat, Email, and Phone
  • Issued by The Bancorp Inc., Member FDIC
Opening Min App Fee ATM Fee Credit Reporting Credit Needed Rate this Card
0* $0* $0.00* No* Accepts All*
total votes: 15
canada
  • With Direct Deposit, you can get paid faster than a paper check.
  • No late fees or interest charges because this is not a credit card.
  • Use the Netspend Mobile App to manage your Card Account on the go and enroll to get text messages or email alerts (Message & data rates may apply).
  • Card use is subject to activation and ID verification. Terms and Costs apply.
  • Card issued by Pathward N.A., Member FDIC. Card may be used everywhere Visa debit card is accepted.
  • See additional NetSpend® Prepaid Visa® details.
Opening Min App Fee ATM Fee Credit Reporting Credit Needed Rate this Card
$10* $0* $2.95* No* Bad Credit OK*
total votes: 95

The fact is, credit card companies have become increasingly competitive. As a result, consumers continue to benefit from that competitive spirit and those benefits are coming in the form of waived or non-existent annual fees. But remember, too, that human nature plays a far bigger role in our financial decisions as anything else. Banks and card companies know that sometimes, a late fee tacked on during the year can offset their losses associated with no annual fee cards. Don’t underestimate the psychology of money and credit and remember you’re your best advocate.

Why No Annual Fee Cards are Smart Choices

Of course, the most obvious reason is that consumers save those annual fees associated with some credit cards. If you don’t have to pay it, why would you, right? Banks and card companies offer these cards as a way to remain competitive. Even when the new laws went into effect, many were concerned that would be the end of the no annual fee credit card, but that’s not been the case at all. In fact, consumers have benefited from those new laws in a number of ways.

Look for low APR and be sure to weigh all factors when making your decision. Ask yourself if that quarter point APR difference is going to wipe out the benefits of not being hit with the annual fee. The terms and conditions spell those details out and with recent changes in how those disclosures are presented, it’s always better to take those extra few minutes and read them.

Also, some consumers look for balance transfer options, as well. They see the opportunity to take advantage of low or zero percent intro rates on balance transfers to a credit card that has no annual fee – and it really does become a great choice at that point. Compare the perks and benefits. The rewards program might be something that’s important as well, however, you’re more likely to see an annual fee on those with the best rewards programs. Just keep that in mind as you move through the process.

The Cons of No Annual Fee Cards

The biggest pitfall associated with no annual fee credit cards is the requirement that the applicant have excellent credit. That’s not always the case, but more times than not, anything less than excellent credit can disqualify a consumer. If you’re in the process of building or rebuilding your credit, tread carefully since you’re going to watch several different indicators, including the interest rate you’re going to have to pay.

Another important consideration is found, again, in the terms and conditions. Some offers will now include a clause that states late payments or going over your credit limit will automatically trigger an annual fee. This again goes back to the psychology of money. If you’re prone to having a few weak moments and have been known to go over your credit limit on occasion, you’ll need to keep in mind it’s going to cost you more than just the over the limit fee. You may find yourself hit another fee every year for that one moment of weakness.

Card name Intro APR Intro APR Period Regular APR Annual Fee Credit Needed
Unique Platinum N/A* N/A* 0.00% (Fixed)* 0* Accepts All*
Upgrade Cash Rewards Visa® N/A* N/A* 14.99% - 29.99% * 0* Fair*
Secured Chime Credit Builder Visa® Credit Card N/A* * 0.00% (Fixed)* 0* Accepts All*
Till Visa® Debit Card for Kids N/A* N/A* 0.00% (Fixed)* 0* Accepts All*
Upgrade Triple Cash Rewards Visa® N/A* N/A* 14.99% - 29.99% (Fixed)* 0* Fair*
 

Conclusion

Simply stated, these no annual fee credit card choices are often the best on the market. That said, a credit card is only as good as the owner who’s using it and taking advantage of the perks and benefits. If a credit card is burdensome and doesn’t have any significant value associated with owning it, then it’s not good for that particular consumer and can actually cost money in the long run. Due diligence is key and don’t get swayed by one particular benefit, especially if washes in the long run.

Have you had any personal experience with No Annual Fee Credit Card?

Advertiser Disclosure

CREDIT DAD is an independent, advertising-supported website. Many debit cards, credit cards and other financial offers that appear here are from companies from which CREDIT DAD Websites receive compensation. This compensation may impact how and where products appear on this website (including, for example, the order in which they appear). CREDIT DAD Websites do not include all card offers in the marketplace.

Advertiser Disclosure

CREDIT DAD is an independent, advertising-supported website. Many debit cards, credit cards and other financial offers that appear here are from companies from which CREDIT DAD Websites receive compensation. This compensation may impact how and where products appear on this website (including, for example, the order in which they appear). CREDIT DAD Websites do not include all card offers in the marketplace.