No Annual Fee Credit Cards with Rewards

Discover how you can earn points and keep costs low with a no annual fee rewards credit card.

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The perks available with rewards credit cards have made them a popular product. Not only can you earn points that you can redeem for flights, cashback or merchandise, you can also get access to extras such as complimentary travel and purchase insurance, airport lounge access and personalised concierge services.

Unfortunately, most rewards credit cards also have high annual fees that cover the cost of these benefits. But there are a handful of cards available that have no annual fee and offer rewards. Here, you can compare your options and find out more about no annual fee rewards cards and how to compare them.

A comparison of no annual fee credit cards with rewards points

Updated February 22nd, 2020
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee
Coles No Annual Fee Mastercard
19.99% p.a.
$0 p.a.
Earn flybuys points for your spending and save with an ongoing $0 annual fee and 0% p.a. on balance transfers for 18 months.
HSBC Platinum Qantas Credit Card
Qantas Frequent Flyer
19.99% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Save with a $0 first year annual fee and a long-term balance transfer offer. Plus, complimentary travel insurance.
Qantas American Express Discovery Card
Qantas Frequent Flyer
20.74% p.a.
$0 p.a.
Earn uncapped Qantas Points on your purchases, pay $0 annual fee for life and take advantage of 0% p.a. for 12 months on balance transfers.

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Types of no annual fee rewards credit cards

These are three main types of rewards credit card with no annual fee:

  • No annual fee rewards cards. These cards usually offer points as part of a credit card rewards program such as Westpac Altitude Rewards or St.George Amplify Rewards. These programs offer rewards that usually include travel, merchandise, cash and point transfers to frequent flyer programs.
  • No annual fee frequent flyer credit cards. Frequent flyer credit cards offer great rewards for regular globetrotters. These are similar to rewards cards in the way they earn points per dollar spent, except that you can only redeem your points within the frequent flyer program of that specific airline. A few frequent flyer credit cards charge no annual fees, including the American Express Velocity Escape and Qantas American Express Discovery Card.
  • Promotional offer rewards cards. Some frequent flyer and rewards credit cards may come with a waived or reduced annual fee during the first year. You typically have to pay the full annual fee from the second year onward. This makes it important to look for details or disclaimers on any promotions so that you’re aware of any ongoing costs that apply after the first 12 months.

Benefits of no annual fee rewards cards

Here are some of the benefits you can enjoy with a no annual fee rewards credit card:

  • Bonus points offers. Many rewards credit cards offer bonus points to new cardholders for signing up. However, you might have to spend a certain amount on eligible purchases to unlock and receive your bonus points. For example: “Enjoy 30,000 bonus points when you spend $3,000 within the first 3 months of account opening.”
  • Earn points for every dollar you spend. As with all rewards cards, you will earn a specific number of points per dollar spent on eligible transactions. You can redeem these points for merchandise, gift and shopping vouchers, lifestyle products and services.
  • Access to 0% purchase rate offers. This feature is popular among rewards credit cards as part of an introductory promotion. While the promotional period lasts, you can save money on interest fees and carry your card balance for longer periods without accruing any interest. But when the promotional period ends, any remaining balance will accrue interest at the standard rate for that card.
  • Chance to add additional cardholders. Additional cardholders on your credit card account can help you earn reward points faster. Some cards may charge a fee for each additional cardholder, although many of them offer this feature for free.
  • Modest complimentary extras. Depending on the rewards card, you may also enjoy perks such as complimentary travel insurance, purchase protection, extended warranty on purchases, airport lounge access and concierge services. Higher status cards like black credit cards will offer more complimentary extras than platinum cards. Note that no annual fee rewards cards may not offer as many complimentary extras as rewards cards that charge an annual fee (as the fee can help offset the costs for the provider).

What else should I consider?

There are a number of other features and details you will need to consider when comparing rewards credit cards with no annual fees:

  • Purchase rate. If you carry a balance on your credit card, a high purchase rate can result in exorbitant interest fees over time. With 0% purchase rate promotional offers, the standard purchase rate will kick in once your promotional period is over.
  • Eligible transactions. Most purchases are considered eligible transactions for earning rewards on your card, with the common exceptions of cash advances, balance transfers, gambling transactions, government payments, bank fees and bill payments. Consult your card provider or product disclosure statement for your card’s specific definition and exclusions.
  • Other fees. Other fees, such as ATM fees, late payment charges and over-limit fees, may be applied to your account. International transaction fees will also apply to overseas transactions and internet purchases made with foreign merchants.
  • Point expiry. Most reward programs have an expiry date for the points you accumulate. It’s easy to lose track of this if you are not a big spender and don’t regularly earn enough rewards points to make frequent redemptions.
  • Points cap. Some rewards credit cards limit the amount of points you can earn each statement cycle or year. Make sure you consider this cap before choosing a card, so that you can find one that offers the most convenient limits based on your spending habits.

If you’re keen to earn reward points on your everyday spending but don’t want to pay high fees, it’s worth considering a credit card that offers rewards without an annual fee. As always, we recommend that you research all available options and compare cards in relation to your personal needs and spending habits so you can choose the one that’s right for you.

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8 Responses

  1. Default Gravatar
    chrisFebruary 9, 2015

    how much income do you have to earn for a credit card ???

    • Avatarfinder Customer Care
      JonathanFebruary 9, 2015Staff

      Hi Chris, thanks for your inquiry!

      The minimum income requirements vary depending on the lender and type of credit card. You can see the income requirement by viewing the ‘Application Requirements’ tab on any credit card page.

      I hope this helps.



  2. Default Gravatar
    PAMApril 30, 2014

    Is Coles credit card for Australian use only or can it be used for overseas travel?

    • Avatarfinder Customer Care
      ShirleyMay 1, 2014Staff

      Hi Pam,

      Thanks for your question.

      You can use the Coles credit card overseas, but you’ll be charged a currency conversion fee for all transactions done in a currency other than AUD.

      If you’re looking at travel money options, please see this page.


  3. Default Gravatar
    fahadSeptember 10, 2013

    hi there,
    i’m after a no annual fee credit card with rewards programme attached to it. i’m after either visa or mastercard.
    could you point me in the right direction please?

    • Avatarfinder Customer Care
      JacobSeptember 10, 2013Staff

      Hi Fahad.

      The page you’re on has the only three rewards cards with no annual fee – two are offered by American Express and one is offered by Coles.

      Thanks for your question.


    • Default Gravatar
      NatakusumaNovember 5, 2013


      I am after a Visa credit card with rewards points. There doesn’t seem to have one does it?


    • Avatarfinder Customer Care
      JacobNovember 6, 2013Staff

      Hi, Natakusuma.

      Thanks for your question.

      You can compare credit cards that offer rewards points on this page. You can use the check boxes to the left of the table to compare cards one on one or you can read a card’s review by clicking on the image or card name. I hope this helps.

Credit Cards Comparison

Updated February 22nd, 2020
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee
HSBC Platinum Credit Card - Balance Transfer Offer
19.99% p.a.
0% p.a. for 22 months
$129 p.a.
Enjoy a balance transfer offer, yearly annual fee refund, airport lounge passes and complimentary insurance covers.
St.George Vertigo Classic
13.99% p.a.
0% p.a. for 18 months
$55 p.a.
Get 0% interest for up to 18 months on balance transfers with no balance transfer fee. Plus, a low annual fee and purchase rate.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect up to 120,000 bonus Qantas Points. Get 90k when you spend $3,000 on eligible purchases in the first 60 days and 30k after 12 months.
Latitude 28° Global Platinum Mastercard
21.99% p.a.
$0 p.a.
Save with 0% foreign transaction fees on purchases. Plus, complimentary flight delay passes and a global wifi access.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards 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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