BillShrink’s List of No Fee Reward Cards

by News Guy on May 13, 2010

As BillShrink predicted at the beginning of the year, more and more credit cards are raising rates and imposing annual fees in the second quarter of 2010 since new credit reforms became law in February.

At the beginning of the year, only 20% of credit cards in the US charged an annual fee. But that number is on the rise, with issuers instituting new annual fees or restricting bonus opportunities for existing and new card holders.

For example, Citi Bank Diamond Rewards card instituted a $60 annual fee for existing and new card holders in April, and the retroactive charge for existing card holders won’t show up on their bills until June.

No Fee Reward Cards

If you are looking to beat the system and get a card with no annual fees and great perks, BillShrink, the free personalized comparison shopping site, has put together a list of reward cards with no fees just in time for the busy summer travel months:

Capital One No Hassle Miles Rewards

  • No annual fee
  • 0% intro APR on purchases until April 2011
  • 1.25 miles for every dollar spent on purchases
  • No limit on the miles you can earn and miles don’t expire, plus no blackout dates and no seat restrictions

Chase Sapphire Card

  • No annual fee
  • 10,000 bonus points after your first purchase
  • Redeem points for travel, gift cards, merchandise, cash back and more
  • 2X points earned on airfare booked through Ultimate Rewards & 1 point for every dollar spent on all other purchases
  • Points never expire and there are no limits on how many points you can earn

Pen Fed Visa Platinum Cashback Rewards

  • $20 application fee, but no annual fees
  • Earn 5% cash back from gas purchases and 2% cash back on supermarket purchases
  • Earn 1% cash back from virtually all other purchases

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