What No Fee Visa Really Means

2007-05-02 10:04:19

( Financial )



Before you get a no fee visa card, it is a good idea to shop beyond those advertised as having no annual fee.

Consider those providers, which will give, grace period for purchases and it is even preferable if the period can also apply to cash advances. Try to avail automatic payment plans and maximum credit line commensurate to your capacity to pay and regular income.

You can avail of a scorecard bonus points program so you can earn points for free gifts and travel when you use your credit card.

Credit card providers aggressively lure customers by offering no fee visa, no annual fee credit card fee and no mastercard fee. But to what extent does no fee visa mean? Only a point-by-point comparison will show the differences.

Does no fee also means no late fee, no over the limit fee, no check fee, no replacement fee, no card recovery fee, no sales draft copy fee, not statement copy fee? Certainly not; at most, it only means that your visa card does not charge annual and late fees or minimum finance fees on the side.

If your card provider does not also charge you for exceeding your credit limit or for cash advances or balance transfers or for usage fee and carries minimal interest, annual percentage or penalty rates or only at very low rates then you have a good offer.

Try to avail some other features that is very useful to you and relevant to your lifestyle such as 24-hour ATM access, auto-rental insurance, emergency card replacement, emergency cash disbursement, travel and emergency service and extra awards. Extra awards are rewards points for every dollar charged including rebates for travel fare, hotel and car rental.

With password protected visa debit and credit card for free for online shopping, travel/accident insurance, worldwide cash advances, you will save money on interest because of your visa card, especially with 0 balance transfer fee and lower your monthly minimum payments.


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