Trying to keep up with all of your credit card payments can be a challenging endeavor. A big part of this reason is the annual fees that come a long with the different credit cards.
If you don’t want to get bogged down by endless amounts of random small fees, then you should definitely consider opting out of an annual fee credit card. Here are the Advantages & Benefits of a no annual fee credit card.
| Account | Minimum Open | APY | Review |
|---|---|---|---|
| Ponce Bank 4-Month No Penalty CD | $1 | 4.41% | Review |
| Sallie Mae 10-Month No Penalty CD | $1 | 4.25% | Review |
| CIT Bank No Penalty CD | $1,000 | 4.10% | Review |
| America First Credit Union Flexible Certificate Account | $500 | 4.35% | Review |
| Citi No Penalty CD | $500 | 4.05% | Review |
| USALLIANCE Financial No Penalty CD | $500 | 4.00% | Review |
| Ally Bank No Penalty CD | None | 3.85% | Review |
| Marcus by Goldman Sachs No Penalty CD | $500 | 3.85% | Review |
| Marcus by Goldman Sachs No Penalty CD (For AARP Members) | $500 | 3.85% | Review |
| Synchrony Bank No Penalty CD | None | 3.50% | Review |
| Bellco Credit Union Smart Move CD | $2,500 | 3.40% | Review |
| My eBanc Flex Time Deposit CD | $10,000 | Up to 3.20% | Review |
| Workers Credit Union No Penalty CD | $500 | 3.05% | Review |
Table of Contents
Why Not Go With the Annual Fee?
Like everything else in life, you have to weight the costs and benefits of different credit cards. Many of the annual fee cards come with a lot of exclusive benefits and perks, but when weighing them against the yearly cost it may turn out to not be worth it. For example, if you live in a city and rely on mass transit, then a card that gives you perks for purchasing gas probably won’t be cost effective.
It’s also worth to note that sometimes redeeming your rewards can be a hard task. If you have to go through a ton of calls with customer service agents and deep dives on websites to find redemption instructions, it might not be worth the hassle.
Less to Budget For
This is a pretty obvious one. These credit card fees can often sneak up on you. Unlike student loan debt, rent, etc. this fee only comes once a year, meaning it can easily take you by surprise. With less things to worry about in your budget, you can free up your mind and your cash to spend more on other products and services that are more important to you.
Bottom Line
No fee credit cards can be your best friend. Instead of worrying about your next credit card payment, you can instead free up your cash to spend on products and services that are more important to you. Use our guide above to figure out if no annual fee credit cards are right for you.
Interested in a variety of credit cards? Check out our list of the latest Credit Card Promotions!
 | BMO Harris PremierTM Checking: Earn $350 cash bonus when you open a new PremierTM Checking Account and have a total of at least $7,500 in qualifying direct deposits within the first 90 days. Learn More---BMO Harris Premier Checking Review |
 | U.S. Bank SmartlyTM Checking: Earn up to $600 bonus when you open a new U.S. Bank SmartlyTM checking account and a Standard savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through February 7, 2023. Member FDIC. Apply Now---U.S. Bank Checking Review |
 | Discover Online Savings Account: Earn $200 Bonus/$150 Bonus with promo code HMB323 by 03/15/2023 along with a competitive interest rate of 3.30% APY. Fund your first savings account with a minimum of $25K within 30 days of account open date to earn the $200 Bonus (fund $15K to earn $150 bonus). No minimum opening deposit, no minimum balance requirement, and no monthly fees. See advertiser website for full details. Apply Now---Discover Savings Review |
 | HSBC Premier Checking Account: Earn $500 bonus for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities. Make recurring monthly Direct Deposits totaling at least $10,000. Member FDIC Terms |
 | Chase Private Client: Enjoy a $2,000 bonus when you open a new Chase Private Client Checking account with qualifying activities. Within 45 days of coupon enrollment, transfer a total of $250,000 or more in new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes Chase business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing, J.P. Morgan Personal Advisors Accounts, J.P. Morgan Wealth Management retirement accounts and CDs), and maintain the balance for at least 90 days from coupon enrollment. Learn More---Chase Private Client Review |
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