Choosing the right credit card is a personal process, and there are many different factors to consider before completing an application. It’s important to read the fine print and take your lifestyle into consideration before deciding which card is right for you.
Some cringe at the thought of credit cards, as they automatically associate them with high costs, but it doesn’t have to be that way. Savvy consumers know that many cards offer great perks, like cash back, travel rewards and fraud protection, but there are risks involved when shopping for the right credit card. Some cards lure cardholders in with enticing introductory offers and gifts, but charge costly annual fees and sky-high APRs.
Luckily, there are a number of cards out there that don’t come with exorbitant price tags. Credio compared hundreds of credit cards to find the eight that charge $0 annual fee with APRs below 10%. Applicants with strong credit scores are in the best position to qualify for these low-cost cards, which can serve as motivation if you’re currently losing money to fees and interest payments.
USAA Cash Rewards American Express
This cash-back rewards card allows users to earn up to 2.25% on gas and grocery purchases. It has a high customer satisfaction rating, but typically requires excellent credit.
Cardholders have no grace period for cash advances or balance transfers and it’s equipped with a 1% foreign transaction fee.
U.S. Bank Platinum
Enjoy 0% APR for 12 billing cycles on purchases and balance transfers, no over-limit fee and available fraud liability protection.
The card has a 2% foreign transaction fee and offers no rewards.
Navy Federal Credit Union Go Rewards
Navy Federal Credit Union members can earn points to redeem for gift cards, merchandise and more. There’s no maximum on the number of points cardholders can earn and no balance transfer fee or foreign transaction fees.
The APR can be as high as 18% for cardholders with lower credit scores. Only members of the military and their families are eligible to apply to cards with Navy Federal Credit Union.
BMO Harris MasterCard
Opening an account typically requires excellent credit, but this card comes with an APR as low as 8.24%. The card offers fraud liability protection, emergency card replacement and cash advance assistance worldwide.
It has a 2% foreign transaction fee and no rewards are offered, so it’s not the best choice for jetsetters.
This is a truly one-of-a-kind credit card. Those who hold this card have voting authority over changes to the card’s terms.
For instance, cardholders opted to drop its foreign transaction fee in 2014 and maintain its U.S.-based customer support services.
The card has an attractive 8% variable APR and no balance transfer fee, making it ideal for those looking to avoid debt. It isn’t the ideal card for frequent international travelers as it has a 1% foreign transaction fee and offers no opportunities to redeem points and miles for travel or gifts.
Navy Federal Credit Union Cash Rewards
Navy Federal Credit Union members can enjoy earning 1.5% cash back when using the card. There’s no balance transfer fee, rewards never expire and there’s no minimum redemption level. It’s important to note that the APR can go as high as 18% depending on your individual creditworthiness.
Navy Federal Credit Union nRewards
Navy Federal Credit Union members can use the card to earn points and redeem them for a wide-variety of goods. The card has no balance transfer fee and is the lowest rate card with rewards.
There is no limit to the points cardholders can accumulate and they can be redeemed once 1,000 points have been accrued. According to the nRewards website, 5,000 points earns cardholders a $50 Best Buy or Macy’s gift card). There is a 1% foreign transaction fee.
Navy Federal Credit Union Platinum
The card has no balance transfer fee and great perks, such as $0 ATM fees, emergency assistance and travel assistance. It doesn’t offer cardholders any rewards and it has a 0.8% foreign transaction fee.
This article was syndicated from Business 2 Community: 8 Best Low-Cost Credit Cards
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