Do you find yourself wondering if your credit card's annual fee is actually worth it? You are certainly not alone. Some credit cards let you enjoy first year fee waiver while others start charging from the first year. Depending on how much value and savings you get from your credit card each year and how important certain benefits are to you as a credit card holder, your annual fee may very well be worth your dough.

As you probably already know, credit cards are not created equal. Some credit cards are incredibly rewarding and they offer lots of additional valuable perks such as no foreign transaction fees, complimentary travel insurance, free baggage delay insurance, free VIP airport lounge access, the ability to use your rewards without blackout dates or restrictions, free nights at hotels, hotel or airline elite status hence benefits, airline fee credit etc. Other credit cards, on the contrary, can be rather basic in what they have to offer.

To determine if your credit card's annual fee is worth paying for, you need to do your homework. Do you utilize many of your card perks such as travel insurance or airport lounge access on the regular? If your answer is yes, do a quick calculation to see how much you get to save just by having these valuable perks. All the extra fees and charges that we typically pay for prior to each trip can easily add up if you happen to be someone who travels regularly. Remember, these savings are on top of the rewards you get to earn on your purchases.

Understandably, certain benefits cannot be monetized easily - such as priority boarding, 24/7 travel and emergency assistance services, 0% or low introductory APR on purchases and/or balance transfers, the ability to transfer your rewards to a wide range of travel loyalty programs etc - it helps if you can weigh their importance to you.

In reality, the ideal credit card for you may or may not come with an annual fee. It makes sense for you to pay the annual fee only if the value you get out of your credit card is more than what you are paying for to use your credit card.

As a matter of fact, if you just need a credit card that lets you earn rewards on your spending and you don't care very much for the additional perks thrown in with certain credit cards, there are good no annual fee credit cards out there on the market that you can consider signing up for instead. Some of these cards also offer nice signing bonuses, too!

Denise Bay is a staff writer at Email: