There are many great no annual fee credit cards available, but whether or not one is the right fit for you will depend on your personal circumstances. For example, you could be considering the Chase Freedom Flex℠ and the Chase Sapphire Preferred® Card. If you were debating between the two, you might want to look at the following:
Depending on what categories you most frequently spend in, how you want to redeem your points and whether or not you think you’ll use any of the additional benefits offered by the cards will determine which card is the better choice for you. For example, someone who doesn’t travel frequently may not get enough extra out of the Sapphire Preferred to justify paying the card’s annual fee.
How To Get a Credit Card With No Annual Fee
The first step toward becoming a credit cardholder is to research your options. Our list of the best cards with no annual fees can make a great starting point and comparison tool, but be sure to carefully read the fine print of any card you’d like to apply for before doing so. A Schumer Box (chart listing fees and terms of a card) should be included with any legitimate credit card offer and can help you confirm that a card, in fact, does not charge annual fees.
Applying for a credit card is a fairly straightforward process. Card issuers typically offer online applications you can fill out with personal and financial information including your name, address, Social Security number, income and housing status. Applications often lead to near-instant decisions.
When a consumer submits a credit card application, a card issuer will typically make a hard inquiry upon the consumer’s credit report. Too many hard inquiries across a short period of time may reflect poorly to some lenders so spacing out card applications by several months could be a smart strategy.