No Annual Fee Credit Cards

Compare no annual fee credit cards to avoid paying one of the biggest costs associated with having a credit card.

By   |   Updated 17 Jul 2024

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Comparing no annual fee credit cards

Bankwest Zero Mastercard

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Avoid annual fees for the duration of card ownership.
  • 0% p.a. for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% p.a. thereafter.
  • Enjoy up to 55 days interest-free on purchases.
  • Offer exclusive to new customers for a limited time. Additional fees and charges, as well as terms and conditions, apply.

Pros

  • There is no annual fee for as long as you keep the card.
  • The current balance transfer offer is extremely competitive.
  • Interest on purchases is comparatively low.

Cons

  • Balance transfers incur a one-off fee.
  • You cannot earn credit card points.
Bankwest Zero Platinum Mastercard

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Annual fee waived.
  • 0% p.a. interest for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% p.a. thereafter.
  • No charges for foreign transactions.
  • Offer valid for new customers within a specified timeframe. Additional fees and terms and conditions apply.

Pros

  • No annual fee to pay — ever.
  • Very long interest-free balance transfer offer.
  • No fees on purchases in a foreign currency.

Cons

  • There is a 3% fee on balance transfers.
  • You can't earn rewards points.
The Low Rate Credit Card from American Express

Balance transfer

N/A

Purchase rate

10.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Benefit from a competitive 10.99% p.a. interest rate for purchases.
  • Enjoy a perpetual $0 annual fee with card ownership.
  • Access up to 55 days interest-free.

Pros

  • Benefit from a competitive 10.99% p.a. interest rate for purchases.
  • Enjoy a perpetual $0 annual fee with card ownership.
  • Access up to 55 days interest-free.

Cons

  • There are no rewards program for this card.
American Express Business Explorer Credit Card

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Experience $0 Annual Card Fee (usually $149) in the first year when applying by July 23, 2024, and getting approved for the American Express® Business Explorer Credit Card. T&C’s apply. Exclusive to New American Express Card Members.
  • Benefit from two American Express Lounge passes per year at Sydney and Melbourne airports.
  • Receive Complimentary Travel Insurance when paying for your return trip with your Card.

Pros

  • $0 annual fee on the first year.
  • Earn up to 2 points per $1 spent.
  • No fee for up to 99 employee cards.
  • Up to 55 interest-free days.

Cons

  • Annual fee reverts to $149 after the initial year.
  • There is no balance transfer offer for this card.
  • Cash advances are blocked, which might be inconvenient for some.
American Express Velocity Escape Card

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Acquire Velocity Points while benefiting from a $0 annual card fee.
  • Points accrued on your card seamlessly transfer to your Velocity account monthly and are redeemable for various rewards such as flights, lodging, car rentals, gift cards, and beyond.
  • Earn 0.75 Velocity Points per $1 spent, except for transactions with Australian government entities, where you'll earn 0.5 Velocity Points per $1 spent.

Pros

  • No annual fee, but still earn points.
  • Earn 1.75 Velocity Points per $1 spent on purchases with Virgin Australia.
  • Get 0.5 points per $1 when paying tax to the ATO using the card.
  • 55 days interest-free on purchases when the previous balance has been cleared in full.

Cons

  • Doesn't come with complimentary travel insurance.
  • No complimentary lounge access.
  • No access to the concierge service.
  • There is no balance transfer offer for this card.
American Express Platinum Edge Credit Card

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • No annual fee in the initial year, saving you $195.
  • Accrue 3 Membership Rewards points for every $1 spent at major supermarkets and petrol stations.
  • Access $200 allocated for annual travel expenses, applicable towards eligible flights, hotels, or car rentals when booked through American Express Travel.

Pros

  • $0 annual fee in the first year, saving you $195.
  • Receive $200 to spend on eligible domestic and international flights, hotels, or car hire with American Express Travel.
  • Smartphone Screen Cover for smartphone screen repairs up to $500.

Cons

  • The ongoing purchase rate of 23.99%.
Qantas American Express Discovery Credit Card

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Acquire 1.75 Qantas Points on eligible Qantas products and services.
  • Earn 0.75 Qantas Point for every $1 spent on Card purchases, except for spending at government bodies in Australia, where you will earn 0.5 Qantas Points per $1 spent.
  • Enjoy no annual card fee.
  • Obtain up to 4 Additional Cards for family members or friends with no extra fee.

Pros

  • Ongoing $0 annual fee, a rarity among rewards credit cards.
  • Earn 0.75 Qantas points per $1 spent and 0.5 Qantas points per $1 for government spend.
  • No cap on the number of points you can earn.
  • Add up to 4 additional cards for family members or friends with no extra fee.
  • Complimentary Card Purchase Cover and Card Refund Cover.

Cons

  • There is a 3% foreign transaction fee.
  • Lacks complimentary travel insurance.
  • There is no access to a concierge service.
St.George No Annual Fee Credit Card

On website

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • No annual fee requirement for the duration of card ownership.
  • Experience up to 55 days interest-free on purchases.
  • Benefit from a low minimum credit limit.

Pros

  • No annual fee for life.
  • Up to 55 days interest-free.
  • As low $500 credit limit.

Cons

  • No rewards program for this card.
  • Ongoing rates are not low.
NAB Low Rate Credit Card

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

13.49% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Experience 0% p.a. on balance transfers for 28 months with a 2% balance transfer fee. Reverting to a variable cash advance rate of 21.74% p.a. after the promotional period.
  • Initial $0 annual card fee for the first year ($59 p.a. thereafter).
  • Receive a response within 60 seconds.

Pros

  • 0% p.a. on balance transfers for 28 months.
  • A variable purchase rate of 13.49% p.a.
  • The waived annual fee for the first year.
  • Additional credit card is free.

Cons

  • There is a 2% balance transfer fee.
  • No rewards program for this card.
  • No insurance coverage.
NAB StraightUp Credit Card

On website

Balance transfer

N/A

Purchase rate

0% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Obtain the latest credit card from NAB - straightforward, affordable, and above all, interest-free!
  • No Use, No Pay. Should your NAB StraightUp credit card remain unused throughout the entire statement period, the monthly fee will be reimbursed. No unexpected charges!
  • Utilize your card for foreign currency transactions and relish in zero foreign transaction fees!
  • Consistent fixed minimum payments determined by your credit limit, providing you with assurance of monthly payment amounts.

Pros

  • Charges a monthly fee based on your selected credit limit.
  • The monthly fee will be reversed if you do not have any outstanding balance or purchase.
  • No interest charges or other fees, including foreign currency fees and late payment fees.

Cons

  • No rewards program for this card.
  • No balance transfers or cash advances.
Heritage Gold Low Rate Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

11.8% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • $0 p.a. annual fee.
  • Enjoy low interest of 11.80% p.a. on purchases.
  • Benefit from comparatively low cash advance rates at 11.80%, lower than the standard rate of many other cards.

Pros

  • No annual fee.
  • Low-interest rate.
  • 0% p.a. for 12 months on balance transfers with no balance transfer fee on amounts transferred (reverts to 11.80% p.a. thereafter).

Cons

  • No interest-free days.
  • Not entitled to participate in Heritage Rewards program.
MONEYME Freestyle Virtual Card

On website

Balance transfer

N/A

Purchase rate

From 18.24% p.a. ongoing

Annual fee

From $0.00 p.a. ongoing

Highlights

  • Use virtual card instantly once approved (typically within 60 mins)
  • Tap n Pay with up to 55 days interest free
  • Use credit to transfer money to anyone
  • Exclusive features
  • Thousands of 5-star customer reviews

Bank promo

  • Get MONEYME's lowest advertised rate EVER of 18.74% p.a.
  • Annual fee of $0 to $149 p.a. based on credit limit plus a monthly fee of $5 for balances over $20.

Pros

  • Available to use immediately after approval.
  • Money can be transferred to your bank account.
  • Get cashback at participating stores with Cashrewards.

Cons

  • The maximum credit limit is comparatively low.
  • Combination of annual and monthly fees can be quite expensive for the highest credit limit.
  • There is a 1.5% withdrawal fee.
ME Frank Credit Card

On website

Balance transfer

N/A

Purchase rate

13.49% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Benefit from one of the most competitive ongoing purchase interest rates at 13.49% p.a.
  • Cash advances are equally cost-effective, also at 13.49% p.a., accompanied by a $4 or 2% fee (whichever is greater).
  • The ideal annual fee: zero.

Pros

  • 13.49% p.a. interest rate on purchases and cash advances.
  • No annual fee for life.
  • Get up to 55 days interest-free on purchases.
  • Low foreign transaction fee.
  • Easily lock the card from the app if lost.

Cons

  • You will not earn rewards points on this card.
  • No interest-free balance transfers.
  • No complimentary insurance coverage.
Virgin Australia Velocity Flyer Credit Card

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

20.74% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • 0% p.a. for 24 months on balance transfers with no balance transfer fee. Reverts to the cash advance rate at 20.99% p.a.
  • $0 annual fee for the first year, and $149 afterward.
  • Earn 0.66 Velocity Points per $1 spent on eligible transactions up to $1,500 each statement period and 0.5 points per $1 on spending thereafter.

Pros

  • Experience the privilege of a $129 Virgin Australia Gift Voucher.
  • Benefit from 90 days of complimentary Purchase Protection Insurance and up to 12 months of Extended Warranty Insurance.
  • Earn an additional Velocity Point for every dollar spent directly with Virgin Australia using your Flyer Credit Card.

Cons

  • The earn rate drops to 0.5 points per $1 after $1,500 in a statement period.
Great Southern Bank Low Rate Credit Card

On website

Balance transfer

N/A

Purchase rate

11.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Benefit from a low purchase rate of 11.99% p.a.
  • Receive a first-year annual fee waiver; $49 p.a. thereafter.
  • Enjoy up to 9 additional cards at no extra cost.

Pros

  • Indulge convenience with contactless transactions: Apple Pay and Google Pay.
  • Save on interest with interest-free days up to 55 days on purchases.
  • Comes with fraud protection.

Cons

  • There is no rewards program on this card.
Coles No Annual Fee Mastercard

On website

Apply by 31 July 2024

Coles No Annual Fee Mastercard

Balance transfer

N/A

Purchase rate

6 months at 0% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Experience 0% p.a. interest on purchases for 6 months. Applicable to Retail Purchases (excluding Cash Advances). Reverts to standard purchase rate thereafter.
  • No annual fee, guaranteed.
  • Earn 1 Flybuys point per $2 spent on qualifying purchases.

Pros

  • 0% p.a. on purchases for 6 months.
  • No annual fee ever.
  • Complimentary access to your 24/7 local concierge.

Cons

  • Transactions made in a foreign currency incur a fee.
HSBC Platinum Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Utilize the 0% p.a. offer on balance transfers for 12 months alongside a 2% balance transfer fee.
  • Experience the inaugural year with no annual fee, followed by $149 annually thereafter.
  • Accrue 2 Reward Plus points per $1 spent on qualifying overseas purchases and 1 Reward Plus point per $1 spent on other eligible purchases.
  • Maintain a minimum credit limit of $6,000.

Pros

  • 0% p.a. on balance transfers for 12 months.
  • $0 annual fee for the first year.
  • Enjoy 2 airport lounge passes every year.
  • Benefit from HSBC Instant Savings with exclusive dining and shopping discounts.
  • Includes complimentary travel and purchase protection insurance.
  • Choice of points transfer partners (Asia Miles, KrisFlyer, Velocity Frequent Flyer).

Cons

  • The balance transfer rate reverts to 21.99% p.a. after 12 months.
  • 2% balance transfer fee.
  • The 10,000 points cap per statement period.
Bendigo Ready Credit Card

On website

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • $0 annual fee.
  • Take advantage of the $0 international transaction fees.
  • Enjoy up to 55 days interest-free.

Pros

  • No additional cardholder fee.
  • Get up to 90 consecutive days of international travel insurance.
  • Compatible with Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, and Samsung Pay,

Cons

  • You can't earn credit card rewards.
Kogan Money Black Credit Card

On website

Balance transfer

9 months at 0% p.a.

Purchase rate

9 months at 0% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Receive $250 Kogan.com Credit upon spending $3,000 on qualifying purchases within 90 days from card approval.
  • Enjoy no annual fees.
  • Benefit from 0% p.a. for 9 months on balance transfers with a 0% balance transfer fee. Reverts to cash advance rate of 22.74% p.a.
  • Additionally, enjoy an introductory low purchase interest rate of 0% p.a. for the first 9 months.

Pros

  • Get a $250 sign up bonus in Kogan.com Credit when you meet the criteria.
  • Take advantage of the introductory BT and purchase rates.
  • $0 annual fee.
  • Earn 2 reward points per $1 on eligible purchases at Kogan.com and 1 reward point per $1 on other eligible purchases.
  • Add up to 4 additional cardholders at $0 fee.
  • Uncapped rewards.

Cons

  • There is a 3.4% foreign currency fee.
  • The ongoing cash advance rate is 22.74% p.a.
Border Bank Visa Credit Card

On website

Balance transfer

N/A

Purchase rate

10.76% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Experience a low ongoing rate of 10.76% p.a. on purchases.
  • Pay no annual fee in the first year (then reverts to $30).
  • Compatible with Apple Pay, Samsung Pay, and Google Pay.

Pros

  • Low ongoing interest rate.
  • $0 annual fee on the first year.
  • Get up to 55 days interest-free period on purchases.

Cons

  • There is no rewards program on this card.

Credit cards with no annual fee can offer you the financial flexibility of a credit card without having to worry about any additional cost incurred just to keep the account open.

David Boyd, co-founder of Credit Card Compare

David Boyd, co-founder of Credit Card Compare, explained further, "Some credit cards have no annual fee for the first year, but will charge an annual fee for subsequent years. Make sure you are clear about what it is you are signing up for so you don't get a surprising charge in a year's time."

Benefits of no annual fee credit cards

These are some of the most notable features of credit cards with no annual fees.

  • Cost savings: By not having to pay an annual fee, you can save money on your overall credit card expenses.
  • Financial flexibility: Without having to pay an annual fee, you have a little flexibility in managing your finances. There is no loss for you, even if you do not frequently use these cards.
  • Introductory offers: Some no annual fee credit cards come with attractive introductory offers such as 0% interest rates or bonus rewards.
  • Build credit history: Using a no annual fee credit card responsibly can help you build a positive credit history.
  • Additional features: Despite not having an annual fee, there are a few no fee credit cards with rewards. That said, they are thin on the ground and tend to have a low earn rate per dollar spent.

How to choose a no annual fee credit card

When selecting a no annual fee credit card, consider the following factors before signing up.

  • Interest rates: Look for a card with competitive interest rates to save on finance charges.
  • Rewards programs: Some no annual fee cards offer rewards points or cashback, enhancing their value. The trade-off is that their earn rate will be lower than average.
  • Additional fees: While the annual fee may be waived, check for other fees, such as late payment fees or foreign transaction fees.
  • Perks and benefits: Most credit cards with no annual fee are fairly limited in terms of any additional benefits outside of a line of credit. It's rare for them to have features like travel insurance, purchase protection, and concierge services.
  • Credit limit: Ensure the credit limit meets your spending needs without risking overspending. These cards tend to be relatively no-frills, so above average credit limits are unlikely.

Andrew Boyd, co-founder of Credit Card Compare, explains, "If you're wondering what the point of having a credit card is when you don't really need one, they can come in handy when you least expect it. I once left Australia without my wallet, which caused all kinds of issues when checking into various hotels over the next two weeks."

How to manage a no annual fee credit card

Here are a few tips to get the most out of a no annual fee credit card.

  • Check your statement regularly: Keep track of your spending and payments to avoid unnecessary fees.
  • Always pay on time: Timely payments means you avoid interest charges and can improve your credit score.
  • Maximise rewards: If your card offers rewards, be strategic with your spending to maximise your benefits.
  • Review terms and conditions: Stay informed about any changes in terms, fees, or benefits associated with your card, particularly interest rates.

Methodology for our no annual fee credit card comparison

We considered the following attributes and associated metadata when ranking our comparison of credit cards with no annual fee.

  • Annual fee initial year: If the card has no annual fee for the first year only.
  • Annual fee ongoing: If the card has no annual fee after the first year.
  • Apple Pay enabled: Whether the card works with Apple Pay. Being able to is considered beneficial.
  • Balance transfer offer: Whether there is an introductory balance transfer offer available, its interest rate, period, and any fee. A lower rate for longer is considered better.
  • Card type: Whether the card runs on the American Express, Mastercard, Visa, or other network. Depending on which, acceptance may be affected.
  • Foreign exchange fee: If the card charges a fee to convert foreign currency transactions. The lower the better.
  • Interest-free period: If the card has interest-free days and how many. More is better.
  • Introductory purchase rate: Whether there is an introductory purchase rate, its interest rate, and period. A lower rate for longer is considered better.
  • Late payment fee: Whether there is a fee and how much it is if a payment is late. Lower is better.
  • Maximum credit limit: The highest possible credit limit on the card, if published.
  • Minimum credit limit: The lowest possible credit limit on the card, if published.
  • Minimum income required: What the card's minimum eligibility criteria requires for income. A lower amount makes the card accessible to more people.
  • Purchase rate ongoing: What the interest rate is on purchases that are carried over and not paid in full. Lower is better.
  • Rewards program: If the card earns any rewards in the form of points, cashback, vouchers, etc. Earning rewards is considered beneficial for a no annual fee card.
  • Samsung Pay enabled: Whether the card works with Samsung Pay. Being able to is considered beneficial.
  • Sign-up bonus: Whether the card has a bonus offer and the minimum spending criteria required. A sign-up bonus is considered beneficial for a no annual fee card.

Our rankings may not reflect what matters most to you. Be sure to compare key rates, fees, and features against your own financial priorities before deciding.

Help choosing a no annual fee credit card

Learn more about the savings possible with no annual fee credit cards.

  • FAQs

  • Pros & cons

When can you justify paying a credit card's annual fee?

For example:

  • Some cards offer sign-up bonuses that make it worthwhile to pay the annual fee on them.
  • When the rewards that you may earn on everyday spending far exceed the annual fee, then too you can justify footing the annual fee.
  • When a card has ongoing travel perks that are worth a lot more than the value of the annual fee.

Why doesn't every credit card have an annual fee?

Credit cards with no rewards, benefits, or additional features are the type of credit card most likely to have no annual fee. For cards like these, banks make their money from fees such as the interchange fee and interest.

Nearly every credit that earns rewards points comes with an annual fee, which is a contribution towards covering the cost of the benefits they tend to come with such as travel insurance and lounge access.

Pros

Financial savings

The standout advantage of no annual fee credit cards is eliminating the yearly charge, offering potential savings across the card's lifespan. This is particularly appealing for those seeking to minimize their financial commitments.

Convenience for occasional use

These cards are ideal for sporadic use, such as emergency expenses, since they incur no costs when not used. This makes them a cost-effective choice for keeping as a backup without the worry of annual fees.

Introductory benefits

Select no annual fee cards feature enticing introductory offers, including bonus points, 0% interest on balance transfers, and other perks, making them competitive without an ongoing fee.

Cons

Elevated interest charges

Typically, cards without annual fees have higher interest rates on purchases, which could increase the cost for users who tend to carry a balance month to month.

Limited extras

Compared to their fee-bearing counterparts, these cards often offer fewer benefits and rewards, making them less attractive to those seeking additional perks from their credit card.

Conditional fee waiver

It's important to note that the $0 annual fee might only apply for an introductory period on some cards. Users should know the standard annual fee and its commencement date to avoid unexpected charges.