Best no-annual-fee credit cards of May 2023

Bonus: Earn 25,000 online bonus points – equal to $250 in travel or dining – after you spend $1,000 on purchases in the first 90 days.

Foreign Transaction Fees: foreign_fee

The Rewards: Earn 1.5 points per $1 spent on every purchase. Preferred Rewards clients earn 25%-75% more on every purchase.

PROS:

• Being able to redeem credit card rewards to cover dining purchases could transform your travel budget.
• The 25,000 online bonus points you can earn after spending $1,000 in the first 90 days is very good for a no-annual-fee travel rewards card.
• There are few travel rewards cards that offer an introductory APR period on purchases and balance transfers, but this one does (full details in the Details tab).

CONS:

• A flat-rate rewards card is easy, but it isn't the fastest way to earn rewards.
• There aren't a lot of extra perks and features on this card, which isn't unexpected given it doesn't charge an annual fee, but it's still something to keep in mind.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

PROS:

• You can earn 5% cash back in multiple categories (up to a quarterly max and activation is required) which is one of the highest rewards rates available for day-to-day purchases.
• The welcome bonus could be quite lucrative thanks to the Cashback Match offer.
• This card also offers a nice intro 0% APR period of 15 months on purchases and balance transfers (then, RegAPR)

CONS:

• There are a lot of purchase categories to keep track of which can get confusing. You’ll also need to remember to activate the 5% rotating categories.
• The welcome bonus could be worth quite a lot but it's a delayed gratification situation – you'll have to wait to the end of your first year as a cardholder for Discover to match the cash back you earned during that year.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

Bonus: Earn 1.5% extra cash back on purchases during your first year (up to $20,000 spent) for a bonus worth up to $300 cash back. Also, take advantage of an intro period of zero interest on purchases and balance transfers for the first 15 months (then, RegAPR).

Foreign Transaction Fees: foreign_fee

The Rewards: Earn 5% on travel purchased through Chase, 3% on dining at restaurants, 3% at drugstores, and 1.5% on all other purchases.

PROS:

• The Chase Ultimate Rewards points that are earned with the Freedom Unlimited® card can be combined with the Ultimate Rewards points earned from other Chase cards, like the CardName, and redeemed to possibly make the points earned worth even more.
• The new card member bonus earning is a solid opportunity to earn more on your everyday spending during the first year (up to $20,000 spent).
• With at least 1.5% cash back earned on every purchase this card has a very good and simple rewards earning rate.

CONS:

• Chase Freedom Unlimited® does charge a foreign transaction fee of foreign_fee, so you may want to use a different card while travelling abroad.
• WThere are a lot of tiers to keep up with to truly maximize your earning; therefore, if simplicity is your goal, you might look for a flat-rate card instead.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

Intro APR offer: 18 months of no interest on balance transfers (then, RegAPR); it's a solid opportunity to put, or rather keep, some money in your wallet.

Foreign Transaction Fees: foreign_fee

Rewards: Earn 1% cash back when you make your purchases and then rake in another 1% cash back when you pay for your purchases. That effectively means you can earn a 2% cash back on all your purchases AND it's a nice incentive to pay your balance off each billing cycle.

PROS:

• One of the largest benefits of this card is the ability to earn 1% cash back when a purchase is made and an additional 1% when you pay for the purchase – encouraging you to pay off your purchases made with card.
• Earning effectively 2% cash back on a card (after purchases have been paid) for all purchases is very good in the no-annual-fee card space.
• For a little extra bonus, the card is offering an intro 0% APR on balance transfers (then, RegAPR), allowing you the flexibility to transfer in another balance and save on interest.

CONS:

• Even though the card does not have an annual fee, it does charge a balance transfer fee: BalanceTransferFees
• This card does have a foreign_fee foreign transaction fees, so it may be the card that you leave at home for your next international trip.
• The intro 18 months 0% APR on balance transfers (then, RegAPR) is one of the best on the market, but this does not apply to new purchases, so if you are transferring in other balances this is a benefit but not if you are looking to carry a balance with new purchases made.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

Welcome Offer: Earn a $200 statement credit after you spend $2,000 in purchases on your new card within the first six months. You can also enjoy an introductory period of zero interest on purchases and balance transfers for the first 15 months (then, RegAPR).

Foreign Transaction Fees: foreign_fee

The Rewards: Cardholders earn 3% cash back at U.S. supermarkets, U.S. gas stations and on U.S. online retail purchases (up to $6,000 spent in each category per year, then 1%), and 1% back on other eligible purchases.

PROS:

• This card has excellent everyday rewards earning of 3% back at U.S. supermarkets, U.S. gas stations and U.S. online retail purchases (up to $6,000 spent annually in each category, then 1%) and 1% back on other eligible purchases.
• The new cardholder welcome bonus offer is solid for a no-annual-fee card.
• Take advantage of an intro 0% APR for 15 months on purchases and balance transfers (then, RegAPR) that can help to save you some money on interest payments.

CONS:

• Foreign transactions fees with the card should dissuade you from using it internationally or you will be paying these fees with every purchase made.
• The bonus cash back earning categories can be great for those that spend in these categories regularly, but if not there are likely cards that have either more broad bonus categories or categories that fit your spending habits better.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

Bonus: Earn a one-time $200 cash-back bonus after spending just $500 on purchases with your new card in the first three months. This card also offers a solid introductory 15 months of no interest on purchases and balance transfers (then, RegAPR; 3% fee on the amounts transferred within the first 15 months).

Foreign Transaction Fees: foreign_fee

The Rewards: Earn an easy-to-understand 1.5% cash back on every purchase. There are no caps, categories or hoops to worry about.

PROS:

• With a 0% intro APR period of 15 months for new purchases and balance transfers, you can make a large purchase without incurring additional interest charges (3% fee on the amounts transferred within the first 15 months). After the intro, the APR becomes RegAPR.
• The 1.5% cash back earned on every purchase is easy-to-remember and can be lucrative. It's a nice combo for a no-annual-fee card.
• There are no foreign transaction fees charged by this card, a rarity among cash-back rewards cards.

CONS:

• The 1.5% earned on every purchase is great for straightforward earning, but you can earn higher rewards on specific categories with different cards.
• Savvy credit cardholders may want to have the Quicksilver in their wallet and use it in tandem with a card with rotating spending categories to earn the most rewards possible on purchases made.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

Bonus: Earn a one-time $200 cash-back bonus after you spend $1,000 on purchases within your first three months as a cardholder.

Foreign Transaction Fees: foreign_fee

The Rewards: Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target), and 1% on all other purchases.

PROS:

• No foreign transaction fees allows you to use this card with peace of mind while traveling abroad.
• Unlimited 3% cash back earned on dining and entertainment is one of the best rewards earning rates on the market for a no-annual-fee card.
• Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024.
• 0% intro APR on purchases and balance transfers for 15 months (then, RegAPR; 3% fee on the amounts transferred within the first 15 months) allows you to make purchases for that period of time (or transfer an existing balance) without incurring additional interest fees.

CONS:

• As this card is designed as a cash-back rewards card, it is difficult to redeem rewards earned for things other than cash back and still get good redemption values.
• The annual fee version of this card, the CardNamediscontinued, comes with additional features like higher cash back earning rates. It may be worth the fee in comparison to this card if your spending is frequent in the rewards categories.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

Bonus: Earn $200 online cash rewards bonus after you spend at least $1,000 on purchases in the first 90 days of account opening.

Foreign Transaction Fees: foreign_fee

The Rewards: Earn 3% cash back in your choice category from among a list of six: gas, online shopping, dining, travel, drug stores, or home improvement/furnishing. You'll also earn 2% back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and an unlimited 1% on all other purchases. You can update your choice category for future purchases once each calendar month using the mobile banking app or online banking or it will remain the unchanged if you don't choose to update. There is no expiration on rewards.

If you are a Preferred Rewards client with the bank, you can receive 25%-75% more cash back on each purchase depending on your tier.

PROS:

• One of the largest benefits of this card revolves around the ability to choose your preferred top rewards-earning category so you're earning top rewards where you spend the most (up to $2,500 in combined choice category/grocery store/wholesale club purchases quarterly).
• If you are a Preferred Rewards client at Bank of America, you can earn 25%-75% more on every purchase depending on your Preferred Rewards tier (tiers are based on total account balances).

CONS:

• This card does charge foreign transaction fees, so this is one you may want to leave in your wallet when traveling internationally.
• If you aren’t a Bank of America Preferred Rewards client, you don’t get nearly as much cash back value out of the card.
• Be aware that you can only change your 3% rewards earning category once per month, so if you have a large upcoming expense in a different category than you already chose you may not earn the full cashback potential of the card.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

Bonus: Earn $750 bonus cash back after you spend $6,000 in the first three months. If you happen to have a big business expense coming up, you'll be glad to know this card also offers an intro period of 12 months no interest on purchases (then, RegAPR).

Foreign Transaction Fees: foreign_fee

The Rewards: Earn 5% cash back on the first $25,000 spent in combined office supply store and internet, cable and phone services each anniversary year. Also, earn 2% cash back on the first $25,000 spent in combined gas station and restaurant purchases each anniversary year. You'll earn 1% cash back on everything else.

PROS:

• For frequent spend categories like office supplies, internet, cable and phone services, the 5% cash back earned, up to $25,000 annually, is among of the best in the market.
• The intro 0% APR on purchases for 12 months (then, RegAPR) is a great benefit for a business owner with some start-up costs or a major purchase on the horizon.
• The new cardholder welcome bonus of $750 after $6,000 in purchases with the card in three months is a solid offer, especially for a no-annual-fee card.

CONS:

• The $25,000 annual cap on bonus category spend could be limiting if you frequently make purchases in these categories.
• This card does charge foreign transaction fees.
• The 5% cash back is specific to these categories, so if your business expenses are more varied, you might be better off with a card that offers bonus rewards on all purchases instead of just in select categories.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

Welcome Offer: Earn a 15,000 Membership Rewards points when you spend $3,000 on eligible purchases within the first three months. There is also an introductory offer of no interest on purchases for 12 months (then, RegAPR).

Foreign Transaction Fees: foreign_fee

The Rewards: Cardholders earn two points per $1 spent on the first $50,000 in eligible purchases each calendar year. You earn point per $1 on all your eligible purchases after you reach the spending cap.

PROS:

• The rewards earning rate is excellent at two-times points per $1 spent on all eligible purchases up to $50,000 spent per calendar year, then 1 point. A $50,000 annual spend cap on bonus rewards is great for a card with no annual fee.
• With Expanded Buying Power, you can spend beyond your credit limit. Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the card, your payment history, and credit record.
• With the 0% intro APR offer on purchases for 12 months (then RegAPR) you can make some initial business purchases without incurring additional fees.

CONS:

• This card does charge a foreign transaction fee, so it may be best to leave this one at home while abroad.
• If your spending is beyond the $50,000 annual spend cap on bonus rewards, a card with no spending cap or at least a higher one might translate to more rewards.

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*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

Bonus: Earn a $500 bonus when you spend $4,500 in the first three months of account opening.

Foreign Transaction Fees: foreign_fee

The Rewards: Earn a flat 1.5% cash back on all your purchases; there are no spending caps or categories to keep up with.

PROS:

• With unlimited 1.5% cash back earned on all purchases made, this card makes rewards earning very simple and straightforward.
• The initial card member bonus of $500 when you spend $4,500 in the first three months of account opening is generous.
• There are no foreign transaction fees with this card so you can use it while travelling internationally without additional fees incurred. Even if your business doesn't travel abroad often, you could save those fees if you purchase with merchants who charge in a foreign currency.

CONS:

• If your business spend is in particular categories, there may be a better card that will help you to earn maximum rewards in the categories that your business frequently spends in.
• If you spend more than $1,000 monthly with this card, especially after the first year, you may be better off with the annual fee version of this card, CardNamediscontinued.

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We have not polled this card yet, but would love to hear your thoughts on it if you are a cardholder. Comment below or email us at editor@cardratings.com to share more about your experience.