Credit cards are mainly used to make purchases and pay off debt. They can, however, help establish credit. Some cards, however, charge an annual fee. Credit cards can help you build credit and make purchases, but only if you use them responsibly.
This article will discuss some of the best credit cards with no annual fees in May-June 2022.
Best credit cards with no annual fee
Citi Double Cash Card
On balance transfers and transactions, the Citi Double Cash Card offers an introductory 0% APR for the first 18 months (then 13.99 percent to 23.99 percent variable APR). After that, a 3% intro balance transfer fee (minimum $5) is charged for transfers made within the first four months of account opening. Following that, you’ll be charged 5% of each transfer (minimum $5). You also can’t transfer debt from another Citi-branded card to the Double Cash card.
That means you’ll get 2% cashback on everything you purchase, which can add up to a lot of money over time. However, because it has no annual fees or foreign transaction fees, the Citi Double Cash Card is an excellent choice for those looking for a long-term credit card.
Chase Slate Card
The Chase Slate card has no annual fees. In addition, one of the most open credit cards is available, allowing you to manage your account. Chase is one of the most well-known banks in the United States, and they offer one of the best credit cards available.
The Chase Slate card, like many other credit cards in 2022, has a low-interest rate. It has a low introductory interest rate, which is fantastic. The rate is not very high, and it’s low enough that you can pay your bills on time and maintain a perfect credit score.
Barclaycard Ring Card
The Barclaycard Ring Card is a great credit card for those just getting started with their credit. There is no yearly fee for adding a new authorized user and no yearly fee for password recovery. In addition, it does not have a penalty rate or a late fee.
Although the interest rate is high, it is significantly lower than that of other credit cards, which have lower interest rates but higher penalty rates. So this is an excellent place to start. It isn’t a promotional card, but it has a lot of advantages over other starter cards. Indeed, it is not the best card out there, but it’s a lot better than some of the other no longer available cards.
Chase Freedom Unlimited
The Chase Freedom Unlimited® Card is a good option for people who want a good rewards card with no annual fee. This card has a $0 annual fee. You can get a 0% APR on balance transfers and new purchases for the first 15 months on your account opening (after, 14.99 % to 23.74 % variable APR). On transfers made in the first 60 days of account opening, there is an intro balance transfer fee of $5 or 3% of the amount of each transfer, whichever is greater.
This card also offers 5% cashback on Lyft purchases until March 2022, as well as a free three-month DashPass subscription with 50% off for the next nine months. There’s also a generous welcome bonus if you want to maximize your rewards: Cardholders earn an additional 1.5 percent on all purchases up to $20,000 in the first year.
Wells Fargo Platinum Visa Card
There is no charge annually. Anyone with a good credit score can apply for a Wells Fargo Platinum Visa Card. It has a low-interest rate and a $0 annual fee. A 3% balance transfer fee is the only drawback. This fee must be paid for each balance transfer. Some cards don’t charge a balance transfer fee or reduce after the first transaction.
For purchases and balance transfers made in the first 60 days on the Wells Fargo Platinum Visa Card, the introductory APR is 0.00 percent for 12 billing cycles.
Following that, a variable APR of 14.85 % to 24.49 % will be applied. If your credit score is 500 or higher, this is an excellent card for you.
Bankamericard Better Balance Credit Card
The BankAmericard Better Balance Rewards Card is one of the best for new credit card users with $0 annual fee credit cards for gas. Furthermore, if you’re looking for a card that will cover your gas expenses at the lowest cost while also rewarding you, this is a good option. The BankAmericard Better Balance Rewards Card, on the other hand, is not for you if you want a rewards card with cashback, low-interest rates, and other perks.
Cardmembers will receive two reward points for every $1 spent on gas at gas stations. There are no fees for cash advances or balance transfers.
Citi Custom Cash
The Citi Custom Cash Card earns Citi ThankYou points worth one cent each and can be redeemed for cash back, Citi travel, gift cards, merchandise, and more.
If your spending habits vary from month to month, the Citi Custom Cash Card is a great option. Cardholders earn 5% cashback on purchases up to $500 in the eligible category. They spend the most on each billing cycle and 1% on all other purchases.
Furthermore, after spending $750 on purchases in the first three months of account opening, you can earn $200 in cashback with no annual fee. This bonus will be delivered in the form of 20,000 ThankYou® Points, which can be redeemed for $200 in cash.
PenFed Power Cash Rewards
Because PenFed is a credit card union, you must join to get a card. However, anyone can join by filling out an application, depositing $5, and maintaining a $5 account balance. Cardholders earn upto 1.5 % cash back on all purchases. Still, if you’re a PenFed Honors Advantage member, you’ll get 2 percent cash back on all purchases.
The PenFed Power Cash Rewards Credit Card can earn you $100 more in cashback in the first year than the Citi Double Cash Card, thanks to a $100 welcome bonus after spending atleast $1,500 within the first 90 days of account opening.
Bank America Cash Rewards
If you’re looking for a credit card with no annual fee. In that case, the BankAmericard Cash Rewards Card might be a good option. This card gives you 3% cashback on gas and 2% cashback at grocery stores and wholesale clubs (up to $1,500 in purchases in these categories per quarter).
This card will pay you more than $360 in cash back if you spend $24,000 or more per year on gas, groceries, and wholesale clubs. It offers 1% cashback on all purchases, 2% cashback at grocery stores, and 3 percent cash back on gas purchases. It also has no fees for international transactions.
Cash rewards can be redeemed in any amount, at any time, with no minimum redemption requirements. It offers a 15-month introductory APR of 0% on purchases and balance transfers. The ongoing APR ranges from 15.24% to 26.244% Variable APR.
Capital One Savor Credit Card
Capital One Savor Credit Card is one of the best with a 3% cashback rate on dining and entertainment purchases.
Plus, Capital One card has one of the best welcome/sign-up bonuses on the market: Spend $500 within the first 3 months of account opening, and you’ll get a $200 bonus, which is equivalent to 40% cashback.
Additionally, cardholders who need to finance and manage upcoming purchases or refinance debt can take advantage of a 15-month interest-free period (after which the variable APR ranges from 15.49 percent to 25.49 percent). While no specific score is given, excellent credit is typically 800 or higher.
Other benefits include exclusive entertainment events like concerts, food experiences, and sporting events. In addition, it takes no foreign transaction fees with the SavorOne Cash Rewards Card.
Why Credit card is better than Debit card
Personal finance experts spend a lot of time and effort attempting to keep us from using credit cards—and for a good reason. But, unfortunately, many of us make irresponsible credit card purchases and end up in debt.
However, contrary to popular belief, you’re much better off paying with a credit card rather than a debit card and limiting your cash transactions if you can use plastic responsibly.
Credit cards are designed to allow cardholders to earn one or more points for every dollar spent. In addition, many reward credit cards offer bonus points for specific spending categories, such as restaurants, groceries, or gas.
Reward Points can be redeemed for gift, traveling from retailers and restaurants, or merchandise items through the credit card company’s online rewards portal once certain earnings thresholds are met.
You can use your everyday spending to earn valuable rewards daily. The key is to find the card that best fits your spending habits. Changing your spending habits to accommodate a specific card can be counterproductive.
Paying with a credit card makes it very easy to avoid fraud losses. When a hacker uses your debit card, the money immediately disappears from your account. Legitimate expenses for which you’ve scheduled online payments or mailed checks may bounce, resulting in insufficient funds fees and a negative impact on your credit.
When your credit card is used fraudulently/illegally, you do not lose any money; instead, you notify your credit card company of the whole incident and do not pay for the transactions you did not make. In contrast, the credit card company investigates the matter.
Credit card networks such as Visa and Mastercard offer zero liability coverage for unauthorized purchases to encourage people to use their credit cards instead of cash or debit cards.
Building Credit Score to secure future
If you have no/bad credit history or are trying to improve your credit score, responsibly using a credit card will help because credit card companies will report your payment activity to credit bureaus. However, because debit card use does not appear on your credit report, it cannot assist you in building or improving your credit.
Even if you must deposit to get a secured credit card, this can help you build your credit reward history and eventually qualify for unsecured cards or larger amounts of loans.
Most credit cards come with several consumer protections that most people aren’t aware of, like rental vehicle insurance, travel insurance, and product warranties that may outlast the manufacturer’s guarantee.
We concluded with some of the best credit cards that you can buy in best credit cards with no annual fee in May-June 2022. Overall, you can get any of these credit cards and get more perks than you think.
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