Ditch Those Annual Fees with a Great No Fee Credit Card
By: Lucy Zemljic on May 28, 2014
“You can’t get something for nothing” – how many times have we all heard that phrase? In a society that’s taught us to always watch out for the catch, it might be hard to believe that sometimes, you can get something for nothing. There are plenty of credit cards out there that won’t cost you a dime, and they’re not second rate either. These days, many no fee cards even come with solid rewards programs, so those Air Miles and fancy perks aren’t just for big spenders.
Whether you’d like to get cash back for your everyday shopping, or you’d prefer some travel rewards at no extra cost, a no fee credit card can help you get those rewards that you might have thought were out of reach. Or, if you’re not too big on rewards, you can get yourself a great basic card that will help you get on the road to good credit.
Take a Pass on the Perks with a Basic No Fee Card
Some people just aren’t into bells and whistles, and we understand that. If you’d rather skip the points, and simply want a basic no fee card, then you should look into a card that isn’t bogged down with rewards programs, like the No-Fee Scotiabank Value® VISA. These kinds of cards are perfect for the budget-minded – with no annual fee, and no points program to tempt overspending, a basic no fee card won’t leave a hole in your wallet. On top of that, you could potentially save some serious money with the Scotiabank Value VISA by taking advantage of the 3.99% introductory interest rate on cash advances and balance transfers – if you’re paying high interest on another card, simply transfer those balances to your Scotiabank Value® VISA to start saving.
Rack Up Those Points with a No Fee Rewards Card
Since 2008, there’s been one card that’s consistently come on top when it comes to getting travel rewards at no annual cost – the Blue Sky® Credit Card from American Express. This card has been voted as the #1 no fee points travel credit card by rewardscanada.ca for the sixth year in a row, and for good reason! The Blue Sky Card gets you 1.25 travel points for every $1 spent on your card, and you can start redeeming with as little as 10,000 points – that means you’ll only have to spend $8,000 on your card (not including the sign up bonus) to start putting those points to good use. If you want to take advantage of the great sign up bonus offer, you’ll just have to charge $500 to your card in your first three months of cardmembership to get a whopping 10,000 bonus points. The Blue Sky card is great if you like versatility with your points redemption – you can redeem towards any airline ticket, hotel stay, car rental or cruise, as long as you charge it to your card.
Get Cash for Your Spending With a No Fee Cash Back Card
Spend a lot on gas and groceries? Want to earn some cash back for your frequent trips to the gas station and supermarket? If this sounds like you, then a no fee cash back card should have a place in your wallet. Why not check out the MBNA Smart Cash MasterCard? This MBNA rewards card has long been considered cash back king – for your first six months of cardmembership, this card will get you up to 5% back on all of your eligible gas and grocery purchases, and 2% back on gas and groceries thereafter. You’ll also get a solid 1% cash back for all your other eligible purchases, so the rewards don’t stop at gas and groceries. The one thing to watch out for with this card is the cash back cap – your 5% cash back is capped at $400 per month spent on gas and groceries, and for all other purchases your 1% cash back is up to $1,250 a month. If your spending usually falls under these limits, though, the Smart Cash MasterCard is the way to go. For some icing on this credit card cake, you’ll get ten months of a 1.99% annual interest rate on balance transfers and deposits.
