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No Annual Fee Cards vs. Low Interest Credit Cards

When selecting a credit card, you need to consider how the features offered with them would work, in terms of saving you money.

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You need to decide whether a card with a low interest rate or one with a minimal annual fee will be of more benefit to you. Working out which card is right for you usually comes down to your spending habits when using your card, so you need to weigh up the benefits of low interest vs no card fee credit cards.

Comparison of No Annual Fee and Low Interest Rate credit cards

Data indicated here is updated regularly
Name Product Annual fee Purchase rate Balance transfer rate
Coles No Annual Fee Mastercard - Exclusive Offer
$0
0% for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
Finder Exclusive. Ends 29 October 2020
Save on new and existing interest charges with 0% interest on both balance transfers and purchases for the first 12 months.
Bankwest Zero Platinum Mastercard
$0
17.99% p.a.
2.99% p.a. for 9 months
Offers a $0 annual fee, 0% foreign transaction fees, complimentary international travel insurance and a balance transfer offer.
ANZ Low Rate
$0 annual fee for the first year ($58 p.a. thereafter)
12.49% p.a.
0% p.a. for 25 months with 1.5% balance transfer fee
Save with 0% p.a on balance transfers for 25 months (with a 1.5% BT fee) and $0 first year annual fee. Plus a 12.49% p.a. purchase interest rate.
Citi Rewards Card - Balance Transfer Offer
$0 annual fee for the first year ($199 p.a. thereafter)
21.49% p.a.
0% p.a. for 30 months with 1.5% balance transfer fee
Save with 0% interest on balance transfers for the first 30 months (with a 1.5% BT fee) and a $0 annual fee for the first year.
Coles Rewards Mastercard - Exclusive Offer
$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
Finder Exclusive. Ends 29 October 2020
Save with $100 off a Coles Supermarket shop and a $0 first-year annual fee. Plus, 0% p.a. on balance transfers for 18 months (1.5% fee applies).
ANZ Platinum Credit Card
$0 annual fee for the first year ($87 p.a. thereafter)
0% 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.
Virgin Money No Annual Fee Credit Card
$0
18.99% p.a.
0% p.a. for 12 months
Offers 0% p.a. for 12 months on balance transfers and up to 55 days interest-free on purchases, all for a $0 annual fee.
St.George Vertigo Classic
$0 annual fee for the first year ($55 p.a. thereafter)
0% for 7 months, reverts to 13.99% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
Get 0% p.a. promotional purchase and balance transfer rates and save with a first-year annual fee waiver.
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.
St.George Amplify Platinum
$0 annual fee for the first year ($99 p.a. thereafter)
0% for 7 months, reverts to 19.74% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
Save with 0% p.a. interest rates on purchases and balance transfers. Plus a $0 first-year annual fee.
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Read more about No annual fee credit cards

Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Westpac Low Rate Card
13.74% p.a.
0% p.a. for 20 months with 1% balance transfer fee
$59
A low rate card offering 0% p.a. interest on balance transfers for the first 20 months and a $200 cashback offer.
ANZ Low Rate
12.49% p.a.
0% p.a. for 25 months with 1.5% balance transfer fee
$0 annual fee for the first year ($58 p.a. thereafter)
With a low minimum credit limit of $1,000, this no frills card allows you to add up to 3 additional cardholders for $0.
Bankwest Breeze Classic Mastercard
0% for 15 months, reverts to 10.99% p.a.
2.99% p.a. for 9 months
$49
Save with an introductory rate of 0% p.a on purchases for 15 months and 2.99% p.a. on balance transfers for 9 months.
ANZ Platinum Credit Card
0% for 17 months, reverts to 20.24% p.a.
20.24% p.a.
$0 annual fee for the first year ($87 p.a. thereafter)
Receive a 0% purchase rate offer for 17 months and a $0 first-year annual fee. Plus, complimentary overseas travel and medical insurance.
Citi Clear Card
0.9% for 15 months, reverts to 14.99% p.a.
0.9% p.a. for 15 months
$99
Save with 0.9% p.a. for 15 months on purchases and balance transfers. Plus, complimentary purchase insurance cover.
Bankwest Breeze Platinum Mastercard
0% for 15 months, reverts to 10.99% p.a.
2.99% p.a. for 9 months
$69
Get 0% interest on purchases for 15 months, complimentary travel insurance and no foreign transaction fees.
NAB Low Rate Credit Card
12.99% p.a.
0% p.a. for 20 months with 2% balance transfer fee
$59
This card offers a low introductory rate of p.a. for months on purchases. Plus 0% p.a. on balance transfers for 20 months.
Bendigo Bank Low Rate Credit Card
0% for 15 months, reverts to 11.99% p.a.
13.99% p.a.
$45
Get 0% p.a. interest on purchases for 15 months and a $150 Woolworths Supermarket gift card when you spend $1,000 in the first 90 days.
St.George Vertigo Classic
0% for 7 months, reverts to 13.99% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
$0 annual fee for the first year ($55 p.a. thereafter)
Get 0% p.a. promotional purchase and balance transfer rates and save with a first-year annual fee waiver.
Coles Low Rate Mastercard - Exclusive Offer
12.99% p.a.
0% p.a. for 6 months
$58
Collect 1 flybuys point per $2 spent at Coles supermarkets and get free delivery on orders over $100. Plus, Coles Mobile Wallet.
St.George Vertigo Platinum
0% for 15 months, reverts to 12.99% p.a.
6.99% p.a. for 12 months
$49 annual fee for the first year ($99 p.a. thereafter)
Features an introductory 0% p.a. purchase rate, $49 first year annual fee and complimentary travel insurance covers.
St.George Amplify Platinum
0% for 7 months, reverts to 19.74% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
$0 annual fee for the first year ($99 p.a. thereafter)
Save with 0% p.a. interest rates on purchases and balance transfers. Plus a $0 first-year annual fee.
NAB StraightUp Card
N/A
$0
Save with 0% interest charges and 0% foreign transaction fees. Plus, $0 monthly fees when you don't use the card or carry a balance.
Bank of Melbourne Vertigo Classic
0% for 7 months, reverts to 13.99% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
$0 annual fee for the first year ($55 p.a. thereafter)
Save with 0% p.a. for 7 months on purchases, 0% p.a. interest for 22 months on balance transfers and a $0 first-year annual fee.
BankSA Vertigo
0% for 7 months, reverts to 13.99% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
$0 annual fee for the first year ($55 p.a. thereafter)
A no-frills Visa with the protection of a zero liability policy and a 24/7 fraud monitoring service.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% for 14 months, reverts to 20.74% p.a.
0% p.a. for 6 months
$64 annual fee for the first year ($129 p.a. thereafter)
Enjoy 0% p.a. interest on purchases for 14 months, a reduced first-year annual fee and Velocity Points per $1 spent.
St.George Rainbow Vertigo Platinum
0% for 15 months, reverts to 12.99% p.a.
6.99% p.a. for 12 months
$49 annual fee for the first year ($99 p.a. thereafter)
All the platinum features of the Vertigo Platinum Visa with a rainbow design in support of the LGBT community.
Bank of Melbourne Amplify Platinum
0% for 7 months, reverts to 19.74% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
$0 annual fee for the first year ($99 p.a. thereafter)
Enjoy 0% p.a. on purchases and balance transfers along with a $0 first year annual fee waiver.
BankSA Amplify Platinum
0% for 7 months, reverts to 19.74% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
$0 annual fee for the first year ($99 p.a. thereafter)
Save with a 0% p.a. for up to 22 months on balance transfers and up to 7 months on purchases. Plus a $0 first-year annual fee.
St.George Vertigo Classic Rainbow
0% for 7 months, reverts to 13.99% p.a.
0% p.a. for 22 months with 1.5% balance transfer fee
$0 annual fee for the first year ($55 p.a. thereafter)
All the great low cost features of the Vertigo Visa with a rainbow design in support of the LGBT community.
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Read more about Low Interest Credit Cards

People that struggle to make regular payments on the credit card, may find it more useful to have a low interest credit card. This means if you are taking longer to reduce the balance, your interest won't be excessively high. These cards usually include an interest-free period, which gives you a bit longer to pay for your purchase without worrying about accumulating interest.

When you need to make a larger than normal purchase, for example an item costing perhaps $2,000, that is beyond your budget to pay within the interest free period, you have the peace of mind in knowing the interest will be at a lower rate than other types of credit cards.

If you know that you aren't going to be able to pay your balance in full each month, it might be worthwhile considering the low annual fee card. These cards, although having the annual fee cost, do tend to offer a very low rate interest, so overall you would be making a saving if you are making your payments over a prolonged period of time.

No annual fee credit cards are a better alternative for people that enjoy the convenience of having a credit card, but either don't use it frequently or they are in a position to pay off their accounts in full each month. It's useful to know you have a credit card available if you want to do some online shopping or need to access some funds in a hurry or unexpectedly.

But there is no gain in having a low interest card, if you intend to pay your account by the due date. Consequently, it would be of more benefit for people in this position to have a no annual fee card, as they aren't getting the advantages of a low interest one. This is where the choice between a low interest vs no card fee, should be a no annual fee card.

Knowing you can access money in an emergency always gives peace of mind, and you don't have to worry about unforeseen costs catching you out. But, there is no point to having a card if you don't utilise the one which most benefits your circumstances.

The deciding factor on which card you should select will be whether you will have an ongoing balance each month or whether you will pay it in full. So based on that criteria it should simplify your selection of card between a low interest vs no card fee.

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Credit Cards Comparison

Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Coles No Annual Fee Mastercard - Exclusive Offer
0% for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
$0
Finder Exclusive. Ends 29 October 2020
Save on new and existing interest charges with 0% interest on both balance transfers and purchases for the first 12 months.
ANZ Low Rate
12.49% p.a.
0% p.a. for 25 months with 1.5% balance transfer fee
$0 annual fee for the first year ($58 p.a. thereafter)
Save with 0% p.a on balance transfers for 25 months (with a 1.5% BT fee) and $0 first year annual fee. Plus a 12.49% p.a. purchase interest rate.
Qantas American Express Premium Card
20.74% p.a.
$249
Enjoy 100,000 bonus Qantas Points, 50 bonus Status Credits and 2 complimentary Qantas Club lounge invitations per year.
Citi Rewards Card - $500 Voucher Offer
21.49% p.a.
0% p.a. for 12 months
$99 annual fee for the first year ($199 p.a. thereafter)
Get a $500 e-voucher to spend at Myer, JB Hi-Fi or Coles when you spend $3,000 in the first 90 days. Plus, earn points with the Citi Rewards Program.
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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