Annual fees are charges that some credit card holders have to pay for the convenience of holding the product. Although not all of them attract these costs, expect to pay the costs for some premium credit cards, secured credit cards, and subprime cards. A person can pay anywhere from 20 to 500 dollars. If you do not feel like the amount is worth paying for, there are some credit tips you can use to dodge the payments like:
Find a Company That Waivers Fees
As a means of attracting clients, some issuers will waive the fees for at least one year. Get the card, try it out during the grace period to know if the rewards are worth the yearly costs. If the charges do not add up, cancel the card before a year is up.
Switch to a No-Fee Version
A majority of the cards permit clients to pick between a version that has the charges and the one that does not have. Granted, the one with the fees comes with more reward earning opportunities. However, it may make more financial sense to move to the one that does not attract any money. Be sure to compare both options keenly to pick the one that will work for your best interest.
Use the Rewards to Pay for the Costs
When you think about it, utilizing rewards to cover the costs means that you will not pay out of pocket, so you will not be losing out on anything. In fact, some individual programs facilitate this move. It implies that you will be on the winning side without hurting your wallet because the primary aim of having a credit card that comes with an annual fee is to earn valuable rewards that you cannot get if you are using one that does not have the fees.
No Annual Fee Credit Cards
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