No Annual Fee Credit Cards Australia 2026: 7 Compared

Quick answer: For most people the best no annual fee credit card is the one that matches the single thing they'll use it for. Kogan Money is the best all-rounder. The Qantas American Express Discovery is the only $0-fee card open to everyone that earns Qantas Points. Bendigo Ready and Bankwest Zero are the cheapest to use overseas. If you might carry a balance, the Amex Low Rate at 10.99% p.a. matters more than any fee.

Every figure below was checked against the card issuer's own website on 5 October 2026. That matters more than usual this year: the Reserve Bank cut the interchange fee banks earn on consumer credit cards from 0.8% to 0.3% on 1 October 2026 (RBA conclusions paper), and issuers have been raising rates and fees to make up the difference.

The 7 genuinely $0-annual-fee cards worth considering

"No annual fee" here means $0 every year, not just the first. Cards that waive the fee in year one only are covered in "No-fee cards that still cost you" below.

Card	Purchase rate	Rewards	Overseas fee	Stand-out feature
Kogan Money	21.99%	1 Kogan point per $1 (2 at Kogan.com)	3.4%	0% balance transfer for 6 months, no transfer fee
Qantas Amex Discovery	23.99%	0.75 Qantas Points per $1, uncapped	3.5% (Amex fees)	Only open-to-all $0 Qantas card
Amex Low Rate	10.99%	None	3.5%	Lowest rate of any $0-fee card here
Bendigo Ready	19.99%	None	$0	Up to 3 months' international travel insurance
Bankwest Zero	0% for 6 months, then 18.99%	None	0%	Interest-free start on new purchases
Virgin Money No Annual Fee	19.99%	Partner offers only	3.30% (rates and fees)	0% balance transfer for 6 months, no transfer fee
Coles No Annual Fee	Not shown on product page	1 Flybuys point per $2 (first $5,000 a month)	Not shown on product page	Bonus Flybuys at Coles Supermarkets

Three patterns stand out. The cards that earn points (Kogan, Qantas Discovery) charge the highest purchase rates. The two cards with no overseas fee (Bendigo Ready, Bankwest Zero) earn no rewards. And only one card, the Amex Low Rate, combines no fee with a purchase rate near 10%.

Qantas credit cards with no annual fee

The Qantas American Express Discovery Card is the only card we found that earns Qantas Points with a $0 annual fee and is open to the general public. It earns:

• 0.75 Qantas Points per $1 on everyday purchases, with no cap
• 1.75 points per $1 on eligible Qantas products and services
• 0.5 points per $1 at Australian government bodies

There is no sign-up bonus, the interest-free period is up to 44 days rather than the usual 55, and the purchase rate is 23.99% p.a. Amex also adds a 3.5% currency conversion fee on purchases in foreign currencies (Amex fees page), so leave it at home when you travel.

Velocity collectors: Amex's current Velocity card, the Velocity Escape Plus, charges $95 a year. We couldn't find a no-annual-fee Velocity-earning card open to new applicants on Amex's or Virgin Money's sites as at October 2026.

When a Qantas card with a fee beats the free one

At 0.75 points per $1, $30,000 a year of spending earns 22,500 points. Compare the Qantas Money Platinum, which earns 1 point per $1 on domestic spending up to $10,000 a month, with a $399 annual fee after a $349 first year:

Annual spend	Discovery points (0.75/$)	Platinum points (1/$)	Extra points from Platinum	Value of extra points at 1.5c each	Platinum fee (year 2+)
$20,000	15,000	20,000	5,000	$75	$399
$50,000	37,500	50,000	12,500	$188	$399
$100,000	75,000	100,000	25,000	$375	$399

1.5 cents per point is our assumption for economy flight redemptions, not an official Qantas figure.

On ongoing earn alone, the fee card only pays for itself at about $106,000 a year of spending. The sign-up bonus is what changes the maths: Qantas Money Platinum currently offers up to 80,000 bonus points in year one for new Qantas card earners who spend $5,000 in 90 days. That's worth around $1,200 at the same 1.5c rate, against a $349 fee. A reasonable plan for a points collector is to take the fee card for the bonus year, then move ongoing spending to the Discovery.

No-fee cards that still cost you

Some cards marketed as "no annual fee" or "free" have costs that show up elsewhere.

1. Monthly fees instead of annual fees. CommBank Neo has a $0 annual fee, 0% interest and no late fees, but charges $15, $20 or $25 a month depending on your $1,000, $2,000 or $3,000 limit. That's $180–$300 a year whenever you use it. It's only waived in months you make no purchases.
2. First-year-only waivers. The ANZ Platinum is $0 in year one, then $87 a year unless you spend $20,000+. The Latitude 28° Global is $0 in year one, then $96 unless you spend $12,000+ a year.
3. Cards that have since added a fee. The ING Orange One Low Rate appears on many "no annual fee" lists, but ING's product page now shows a $48 annual fee.
4. Overseas fees. Four of the seven cards above charge 3.3–3.5% on foreign currency purchases. On a $6,000 overseas trip, the Qantas Discovery's 3.5% adds $210 — more than many cards' annual fees.

Is CommBank Neo cheaper than paying interest?

Neo makes sense in one situation: you know you'll carry a balance. Carrying an average $3,000 balance on a 19.99% card costs about $600 a year in interest, against $300 a year in Neo fees on a $3,000 limit. If you pay in full every month, any of the seven $0 cards above costs you nothing, and Neo costs up to $300.

No annual fee and interest free: what's actually available

Searches for "interest free credit cards" usually mean one of three things, and different $0 cards cover each.

What you want	No-fee option	Terms
0% on new purchases	Bankwest Zero	0% p.a. for 6 months, then 18.99% p.a.
0% on a balance transfer	Kogan Money or Virgin Money No Annual Fee	0% for 6 months, no balance transfer fee; Virgin reverts to 20.99% p.a.
No interest ever	CommBank Neo	0% p.a., but a $15–$25 monthly fee

Six months is short. Longer 0% balance transfers (20–26 months) exist, but they come with annual fees and a 3% transfer fee. Our rewards and balance transfer card guide compares them.

How to choose

Match the card to how you'll use it:

• You pay in full and want something back: Kogan Money for general rewards, or Qantas Amex Discovery for Qantas Points.
• You travel overseas: Bendigo Ready (no overseas fee, plus travel insurance) or Bankwest Zero (no overseas fee). Our travel credit cards comparison covers paid travel cards with lounge passes too.
• You sometimes carry a balance: Amex Low Rate at 10.99%. A low rate saves more than any rewards program earns.
• You're planning a big purchase: Bankwest Zero's 6 months at 0%. Divide the cost by six and pay that every month.
• You shop at Coles weekly: Coles No Annual Fee for Flybuys.

A $0-fee card isn't completely free in one respect: lenders count your full credit limit, not your balance, when working out how much you can borrow. If you're planning a home loan, use our Borrowing Power Calculator and consider asking for a lower limit or closing cards you don't use.

FAQ

Related guides and calculators

• Best Rewards Credit Cards Australia 2026
• Is Holding Multiple Credit Cards Worth It in Australia?
• Borrowing Power Calculator

This article is for general information only and does not constitute financial, tax or legal advice. Individual circumstances vary. Credit products involve risk — read the Product Disclosure Statement before applying. Consult a registered tax agent or licensed financial adviser before making decisions based on this information.