No Annual Fee Credit Cards

Yes, as long as you don't owe any money on the credit card, you can cancel it over the phone or online before the annual fee is charged. Just check your account details or contact your credit card provider to find out exactly when the annual fee is charged, so you can arrange to cancel the account before that date.

If you have a card with a promotional no annual fee offer, the annual fee will usually be charged 12 months after you were approved for the credit card.

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. Contact your provider to find out if there are any other ways you can continue to pay no annual fee on your credit card.

A no annual fee credit card can be cheaper than a credit card with an annual fee because it has the potential to save you hundreds of dollars on your yearly account costs. 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 could 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 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 no 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.

There are plenty of cards with no annual fee, and there are even some cards with no interest. But there are no cards that don't charge any fees at all. Other fees include late payment fees, cash advance fees, currency conversion fees etc. However, if you choose the right credit card and use it for everyday purchases and make payments in full, you could avoid fees.

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 no annual fee credit 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 no annual fee in the first year before a standard yearly account fee applies.

To keep your travel costs down, you may want to consider a credit card with no annual fee and no overseas transaction fees or a card that offers complimentary travel insurance.

While business credit cards can offer no annual fee promotions, most of them charge high annual fees as they come with a lot of extra features. But depending on your circumstances, you may be able to claim the annual fee as a tax deduction.

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.

To apply for a no annual fee credit card, you need to meet the bank's eligibility criteria. These could include a minimum annual income amount, Australian residency status and credit history details. If you're eligible to apply, you'll also be required to provide documents including payslips and proof of identification. The provider will then assess the details and documents you provide to determine whether you'll be approved for the account.