Credit card annual fees can go up to $700

90 per cent of credit cards have annual fees up to $700 a year. Twenty seven cards currently on the market have no annual fees.

Annual credit card fees range between $10 a year up to $700. Cards that have no annual fee generally have a slightly higher purchase interest rate than those cards with annual fees. The average credit card interest rate is about 17 per cent.

MoneySmart senior executive Robert Drake says the best approach to credit cards is to keep it "cheap and simple".
"Have a credit card that doesn't cost you very much, don't spend a lot on it and pay it off each month," he says.

Source: Herald Sun