Credit Cards with No Annual Fees

Are you wanting the convenience that a credit card can provide, but without having to pay any annual fees? Thankfully there are a number of options available.

Most credit cards issued in Australia will have an annual fee, however many banks and financial institutions have an option for a no annual fee card.

What is a no annual fee credit card?

A no annual fee credit card is simply one that does not attract any annual fees.

Generally these types of cards will offer limited features and benefits, and will be more suited to casual credit card users or those who keep them for emergency uses only.

Most no annual fee credit cards will not have access to a rewards program, and will not feature the insurance benefits that come with many other credit cards.

Are there any catches?

In return for offering no annual fees, often these types of credit cards will have a higher interest rate for purchases and cash advances.

If you are considering a no annual fee credit card it is important to ensure that the money saved on the fee is not offset by higher interest charges.

Some financial institutions offer credit cards with no annual fee for the first year only. In this case it is important to check what the fee will be in the second and subsequent years, and perhaps consider a different card which has no ongoing annual fees.

Who issues card with no annual fee?

A number of the banks and smaller institutions do offer a credit card option with no annual fees.

At the time of writing, Bankwest and HSBC offer no annual fee credit cards, whilst NAB, Westpac, ANZ and the>Commonwealth Bank offer special low annual fee credit cards.

Some banks also offer credit cards with waived annual fees if you have a professional package home loan with the bank.

Choosing a credit card

If you are comparing credit cards which have no annual fees, the next major factor to consider is the interest rate.

Generally you will want the card with the lowest ongoing interest rate, and you will also need to consider whether or not you would be suited to a card with an interest free period.

When comparing interest rates and annual fee savings, it is important to check your figures to ensure that higher interest charges aren’t going offset your annual fee savings.

Although most no annual fee credit cards are quite basic and do not come with a huge range of features and benefits, it is still worth looking out for these extra features when you are comparing cards.

Bankwest currently offer a Gold and Platinum MasterCard with no annual fee. This may be an option for cardholders seeking additional benefits whilst still enjoying no annual fees.

Some credit card providers are currently offering cards with no annual fee for the life of the card. If you can find a suitable credit card with this offer it may be worth taking advantage of.

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