No Annual Fee Credit Cards

Want to save money on your credit card costs? Find out about no annual fee credit cards and compare your options here.

Most credit cards come with annual fees that can be as low as $30 for a basic product, or as much as $1,200 for a super-premium card with all the bells and whistles. But there are also credit cards that don’t charge an annual fee at all.

Known as “no annual fee credit cards”, these options give you an easy way to save money while still getting all the benefits of a credit card. Some no annual fee cards also come with additional features such as balance transfersrewards and frequent flyer programs. Here, we explain how a no annual fee credit card works and how you can compare the benefits, features and drawbacks to help you get the most value out of a credit card with no annual fee.

Compare No Annual Fee Credit Cards

Rates last updated July 29th, 2016
Annual fee Purchase rate (p.a.) Balance transfer rate (p.a.)
ME Bank frank Credit Card
A low interest rate on purchases and cash advances with $0 annual fee for the life of the card.
$0 p.a. 9.99% p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
$0 p.a. 14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee Go to site More info
Virgin No Annual Fee Credit Card
No annual fee credit card with $100 cashback and a long term low rate balance transfer offer of 0% p.a. for 18 months with 2% balance transfer fee. Spend criteria applies for cashback offer.
$0 p.a. 18.99% p.a. 0% p.a. for 18 months with 2% balance transfer fee Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
$149 p.a. 19.99% p.a. 0% p.a. for 15 months Go to site More info
Bankwest Zero Platinum MasterCard
Complimentary travel insurance and 24/7 Concierge service and $0 foreign transaction fees. Plus enjoy a $0 annual fee.
$0 p.a. 17.99% p.a. 2.99% p.a. for 9 months Go to site More info
ANZ Platinum Credit Card
Receive $200 back when you spend $500 in the first 3 months. Also enjoy a $0 annual fee for the first year with platinum card benefits.
$0 p.a. annual fee for the first year ($87 p.a. thereafter) 19.74% p.a. Go to site More info
ANZ First Student Card
An ideal credit card for students with 44 days interest-free on purchases with $0 annual fee in the first year. Access your account on the go with the goMoney™ app.
$0 p.a. annual fee for the first year ($30 p.a. thereafter) 19.74% p.a. Go to site More info
American Express Qantas Discovery Card
Earn up to 7,500 bonus Qantas Frequent Flyer points, plus take advantage of no annual fee for the life of the card. Earn 1 Qantas Frequent Flyer point per $1 spend.
$0 p.a. 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee Go to site More info
28 Degrees Platinum MasterCard
No annual fee for life, up to 55 days interest-free on purchases and no foreign transaction fees.
$0 p.a. 21.99% p.a. Go to site More info
Citi Simplicity Card
Pay no annual fee to ever, plus receive access to complimentary purchase insurance and the Citibank Dining Program.
$0 p.a. 11.99% p.a. for 24 months (reverts to 19.99% p.a.) Go to site More info
American Express Velocity Escape Card
$0 annual fee for life, earn 7,500 bonus Velocity points when you spend $300 in the first 3 months.
$0 p.a. 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee Go to site More info
Commonwealth Bank Business Gold Awards credit card
A business credit card with $0 annual fee for the first year, a range of complimentary insurances and up to 2 Awards points per $1 spent on purchases.
$0 p.a. annual fee for the first year ($150 p.a. thereafter) 20.74% p.a. Go to site More info
Commonwealth Bank Business Interest Free Days credit card
Take advantage of $0 annual fee for the first year, up to 55 interest-free days and complimentary transit accident insurance.
$0 p.a. annual fee for the first year ($60 p.a. thereafter) 17.57% p.a. Go to site More info
Commonwealth Bank Business Platinum Awards credit card
Earn up to 3 Awards points per dollar spent, enjoy complimentary insurances and $0 annual fee for the first year.
$0 p.a. annual fee for the first year ($300 p.a. thereafter) 20.74% p.a. Go to site More info
Commonwealth Bank Business Awards credit card
Receive an annual fee waiver in the first year and enjoy up to 1.5 Awards points for every dollar spent, plus 55 days interest-free on purchases.
$0 p.a. annual fee for the first year ($100 p.a. thereafter) 20.74% p.a. Go to site More info

What is a no annual fee credit card?

A no annual fee credit card doesn’t charge you for annual account maintenance. The $0 annual fee could be available for a promotional period, or for the life of the card.

Credit cards with no annual fee for life often have higher standard purchase rates than other options. They may also have fewer additional features, such as rewards programs or complimentary extras.

Who should get a no annual fee credit card?

No annual fee credit cards are usually suited to people who rarely use a credit card or who pay off their balance in full every month and can avoid the costs associated with higher interest rates. It’s important to ensure that the savings you make from the $0 annual fee aren’t counteracted by the other costs of the card, so that you actually get value from this feature.

If you want to apply for a no annual fee credit card, here are some questions to consider:

  • 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 option will give you the features that you need without this added cost.
  • Do you carry a balance? The higher interest rates typical of no annual fee credit cards can make them expensive if you carry a balance. If that’s the case, you might want to consider a low interest credit card instead.
  • Do you have existing debt? If you have existing debt, getting a no annual fee credit card could tempt you into spending more money than you can afford. Aim to pay off your current debts, or 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 other options. If you’re interested in features such as rewards programs and complimentary insurance, make sure you look at a range of cards and consider these factors as well as the annual fee so that you can find an option that suits all your needs.

Benefits and drawbacks of 0 annual fee credit cards

Benefits

  • Save money on your credit card. 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.
  • A variety of options. Some no annual fee credit cards come with promotional offers, frequent flyer programs and other perks that you’d regularly have to pay a yearly fee to access.
  • Try before you buy. No annual fee credit card promotions for new customers give you a chance to get a new card and use it without paying this cost. If you decide it’s not right for you before the end of the promotional period, you can cancel the card and avoid the annual fee.

Drawbacks

  • Higher interest rates. Credit card companies may charge higher ongoing interest rates on no annual fee credit cards.
  • Fewer extra features. While some no annual fee cards do come with frequent flyer programs and other benefits, they often have fewer features than cards with a high annual fee.
  • Limited savings. If you get a credit card that only waives the annual fee for the first year, you’ll still have to pay for it after the promotion ends.

Types of credit cards that don’t charge an annual fee

Credit cards with no annual fee also come with a range of other features to suit specific goals and needs. Depending on your circumstances, you may want to consider the following options:

  • Credit cards with a no annual fee promotion. These cards waive the standard annual fee for new customers, usually for the first 12 months. After the promotional period, the standard annual fee will apply. This could cost anywhere from $30 to $1,200.
  • Balance transfer cards with no annual fee. Balance transfer credit cards let you move debt from an existing credit card to a new card with a low or 0% promotional interest rate. With no annual fee and a low or 0% balance transfer offer, you could have a cost-free way to consolidate your debts.
  • Rewards cards with no annual fee. These cards have no annual fees plus the ability to earn rewards points for every $1 spent. This combination of features means you could be rewarded for nothing.
  • Frequent flyer cards with no annual fee. These cards are linked to a frequent flyer rewards program, such as Qantas Frequent Flyer or Virgin’s Velocity Frequent Flyer, and earn points without the added cost of an annual fee.
  • Credit cards with no annual fee and no foreign transaction fees. While most credit cards charge between 2% and 3.5% for transactions made in a foreign currency, these options waive this cost and also have no annual fee.

How do you compare no annual fee credit cards?

If you’re interested in getting a no annual fee credit card, it’s important to ensure that the potential savings aren’t counteracted by other costs of the card, or by limited features. Considering the following features before choosing and applying for a no annual fee credit card will help you find an option that suits your needs.

  • Annual fee. Make sure you check to see whether the card you’re considering has no annual fee for a promotional period or no annual fee for life.
  • Purchase rate. This interest rate is applied to purchases made on the card. If you carry a balance, a high purchase rate could outweigh the benefits of having no annual fee.
  • Cash advance rate. This is the rate applied to cash advances such as ATM withdrawals. The cash advance interest rate for no annual fee cards ranges from 18% p.a. to 22% p.a. and applies from the time the transaction is made.
  • Balance transfer rate. A range of no annual fee credit cards offer a low or 0% balance transfer rate for new customers during the introductory period. However, after this time, the rate will revert to a higher, standard balance transfer rate. Make sure you consider both the promotional and standard rate so that you can choose a card that’s affordable for your circumstances.
  • Other fees. Credit cards with no annual fee still have other charges that may apply in a range of situations. These could include foreign transaction fees, late payment and overlimit fees, balance transfer fees and card replacement fees.
  • Interest free days. If you pay your balance in full every month, you will be able to make purchases without being charged interest for up to a certain number of days during each statement period.
  • Rewards. If you’re interested in a rewards card with no annual fee, make sure you also weigh up the other potential costs, such as interest. It’s also important to choose a program that offers rewards you will actually use. Check out our guide to rewards cards to learn more.
  • Complimentary extras. Some no annual fee credit cards offer complimentary extras such as travel insurance, extended warranty coverage and concierge services. These benefits can add value to the account if you choose to use them.
  • Gold or platinum status. Some gold and platinum credit cards come with no annual fee and more premium features than standard cards. Benefits of gold or platinum credit cards vary but could include no international transaction fees, complimentary international travel insurance and higher point earning rates for reward card options.

Whether the no annual fee is a promotional offer or an ongoing feature that’s available for life, this feature gives you a way to save on credit card costs. Now that you know more about no annual fee credit cards, you can compare a range of options and features to find a card that really works for you.

Answers to the most popular questions about no annual fee credit cards

  • Q: If I have a credit card with a promotional annual fee offer, can I cancel the card before having to pay the annual fee?
    This is possible 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 the annual fee is charged so you don’t accidentally pay it before cancelling the card.
  • Q: When do you normally pay the annual fee on a credit card?
    The annual fee is usually charged upon account activation and payable by the first statement date or first credit card bill. Annual fees can be repaid as quickly as you choose, by making a payment to your credit card account.
  • Q: What is the best no annual fee credit card?*
    There is no such thing as the one “best” no annual fee credit card. Instead, you should consider whether the $0 annual fee is a promotional offer or an ongoing feature and the other costs and features that come with the card. Make sure that the card is an affordable and functional way to manage your finances before you apply.
  • Q: Is there a business credit card with no annual fee?
    Business credit cards can offer no annual fee promotions. See this page for comparing business credit cards.
  • Q: Can I get a no annual fee credit card if I have lots of debt or bad credit?
    Having a bad credit rating can hinder your chances of being approved and getting the card. The best place to start is to learn about your options if you have a bad credit rating, by using our bad credit rating credit card guide.
Was this content helpful to you? No  Yes
American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149
More info
NAB Low Rate Credit Card
NAB Low Rate Credit Card

Interest rate

13.99

Annual fee

59
More info
ANZ First Visa Credit Card - Exclusive Offer
ANZ First Visa Credit Card - Exclusive Offer

Interest rate

19.74

Annual fee

30
More info
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112 Responses to No Annual Fee Credit Cards

  1. Default Gravatar
    Brendan | September 10, 2015

    Hi there
    I currently have a personal loan with another bank.
    Im interested in finding out my options if i switched over the balance to a personal loan or credit card with you.
    The things that interest me are:
    Low interest rate for the first year or 2
    Low or no annual fee
    An offer to be rewarded with frequent flyer points or something similar

    cheers

    • Staff
      Jonathan | September 10, 2015

      Hi Brendan, thanks for your inquiry!

      Citibank and Virgin Money allow balance transfers from personal loans to credit cards. The comparison table provided on the page will allow you to compare credit cards based on interest rates, annual fees and frequent flyer points earnings.

      Cheers,

      Jonathan

    • Default Gravatar
      Charmaine | October 29, 2015

      What is the best card

    • Staff
      Sharon | October 29, 2015

      Hi Charmaine,

      Thank you for your question.

      As a financial comparison service, however, we’re unable to recommend any specific product, service or strategy to our users as the ‘best’ option will always depend on the individual’s financial situation and needs.

      I would recommend you compare different credit cards based on the offer provided and fees involved in conjunction with your financial situations and eligibility requirements.

      I hope this has helped.

      Sharon

  2. Default Gravatar
    Sujit | September 5, 2015

    i need the top rated service indian credit cards without annual fees

    • Staff
      Jonathan | September 6, 2015

      Hi Sujit, thanks for your inquiry!

      Unfortunately at this point of time our comparison of credit cards is only comprehensive across Australia and includes the USA.

      Cheers,

      Jonathan

  3. Default Gravatar
    ILISAPECI | August 18, 2015

    how to apply

    • Staff
      Jonathan | August 18, 2015

      Hi Ilisapeci, thanks for your inquiry!

      When you have found a card that you would like to apply for just press the ‘Go to Site’ button and you will be redirected to a secure web-form from the respective bank.

      I hope this helps.

      Cheers,

      Jonathan

  4. Default Gravatar
    Dev | June 12, 2015

    Hello,

    I have a question regarding American Express Platinum Edge card.

    on this website it is mentioned that “No annual fee for the first year, a 10,000 bonus points offer and a complimentary return domestic flight every year” but on the american express card website there is no mention of annual fee getting waived off for the first year. Can you please confirm if the annual fee is waived off or not for the first year ?

  5. Default Gravatar
    Ray | June 4, 2015

    I require an auxiliary credit card to my primary card to use for online purchasing ( for event tickets etc). I require a ‘No Fee for Life’ credit card and only require a low credit limit (to $2,000 max)with monthly balance paid in full within one week of receipt of monthly statement . Do I need to have an account with the issuing bank (HSBC, BoQ, etc) to obtain a Credit Card. Could someone advise my best option.

    • Staff
      sally.mcmullen@hiveempire.com | June 5, 2015

      Hi Ray,

      Thank you for your question.

      As a finder.com.au is an online comparison service and are not aware of your unique financial situation, we can’t recommend one particular card for you.

      However, you may wish to visit our No Annual Fee Credit Cards page here to review some of your options. To compare low limit credit cards, you can use our Low Limit Credit Cards page.

      Depending on which issuer you decide on, you may not need to an existing account but you will need to sign up to open a new credit card account.

      I hope this has answered your question.

      Thanks,

      Sally

  6. Default Gravatar
    bill | May 5, 2015

    I only use credit card for emergency and pay in full. I am looking for a no fee card for lifetime with travel insurance and overseas purchases included at no costs, thanks

    • Staff
      Jonathan | May 6, 2015

      Hi Bill, thanks for your inquiry!

      Please refer to the following link for a list of cards with free travel insurance, which will allow you to compare products based on overseas purchases and annual fee features.

      Cheers,

      Jonathan

  7. Default Gravatar
    cash | May 3, 2015

    I am not a frequent user of any type of credit card never ever had one in my life. So if I wanted to go for credit card I do not have any plan to use it but I wanted to keep as in safe for emergency only. So which credit card is better for me. I do not like to keep debt on cards, wanted to know either low interest rate is better or no fee cards ? Thanks

    • Default Gravatar
      Terry | July 23, 2015

      Can I exchange a Coles platinum card for a Coles no annual fee card?

    • Staff
      Jonathan | July 23, 2015

      Hi Terry, thanks for your inquiry!

      Switching between Coles credit cards can be requested by contacting the Coles MasterCard team. Please refer to the contact details I have sent to your email.

      Cheers,

      Jonathan

    • Staff
      Jonathan | May 4, 2015

      Hi Akashjoshi, thanks for your inquiry!

      The choice between low interest rate or no annual fee credit cards depends on the frequency of usage and type of transactions made on the card. If the usage on the credit card is lower/ minimal you may like to refer to no annual fee cards on this page and no annual fee cards on this page.

      Cheers,

      Jonathan

    • Default Gravatar
      cash | May 4, 2015

      Yes sure, cheers!

  8. Default Gravatar
    Terry | May 2, 2015

    Can I exchange my Coles platinum card for a no fees Coles card

    • Staff
      Jonathan | May 4, 2015

      Hi Terry, thanks for your inquiry!

      Exchanging credit cards can be requested by contacting the Coles MasterCard team. Please refer to the contact details I have sent to your email.

      Cheers,

      Jonathan

  9. Default Gravatar
    Ray | April 24, 2015

    Which cards, if any, offer free travel insurance?
    Thank you
    Best regards
    Ray.

  10. Default Gravatar
    loan | April 23, 2015

    Would i be able to borrow 9000 dollars please

    • Staff
      Jonathan | April 24, 2015

      Hi Loan, thanks for your inquiry!

      Cash advances/ withdrawals on credit cards are only supported up to your provided credit limit. You may like to refer to the following link for information on personal loans.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated July 29th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
Citi Qantas Signature Credit Card
Earn up to 70,000 bonus Qantas Points on eligible spend, plus enjoy a 0% p.a. for 6 months offer on balance transfers.
20.99% p.a. 0% p.a. for 6 months $99 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
9.99% p.a. $0 p.a. Go to site More info

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