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Credit card market has many $0 annual fee options

Credit card market has many $0 annual fee options

There are more than 30 credit cards in Australia with no annual fee, according to a new analysis of the credit card market.

The RateCity analysis found that most of those credit cards with $0 annual fees also have maximum interest-free periods of at least 44 days (see table below).

That means that anyone who pays their entire bill in full each month could avoid paying both annual fees and interest.

However, four of those no-annual-fee credit cards start charging interest from day one – so savings on fees might be eaten up by interest charges.

ProviderCardAnnual feeOngoing interest rateMax. interest-free days
American ExpressLow Rate Credit Card$08.99%55
Northern Inland Credit UnionLow Rate Visa Credit Card$08.99%0
Teachers Mutual BankTeachers Credit Card$011.50%55
UniBankVisa Credit Card$011.50%55
Heritage BankGold Low Rate$011.80%0
Hume BankValue Visa$011.95%55
BankVicVisa Silver$011.95%44
ME BankFrank$011.99%55
CUABrisbane Heat Supporters’ Low Rate Credit Card$011.99%55
First Option Credit UnionLow Rate Visa Credit Card$011.99%55
QBankBluey Card$011.99%55
INGOrange One$011.99%45
Qudos BankLifestyle$012.34%0
Bank AustraliaVisa Credit Card$012.39%55
Bank FirstVisa Classic Credit Card$012.94%55
Horizon Credit UnionVisa Credit Card$012.95%55
American ExpressEssential Credit Card$014.99%55
Qudos BankLifestyle Plus$015.85%46
BankVicQantas Visa Credit Card$016.95%55
BankwestZero Mastercard$017.99%55
BankwestZero Platinum Mastercard$017.99%55
Virgin MoneyNo Annual Fee Card$018.99%44
HSBCPremier World Mastercard (Rewards Plus)$019.99%55
CitiSimplicity$019.99%55
ColesNo Annual Fee Mastercard$019.99%55
CUABrisbane Heat Supporters’ Platinum Credit Card$019.99%55
St George BankNo Annual Fee Visa$020.49%55
Bank of MelbourneNo Annual Fee Visa$020.49%55
BankSANo Annual Fee Visa$020.49%55
American ExpressVelocity Escape Card$020.74%55
American ExpressQantas Discovery Card$020.74%44
Latitude Financial Services28 Degrees Platinum Mastercard$021.99%0

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This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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