Logic tells us that we should avoid rewards credit cards that come with high annual fees attached to them. This is the approach that majority of the credit card holders take saying that the rewards offered by the credit card companies are rarely ever worth the extra fee. Some consumers also said that there are companies that offer the same rewards and perks and are free of annual charges.
This mindset is accurate to the extent that the majority of the consumers agreeing with this statement are those who do not spend enough to account for the high annual fees. To go for a rewards credit card that has high annual fees attached with it depends entirely on the consumer you are. If you use your credit card extensively, then yes, you should definitely get one with high annual fees to avail the rewards it has to offer. On the other hand, if you steer clear of pulling out the plastic card for every purchase you make, then it isn’t the best option for you.
Is high annual fees right for you?
There are infinite situations in which it is best to pay the annual fees. Some examples can be found here. The Credit One Bank Visa Platinum Card offers many rewards and has a high annual fees with it. If you still haven’t made up your mind it is probably because you find it a tad unjust that you are actually paying more than necessary to use your own credit card. Or it may seem as if you are being tricked into paying the extra money for perks that just aren’t worth it. If yes, then we encourage you to see reason in the proven fact that paying high annual fees results in you being able to achieve the financial objectives that you’ve set for yourself. Indeed the credit card companies also benefit from this decision but it’s a win-win situation. To see what other consumers had to say about their experience, click here.
The underlying fact here is that it all depends on the type of consumer you are. Before you finalize your decision, consider how much you actually spend on your credit card per year. It is always a better and safer option to do the math and see what’s best for you instead of assuming high annual fees is bad. And if the numbers turn up in your favor, then you can indulge in exciting rewards!