Find credit card applications with the fewest feesTuesday, July 10, 2012 at 2:47:37 PM
If you're looking to apply for a credit card that you can easily afford, one way you might want to do so is by finding an account that carries as few fees as possible.
These days, many credit cards come with fees for some actions, such as annual fees for account maintenance, foreign transaction fees for making purchases overseas, balance transfer fees for moving your outstanding debt from one card to another, and more. But because so many people are now looking for cards that help them avoid these charges, a growing number of lenders are offering beneficial cards without fees.
No annual fee cards
Perhaps the most popular of these credit card offers are for cards that carry no annual fee.
These are typically ideal for those who don't plan to use the card very often, and therefore want to lower the cost for keeping it in their wallet most of the time.
The downside of this is that if you are the kind of shopper who tends to carry a balance from one month to the next, these kind of cards may not be beneficial because they typically carry interest rates that can be slightly higher than what you may be accustomed to. For this reason, you might want to look at your old borrowing habits to see if this kind of card will be beneficial.
No foreign transaction fee cards
You might have come across more credit card applications that advertise no foreign transaction fee.
In the past, most major lenders charged their borrowers fees for making a purchase in a foreign currency, typically for about 3 percent of the purchase price. But these days, more institutions are eliminating this charge.
And while that kind of fee reduction may be helpful if you travel overseas often, those who do not will likely find a limited benefit from this kind of credit card offer.
No balance transfer fee
If you're looking to reduce your debt quickly, balance transfer credit cards can be a great way to do it. But at the same time, you will likely face a fee - also of 3 percent or so - for doing so.
But some of the best balance transfer credit cards will not apply such a fee in some cases, and that can end up saving you hundreds of dollars. The downside of this, however, is that in many cases,
these cards are only available to consumers with the very best credit scores, so you may have difficulty qualifying if you've fallen behind on your payments at some point in the recent past.
Whenever you review credit card applications online, you should first assess what your individual needs are, then review some low fee offers to determine what you can expect to pay for the accounts that will benefit you most. This will help you understand exactly which is the best credit card given your financial situation.