3 Things To Avoid In Credit Cards With No Annual Fee | credit cards with no annual fee

No annual fee credit cards are a huge topic of discussion these days. The advantages and disadvantages of them are also numerous. In fact, there are so many things to take into consideration before taking the plunge. As a consumer, you should know that there are pros and cons to all this. Let's have a look at a few of them and then I shall elaborate on the advantages and disadvantages of them. This will help you understand the decision better.

One of the biggest advantages of credit cards with no annual fees is that they can increase your credit score. When you use them for a couple of years and pay your bills on time, it leads to a positive effect on your credit score. However, this benefit does not last forever. You cannot avail the same privilege again and if you do so, the interest rate would be sky-high. So, keep an eye on your credit score and if necessary seek ways to improve it.

Second proof credit card with no annual fee is that you can enjoy the benefits without any hassle. They come with very low or no annual fees and you can use them on whatever you wish. This means that you don't have to choose between getting an inexpensive credit card and having freedom. There are many credit cards that offer the best overall cash back card along with other perks so choosing the right one for you should be relatively easy.

The third pro is that once you get the introductory period over, you won't have to pay anything else. This is perfect for those who have missed payments in the past. The introductory period will last till the next billing cycle and you can enjoy the benefit without any payments. This is a very important feature because it allows you to budget and plan your expenses. Many people have successfully improved their credit scores by using this feature and many more have moved on to receive their welcome bonus after making an application.

The fourth pro is that your interest rate will decrease after your introductory period is over. This means that you will pay less every month. The welcome bonus will be applied to your regular APR but when the regular APR adjusts, your welcome bonus will be withdrawn and you will end up paying the regular APR. Therefore, in the long run, you will save money by paying less interest.

The fifth pro is that you will be able to earn a significant amount of cashback. For those with good credit scores, this amount can be as much as 100%. The reason why you will earn this amount is that you will be able to pay off your balance at a faster pace. This means that your interest rates will be reduced and you will enjoy more cashback. As such, the additional cashback will go a long way towards improving your credit score.

The sixth pro is that you will enjoy the convenience that comes along with having no annual fee charged. You will no longer have to manage your credit cards separately as they will now all be under one account. The other advantage is that you will have an unlimited ability to pay off your balance every month. Therefore, even if you have a smaller balance, you will be able to reduce it over time without incurring any extra fee. If you had previously been paying a hefty balance due to the annual fee, you will now be paying a considerably lower amount.

Finally, using a no annual fee credit card for bad credit purposes will help you improve your financial situation. In the long run, you will be able to recover from your financial condition. Once you do, you will have an asset that will ensure that you can borrow money in the future. This is definitely something that you should consider. In addition to this, you can also increase your credit score significantly.

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