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Can you get a cash back credit card with no annual fee?

Published October 05, 2021

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Credit & Debt
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We all have to spend money to live, but cash back cards with no annual fee can provide an easy way to get some of that money back — and without paying an extra charge! Unlike other types of rewards cards, cash back cards are easy to redeem. You’ll typically receive money back as a statement credit, check, or bank transfer. And with no annual fee, getting your cash back won’t cost you a cent.

We’ve put together some of the questions you might have about no annual fee credit cards. Let’s take a look.

What does it mean for a credit card to have ‘no annual fee’?

Some credit cards charge annual service fees. These cards can offer attractive rewards and perks, but you’ll have to pay for the privilege each and every year. If the card rewards don’t outweigh the annual fee cost, then the credit card probably isn’t worth it. You’ll still want to check on any other fees that may apply while using your card. Fees for services like cash advances, foreign transactions or balance transfers will vary by card.

Should you get a no annual fee credit card?

You should consider getting a no annual fee credit card if you want to save extra cash and don’t need the specific rewards that some credit cards with annual fees have. You may want to do a side-by-side comparison of the benefits and interest rates of no annual fee and annual fee credit cards to see what makes the most sense for your lifestyle.

Do you need a good credit score to get a no annual fee credit card?

Many no annual fee credit cards with attractive perks require a good credit score. However, there are also no annual cards available for people with poor or average credit, such as no annual fee secured credit cards.

Are annual fees worth it?

Annual fees might be worth it in some instances. For example, if you have a credit card that you use frequently, and it has rewards that you know you’ll utilize, the value of the rewards may justify the cost of the fee.

Before you pay a fee, know that there are plenty of great cashback cards with no annual fee that offer attractive awards, that can range from the ever-popular travel rewards to many types of cashback rewards. The one that’s right for you will depend on your spending habits and priorities. If tackling your student loans is high on your list, you may want to consider the Laurel Road Student Loan Cashback® Card, which can help you pay down your student loans with your cashback rewards. The Laurel Road credit card lets you redeem 2% cashback towards student loans with 95% of student loan servicers, or gives you the option to redeem 1% cashback towards anything else.1 Plus, as a new cardmember you can earn $300 in cashback rewards towards any eligible student loan after you spend $3,000 in the first 90 days with your card.2 If you’re a recent graduate with student loan debt, the Laurel Road Student Loan Cashback card might be the right card to help you make progress on paying down your loans.

Ultimately, you’ll want to find the credit card that makes the most sense for your spending habits and your priorities. You can always weigh the pros and cons of top credit card choices and remember that you can find a card with great cash back rewards without an annual fee. To check your potential savings, try our calculator for the Laurel Road Student Loan Cashback card.

1. You will earn 2.0% in Cashback Rewards for each $1 spent on eligible Purchases if you redeem your Cashback Rewards towards your Student Loan with an eligible servicer. This equates to $0.02 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $2.00 in Student Loan Credit. You will earn 1.0% in Cashback Rewards for each $1 spent on eligible Purchases if redeemed for a statement credit. This equates to $0.01 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $1.00 in Cashback Rewards. Cashback is awarded based on eligible credit card purchases excluding transactions such as cash advances of any type, balance transfers, convenience check transactions, overdraft protection transfers and quasi-cash transactions.

2. Introductory offer: For a limited time earn a cashback reward after spending $3,000 within the first 90 days of account opening. Offer is subject to change at any time. The cashback reward amount will be $300 if redeemed towards student loans with an eligible servicer. The cashback reward amount will be $150 if redeemed for statement credit. Cashback is awarded based on eligible credit card purchases excluding transactions such as cash advances of any type, balance transfers, convenience check transactions, overdraft protection transfers and quasi-cash transactions.

In providing this information, neither Laurel Road nor KeyBank nor its affiliates are acting as your agent or is offering any tax, financial, accounting, or legal advice.

Any third-party linked content is provided for informational purposes and should not be viewed as an endorsement by Laurel Road or KeyBank of any third-party product or service mentioned. Laurel Road’s Online Privacy Statement does not apply to third-party linked websites and you should consult the privacy disclosures of each site you visit for further information.

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