Credit cards can be a fantastic tool for budgeting, receiving benefits, and increasing your credit score. However, annual fees on many credit cards can mount up over time. There are several choices if you’re looking for a credit card without an annual fee. Here are our top selections for the best credit cards with no annual fee.
If you’re looking for a credit card without an annual fee, the Chase Freedom Unlimited card is a fantastic choice. When you spend $500 in the first three months with this card, you’ll receive a $200 sign-up bonus in addition to the unlimited 1.5% cash back on all purchases. Additionally, this card offers a 0% introductory APR on purchases and balance transfers for the first 15 months. The standard purchase APR will then be in effect.
For individuals seeking a credit card without an annual fee, the Discover it Cash Back card is a fantastic alternative. This card offers 1% cash back on all other purchases and 5% cash back on a set of rotating categories each quarter (up to $1,500 in spending). At the end of your first year, Discover will additionally match all the cash back you’ve accrued. For the first 14 months, the intro APR on purchases and balance transfers on this card is 0%. The standard purchase APR will then be in effect.
Citi Double Cash For those who want to receive cash back on their purchases, the Citi Double Cash card is a fantastic choice. With no ceilings or category limitations, this card offers 2% cash back on all purchases (1% when you buy plus 1% as you pay). The purchase APR on this card is typical. Capital One Quicksilver Cash Rewards is a fourth option. Another fantastic choice for people seeking a credit card without an annual fee is the Capital One Quicksilver Cash Rewards card. This credit card offers a flat 1.5% cash back rate on all transactions and a $200 sign-up bonus once $500 in purchases are made within the first three months. For the first 15 months, both purchases and balance transfers on this card have a 0% intro APR. The standard purchase APR will then be in effect.
The annual percentage rate that is charged on purchases made with your credit card is known as the purchase APR. The interest charges you owe on any debt you carry are determined by applying this rate to your outstanding balance each month. Understanding your purchase APR is crucial if you carry a balance because it can have a big influence on your budget.
Is Using a Personal Credit Card for Business Purposes Prohibited? It’s not against the law to use a personal credit card for business costs, but it’s not advised. It might be challenging to separate your personal and corporate finances when you use a personal credit card for business purchases. Furthermore, if your business expenses are mixed in with your personal spending during an IRS audit, it may be more difficult to demonstrate them.
What Are the Warning Signs of an IRS Audit? Your prospects of an IRS audit are increased by a number of warning signs. These consist of: Failure to disclose all sources of income – Making excessive charitable contributions
– Claiming huge deductions or losses
– Using the home office deduction
– Deducting expenses for activities that aren’t genuinely business-related
If the IRS has grounds to believe you underreported your income or made incorrect deductions on your tax return, they may be able to get your credit card information. However, without your permission or a court order, the IRS cannot access the details of your credit card. Keep thorough records of your expenditures, and be ready to give supporting paperwork to the IRS upon request.
You normally need to supply information like your business’s name, address, industry, and yearly income when applying for a business credit card. You might also be asked to submit personal data, including your Social Security number and income. Depending on the credit card company and the sort of business credit card you are looking for, the particular requirements could change.