Best no annual fee credit cards August 2017
The credit cards to compare if you want to save on yearly costs.
A credit card can be a good way to free up your cash flow, but expensive annual fees sometimes outweigh the perks of paying on plastic. This is why many banks offer credit cards with no annual fees to help customers save on card costs.
But as there are so many on the market, it can be difficult to decide which $0 annual fee credit card is right for you. To help make that decision a little easier, this roundup highlights some of the best $0 annual fee offers available through finder this month. Of course, there is no one best card. So we’ve based our lineup on the no annual fee cards with the most competitive purchase rates and 0% balance transfer offers on finder. This way, you can compare the cards that will help you save the most considering your spending behaviour and financial needs.
These are just a handful of the no annual fee credit card offers available on the market, and you can compare more of your options using our no annual fee credit cards guide.
American Express Essential credit card
The American Express Essential credit card boasts no annual fee for the life of the card. It also has a purchase rate of 14.99% p.a., which is one of the lowest in this month’s lineup.
If you’re struggling to consolidate an existing debt, you could also take advantage of 0% on balance transfers for the first 12 months (reverts to 14.99% p.a. thereafter). However, the card does charge a 1% balance transfer fee when you first move your debt across. Make sure that this fee doesn’t outweigh the savings from the $0 annual fee before you apply.
If you’d prefer to use your card for purchases, you can also get more value for your money by earning 1 Membership Rewards point per $1 spent on eligible purchases and 0.5 Membership Rewards points per $1 spent on bills, utilities and government payments. You can exchange these Membership Rewards points for gift cards, travel rewards, points with frequent flyer partners and more. You’ll also be rewarded with a $50 credit to your account if you spend $750 in the first three months.
As most rewards cards come with an annual fee, you can use the Amex Essential card to save on annual fee costs while rewarding your spending or clearing your debt without interest costs depending on your financial needs.
ANZ Platinum credit card
If you prefer to change up your credit cards every year, you might be interested in the ANZ Platinum credit card which offers $0 annual fee for the first year. This reverts to $87 p.a. thereafter, which is relatively competitive for a platinum card.
Whether you’d prefer to make purchases or consolidate your debt, the ANZ Platinum card offers an introductory 0% interest rate for both. You can take advantage of 0% on balance transfers for the first 12 months (reverts to 21.49% p.a.) and 0% on purchases for the first 3 months (reverts to 19.74% p.a.).
These combined 0% introductory offers are exclusive to finder. Ordinarily, the card has 0% on balance transfers for 16 months which charges a BT fee with no 0% purchase offer. If you want to consolidate your debt within 12 months or would prefer to use your card while the $0 annual fee is in place, the ANZ Platinum credit card could be worth considering.
St.George Vertigo Visa
The St.George Vertigo Visa also offers a $0 annual fee for the first year you hold the card if you apply by 20 September 2017. It reverts to $55 p.a. thereafter, which is also a reasonably competitive fee.
It also has the longest balance transfer offer in this month’s roundup, offering 0% for 14 months. This reverts to the standard purchase rate of 13.24% p.a. Not only is this a low balance transfer revert rate, but it’s also a competitive purchase rate for cardholders who want to save on interest costs.
Unlike some of the other cards in this roundup, this card doesn’t come with a 0% purchase offer or additional features such as a rewards program. However, the $0 annual fee could outweigh the lack of extra perks if you’re looking to save on card costs with low fees and interest rates.
As they’re both owned by Westpac, you can also find a similar offer from the BankSA Vertigo Visa card.
How do these cards compare?
If you’re looking for a no annual fee card, comparing the conditions of the $0 fee plus other features and fees of the card can help you pick the best card for you.
If you’re looking to make purchases, you could consider the ANZ Platinum credit card with its 0% on purchases for 3 months. However, remember that this reverts to a higher purchase rate of 19.74% p.a. and the $0 annual fee is only available for the first year. If you’d prefer a low purchase rate and no annual fee for the life of the card, perhaps the St.George Vertigo Visa or American Express Essential credit card could be a better fit.
If you want to concentrate on consolidating an existing debt, a card such as the St.George Vertigo Visa (which offers 0% for 14 months) could help you repay your debt without any additional costs. Whereas, if you want to make purchases and reward your spending, the American Express Essentials card and its Membership Rewards program could be of more value.
You should also base your decision on how long you plan to keep the card. If you don’t like the idea of changing credit cards every year, you might want to consider a card with $0 annual fee for life. However, if you’re constantly on the prowl for better deals, maybe a credit card with a promotional $0 for the first year could be more beneficial.
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