Credit card market has many $0 annual fee options



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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.

Provider Card Annual fee Ongoing interest rate Max. interest-free days
American Express Low Rate Credit Card $0 8.99% 55
Northern Inland Credit Union Low Rate Visa Credit Card $0 8.99% 0
Teachers Mutual Bank Teachers Credit Card $0 11.50% 55
UniBank Visa Credit Card $0 11.50% 55
Heritage Bank Gold Low Rate $0 11.80% 0
Hume Bank Value Visa $0 11.95% 55
BankVic Visa Silver $0 11.95% 44
ME Bank Frank $0 11.99% 55
CUA Brisbane Heat Supporters’ Low Rate Credit Card $0 11.99% 55
First Option Credit Union Low Rate Visa Credit Card $0 11.99% 55
QBank Bluey Card $0 11.99% 55
ING Orange One $0 11.99% 45
Qudos Bank Lifestyle $0 12.34% 0
Bank Australia Visa Credit Card $0 12.39% 55
Bank First Visa Classic Credit Card $0 12.94% 55
Horizon Credit Union Visa Credit Card $0 12.95% 55
American Express Essential Credit Card $0 14.99% 55
Qudos Bank Lifestyle Plus $0 15.85% 46
BankVic Qantas Visa Credit Card $0 16.95% 55
Bankwest Zero Mastercard $0 17.99% 55
Bankwest Zero Platinum Mastercard $0 17.99% 55
Virgin Money No Annual Fee Card $0 18.99% 44
HSBC Premier World Mastercard (Rewards Plus) $0 19.99% 55
Citi Simplicity $0 19.99% 55
Coles No Annual Fee Mastercard $0 19.99% 55
CUA Brisbane Heat Supporters’ Platinum Credit Card $0 19.99% 55
St George Bank No Annual Fee Visa $0 20.49% 55
Bank of Melbourne No Annual Fee Visa $0 20.49% 55
BankSA No Annual Fee Visa $0 20.49% 55
American Express Velocity Escape Card $0 20.74% 55
American Express Qantas Discovery Card $0 20.74% 44
Latitude Financial Services 28 Degrees Platinum Mastercard $0 21.99% 0
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