Introduction
Free credit cards are a great way to save money on fees and earn rewards at the same time. But how do you find a credit card that won’t cost you an arm and a leg? In this article, we’ll explore different strategies for getting a free credit card.
Take Advantage of Introductory Offers
Credit card issuers regularly offer introductory offers to attract new customers. These offers can include 0% interest rates, waived annual fees, and even cashback rewards. Be sure to read the fine print, though, to see if there are any hidden costs.
For example, Chase Freedom Unlimited® offers 5% cashback on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year. The offer includes a 0% Intro APR for 15 months on purchases and a 14.99% – 23.74% variable APR after that.
When choosing an introductory offer, it’s important to weigh the benefits against the potential drawbacks. For instance, if you know you won’t be able to pay off your balance in full before the introductory period ends, you may want to choose a card with a lower interest rate instead.
Choose a Rewards Card
If you’re looking to earn rewards on your credit card purchases, a rewards card may be the way to go. These cards offer rewards points or cashback on purchases, which you can then redeem for flights, hotel stays, merchandise, or even statement credits.
It’s important to use rewards cards responsibly, though. If you carry a balance on your card, you’ll likely pay more in interest charges than you’ll earn in rewards. So, be sure to pay off your balance in full each month to maximize your rewards.
Look for Waived Fees
Many credit card issuers will waive certain fees, such as annual fees or balance transfer fees, for new customers. Some will even waive fees for existing customers who meet certain spending requirements.
For example, the American Express Blue Cash Preferred® Card offers a $300 statement credit after you make $3,000 in purchases in the first six months. The card also features a $0 introductory annual fee, which increases to $95 per year after that.
To find a credit card with waived fees, look for offers that specifically mention the words “no annual fee” or “no balance transfer fee.” And be sure to read the fine print, as there may be other fees that apply.
Join a Credit Union
Credit unions are non-profit financial institutions that are owned and operated by members. They often offer lower interest rates and fees than traditional banks, and may even offer credit cards with no annual fees or rewards programs.
To find a credit union in your area, you can use the National Credit Union Administration’s Credit Union Locator tool. When researching credit unions, be sure to look for those with positive customer reviews and a good reputation for customer service.
Negotiate with Your Bank
If you’ve been a loyal customer of your bank for a long time, you may be able to negotiate a better credit card offer than what’s advertised. Call your bank’s customer service line and ask to speak with someone about your credit card options.
Be polite and respectful when making your case, and have a specific offer or promotion in mind that you are interested in. If your bank isn’t able to offer you a better deal, you can always consider switching to a different bank or credit union instead.
Utilize Credit Card Promotions
Credit card promotions can come in many forms, from sign-up bonuses to limited-time offers. One popular promotion is the 0% APR balance transfer offer, which allows you to transfer high-interest debt to a lower-interest credit card.
When using credit card promotions, be sure to read the fine print carefully and understand any limitations or restrictions. You’ll also want to have a plan in place for how you’ll use the credit card and pay off your balance before any promotional rates expire.
Get a Secured Credit Card
If you’re just starting out with credit or have a low credit score, a secured credit card may be a good option for you. These cards require a cash deposit upfront, which then serves as your credit limit. Secured cards may have higher interest rates and fees than traditional credit cards, but they also offer the chance to build credit and improve your credit score.
When choosing a secured credit card, look for one with a low annual fee and a credit reporting policy that will help build your credit score over time.
Conclusion
Getting a free credit card may seem impossible, but with the right strategy, it’s possible to save money on fees and earn rewards at the same time. By taking advantage of introductory offers, choosing a rewards card, looking for waived fees, joining a credit union, negotiating with your bank, utilizing credit card promotions, or getting a secured credit card, you can find a credit card that meets your needs and your budget.
