We analyzed 160 credit cards with no annual fees—here are the best for your wallet

If you're looking for a credit card but are unwilling to fork over money for an annual fee, you're not alone.

A May 2019 survey from Discover found that 60% of consumers say that having no annual fee is a very important factor when they choose a card. And 70% of consumers are very satisfied with their no annual fee cards, while only 35% are equally satisfied with their cards that charge an annual fee.

The best no annual fee cards still offer a lot of perks: competitive rewards programs, intro 0% APR periods and low interest rates. And depending on your spending habits, they could offer more value than a card that comes with a steep annual fee (some upwards of $500).

Below, CNBC Select reviewed the best no annual fee credit cards in a range of categories for consumers who are looking to get the most bang for their buck. (See our methodology for more information on how we made this list.)

[ Jump to more details ]

[ Jump to more details ]

[ Jump to more details ]

[ Jump to more details ]

[ Jump to more details ]

Who's this for? The Citi Double Cash® Card is a straightforward rewards card that continues to offer one of the best flat-rate cash-back programs since it launched in 2014. Cardholders earn 2% cash back on all purchases — 1% when you make a purchase and an additional 1% when you pay your credit card bill.

There is no limit to the amount of cash back you can earn and you don't have to worry about activating bonus categories. Cashback can be redeemed for a statement credit or direct deposit.

This card is also a good choice for debt consolidation. There's a 0% APR for the first 18 months on balance transfers (then 19.24% - 29.24% variable APR). There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first four months of account opening. After that, your fee will be 5% of each transfer (minimum $5). (See more on how to make the most of a balance transfer.)

[ Return to card summary ]

Who's this for? The Citi Simplicity® Card offers the longest balance transfer intro periods at 0% intro APR for 21 months on balance transfers from date of first transfer (after, 19.24% - 29.99% variable APR). Balance transfers must be completed within four months of account opening. This is nearly two years to pay off debt, which can be helpful if you have a large balance or if your cash flow doesn't allow you to pay off debt within the 6-, 12-, 15- or 18-month time periods of other balance transfer cards.

This card has no annual fee and come with an intro balance transfer fee: 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). This can be worthwhile if you're paying high interest charges.

New cardholders have four months to complete their balance transfer (longer than the typical 60 to 90 days). While you have more time to complete a transfer, the intro APR period starts at account opening — so try to make the transfer as soon as possible to get the most benefit of the interest-free period.

This card also offers 0% intro APR for 12 months on purchases from date of account opening (then 19.24% - 29.99% variable APR) and never charges late fees (though we always recommend you pay your balance on time and in full). There isn't a welcome bonus or a rewards program.

[ Return to card summary ]

Who's this for? The Visa® Titanium Signature Rewards Card from Andrews Federal Credit Union is a great choice for people who carry a balance month-to-month (though Select recommends you pay your credit card balance on time and in full every month). The variable interest rate starts at a low 10.99% and caps at 17.99%. If you qualify for one of the lowest rates, you can save on interest charges.

In addition to low interest, this card offers a strong rewards program. Earn 3X points on gas and grocery purchases and 1.5X points on all other purchases. Plus, there's a welcome bonus of 10,000 points after you spend $1,500 within the first 90 days.

Credit union membership is required for this card, but anyone can join Andrews Federal Credit Union. If you don't meet the qualification requirements, you can opt to join the American Consumer Council (ACC).

[ Return to card summary ]

Who's this for: The Discover it® Secured Credit Card is a well-rounded secured card that offers many benefits that are typically found with unsecured cards. Cardholders can earn cash back, receive a generous welcome bonus, use the card overseas without incurring added fees and more — all for no annual fee.

Cardholders earn a competitive 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, then 1%. Plus, you can earn unlimited 1% cash back on all other purchases automatically. The welcome bonus is also unique: For new card members in the first year only, Discover will automatically match all the cash back you've earned at the end of your first year. So, if you earn $50 cash back at the end of the first year, Discover will give you an additional $50.

This card requires a minimum $200 security deposit, which is fairly standard for secured credit cards. It stands out from the crowd because it gives users a clear path to upgrading to an unsecured card (and getting their deposit back). Starting at seven months from account opening, Discover will automatically review your credit card account to see if they can transition you to an unsecured line of credit and return your deposit. This takes the guesswork out of wondering when you'll qualify for an unsecured credit card.

[ Return to card summary ]

Who's this for? The Capital One Quicksilver Cash Rewards Credit Card (see rates and fees) is a great choice for consumers looking for a no-annual-fee credit card (see rates and fees) with a generous welcome bonus. Cardholders earn a one-time $200 cash bonus once you spend $500 on purchases within three months from account opening. That's a 40% return.

This card has a straightforward cash-back program where you can earn 1.5% cash back on everything you buy. Cash back can be conveniently redeemed at any time and for any amount.

In addition to rewards, you can finance new purchases or transfer debt with a 0% intro APR for the first 15 months from account opening (then 19.99% - 29.99% variable APR; 3% for the first 15 months; 4% at a promotional APR that Capital One may offer you at any other time. No fee for amounts transferred at the Transfer APR; see rates and fees).

Capital One Quicksilver Cash Rewards Credit Card has no foreign transaction fee (see rates and fees) and *may include travel accident insurance, 24-hour travel assistance, extended warranty protection and access to premier culinary, entertainment and sports event experiences.

[ Return to card summary ]

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best no annual fee credit cards.

To determine which credit cards offer the best value and no annual fee, CNBC Select analyzed 160 of the most popular credit cards offered by the biggest banks, financial companies, and credit unions that allow anyone to join and have no annual fees whatsoever. Credit cards with no annual fee for the first year of account opening but an annual fee in subsequent years were excluded.

We compared each card on a range of features, including: rewards program, introductory and standard APR, balance transfer fee, welcome bonuses and foreign transaction fees, as well as factors such as required credit and customer reviews when available.

Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.

Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.

Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee.

It's important to note the value of a point or mile varies from card to card and based on how you redeem them. When we calculated the estimated returns, we assumed that cardholders are redeeming points/miles for a typical maximum value of 1 cent per point or mile. (Extreme optimizers might be able to achieve more value.)

Our final picks are weighted heavily toward the highest five-year returns, since it's generally wise to hold onto a credit card for years. This method also avoids giving an unfair advantage to cards with large welcome bonuses.

When evaluating the best secured credit cards, we did not calculate the estimate rewards consumers could earn because secured cards typically come with much smaller spending limits.

While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your shopping habits.

For rates and fees of the Discover it® Secured Credit Card, click here.

Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

*For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply