Top 8 No Annual Fee Credit Cards Of 2020

Top 8 No Annual Fee Credit Cards Of 2020

December 12, 2019         Written By John H. Oldshue

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There are plenty of different credit cards on the market, many with tempting offers and rewards, so it can be hard to figure out which card is best for you. Some credit card companies charge a fee when you are first approved for a card which is an expense you can avoid if you search for a “no annual fee” credit card. Credit cards without an annual fee are attractive because you aren’t paying a yearly premium just to use a line of credit.

While no annual fee credit cards are attractive, some of these cards have fewer rewards. If you get a credit card without an annual fee, you might not be able to amass as many bonus points or cash back rewards. But for many consumers, a credit card without an annual fee is still the right choice, and one that will ultimately leave you with more cash in your pocket.

Here are eight of the top credit cards with no annual fees:

Citi® Double Cash Card – 18 month BT offer

The Citi® Double Cash Card – 18 month BT offer gives cardholders a terrific opportunity to earn cash back twice: 1% cash back at the time of purchase and another 1% when payment is made, for a total of 2% cash back. This card offers 18 months of 0% APR introductory financing on balance transfers, with a 3% balance transfer fee. After the promotional financing rate expires, cardholders will have an interest rate of 13.99% – 23.99% (Variable) on the remaining balance, depending on your creditworthiness.

Capital One® Quicksilver® Cash Rewards Credit Card

The Capital One® Quicksilver® Cash Rewards Credit Card is a very attractive cash rewards credit card that also comes with no annual fee and a relatively low APR. You receive 0% APR on both purchases and balance transfers for 15 months. Then, the on-going APR is 15.49% - 25.49% (Variable) depending on your credit worthiness. The rewards are incredibly strong and easy to understand. Cardholders receive 1.5% back on all purchases with no limit to the amount. In addition, you receive a $150 bonus after you spend $500 during the first three months of card ownership. The card does have a balance transfer fee of 3%, but no foreign transaction fees. You need “good” credit to qualify for this card.

Capital One® SavorOne® Cash Rewards Credit Card

The Capital One® SavorOne® Cash Rewards Credit Card is marketed to people who love dining out or creating meals at home. Cardholders earn 1% cash back on all purchases, but the rewards are particularly good on dining out and entertainment (3% cash back) and grocery store purchases (2% cash back). New SavorOne cardholders receive a $150 cash bonus when they spend $500 within the first three months of being a card member. The SavorOne card offers an introductory 0% APR for the first 15 months on purchases and balance transfers. After that, the rate increases to 15.49% - 25.49% (Variable), depending on the cardholder’s credit.

Capital One® VentureOne® Rewards Credit Card

The Capital One® VentureOne® Rewards Credit Card has an ongoing APR of 14.49% - 24.49% (Variable) depending on your credit worthiness. It has an attractive sign-up bonus of 20,000 miles after spending $1,000 in the first three months, which is equal to $200 in travel. You will then earn 1.25 miles per dollar spent on every purchase. Reward miles do not expire, and there is no limit to the number of miles you can potentially earn. Cardholders can use miles to fly on any airline and stay at any hotel, and there are no blackout dates on these rewards. There are no annual fee or balance transfer fee for this card, and no foreign transaction fees, an attractive feature for the traveler. Consumers with “good” credit may qualify for this card.

Citi® Diamond Preferred® Card

This card has one of the industry’s best introductory offers in terms of APR. The Citi® Diamond Preferred® Card has a 0% introductory APR for 21 months on balance transfers (must be made within the first four months of card membership) and 12 months on purchases. Then, an ongoing APR between 13.74% – 23.74% (Variable) depending on your credit worthiness. There is no annual fee on this card but there is a 5% balance transfer fee on the amount transferred. The Citi Diamond Preferred card has a very attractive perk for the frequent traveler: 24/7 concierge service to help book your hotel rooms, flights and other travel details.

Citi Simplicity® Card – No Late Fees Ever

Along with no annual fee on the Citi Simplicity® Card – No Late Fees Ever, the card comes with one of the best introductory offers of any major credit card: 0% APR on new purchases for 12 months, and on balance transfers for 21 months, as long as the transfer is made within the first four months of being a cardholder. Subsequently, cardholders can expect an APR of 14.74% - 24.74% (Variable) depending on their credit worthiness. The card also has no late fees or penalty fees. The card does not have a rewards program. You’ll need an excellent credit profile to be approved for this card.

Citi Rewards+℠ Card

The Citi Rewards+℠ Card is a fairly unique rewards card. Citi rounds up the ThankYou points earned with each purchase to the nearest 10. For instance, if a purchase qualifies for 15 ThankYou Points, that reward will be rounded up to 20 points. This occurs for every transaction, no matter how small. The card features a 15,000 ThankYou Point sign-up bonus. To earn the extra rewards, cardholders must spend $1,000 on the card during the first three months of card membership. The card earns two points per $1 spent at gas stations and supermarkets, for the first $6,000 in annual purchases made in those categories. All other transactions earn one point per $1. Cardholders will also get back 10% of their rewards on the first 100,000 points they redeem each year. The Citi Rewards+℠ Card has an introductory APR on purchases and balance transfers of 0% for the first 15 months. The standard APR is 13.49% - 23.49% (Variable), depending on credit worthiness. There is no annual fee on this card.

ABOC Platinum Rewards Mastercard®

The ABOC Platinum Rewards Mastercard® is a relatively new card on the market with some attractive features. There is an introductory APR of 0% for 12 months on purchases and 18 months on balance transfers. The ongoing interest rate is 12.90% - 22.90% (variable) based on your credit worthiness. New cardholders can earn a $150 statement credit after spending $1,200 on purchases within the first 90 days from account opening. One point is earned for every dollar spent, and you can earn 5x rewards on up to $1500 in combined purchases each quarter in popular categories such as dining, groceries, travel, and automotive. Late payments don’t raise your APR.  There is no annual fee on this card.

Please note:  Amalgamated Bank of Chicago has temporarily suspended its balance transfer offer for new accounts due to the current economic environment.  ABOC expects to reinstate this benefit in late 2020; in the meantime, new cardmembers can still receive a 0% intro APR on purchases for 12 months and have the opportunity to earn a $150 statement credit when they spend $1,200 within 90 days after account opening.

Each of the cards on this list requires either a good or excellent credit score. These cards are extremely attractive, and credit card companies know that consumers want to get a card without an annual fee.

It’s great to be able to get out of one of the many fees that are associated with credit cards. If you have worked hard to achieve or maintain great credit, you will likely be eligible to choose from one of these cards. Make sure that apart from the no annual fee, you are selecting a credit card with characteristics that fit your lifestyle and purchase patterns. When you are deciding between several cards, be sure to research the terms and conditions of every card you are considering to fully understand the charges you may be incurring.

The information contained within this article was accurate as of December 12, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.