What are No Fee Credit Cards?
No Fee credit cards are often chosen by people who use them seldomly or as an emergency back up card. As they are not used regularly you don’t really want to pay an annual fee, even if there are great benefits.
There are also some people who just don’t want to pay the annual fee. They will choose a no fee credit card, even if they could benefit much more by paying the fee.
At the end of the day it is your choice as to whether or not you are willing to pay the card issuer to use your credit card
One of the best reasons to get any type of credit card is to take advantage of the interest-free period between when you make a purchase and when you have to pay for it. This is usually at least 21 days.
That basically means that you are getting a free short term loan all of your purchases and you don’t even have to pay an annual fee to get it. This is free money as long as you pay your full balance by the statement due date.
What are the Best No Fee Credit Cards for Canadians in 2022?
What We Like and Dislike
Pro Tips to Get the Most from Your New Card
There are a few simple rules that you can follow to make the most of your no fee card. If you keep these in mind while selecting your card, you can maximize the benefit from your credit card.
- Choose the best features that suit your situation – many no fee cards will include benefits such as fraud protection, purchase protection or extended warranties. If these are important to you then select the card that best matches your needs.
- Have a backup card – It is always a good idea to have a backup credit card for emergencies. As there are no fees to keep one of these cards it may be your perfect choice.
- Pay your full balance every month – This is the same advice that have for all of our various credit cards. If you carry a balance, you will end up losing any benefits that you have gained and even more to the interest that you pay. We advise you not carry any balance on any credit cards that you carry.
- Choose a card with the best rewards or cash back offers – You will not get the same as you will with a paid card, but there are still some very generous offers that come with no fee cards. Check the details to get the best card for your lifestyle.
Zero Fee Cards Summary
Everyone should have at least one of these credit cards in their wallet. There are many great reasons to have one, but no matter what is your reason is you should still choose the best card for your circumstances. A no fee credit card may exactly what you are looking for.