Do You Want to Have a Free Annual Fee Credit Card? Check This Out!
There are a lot of choices along with the benefits offered when it comes to picking the best credit card for your day-to-day financial activities. However, aside from the ease of applying for online credit cards, there is probably nothing better than a free annual fee credit card that could last forever. Yes, you heard it right.
Having a credit card in today’s age is a whole lot easier because everyone can apply for credit cards online without the need to set a foot directly to the bank. You do not even need to deal face-to-face with the bank at the beginning of the submission process.
So, what is this free annual fee credit card all about? The free annual fee credit card is actually a reasonable financial accommodation that you can apply to the issuing bank for operational activities purpose. The fee is seen as compensation for a myriad of facilities offered when using a credit card.
Before digging any deeper, let us learn more about the technical explanation of the annual fee of a credit card. Bear in mind that banks would incur costs in order to be able to provide facilities such as points and cash back and other credit card promos at merchants. As we already know, bank is not a charity or non-profit institution. They need annual fees as additional income because the facilities of their credit cards they offer suck up expenses.
There are banks that offer you free annual fees for the first year but you need to understand that this kind of approach is just a means to attract new customers. After one year passed, the annual fee would come regularly. The amount of annual fee varies, ranging from 90 USD to above 150 USD depending on the type of credit card you apply for.
The good news is there are actually some tricks to get an annual fee free credit card that could last forever, be it credit cards obtained online or credit cards obtained directly.
- Choose a Relevant Bank to Apply for a Credit Card
Free annual fee credit cards are always commonly offered to customers who already had an account or two at the bank. It is because most banks are reluctant to provide many facilities to the customers who rely solely on their credit card services.
- Pay the Bills on Time
It is all about ethics and common sense. For those who obey the rules the bank has applied, there will be a lot of facilities along the way and vice versa; those who does not will have their own difficulties because they will not be able to access the facilities provided.
There is a bonus for disciplined credit card holders, which are free annual fee credit cards that could last forever. The disciplinary aspect comes from regularly paying the bills every month. Not just regularly, the bills must be paid before their due. This discipline of paying bills can be considered by banks to provide free annual fee credit card facilities that could last forever.
- Exchange Points
Online or regular credit cards from banks have a point feature or points given for each transaction done by the cardholders. These points can be exchanged for various prizes. The more points obtained, the greater the prize value that can be earned.
For example, 100 points can be exchanged for a shopping voucher of 10 USD, while 1,000 points are worth the same as a shopping voucher of 100 USD. The real deal is that you can also use this point to get a free annual fee credit card that could last forever.
- Apply for a Free annual Fee Credit Card
You can apply for this kind of credit card but bear in mind that, more often than not, it is not for those who only use the credit card service in one particular bank. The requirement to get the first regular credit card might be easy for you.
However, the terms of free annual fee credit cards are more complicated. Some require a minimum income of 30,000 USD per year or that the customers should have another credit card to apply for the free annual fee credit card, depending on the issuing bank.
If you still cast some doubt, you can always ask for further insight through the bank’s official website, telephone, e-mail, or social media accounts.