Do You Opt for a No Annual Fee Card?

When deciding on which credit card best suits your unique financial situation, one of the choices you have to make is whether to opt for a no annual fee card. Much will depend on your capability to manage your finances well, as one of the features of these cards is that the interest rates will usually be higher – let's face it, the card companies are making their money from somewhere and if everyone managed their finances well they would not be able to offer the no annual fee option.

Personally, for me, I always preferred the low or No Annual Fee Credit card with a substantial interest-free period. I used the card many times per month, but never paid a cent in interest, because I would go through the monthly statements carefully and organize repayment from a linked account on time. But I understand that not everybody makes the time to do this consistently and that's where trouble can begin. The monthly statement from the credit card company can be met with groans if the card is not managed well.

A No Annual Fee Card may not be all that it seems. Some offer no interest-free period so beware not to choose a card on one criterion alone, if you are someone who is trying to avoid fees. You may end up paying more in other costs. Some cards will give you a first year free and then you have to pay a fee in subsequent years; others may have no annual fee for the card but charge account fees. Take care to check all the relevant details on the offers.

If you like to use your card a lot but are quite forgetful about making repayments on time then perhaps you look past the No Annual Fee Card to one with a small annual fee and a low annual purchase rate.

This whole decision process is made a little easier today by online sites that aggregate all the card offers from all the Australian credit card issuers. If you are looking for a No Annual Fee credit card you can tailor a search for this and the site will deliver all the top results for you to choose from. If you decide that the card matches what you need you can usually go ahead and apply securely online for your No Annual Fee Card and, if accepted, it will be delivered to you promptly by the issuing bank.

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