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4.3. No Annual Fee

Some credit cards waive the annual fee for the first year the account is opened. This gives people a chance to get a credit card and try it out without having to pay money upfront for using the account.

At the end of the first year, the standard annual fee will be applied to the account, so it is important to factor this cost in when you are comparing cards. If you get a credit card that doesn’t charge an annual fee for the first year, you can also cancel it before the first 12 months so that you don’t pay this fee.

TIP: Read the terms and conditions of cards you are looking at so that you know the difference between mistake no annual fee promotions and credit cards that never charge an annual fee.