Chapter 5:
Annual Fees
During your card selection process also consider annual fees. Of course, those cards with the most points or miles and other benefits will have higher annual fees. However, you don’t have to break the bank with these associated costs to receive great perks from cards. It can cost between $0 to $695 annually to keep each credit card active. In some instances, the annual statement credits you may receive throughout the year can simply add up to your card’s annual fee! It is important to consider the benefits and annual fees for each card before selecting. Many cards come with additional benefits such as, lounge access, airline priority passes, early or late check in and much more. Do not be so quick to cancel your cards after using your rewards! There is another way for you to avoid these annual fees without disrupting your credit score or negatively impacting your relationships with the credit card companies.
