Best And Most Affordable Credit Cards
Life feels a lot easier when there is some cash flowing freely, even while you build your credit history. Credit cards come in very handy this way, but the only drawback to their desirability is the high fees and rates.
Here comes our good news: the cheapest credit cards. Yes, they do exist, and yes, you can get your hands on them too. However, it would help if you put in some effort before finding the almost-miraculous, cheap credit cards.
The cheapest credit card is one that has zero fees and meager interest rates. The thing with credit card fees is that initially they almost seem non-existent, but quickly sneak up when you have signed the deal. The charges keep building from there on to the point of costing you a limb nearly if you’re not cautious.
Nevertheless, man is not a superior being for nothing. You can beat the exorbitant fees of most credit cards by choosing the right one: the cheapest credit card.
You can avoid paying huge sums in the name of fees by selecting a card that comes with the minimum APR. This will protect you against high-interest rates, especially if you tend to keep a balance or keep your balance to minimum or zero. It would help if you looked for the card that does not include service or annual fees.
How To Pick The Cheapest Credit Card
In this regard, the cheapest card for you depends on your usage plan. Some examples are:
- If you plan to use your card for purchases, look for a card featuring rewards
- If you plan to use your card for online shopping or foreign travel, the cheapest one will be the one featuring 0% fees on foreign transactions. You will not suffer exorbitant conversion rates with this.
- If you plan to pay the balance in full or rarely use your credit card, the cheapest one for you should feature a 0% annual fee.
- If you plan to pay off your current balance over time, then a card featuring 0% initial APR period or a low APR would be the cheapest for you.
Zero Fees On Foreign Transactions
Using plastic for your online shopping with international retailers or on your trips abroad is the most feasible option. Even better is a card that does have any fees on foreign transactions. Other famous cards usually feature an additional 1% or 3% on foreign transactions, which amounts to a lot in counting.
Perceptively, if one card were charging you 3% extra on your foreign spending of $3, 00, you would have to pay $90 additionally. If you know basic math, you can figure out how the total will quickly add up.
Credit Cards With Zero Annual Fees And Reward Programs
Most cards featuring rewards do not have any annual fees. Therefore, there is no room for anxiety about the yearly fees weighing against the cards’ redeemable rewards. However, such a card comes with a high APR standard.
Reward cards with no annual fees usually have lesser bonus points, lower competitive rates of earning, and not many extra features.
Credit Card With No Annual Fees
There are two kinds of cards in this category: one that charges no annual fee for the life of the card and the other with zero annual fees for only the first introductory year. You can use these cards to pay your balance before the due date of the statement. Even those who rarely use their credit cards would benefit from this genre of cards.
Zero Intro APR And Zero Intro Balance Transfer
If you want a means to pay off your current debts faster and at cheaper costs, then APR cards with 0% intro are the best options. With these cards, you get a promotional rate of interest upon moving your current debt to your new account. The same also applies when you carry the balance or make purchases.
Credit Cards With Low Rates Of Interest
Credits cards with low-interest rates are especially feasible if you do not usually pay your balance by the due date of the statement or carry a balance regularly.
Generally, these cards feature a fixed or variable 13% or 9% with purchase APR, or a rate between this range. Comparatively, you will find these cards cheaper than the ones that offer 26% purchase APR. Nevertheless, your APR eligibility depends mostly on your creditworthiness.
Cheapest Card Is Not Feature-Free
The cheapest credit card will keep you from falling prey to extravagant interest rates, but you will not have to compromise on the benefits in return. Your rewards and benefits will undoubtedly accompany your cheap credit card, particularly if your creditworthiness qualifies as good or excellent.
As a credit cardholder, you will get both quality and low prices while bidding farewell to outrageous fees.
Types Of Credit Cards With Low Rates
You can find several options under this category. Some of them include:
- No annual fee- These cards don’t charge you anything to own them. However, the rewards and perks will be lower than the ones with annual fees.
- Low Cash Advance APR- When you obtain a card, you usually incur the highest payment in the cash advance APR. They can charge up to 30% and mount up steadily from the moment you pay cash advance APR. Credit unions typically issue cards with a lower APR in comparison to banks.
- Low Rate of Purchase- These cards have zero APR for the introductory period of 18 months (usually) on your purchases.
- Balance Transfer- These cards generally have a zero APR intro period of 21 months. You can use these to pay your balance free of interest or transfer your existing balance into the new account.
The cheapest credit card is perhaps the best option if you’re aiming to become a cardholder. It saves you from high-interest rates and fees. You will find a lesser credit card surcharge on the cheapest one compared to the more expensive options. The best feature of all is that the most inexpensive card is usually the easiest to obtain.
- Posted by Stephanie Johnson
- On June 25, 2020