Annual fees can be one of the biggest costs in a credit card. With an abundance of deals on the market, here’s what you need to know when comparing credit cards with no annual fee.

Find and compare no annual fee credit cards

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Purchase Rate
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Purchase Rate

14.99%

Interest Free Days

55

Annual Fee

$0

$30

More details

Purchase Rate

20.74%

Interest Free Days

44

Annual Fee

$0

$30

More details

Purchase Rate

20.74%

Interest Free Days

55

Annual Fee

$0

$30

More details

Purchase Rate

8.99%

Interest Free Days

55

Annual Fee

$0

$30

More details

Purchase Rate

12.39%

Interest Free Days

55

Annual Fee

$0

$15

More details

Purchase Rate

20.74%

Interest Free Days

55

Annual Fee

$0

$15

More details

Purchase Rate

20.74%

Interest Free Days

55

Annual Fee

$0

$15

More details

Purchase Rate

6.99%

for 6 months then 11.95%

Interest Free Days

44

Annual Fee

$0

$15

More details

Purchase Rate

17.99%

Interest Free Days

55

Annual Fee

$0

$25

More details

Purchase Rate

17.99%

Interest Free Days

55

Annual Fee

$0

$25

More details

Purchase Rate

21.49%

Interest Free Days

55

Annual Fee

$0

$0

More details

Purchase Rate

19.99%

Interest Free Days

55

Annual Fee

$0

$30

More details

Purchase Rate

4.99%

for 5 months then 12.95%

Interest Free Days

55

Annual Fee

$0

$0

More details

Purchase Rate

19.99%

Interest Free Days

55

Annual Fee

$0

$30

More details

Purchase Rate

11.95%

Interest Free Days

55

Annual Fee

$0

$20

More details

Purchase Rate

11.99%

Interest Free Days

45

Annual Fee

$0

$20

More details

Purchase Rate

22.74%

Interest Free Days

55

Annual Fee

$0

$30

More details

Purchase Rate

21.99%

Interest Free Days

55

Annual Fee

$0

$30

More details

Purchase Rate

11.99%

Interest Free Days

55

Annual Fee

$0

$25

More details

Purchase Rate

11.99%

Interest Free Days

55

Annual Fee

$0

$8

More details

Purchase Rate

4.99%

for 5 months then 12.34%

Interest Free Days

Annual Fee

$0

$0

More details

Purchase Rate

4.99%

for 5 months then 15.85%

Interest Free Days

46

Annual Fee

$0

$0

More details

Purchase Rate

20.74%

Interest Free Days

55

Annual Fee

$0

$15

More details

Purchase Rate

7.90%

for 6 months then 11.50%

Interest Free Days

55

Annual Fee

$0

$10

More details

Purchase Rate

7.90%

for 6 months then 11.50%

Interest Free Days

55

Annual Fee

$0

$10

More details

Purchase Rate

0.00%

for 6 months then 12.54%

Interest Free Days

55

Annual Fee

$0

$20

More details

Purchase Rate

11.99%

Interest Free Days

55

Annual Fee

$0

$12.5

More details

Purchase Rate

6.99%

for 6 months then 16.95%

Interest Free Days

55

Annual Fee

$0

$9

More details

Purchase Rate

13.99%

Interest Free Days

44

Annual Fee

$0

$15

More details

Purchase Rate

20.99%

Interest Free Days

55

Annual Fee

$0

$30

More details

Learn more about credit cards

What are no annual fee credit cards?

As the name suggests, no annual fee credit cards don’t charge a yearly fee. They are a low rate card designed to help card holders keep ongoing costs down. In some instances, annual card fees may be waived for an introductory period of time. Otherwise they’ll be waived for the life of the card. 

Annual fees are typically charged for account maintenance or to support features like frequent flyer programs, rewards programs and complimentary perks. However, if you know you’re a big spender or a reward points addict, no annual fee credit cards may not suit your spending style. Or if you're looking for something more specific, like a Coles rewards card to earn flybuys points or gift cards, then you may not find a no annual fee option. 

Before you apply, think about how often you use your credit card. If you’re looking for a backup credit card for those ‘just in case’ moments, or you really don’t use it that often, a credit card with no annual fee may suit your needs.

What are the pros and cons of no annual fee credit cards?

Benefits of no annual fee credit cards:

  • Saving money: The obvious advantage of credit cards with no annual fee is that it saves you money. Credit cards with no annual fee can potentially save you hundreds or thousands of dollars compared to cards that charge anywhere from $30 - $1,200.
  • Cost-effective: Credit cards with no annual fees can help keep your overall card costs low as well as being cost-effective for those that don’t use their cards that often. If you know you’re not a big spender or a rewards program addict, these low frills credit cards can be a better suited option for your finances.
  • Introductory deals: Some credit card providers waive annual fees for an introductory period of time, such as the first year. These can help ease the initial costs of signing up to a new credit card. This can also go hand in hand with introductory deals offering lengthy interest free periods.

Disadvantages of no annual fee credit cards:

  • Introductory deals: On the other hand, while these can be good value, you’ll want to make sure that you’re still benefitting when the promotional period wears off. Be sure to check the terms and conditions to ensure that the annual fee won’t cancel out any savings you may make.
  • Less features: No annual fee cards may come with less features. These fees typically go towards supporting your rewards programs and complimentary perks, such as travel insurance and other complimentary insurance covers. While some frequent flyer cards may waive annual fees, they generally go hand-in-hand with cards offering big rewards and perks. You typically won't find a platinum credit card that doesn't charge an annual fee, for example.
  • Other hidden fees and costs: Just because a credit provider isn’t charging you one cost, doesn’t mean they can’t sting you in other ways. No annual fee credit cards may come with higher than average interest rates, minimal interest free days or just charge you other high ongoing fees. Do your research around all the costs you may be charged with your credit card.

What other credit card fees could I be charged?

Just because you’re not being charged an annual fee, doesn’t mean you won’t be charged other fees and costs. These may include: 

  • Purchase rate: The interest rate charged on any purchases you make after however many interest free days (if any) your card may have.
  • Cash advance rate: The interest rate charged on money withdrawn from outlets like ATMs or supermarket checkouts.
  • Balance transfer rate: The rate at which you are charged for transferring an existing balance on to a balance transfer credit card. Typically around 2-3 per cent.
  • Foreign exchange fee: Charged when making a purchase in another currency (including online shopping), in addition to the normal exchange rate.
  • Foreign transaction fees: Fees covering the extra costs of processing overseas transactions
  • Late payment fee: Charged if you fail to make a minimum repayment on time.
  • Payment dishonour fee: Charged if you cannot afford a payment.
  • Admin fee: Ongoing fees that are charged more frequently, such as monthly, to keep your account running.
  • Paper statement fee: Charged for sending you a printed balance statement in the mail.
  • Payment handling fee: Fees charged for making transactions. Can vary in person and online.
  • Supplementary cards: Credit card providers may charge you if you request supplementary cards for any additional cardholders.
  • Rewards points caps: Not a 'cost' in the traditional sense, but a rewards card with a points cap can limit the amount of bang for your buck you're getting for your spending. Meaning you may end up spending more and getting less back than if you chose a credit card with no points cap. 

How do I choose the right no annual fee credit card?

With plenty of credit cards with no annual fee on the market, there is no such thing as a one-size-fits-all card. Here’s how you can help to choose the right card for you:

  • Ask yourself what you’ll use the card for. Are you a big spender? Bonus points chaser? Planning an overseas trip? Wanting to consolidate debt? Before you apply for a credit card with no annual fee, factor your spending habits and specific financial situation into the equation. For example, most rewards credit cards tend to come with an annual fee as this helps to fund the rewards program. It may be difficult to find a no annual fee rewards card.
  • Compare card types. Would you benefit more from a Visa, Mastercard or American Express? It's worth comparing the different card types to see what better suits your financial situation.
  • Compare interest rates. The purchase rate charged on a credit card is one of the biggest charges to consider. If you’re getting a no annual fee credit card to keep costs down, you’ll want to also consider if a low interest rate credit card would suit your financial situation.
  • Compare other fees. As mentioned above, just because you’re not being charged an annual fee doesn’t mean you won’t be charged in other ways. Calculate the potential costs of keeping your credit card for a year or two against the minimum credit limit and maximum credit limit. Then compare this to your spending profile and budget to see which credit card may suit.  
  • Compare features and perks. Just because you've chosen a no annual fee card, doesn't mean you can't find a card with helpful features and perks. This could mean a card with a high number of days interest free, one with a competitive balance transfer offer, a zero per cent interest rate introductory offer for the first year of the card, complimentary insurance, a high credit limit and more. You may also want to look at a card that can be bundled with other credit products, like a home loan.
  • Use comparison tables. In a world of complicated financial jargon, comparison tables can help you to compare apples to apples. Use our comparison tools to filter down and compare different credit card purchase rates, interest free days, late payment fees and much more.  
  • Eligibility criteria. Before you make a card application, read the terms and conditions, product disclosure statement for a greater breakdown of any eligibility criteria you may need to meet to be approved for a credit card, as well as potential fees, costs and eligible purchases to earn rewards points.