Bargains in no annual fee credit cards
2 June 2008
Credit cards that do not charge an annual fee are only suitable for infrequent users of credit cards. If you use credit cards more often than once or twice each year, you may be better off with low fee credit cards instead, as credit cards with no annual fee tend to forego interest free days on purchases. This is to ensure that the issuer is likely to make some money from the card despite not having a definite amount each year in annual fees.
Our page dedicated to credit cards with no annual fees offers two especially good products for the infrequent user or the credit card user who wishes to stop using credit so heavily. For the former, the St. George No Annual Fee credit card is most suitable, as it has the lower rate on both purchases and cash advances at 17.75% p.a. for both. For someone who is new to credit cards but does not intend to use them often, this should minimise the cost of credit use.
For the user who needs to reduce debt, the Commonwealth Bank No Annual Fee Card is preferable, as while it may have higher ongoing rates than the St. George No Annual Fee credit card it does have a low interest period on balance transfers. 5.99% p.a. for 5 months is not the best balance transfer deal around, but for someone wanting to avoid the temptations of lower interest credit cards it is an excellent way to get reasonably good deals on no annual fee and balance transfer credit cards.
Please visit our page on no annual fee credit cards to find out more about the optimum use of this type of credit cards.
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