hey folks, i had just applied for the best buy reward zone credit card, they gave me a credit of $400 and i was going through all the paper that came with the credit card and i finally found out that there is a annual fee of $59 and i called at the customer service, they said that we have to pay annual fee of 59 every year, i was wondering that all of my other credit card , they do not charge any annual fee, but why this credit card Does. i am thinking to cancel this account.
Do u have any idea, how useful is this credit card? and is it good idea to pay $59 annual fee for the best buy credit card??

i appreciate your good comments

simple man

Indeed a simple man.

Some credit cards have annual fee, it's just a nature of the card. I cannot tell you whether 59 annual fee is good for your or not, it would be your decision. Ask if you really need that credit and whether it is worth spending $59 a year for it. If it was me, I wouldn't get a card which only gives me $400 and I have to pay 1/7th of the credit every year to get it. I don't take any credit card with APR over 8% and that has any annual fee.

Stay away from credit cards if you know what's good for you and mainly if you can afford to.

Personally I don't like credit cards with any annual fee. however; it depends on why you need the card. Always remember plastic money will screw you up if you start misusing it. Annual fee, interest rate (specially high rate above 9.99%), late fee, over the limit fee (not sure if this still exists), finance charges, credit protection program (I would suggest you stay away from these) etc. all add up the credit balance you use. Be careful and be smart about it.
Live within your means, don't over indulge yourself in credit cards thinking you can afford to buy expensive goods/services and make small payements each month. These payment plans which includes the interest rates and periodical finance charges will, in the long run,  cost you more than the base price of the goods and service you initially would have paid for.  A lot of time, my trick is to think that I don't have any credit at my disposal and ask myself would I have bought any goods/services given the scenario I only had cash to pay for it.

Yes, use the cards to build you credit history but never over spend and buy stuff that you don't need or can't afford to buy regardless of rewards or no rewards associated. Use cash as much as possible.

simpleman,

is it worth pay 59 dollars per year to borrow  just $400 for about 20 days.... every month... ? 
My answer is NO. Do't fall in the trap of 'rewards'

I would suggest you to go with other credit cards with low APR & no annual fees, like Citi Forward or Chase Freedom where there is no annual fee & mostly they offer you better credit line.

 No and a big NO. I would not fall victim of the plastic money. Chaure has written very  nicely and expicitly.

The banks are there to make money off you, but you have to be smart. Chaurey has very good points.

I used to stay away from credit cards and only use debit card. I started using credit card again because now banks have become more creative to lure unsuspecting people by offering rewards program which are not bad if you pay your bills every month so that you don't pay any interest.

Bottom line, don't fall prey to the Bank, use their system if you can but avoid paying interest, late fees and monthly/yearly fees if you can.

 hey folks appreciate your comments. i was thinking that having a credit card would help me to built up the credit and since my credit score is kinda low , i am trying to built up the credit history.
thanks dude..

 I am glad someone reads fineprints...