Initially, when the credit card concept had just been introduced, for quite some time later there used to be an annual or yearly fee charged to the customer. There was lots of resentment and this fee slowly got eliminated. Nowadays, most credit cards come with a no annual fee offer and the marketing companies are utilizing this as a marketing gimmick. Most banks and financial institutions do not charge an annual fee and since, the customer can look for additional features before deciding on a credit card.
This "no annual fee" does not strictly mean that there are no fees at all. It is the responsibility of the customer to read the entire document before signing for a new card. Service charge is the fee levied if the customer is unable to pay the entire balance every month. An additional fee, in the range of $ 35, is charged in case the customer goes over the individual credit card limit. There is a late fee charged in case the payment is delayed.
There are many credit card companies that offer no interest for an introductory phase, which enable the customer to clear his balances without any interest- accrues. There are also other attractive offers in terms of cash back and air rewards. Depending on the customer's current financial outlook, the credit card companies offer cards that suit the customer's requirements. Some cards offer best low interest as well as 0% interest rate for the first year for both, balance transfers and new purchases. It is generally an option offered to people with the best credit ratings.
People are generally fond of affordable and inexpensive credit cards and so credit card companies are always coming up with new low interest rate credit cards, with no annual fee, that correspond to the customer's needs.