I'm still pretty inexperienced with credit. I've only had one credit card (a Visa) for the past three years, and it has no annual fee. I just got a second (a MasterCard), and it has an annual fee of $79. Should I shop around for a different card sans the annual fee and nix the new one? Or will most cards charge an annual fee?
2006-12-12 09:42:36 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
Once you have established credit, most do not have annual fees, and if they do you can usually get them waived.
I would encourage you if possible to stick to one credit card anyway, and if you get a better deal on one call your credit company and ask them to match it. If they can't match the deal on the second one, then transfer the debt and cancel the first one. It's too easy to get into a bad cycle!
2006-12-12 09:46:39 · answer #1 · answered by jeffedl 2 · 1⤊ 0⤋
If you have really good credit, there is no reason why you should ever pay a fee. The exception would be American Express, which used to charge a fee to everyone AND require monthly pay off in full. Might check to see if that is still true.
A word, if I may?
You've heard a lot I'm sure re. debt , but do keep it at a minimum.
Many who have had a catastrophic illness ( a stroke can hit any one of us , any age, any time, or a truck for that matter!) end up going from flawless credit to tonal bankruptcy.
This is hard on you, family, everyone.
Just take the long view & periodically asses how much credit you have outstanding compared to losing your ability to pay it off, what you stand to lose, & whether for a temporary reason or permanent.
Best wishes & best of health to you.
EDITY: btw, in the fine print on all credit card accounts, there is a clause which stipulates that if you make one late payment on ONE card, every single other, unrelated, other company's card can & will increase your interest rate and I believe your monthly pay amount too. Dateline did a special report on this about a year & a half ago, very enligjhtening & empowering for a consumer to see.
2006-12-12 10:07:49 · answer #2 · answered by gettin'real 5 · 0⤊ 0⤋
All credit cards are scamola, annual fee or no annual fee. Try using it for things like car rental (required) only, and get a debit card for other purchases. It works the same as a credit card for online and other purchases, but with NO interest, NO annual fee.
A lot of people who are inexperienced with credit can run themselves into financial ruin. Don't let this happen to you. They are big corporations scamming the little guy for interest. Try to use it as infrequently as possible and pay it in full immediately if you do need to use it for anything. don't spend money you don't already have. The debit card is your friend. The credit card- not so much!
2006-12-12 09:54:53 · answer #3 · answered by Chloe 6 · 1⤊ 0⤋
You need to be careful on what credit cards to use, I have both a Citi card which is mastercard and a discover. I love discover because it has no annual fee and i get cash back. Right now i get 5% cash back on any restaurant i use my card at! And there is other things through the year that you get 5% for. Go to discovercard.com Hope this helps?
2006-12-12 09:52:32 · answer #4 · answered by vballchic_5 1 · 0⤊ 0⤋
Well there is pretty a bunch of credit cards with no annual fee, but this is covered by interest rates or other fees. See the examples at http://www.low-interest-rate-visa-credit-cards.com/No-Annual-Fee-Cards-916824-page.php. There you can study some cards - they are usually for good credit score.
2006-12-12 16:11:57 · answer #5 · answered by Shirrwood 2 · 0⤊ 0⤋
does the annual fee card come with a low interest rate? look at the big picture -- if you are paying 32% interest with no annual fee you are better off with a 21% and the annual fee.
2006-12-12 09:50:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
SHOP AROUND!
I have 4 credit cards & not one has an annual fee!!! You will find them! Why should you pay them to charge you ridiculous interest rates?
Good Luck!
2006-12-12 09:45:29 · answer #7 · answered by Heather 3 · 0⤊ 0⤋
all credit card applications have a disclosure on whether or not there are annual fees. Read everything thouroghly before you even fill out the application.
2006-12-15 18:19:15 · answer #8 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Yes, shop around, many cards have no annual fee. Go to http://www.bankrate.com/brm/rate/cc_home.asp
There are a list of cc's that specifically have no annual fee.
2006-12-12 09:46:21 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Mine doesn't... Virgin Credit card... which is a Mastercard.
Shop around kiddo :)
2006-12-12 09:51:36 · answer #10 · answered by Lily 5 · 0⤊ 0⤋