These cards offer the lowest ongoing purchase rates, high number of interest free days, and may earn rewards points - all for no annual fee.
7+
Great
Reasonable ongoing purchase rates and interest free days.
5+
Standard
These cards offer no fees, but may have higher interest rates.
0+
Basic
These are basic cards with no annual fee.
The lowdown on Finder Score
To qualify for this category, credit cards must:
Charge no annual fee for at least 12 months.
Every month, we carefully analyse over 250 credit card products and assess the most important features and benefits of each card.
We assign scores out of 10 for each feature, and adjust the scores depending on what category we're looking at.
Credit card scores are category-specific (e.g. No annual fee, Rewards), meaning the same card will receive a different score within each category.
Our Finder Score methodology is designed by our editorial and insights team. Products are reviewed objectively and commercial partners carry no weight. Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.
Annual fee credit cards - score weightings
Feature
Definition
Assessment
Weight
Annual Fee
Ongoing fees per year
Lower fees get higher scores, with $0 getting the highest score
30%
First-Year Fee
Introductory fee for the first year
Lower fees get higher scores, with $0 getting the highest score
20%
Interest-Free Days
The number of interest-free days
Higher number of interest-free days score more points, up to 55 days
10%
Value of points earned per month
Points earned for every dollar spent on eligible purchases
Points awarded per dollar
20%
Purchase Rate
Interest rate on new purchases
Lower rates receive higher scores
20%
Finder Score by the numbers
9+ Excellent - These cards offer the lowest ongoing purchase rates, high number of interest free days, and may earn rewards points - all for no annual fee.
7+ Great - Reasonable ongoing purchase rates and interest free days.
5+ Satisfactory - These cards offer no fees, but may have higher interest rates.
Less than 5 – Basic - These are basic cards with no annual fee.
A high 22.74% p.a. interest rate on balance transfers after the introductory period
A 21.99% p.a. interest rate on purchases applies at the end of the introductory period
No interest-free days if you have a balance transfer
Why we like it
The Kogan Money Card – Exclusive Offer is a genuine $0 annual fee card. Not just for the first year. You can earn rewards when you shop at Kogan and there's a decent balance transfer offer too.
This card has a Finder Score of 9.9 in the no annual fee category.
Best no annual fee cards: HSBC Premier World MasterCard - Qantas Frequent Flyer
HSBC Premier World MasterCard - Qantas Frequent Flyer
Up to 1.5 Qantas Points per $1 on eligible spending
$0 annual fee
Complimentary domestic and international travel insurance
Airport lounge access through Mastercard Airport Experiences/LoungeKey
No introductory bonus points offer
3% foreign transaction fee
Why we like it
The HSBC Premier World Mastercard lets you earn Qantas Points on your spending at a high rate. And it has no annual fee at all, plus perks like complimentary travel insurance.
This card has a Finder Score of 9.7 in the no annual fee category.
Best no annual fee cards: American Express Low Rate Credit Card
Complimentary card purchase cover and card refund cover
$30 late payment fee if you miss your minimum repayment
3% foreign currency conversion fee
No rewards program
Why we like it
There is no annual fee for this card at all.
The cards also has a low purchase rate and comes with complimentary card purchase cover.
How does a credit card with no annual fee work?
A no annual fee credit card allows you to shop and spend, without having to pay a yearly fee for the account. This can save you from $25 to as much as $1,750 for credit cards with an annual fee.
Just like other cards, interest and other charges may apply. But if you pay off the balance in full each month – and can get interest-free days on purchases – it's the closest you can get to free credit.
Finder's database contains every credit card we could find on the market, including some that offer balance transfers, rewards and other benefits. Right now, there are 29 credit cards on the market that charge no annual fee, ever.
Pros and cons of $0 annual fee credit cards
Pros
Save money on credit card fees. 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 over the life of the card.
Practical and cost-effective. A no annual fee credit card can be ideal for emergencies and when extra credit is required. This means you can leave it in your wallet without worrying about it costing you when you're not using it.
Promotional offers and perks. Depending on the card you choose, you can get big bonus points offers, 0% balance transfers and other perks as well as a $0 annual fee for the first year or ongoing.
Cons
Higher interest rates. These cards typically charge higher ongoing interest rates on purchases than some other cards. This could add to your costs if you regularly carry a balance from month to month.
Fewer extra features. While some no annual fee cards do come with rewards and other benefits, they typically boast fewer features than cards with a higher annual fee.
Temporary $0 annual fee. Unfortunately, not all of these cards offer a $0 annual fee for the life of the card. If your card only waives the annual fee for the first year, make sure you know the standard annual fee and when it will apply.
A $0 annual fee credit card saves you money up front, but make sure you get the most from it. Always pay it off every month in full - once you're paying interest, the card isn't free. And look for other features as well - if you can earn frequent flyer points, you can save real money on travel just by using your card for everyday purchases.
Some no annual fee credit cards offer the basics, while others have more features and benefits. This means you can compare credit cards that combine a $0 annual fee with other features, including introductory 0% interest rate offers, frequent flyer points, reward points and complimentary extras. Here are some examples.
Earns 0.75 Qantas Points per $1 spent on everyday purchases, 0.5 point / $1 with government bodies in Australia and an additional 1.75 Qantas Point per $1 spent on selected Qantas products and services in Australia, uncapped.
Offers 0% foreign transaction fees overseas and online with international merchants. Plus, complimentary overseas travel insurance.
$0
19.99% p.a.
How to find the right no annual fee credit card
Ask yourself these questions to help compare your options:
How often do you use your credit card? Finder research shows 41% of Australians got their most recent credit card for emergencies. If you rarely use a credit card but want one for unplanned expenses or emergencies, getting one with no annual fee helps you save on costs when you're not using it.
Do you carry a balance? Some no annual fee credit cards have high interest rates that are better suited to cardholders who pay their balance in full each statement period. If you regularly carry a balance, you might want to consider a low interest credit card instead.
Do you have existing debt? You could consider a balance transfer credit card to save money on interest charges for an introductory period. Or, focus on paying off your current debts before you get a new credit card.
Will you use the credit card after a $0 annual fee promotion ends? If it doesn't have a competitive interest rate or enough extra features to outweigh the ongoing cost, you might want to cancel the card before the annual fee is charged.
What other credit card fees and charges will you pay? As well as interest rates, make sure you check for other credit card fees that could apply, including foreign transaction fees, late payment fees and cash advance charges.
Interest-free spending hack
Most credit cards offer a number of interest-free days (such as up to 55) on purchases when you pay your account balance in full by the due date on your statement. So if you pay your account in full, make use of interest-free days and don't have an annual fee, your credit card could cost you nothing.
Frequently asked questions
If you have a card with a promotional $0 annual fee offer, the annual fee will usually be charged 12 months after you were approved for the credit card.
If you get a credit card that offers no annual fee in the first year, you can cancel it before the annual fee is charged in the second year. Just check your account details online or contact your credit card provider to find out exactly when the annual fee would be charged – and make sure you have paid off the balance – so you can cancel the account before that date.
This depends on the credit card provider. For example, some providers may waive your credit card annual fee when you also take out a home loan package with them. Others may waive or refund your annual fee if you meet specific conditions, such as spending a set amount each year or being a student. You can check the terms and conditions or ask the credit card company to see if an ongoing waiver is possible, or compare cards with ongoing $0 annual fees instead.
If you always pay off your balance in full and can make use of interest-free days on purchases, then a no annual fee card can be very affordable. But if you carry a balance that attracts a high interest rate, the interest charges could make your credit card an expensive option. In this case, you might want to compare credit cards and look at the potential savings you'd get from a card with a low interest rate (even if it has an annual fee).There is no such thing as a "free credit card" because there is always the potential cost of interest if you carry a balance. There are also other credit card fees that may apply for certain transactions (such as cash advances or purchases made in a foreign currency). But in most cases, if you have a $0 annual fee card and pay off your account balance in full by the due date on each statement, you won't be charged interest and can use the card at no cost.
Yes, there are a few no annual fee, low rate credit cards on the market. You can use the filters on Finder's comparison table to narrow down your search based on rates, fees and other features you want. But keep in mind that $0 annual fees and low rates are generally offered on separate cards – except when one of the features is promotional. For example, a $0 annual fee card may offer an introductory low or 0% interest rate before reverting to a higher standard rate, while a low rate credit card could offer a waived annual fee in the first year.
Having a bad credit rating will limit your chances of being approved and getting a credit card, regardless of whether there's an annual fee. You can use our bad credit rating credit card guide to see what credit alternatives are available for applicants with a negative credit history.
2024 Finder Award winner and finalists
Find out which brand took first place at the 2024 Finder Awards for no annual fee credit cards.
The American Express Low Rate Credit Card won the 2024 Finder Award for Best No Annual Fee Credit Card. It scored highly for its $0 annual fee, low interest rate for purchases and interest-free days. It also offers $0 additional cardholder fees and has won the Finder Award for this category every year since 2020.
The Heritage Bank Gold Low Rate Credit Card scored highly for its $0 annual fee and low 11.8% interest rate. Unlike the other finalists in this category, it does not offer interest-free days. It was also a finalist in this category in 2023. But unlike the other finalists, it does not offer interest-free days.
The Hume Value Visa offers a $0 annual fee, a low 11.95% interest rate for purchases and up to 55 days interest-free, which saw it score well across the criteria considered for this category.
Every year the Finder Credit Card Awards honor Australia's best credit cards, with expert analysis of rates, fees and offers based on 12 months' worth of data. Offers change regularly, so these cards may not currently have the most competitive deals but you can use them as a benchmark.
Why you can trust Finder's credit card experts
Obsessed with offers - You want all the perks and none of the fees, and we want that for you too. So we're tracking all the current no-fee cards, in one handy guide.
Save yourself some time. Why waste 100s of hours researching no-fee credit cards, when we've done the hard yards for you? Simply sit back, sort the options and get the card that suits your needs
No BS. We'll explain how all the credit card fees work and how you can avoid interest – and we'll always explain it all in plain English.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio
Richard's expertise
Richard has written 553 Finder guides across topics including:
Make the most of credit cards offering $0 annual fee in the first year and learn about other ways to save on this yearly cost with this guide to annual fees.
Share your credit card with a partner or family member but watch for extra costs. Compare cards and learn more about credit cards that offer free additional cardholders.
I currently have 3 credit cards and one flexi loan. I would like to put them all onto one so I just make one payment do not want to loose credit card though but only have one.
Finder
JacobJune 13, 2013Finder
Hi Wendy,
Thanks for your question.
If you’re looking to consolidate the loan with credit cards, your options become somewhat limited. With the exception of Citibank and Virgin credit cards, Citibank and Virgin allows you to consolidate the balance of a line of credit or a personal loan onto a credit card, so you may want to check with them. Alternatively, most providers will allow you to capitalize the balance of a credit card onto a loan/mortgage. One thing to consider when you do this is capitalizing a debt onto a loan actually ends up costing you more with an extended loan term.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this helps.
Cheers,
Jacob
RayJune 5, 2013
What does balance tranfer mean?
Finder
JacobJune 5, 2013Finder
Hi Ray,
Thanks for your question.
A balance transfer is when you move money you owe from one credit card to another that charges less in interest. You may refer to or comprehensive guide on how balance transfer works. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this helps.
Cheers,
Jacob
MaryMay 15, 2013
I’m retired and on the pension and have assets in excess of $500k and access to at least $40k in cash. I want to apply for your credit card but don’t want to waste my time or yours if I don’t meet the requirement.
Finder
JacobMay 15, 2013Finder
HI Mary. Thanks for your question. If you’re looking to apply for a card, please refer to each card’s review and application page for a list of the minimum eligibility requirements. I can help you with your decision if you can provide the name(s) of a card(s) you’re interested in applying for. Jacob.
HiltonMay 9, 2013
Hi. We are being asked to “upgrade” from Westpac Earth Platinum to Earth Black: MasterCard and American Express. Earth Platinum points are capped and 0.5 pts per $1, and will go to 0.625 and 1.5 for the AMEX.
Earth Black annual fee is $395 and is waived whilst home loan package is current. We spend approx 2000 per month on our cards.
Should we upgrade?
Finder
JacobMay 10, 2013Finder
Hi Hilton,
Thanks for your question.
The fact that the annual fee is waived is a big bonus, you may have to make this decision for yourself and see what is best for you. There are some additional benefits to the Black Card, you can read the review of the Westpac Altitude Black to learn more about the card features and benefits.
If you were to stay with your current card and keep your current monthly spend at $2,000, you would be unaffected by the points cap of 3,750 Qantas Frequent Flyer points per statement cycle, which is one of the main reasons why people are taking up this offer.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this helps.
Cheers,
Jacob
DaveMay 6, 2013
Im thinking of moving my $3000 debit on my current commonwealth credit card to another credit card so i have longer to pay it off. What would be the charge for moving this to the hsbc card (that has no annual charge)?
Finder
JacobMay 6, 2013Finder
Hi Dave. Thanks for your question. Currently, there is no fee for processing a balance transfer. The only charges you will pay are the card’s annual fee and balance transfer promotional rate of interest (if applicable). Jacob.
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We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
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Obsessed with offers - You want all the perks and none of the fees, and we want that for you too. So we're tracking all the current no-fee cards, in one handy guide.
Save yourself some time. Why waste 100s of hours researching no-fee credit cards, when we've done the hard yards for you? Simply sit back, sort the options and get the card that suits your needs
No BS. We'll explain how all the credit card fees work and how you can avoid interest – and we'll always explain it all in plain English.
I currently have 3 credit cards and one flexi loan. I would like to put them all onto one so I just make one payment do not want to loose credit card though but only have one.
Hi Wendy,
Thanks for your question.
If you’re looking to consolidate the loan with credit cards, your options become somewhat limited. With the exception of Citibank and Virgin credit cards, Citibank and Virgin allows you to consolidate the balance of a line of credit or a personal loan onto a credit card, so you may want to check with them. Alternatively, most providers will allow you to capitalize the balance of a credit card onto a loan/mortgage. One thing to consider when you do this is capitalizing a debt onto a loan actually ends up costing you more with an extended loan term.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this helps.
Cheers,
Jacob
What does balance tranfer mean?
Hi Ray,
Thanks for your question.
A balance transfer is when you move money you owe from one credit card to another that charges less in interest. You may refer to or comprehensive guide on how balance transfer works. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this helps.
Cheers,
Jacob
I’m retired and on the pension and have assets in excess of $500k and access to at least $40k in cash. I want to apply for your credit card but don’t want to waste my time or yours if I don’t meet the requirement.
HI Mary. Thanks for your question. If you’re looking to apply for a card, please refer to each card’s review and application page for a list of the minimum eligibility requirements. I can help you with your decision if you can provide the name(s) of a card(s) you’re interested in applying for. Jacob.
Hi. We are being asked to “upgrade” from Westpac Earth Platinum to Earth Black: MasterCard and American Express. Earth Platinum points are capped and 0.5 pts per $1, and will go to 0.625 and 1.5 for the AMEX.
Earth Black annual fee is $395 and is waived whilst home loan package is current. We spend approx 2000 per month on our cards.
Should we upgrade?
Hi Hilton,
Thanks for your question.
The fact that the annual fee is waived is a big bonus, you may have to make this decision for yourself and see what is best for you. There are some additional benefits to the Black Card, you can read the review of the Westpac Altitude Black to learn more about the card features and benefits.
If you were to stay with your current card and keep your current monthly spend at $2,000, you would be unaffected by the points cap of 3,750 Qantas Frequent Flyer points per statement cycle, which is one of the main reasons why people are taking up this offer.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this helps.
Cheers,
Jacob
Im thinking of moving my $3000 debit on my current commonwealth credit card to another credit card so i have longer to pay it off. What would be the charge for moving this to the hsbc card (that has no annual charge)?
Hi Dave. Thanks for your question. Currently, there is no fee for processing a balance transfer. The only charges you will pay are the card’s annual fee and balance transfer promotional rate of interest (if applicable). Jacob.