No annual fee credit cards

Many credit cards charge a fee every year you have them, just for the privilege of having the account. You’ll typically be charged this fee when you first open the card and then every year after that on your account anniversary. Some cards will waive the annual fee the first year, but you’ll have to pay after that.

But other credit cards don’t charge an annual fee at all. Sometimes these no-annual-fee cards won’t have any extra benefits, but it’s possible to get one with rewards. If you get a rewards credit card with no annual fee, you won’t have to worry about making up for the yearly cost with the value you gain from the card’s rewards program and perks.

Annual fees aren’t for everyone, but it can be worth it to have a card that charges one. The key is to calculate how much value you can get from the credit card and compare it with its annual fee — as well as the value you could get from a card with no annual fee at all.

Often cards will offer a higher rewards rate and more perks on cards with an annual fee. It might seem worth it, but you need to do the math. Offsetting an annual fee with rewards could mean spending thousands.

Some cards offer perks that help make up for the cost of the fee. For example, some hotel credit cards provide a free rewards night for every year that you hold the card. Those can be worth much more than the annual fee you pay every year.

Before applying, run the numbers on any rewards program or perks offered with the card. Make sure that those benefits line up with your spending habits to determine if paying an annual fee is right for you.

Yes, it’s possible to get a credit card with no annual fee, even if your credit is bad or nonexistent. But not all credit cards targeted to people with less-than-stellar credit are annual-fee-free. Some even charge an annual fee, a monthly fee and even a one-time fee to open an account.

If you’re looking for a credit card to help you build your credit history, take time to shop around and compare different card options. Depending on your situation, your options may be limited to secured credit cards, which require a security deposit to open an account. However, you may be able to find an unsecured credit card that doesn’t charge an annual fee — especially if you have no credit history or you’re a college student. There are some unsecured cards designed specifically for folks who are new to credit.

There are many types of credit cards, and many of them don’t charge an annual fee. Many cash back credit cards, for instance, don’t charge an annual fee. And you can often find cards with introductory interest promotions to be annual-fee-free.

While there are travel credit cards that don’t charge an annual fee, it’s less common than with cash back and other types of credit cards. That’s especially the case with premium travel cards, many of which charge annual fees totaling hundreds of dollars.

Here’s a list of some card types that can include cards without an annual fee:

• Cash back credit cards

• Travel credit cards

• Credit cards offering intro 0% APRs on purchases or balance transfers

• Balance transfer credit cards

• Retail credit cards

• Secured credit cards

• Student credit cards

• Business credit cards

If you have a specific type of card in mind, it’s a good idea to do your research and try to find credit cards that don’t charge an annual fee. But don’t forget that you may be able to get higher rewards rates, sign-up bonuses and benefits with a card that charges an annual fee. Always do the math.