Best no-annual-fee credit cards for November

The Wells Fargo Active Cash Card* is our pick for overall best no-annual-fee credit card for many reasons. The unlimited 2% flat cash rewards structure makes this a simple, but powerful card. There’s no worrying about reward limits or bonus categories — you’ll earn a flat rewards rate on all of your eligible everyday purchases. Plus, if you spend $1,000 in the first three months of opening your account, you’ll receive a $200 cash rewards welcome bonus.

Another major perk that this no-annual-fee card offers is a great balance transfer period — 0% intro APR for 15 months from account opening for qualifying balance transfers (14.99% to 24.99% variable APR thereafter). It gives you ample time to tackle old debt without having to worry about the balance snowballing due to high interest rates.

The Chase Freedom Unlimited card wins the runner-up spot for best no-annual-fee credit cards for a few reasons. This card offers an extensive cash-back reward program, allowing you to earn more rewards on grocery store, eligible travel, dining and drugstore purchases than you could with the Wells Fargo Active Cash card. Used strategically, you could earn more rewards than you would with a flat-rate cash-back card, but it would require a decent amount of effort and could lead to overspending. 

This card also offers a $200 welcome bonus when you spend $500 in the first three months of account ownership and a 15-month 0% introductory APR on purchases (14.99% to 24.74% variable APR thereafter). Ultimately, this card might be a better pick for you if you want to maximize grocery store, restaurant and drugstore spending. If you don’t want to plan out your spending, then we point you back to our No. 1 pick — the Wells Fargo Active Cash card.

While the Wells Fargo and Chase picks offer great cash-back rewards, we’re naming the Discover it® Cash Back* credit card the best cash-back rewards, no-annual-fee card for one simple reason — the cash-back match Discover offers for your first year of membership. 

This card offers generous reward incentives, with bonus categories changing every three months. Now through September 2021, for instance, you can earn 5% cash back from restaurants and PayPal purchases when you activate (on up to $1,500 in quarterly purchases, then 1%). If you were to maximize the 5% back categories each quarter, you could earn up to $300 in the first year (before the cash-back match, that is). The Discover it® Cash Back card also features a 14-month 0% introductory APR on purchases and balance transfers before moving to a variable rate between 11.99% and 22.99% APR.

The U.S. Bank Visa Platinum Card is a no-frills card with no annual fee that won’t earn you rewards — but its long introductory APR period on both purchases and balance transfers makes it an excellent card for anyone looking to pay down debt. The balance transfer fees are on par with similar cards, but the 20-billing-cycle introductory 0% APR time frame on purchases and balance transfers can offer you extra time to pay down other credit card debt, interest-free (14.49% to 24.49% variable APR thereafter).

With the Bank of America® Customized Cash Rewards credit card*, you gain many perks, including no annual fee and a sign-up bonus. Earn a welcome bonus of $200 online cash rewards for charging $1,000 in the first 90 days of opening an account. And you’ll also receive a 0% introductory APR for 15 billing cycles on purchases and balance transfers made within 60 days of opening the account. Once it expires, you’ll pay a variable rate between 13.99% and 23.99% APR.

The difference with this card is you choose bonus categories to earn higher rewards, including dining, online shopping and others. And you can maximize your incentives with Preferred Rewards. Based on your balances carried on your accounts with Bank of America and investment accounts with Merrill® (they need to be at least $20,000 to qualify), you can earn 25% to 75% more back. It means with the highest tier, Platinum Honors, you could receive 5.25% back on your choice bonus category.

The Capital One SavorOne Cash Rewards Credit Card* comes loaded with card membership rewards potential. You could receive a $200 welcome bonus just for spending $500 within the first three months from account opening. And with a 0% introductory APR for 15 months on purchases and balance transfers (then a variable rate of 14.99% to 24.99%), you can finance larger purchases without interest charges. Best of all, there is no annual fee for using the card. 

Moreover, the card’s biggest perk is its cash-back incentives. You earn an unlimited 3% back on all dining and entertainment options and 8% cash back on tickets through Vivid Seats (through January 2023). That’s a lot of jelly for your cash-back doughnut. Rack up the rewards, then redeem them through PayPal or Amazon or as a statement credit, or cash them out. There are no caps on perks, and they don’t expire as long as you have an active account.

The Bank of America® Travel Rewards credit card* rewards you for exploring new places while racking up points. You’ll have no annual fees and receive 25,000 points when you charge $1,000 within the first 90 days of opening the account.

The reward structure is simple. You earn 1.5 points for every dollar spent with no limits or expiration dates. It is the perfect card for the well-balanced traveler who wants rewards but doesn’t want to carry multiple credit cards (one for hotel, one for airlines, etc.) to get them. And, with the Preferred Rewards through Bank of America, you can earn 25% to 75% more just for having deposits and investments through the bank. 

What does ‘no annual fee’ mean?

It means the card issuer will not charge you a yearly cardholder fee. Cards with no annual fees may have other fees though — such as security deposits, transaction fees, late payment fees and balance transfer fees.

Who is a no-annual-fee card best for?

Cards without annual fees are best for those new to using credit cards. You can use the card as you like with no fear of not charging enough to justify the annual fee and you still earn cash-back incentives and other rewards. 

Also, if finances become tight and you need to trim expenses, it may make sense to have a no-annual-fee credit card on hand. Doing so allows you access to it as needed and extends your account history — one of the factors in building your credit score.

What else to consider about no-annual-fee cards

If you use your card more and want access to better incentives, it is easy to make the switch. Alex Miller, CEO and founder of Upgraded Points, said, “No-annual-fee credit cards tend to have a ‘sister’ card with an annual fee. You can upgrade from a no-annual-fee to an annual fee card, usually with little to no hassle.” With these upgraded cards, you can typically earn even more rewards.

Are annual-fee cards ever worth it?

Sometimes. If you’re new to using credit cards or do not plan to charge many expenses, then having a card with an annual fee will not be in your best interest since you won’t take advantage of the incentives enough to justify the cost. 

Meanwhile, there are instances where the opposite applies. “Annual-fee cards are worth it for people who spend more money because they have much higher bonuses on spending categories,” said John Taylor Garner, CEO and founder of Card Curator. “And their points/miles are worth a lot more, especially when redeemed for travel.”