No Annual Fee Credit Cards

Balance transfer credit cards allow those carrying a high interest rate debt to transfer it to a new card and then pay it off at a low or even 0% interest rate during a certain introductory period of time. If you do not pay the full debt before the initial period expires, a standard APR will apply to the amount still due. Such balance transfers can save you money, especially if you make timely payments and keep new spending low.

Low-interest cards offer lower than average APRs on purchases and balance transfers. You can also find cards offering 0% introductory APRs followed by low ongoing interest rates after the initial period. If you tend to carry balances, then a low APR credit card is your best choice. Also, when making a big purchase, you can get a 0% introductory APR card and pay off the purchase during the initial period to avoid interest charges.

Cash-back credit cards offer a hassle-free way to benefit from your daily expenses. In a cash back rewards scheme, you collect cash earnings based on a percentage of the purchase price. The best cash back reward deals are applied to gas purchases, groceries, medicine, home improvements and more. However, you typically collect a smaller cash back percentage on other purchases made with the card.

Reward credit cards include those with frequent flyer miles, points, hotel rewards and some others. Using the same idea as cash back cards, reward cards offer an incentive for each dollar spent with the card. After you accumulate a certain amount of miles or points, you can then redeem them under the reward program’s rules.

Airline mile or frequent flyer credit cards are designed especially for frequent travelers. Each time you finance a flight or other purchase with your credit card, you are entitled to rewards miles. The miles thus accumulated can then be used for getting free or discounted airfare, seat upgrades and a range of travel services free of charge. Such cards offer an easy way to save on travel expenses.

Pre-paid cards are risk-free payment tools designed for those who cannot qualify for or do not want a standard debit or credit card. Similar to gift cards, prepaid cards need to have a cash deposit made into the card account. You can then make purchases with the card and replenish the account when the money is spent. You can avoid debt with a pre-paid card since you can only spend what is in its account.

Secured credit cards differ from regular unsecured credit cards in that they require the applicant to establish a deposit in a special security account to serve as collateral if the cardholder defaults. The size of the cash collateral deposit you make determines the credit line issued to you.