No Annual Fee Credit Cards

No annual fee doesn't mean no perks. And if you don't use your credit card, it won't cost you a thing.

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Name Product Annual fee Purchase rate Balance transfer rate
Coles No Annual Fee Mastercard - Exclusive Offer
$0
0% p.a. for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
Finder Exclusive, ends 30 June 2021
Earn 10,000 bonus Flybuys points and save on interest charges with 0% p.a. on balance transfers and purchases for 12 months.
Kogan Money Black Card - Exclusive Offer
$0
20.99% p.a.
0% p.a. for 24 months
Finder Exclusive
Save with a $0 annual fee and a 0% introductory rate on balance transfers. Plus, earn $50 Kogan.com Credit and uncapped rewards points.
ANZ Low Rate
$0 annual fee for the first year ($58 p.a. thereafter)
12.49% p.a.
0% p.a. for 30 months
Save with 0% p.a. on balance transfers for 30 months (with no BT fee) and $0 first-year annual fee. Plus a 12.49% p.a. purchase interest rate.
Bankwest Zero Platinum Mastercard
$0
14.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
Get 0% p.a. on balance transfers for 26 months (with a 2% BT fee), ​an ongoing $0 annual fee and 0% foreign transaction fees.
Westpac Low Rate Card
$0 annual fee for the first year ($59 p.a. thereafter)
13.74% p.a.
0% p.a. for 28 months with 1% balance transfer fee
Save with a $0 annual fee for the first year, plus, a 0% interest rate on balance transfers for 28 months.
ANZ Platinum Credit Card
$0 annual fee for the first year ($87 p.a. thereafter)
0% p.a. for 17 months, reverts to 20.24% p.a.
20.24% p.a.
Receive a 0% purchase rate offer for 17 months and a $0 first-year annual fee. Plus, complimentary overseas travel and medical insurance.
Bankwest Breeze Platinum Mastercard
$0 annual fee for the first year ($69 p.a. thereafter)
0% p.a. for 15 months, reverts to 9.9% p.a.
0% p.a. for 15 months
Get 0% interest on purchases and balance transfers for 15 months, a $0 first-year annual fee and no foreign transaction fees.
St.George No Annual Fee
$0
0% p.a. for 12 months, reverts to 20.74% p.a.
Save with a 0% p.a. interest rate offer and a $0 annual fee. Plus, a minimum credit limit of $500.
Bankwest Breeze Classic Mastercard
$0 annual fee for the first year ($49 p.a. thereafter)
0% p.a. for 15 months, reverts to 9.9% p.a.
0% p.a. for 15 months
Save with 0% p.a. on purchases and balance transfers for 15 months (with no BT fee). Plus, a $0 first-year annual fee.
MoneyMe Freestyle Virtual Mastercard
$0
16.99% p.a.
Get approved quickly online and start using your card right away. Plus, the ability to transfer money to a bank account.
Coles Rewards Mastercard
$0 annual fee for the first year ($99 p.a. thereafter)
19.99% p.a.
0% p.a. for 18 months with 1.5% balance transfer fee
Get 20,000 bonus Flybuys points (worth $100 at Coles), a $0 first-year annual fee and an 18-month balance transfer offer. Ends 30 June 2021.
NAB Low Rate Credit Card
$0 annual fee for the first year ($59 p.a. thereafter)
12.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
Get a 0% interest rate on balance transfers for the first 26 months (with 2% BT fee). Plus, save with a $0 first-year annual fee.
Qantas American Express Discovery Card
$0
20.74% p.a.
Earn 0.75 Qantas Points for your everyday purchases, uncapped, and pay $0 annual fee for the life of the card on this no-frills frequent flyer card.
Bankwest Zero Mastercard
$0
14.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
Features an ongoing $0 annual fee and an introductory rate of 0% p.a. for 26 months on balance transfers (with a 2% BT fee).
BankSA No Annual Fee
$0
0% p.a. for 12 months, reverts to 20.74% p.a.
Offers 0% p.a. on purchases for 12 months and an ongoing $0 annual fee.
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Compare these no annual fee credit cards

Interest-free spending hack

Most credit cards offer a number of interest-free days (such as up to 55) on purchases when you pay your account balance in full by the due date on your statement. This gives you a way to make interest-free purchases on an ongoing basis. If you're paying your account in full, making use of interest-free days and not paying an annual fee, your credit card could end up costing you nothing.

Different types of no annual fee credit cards

Some no annual fee credit cards offer the basics, while others boast additional features and benefits. This means you can compare credit cards that combine no annual fee with other features including introductory 0% interest rate offers, frequent flyer points, reward points and complimentary extras.


What is the best no annual fee credit card?

There isn't one "best" no annual fee credit card because everyone has different spending habits and makes use of different features. In the table below, we've highlighted some examples of $0 annual fee cards for you to compare.

FeatureCardCurrent OfferAnnual Fee & Purchase Rate
Balance Transfer

Kogan Money Black Card- Exclusive Offer
Kogan Money Black card

Apply by 30 June 2021, to get a 0% p.a. interest rate for the first 24 months on balance transfers with no balance transfer fee.
  • $0
  • 20.99% p.a.
Rewards

Coles No Annual Fee Mastercard
Coles no annual fee credit card

Offers the equivalent of 0.5 Flybuys points per $1 you spend on eligible purchases.
  • $0
  • 19.99% p.a.
Frequent Flyer

Qantas American Express Discovery
Qantas American Express Discovery credit card

Earns 0.75 Qantas Points per $1 spent on everyday purchases, 0.5 point / $1 with government bodies in Australia and an additional 1 Qantas Point per $1 spent on selected Qantas products and services in Australia, uncapped.
  • $0
  • 20.74% p.a.
Travel

Bankwest Zero Platinum
Bankwest zero platinum credit card

Offers 0% foreign transaction fees overseas and online with international merchants. Plus, complimentary overseas travel insurance.
  • $0
  • 14.99% p.a.

Pros and cons of $0 annual fee credit cards

As there are different types of $0 annual fee credit cards on the market, it's important to consider your financial situation and how you plan to use the card. Then you can weigh up the other benefits, costs and features to help you find a card that suits your needs.

Pros

  • Save money on credit card fees. The most obvious perk of these cards is that you won't pay an annual fee. This could save you tens, hundreds or thousands of dollars over the life of the card.
  • Practical and cost-effective. A no annual fee credit card can be ideal for emergencies and when extra credit is required. This means you can leave it in your wallet without worrying about it costing you when you're not using it.
  • Promotional offers and deals. Some no annual fee credit cards offer limited-time promotions, frequent flyer programs and other perks you'd regularly have to pay a yearly fee to access.

Cons

  • Higher interest rates. These cards typically charge higher ongoing interest rates on purchases than some other cards. This could add to your costs if you regularly carry a balance from month to month.
  • Fewer extra features. While some no annual fee cards do come with rewards and other benefits, they typically boast fewer features than cards with a higher annual fee.
  • Temporary $0 annual fee. Unfortunately, not all of these cards offer no annual fee for the life of the card. If your card only has a $0 annual fee for the first year, make sure you know the standard annual fee and when it will apply.

How to find the right no annual fee credit card

If you're interested in getting a credit card with no annual fee, ask yourself these questions to help compare your options:

  • How often do you use your credit card? If you rarely use a credit card but still want one for unplanned expenses or emergencies, a no annual fee card will give you the line of credit that you need without burning a hole in your pocket when you're not using it.
  • Do you carry a balance? Some no annual fee credit cards charge high interest rates on purchases, so they're better suited to cardholders who pay their balance in full each statement period. If you do regularly carry a balance from month to month, you might want to consider a low interest credit card instead.
  • Do you have existing debt? If you have existing debt, think about whether you could save more money by focusing on paying off your current debts before you get a $0 annual fee card. You could also consider a balance transfer credit card to save money on interest charges.
  • What credit card benefits do you want? No annual fee credit cards sometimes have fewer perks than cards with annual fees. If you're interested in features like rewards programs and complimentary insurance, a rewards or platinum credit card might be worth considering.
  • Will you use the credit card after the $0 annual fee promotion ends? If you're looking at a credit card that offers no annual fee in the first year, consider whether you'll get enough value from the card once this introductory period ends. If it doesn't have a competitive interest rate or enough extra features to outweigh this cost, you might want to cancel the card before the annual fee is charged.
  • What other credit card fees and charges will you pay? While a $0 annual fee can help you save on costs, it doesn't mean it's a free credit card. As well as interest rates, make sure you check for other credit card fees that could apply, including foreign transaction fees, late payment fees and cash advance charges.
Promoted
100,000 bonus points (worth $500 Flybuys dollars) when you spend $3,000 in the first 90 days. $49 first year annual fee ($149 thereafter).

Frequently asked questions

If I have a credit card with a promotional $0 annual fee offer, can I cancel the card before having to pay the annual fee?

Yes, as long as you don't have a balance on the card and cancel it before the annual fee is applied. Contact your provider to confirm exactly when it's charged, so you can arrange to cancel the account beforehand.

When will the annual fee be charged if I get a credit card that offers no annual fee in the first year?

If you have a card with a promotional no annual fee offer, the annual fee will usually be charged 12 months after you were approved for the credit card.

Is there any way to extend my credit card's annual fee waiver?

This depends on the credit card provider. For example, some providers may waive your credit card annual fee when you also take out a home loan package with them. Others may waive or refund your annual fee if you meet specific conditions, such as spending a set amount each year or being a student. Contact your provider to find out if there are any other ways you can continue to pay no annual fee on your credit card.

Is a no annual fee credit card a cheap credit card option?

A no annual fee credit card has the potential to save you hundreds of dollars on your yearly account costs, which can make it a cheaper option. If you always pay off your balance in full and can make use of interest-free days on purchases, then a no annual fee card could be very affordable. But if you carry a balance that attracts a high interest rate, the interest charges could make your credit card an expensive option. In this case, you might want to look at the potential savings you'd get from a card with a low interest rate (even if it has an annual fee).

Is a no annual fee credit card free?

There is no such thing as a "free credit card" because there is always the potential cost of interest if you carry a balance. There are also other credit card fees that may apply for certain transactions (such as cash advances or purchases made in a foreign currency). But in most cases, if you have a no annual fee card and pay off your account balance in full by the due date on each statement, you won't be charged interest and can use the card at no cost.

Are there any no fee credit cards?

There are plenty of cards with no annual fee, and there are even some cards with no interest. But there are no cards that don't charge any fees at all. Other fees include late payment fees, cash advance fees, currency conversion fees etc. However, if you choose the right credit card and use it for everyday purchases and payments, you could avoid fees.

Can I get a credit card with no annual fee for life and an ongoing low interest rate?

Yes, there are a few of these offers on the market. However, these features are generally offered on separate cards – except when one of the features is promotional. For example, a no annual fee credit card may offer an introductory low or 0% interest rate before reverting to a higher standard rate, while a low rate credit card could offer no annual fee in the first year before a standard yearly account fee applies.

I want a no annual fee credit card for travel. What other features should I consider?

To keep your travel costs down, you may want to consider a credit card with no annual fee and no overseas transaction fees or a card that offers complimentary travel insurance.

Is there a business credit card with no annual fee?

While business credit cards can offer no annual fee promotions, most of them charge high annual fees as they come with a lot of extra features. But depending on your circumstances, you may be able to claim the annual fee as a tax deduction.

Can I get a no annual fee credit card if I have lots of debt or bad credit?

Having a bad credit rating will limit your chances of being approved and getting a credit card, regardless of whether there's an annual fee. You can use our bad credit rating credit card guide to see what credit alternatives are available for applicants with a negative credit history.

To apply for a no annual fee credit card, you need to meet the bank's eligibility criteria. These could include a minimum annual income amount, Australian residency status and credit history details. If you're eligible to apply, you'll also be required to provide documents including payslips and proof of identification. The provider will then assess the details and documents you provide to determine whether you'll be approved for the account.

Pictures: Getty

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