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Best No-Annual-Fee Credit Cards
Consumers pay annual credit card fees in exchange for rewards, superior perks, and exclusive offers. But what if you could enjoy some of these benefits without spending a dime. With no-annual-fee credit cards, you can still earn points on your purchases and rack up those rewards.
Before you sign up for a new card, check out our list, so that you don’t have to spend more to earn more.
Top Credit Cards With No Annual Fee for October 2024
Citi® Double Cash Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Citi® Double Cash Card
- All purchases earn you 1% cashback, but that amount is doubled once you pay your bill, motivating you to be timely with payments.
- The 18 months-long intro APR period is nearly unmatched by competitors.
- Top-class customer support is available 24/7 to help you with any problems that may arise.
Chase Freedom Flex℠
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Chase Freedom Flex℠
- By using this Chase card for grocery shopping, you’ll be earning a jaw-dropping 5% cashback for the first $12,000 spent.
- You’ll be rewarded with a $200 bonus if you spend $500 in the first three months - an easily achievable requirement.
- Travel-related purchases also have a 5% cashback, dining and drugstore spending has 3%, while other purchases have a 1% cashback.
Capital One® SavorOne® Cash Rewards Credit Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Capital One® SavorOne® Cash Rewards Credit Card
- If you spend $500 or more in the first 3 months since you’ve opened your account, you’ll receive a one-time $200 cash bonus.
- You’ll earn unlimited 3% cashback on dining and entertainment, while all other purchases come with 1% cashback.
- The lack of any foreign transaction fees leverages this card above most other cards, that charge a 3% fee on average.
Best No-Annual-Fee Credit Cards of 2024:
- Citi® Double Cash Card - Best cashback awards
- Chase Freedom Flex℠ - Best for travel awards
- Capital One® SavorOne® Cash Rewards Card - Best for no foreign transaction fees
Detailed Reviews of No-Annual-Fee Credit Cards
Citigroup is one of the world’s largest investment banking companies. The New York City-based firm employs more than 200,000 people worldwide and had a revenue of over 74 billion in 2019.
Rewards
The Citi® Double Cash Card is undoubtedly one of most well-rounded cards on the market. As the name suggests, you can double your cashback. Every purchase that you make earns you 1% cashback, and you’ll get an extra 1% once you pay your bill.
APR
The initial 0% APR lasts for 18 months. That’s about as good as you’re going to find out there. Beyond the first 18 months, the APR rate goes up to between 13.99% and 23.99%.
Keep up with your payments and maintain a good credit score to reduce your APR. If you don’t, you may find yourself with additional costs that can be overwhelming.
Foreign Transaction Fees
Sadly, with the Citi® Double Cash Card you’ll incur a fee of 3% for purchases made abroad after the currency has been converted, which is above average.
If you’re a frequent traveler, you’re unlikely to come across any additional perks that would encourage you to use this card while you’re on the road.
Customer Support
The Citi® Double Cash Card customer support team might not be as good as their counterparts at American Express, but they offer a perfectly adequate service.
The company offers 24-hour support via phone, email, and live chat. In addition, there’s a lost wallet service, and if you lose your card, Citi tries to send you a replacement within 24 hours.
Bottom Line
The card’s impressive cashback offers place it firmly among industry heavyweights. Although there aren’t great travel rewards, the 18-month-long 0% APR is hard to resist.
Reasons to Apply:
- Lengthy intro APR period
- Cashback on all purchases
- Efficient customer support
JPMorgan Chase is the seventh biggest bank in the world in terms of assets. It’s no-annual-fee card offers great rewards and can accommodate all your spending needs.
Rewards
The Chase Freedom Flex credit card is widely regarded as the most well-rounded offer on the market. When you sign up for the Chase Freedom Flex℠ card, you’ll receive a $200 bonus after you spend $500 in the first three months.
That’s an offer that’s hard to beat. And that’s not all. You’ll also receive 5% cashback on grocery shopping in stores that aren’t Target or Walmart for a value of up to $12,000 in the first year.
The rewards don’t stop after the honeymoon period - there’s a host of other cashback bonuses, including 5% cashback on up $1,500 each quarter with selected bonus purchases.
You can also get 5% on travel-related purchases through Chase Rewards, 3% on dining and takeout, 3% on drugstores, and 1% on other purchases. As you can tell, you can save a lot of money with a this credit card.
APR
You’ll enjoy 0% interest for your first 15 months, which is a substantial amount of time. After that, the APR rate varies between 14.99% and 23.74% depending on your credit score.
It’s not the best APR rate on the market, but the savings that you can rack up with the cashback rewards make the offer worth it.
Foreign Transaction Fees
The foreign transaction fee with the Chase Freedom Flex℠ Credit Card is 3%. While not great, there are some other travel-related bonuses. If your trip is canceled or interrupted, you can claim up to $1,500 back per person on passenger fares, or up to $6,000 per trip.
If you find yourself in a jam while away from home, Chase’s team is standing by to help you get referrals for medical and legal help. Such services make all the difference when you’re in a foreign country.
Additionally, if you rent a car with a Chase Freedom Flex℠ card, don’t sign the damage waiver and Chase will cover any damages.
Customer Support
Customer support here is adequate. There is round-the-clock phone support, and you can shoot them an email anytime. However, there’s no option for live chat support.
The company gives you the option to schedule a meeting with a banker either by phone or by going down to your local branch. There’s also a useful FAQ section where you can collate most of the information you’ll need.
Bottom Line
The Chase Freedom Flex℠ Credit Card has a great introductory offer coupled with long-term cashback offer, meaning that you can rack up savings easily with this card.
Reasons to Apply:
- $200 bonus
- Up to 5% cashback
- Terrific travel rewards
One of the biggest credit card issuers in the US, Capital One is an intuitive and tech-focused organization. It’s Cash Rewards Credit Card is definitely one to pay close attention to. Let’s find out why.
Rewards
We could argue that Capital One® provides the most complete no-annual-fee credit card, particularly if you enjoy entertainment.
You’ll receive $150 when you spend at least $500 in the first three months. If you’re a bit of a socialite, you can save some money with a 3% cashback offer on dining and entertainment.
Dining venues include restaurants, cafes, bakeries, bars, and nightclubs. The entertainment option covers tickets to concerts, theatres, movies, theme parks, bowling alleys, and much more.
You’ll also get 2% cashback on grocery shopping in stores that aren’t Target or Walmart and 1% on other purchases.
APR
With a 0% APR for the first 15 months, you can bring down your costs. After that, the APR varies between 15.49% and 25.49%. To end up on the lower end of that spectrum, you’ll need to keep your credit score in decent shape.
Foreign Transaction Fees
One of the key highlights of the Capital One® SavorOne® Cash Rewards Credit Card is that there are no foreign transaction fees.
The travel benefits extend beyond this though. You’ll be eligible for some insurance if your vacation is canceled, and you book your trip using the SavorOne card. There is also a global hotline if you have any problems while on your trip.
As with some of the other credit cards on our list, you’ll be covered for car rental damage and theft, giving you peace of mind when you’re on the road.
Customer Support
Capital One has decent online customer service reviews. You can reach support agents around the clock by telephone, email, or live chat. Coupled with a global assistance hotline for travels, Capital One’s customer support takes good care of clients.
Bottom Line
If you’re a fun-loving person who enjoys eating out, great activities, and traveling, the SavorOne is an ideal option.
Reasons to Apply:
- One-time $200 cash bonus
- Great for dining and entertainment
- No foreign transaction fees
Our Guide to No-Annual-Fee Credit Cards
If you’re unfamiliar with no-annual-fee credit cards, then we’ve put together a brief guide to help you to understand them better.
What Are No-Annual-Fee Credit Cards?
Unlike many other credit cards, no-annual-fee credit cards don’t charge you a standard rate to use the service. This can save you money, but you’ll get fewer rewards and benefits than with premium cards that have an annual fee.
Nevertheless, the best offers on the market accommodate a broad range of satisfied customers. Deciding whether a no-annual-fee credit card is right for you depends on your needs and how you feel about rewards.
Who Needs a No-Annual-Fee Credit Card?
Credit cards with no annual fees can be beneficial for just about anyone, but there are some people who need it more than others.
New Users
If you’ve never had a credit card before then one with no annual fees might be a great option. It’ll allow you to learn the fundamentals of using a credit card without having the burden of an annual fee hanging over your head.
Once you’ve learned how to manage your finances during the often-lengthy 0% APR period, you can consider upgrading to something with more rewards and benefits.
Occasional Users
Credit cards with no annual fees are great for people who don’t tend to use a credit card on a daily or even weekly basis. There’s little reason to take out a credit card that has an annual fee if you’re not going to use it frequently and enjoy the rewards.
Instead, some people only use credit cards in certain situations such as when traveling. If you fall into that category, make sure to get a card with no annual fee that is focused on travel rewards.
Users Aiming to Rebuild Credit
If you have a poor credit score, then a no-annual-fee credit card can be a great way to rebuild it. You can get used to making prompt monthly payments and won’t have an annual fee to hinder you.
If you’re wise about it, you can improve your credit score quickly by using the best credit cards for bad credit with no annual fee.
How We Evaluate No-Annual-Fee Credit Cards
There are thousands of credit cards to choose from, and identifying the best offers can be challenging. We simplified the process by narrowing down the list of options and outlining how we did. Our methodology can help you choose the right no-annual-fee credit card that’s most suitable for your unique needs.
Rewards
One of the most important things to keep an eye on when researching no-annual-fee credit cards is the list of rewards. Bear in mind that these cards offer lower level rewards than the premium ones that come with an annual fee. Nevertheless, there are still some juicy benefits on offer.
APR
Just because you’re getting a credit card with no annual fees doesn’t mean you can’t get stuck with a high APR. If the rate is high enough, you could actually end up losing money instead of saving.
You have to consider both the regular APR and the length of the introductory-APR. The companies on our list offer a 0% APR for the first 15 to 18 months after you open an account.
Foreign Transaction Fees
We understand that many people use credit cards solely for low foreign transaction fees. That’s why we made sure to include the credit cards for travel with no annual fees on our list.
Taking out cash abroad can be costly, and many credit card users see little difference in the exchange rate when paying with a card.
Customer Support
Finances can be tricky, and when you encounter problems with your credit card, you want to have a good team backing you up. That’s why we examined customer support options for each provider. Make sure to look out for a live chat option, a phone number, and email support.
FAQ
Is it worth getting a credit card with no annual fee?
You can save a decent sum of money when you take out a credit card with no annual fee. While being exempt from an annual fee deprives you of some benefits that you’d get with cards that have an annual fee, there are still some excellent cashback offers and rewards on offer.
Should I cancel a credit card with an annual fee?
Not necessarily. Although there are some excellent credit cards with no annual fee, you need to make a firm evaluation of whether they suit your needs. In some instances, customers with annual fee credit cards are actually saving more money than those without them.
What does it mean if a credit card has no annual fee?
If you have a credit card with no annual fee, you’re not being charged for having and retaining the card. By doing away with the annual fee, these credit cards may help you build up your savings.