Best No Annual Fee Credit Cards (2026)
$0-fee cards ranked by purchase rate, rewards and balance transfer value. Last updated: 14/06/2026
Rates can change without notice. Last verified: 14/06/2026 (AEST). Please confirm details on the bank’s official page.
A no-annual-fee card costs nothing to hold, which makes it the sensible default unless a rewards card’s perks clearly outweigh its fee. The cards here split into two camps: low-rate options for anyone who might carry a balance, and rewards options for shoppers who pay in full each month. Pick based on which you are.
Our Top Picks for 2026
American ExpressLow Rate Credit Card
The lowest purchase rate of any no-annual-fee card we track, with zero ongoing cost. There's no rewards program, so it's purely a cost-minimiser — ideal if you occasionally carry a balance and want nothing leaking out in fees. Amex acceptance can be patchy at smaller merchants.
Pros
- ✓ Lowest no-fee purchase rate (10.99%)
- ✓ $0 annual fee
- ✓ 55 interest-free days
Cons
- ✗ No rewards program
- ✗ Amex not accepted everywhere
Heritage BankGold Low Rate Credit Card
A low 11.8% ongoing rate, no annual fee, and a 0% balance transfer for 12 months with no transfer fee — a rare three-in-one from a customer-owned mutual. The most versatile no-fee card here if you want a low rate and the option to shift a balance.
Pros
- ✓ Low 11.8% ongoing rate
- ✓ $0 annual fee
- ✓ 0% BT 12 months, no transfer fee
Cons
- ✗ No rewards program
- ✗ Smaller branch network
ColesNo Annual Fee Mastercard
Earns Flybuys points on everyday spending with no annual fee — the pick for regular Coles and Flybuys-partner shoppers who clear the balance each month. The 20.74% purchase rate makes it a poor choice for carrying debt.
Pros
- ✓ Flybuys points with $0 annual fee
- ✓ 0% BT for 12 months available
- ✓ Good for Coles regulars
Cons
- ✗ High 20.74% purchase rate
- ✗ 5% balance transfer fee
- ✗ Rewards only meaningful if paid in full
Kogan MoneyCredit Card
No annual fee plus the Kogan Rewards program, with a 0% balance transfer for 6 months (no transfer fee) on the side. Best for Kogan shoppers who pay in full — the 21.99% purchase rate means it isn't one for carrying a balance.
Pros
- ✓ $0 annual fee + Kogan Rewards
- ✓ 0% BT 6 months, no transfer fee
- ✓ No-cost to hold
Cons
- ✗ High 21.99% purchase rate
- ✗ Rewards tied to the Kogan ecosystem
Full No Annual Fee Comparison
All no-annual-fee cards we track, sorted by purchase rate (lowest first). See the full listing →
- Card
- Low Rate Credit Card
- Program
- —
- Bonus points
- —
- Annual fee
- $0
- Interest-free days
- 55 days
- Verified
- 2026-06-14
- Card
- Gold Low Rate Credit Card
- Program
- —
- Bonus points
- —
- Annual fee
- $0
- Interest-free days
- 55 days
- Verified
- 2026-06-12
- Card
- No Annual Fee Mastercard
- Program
- —
- Bonus points
- —
- Annual fee
- $0
- Interest-free days
- 55 days
- Verified
- 2026-05-18
- Card
- Credit Card
- Program
- —
- Bonus points
- —
- Annual fee
- $0
- Interest-free days
- 55 days
- Verified
- 2026-06-13
| Provider | Card | Program | Bonus points | Annual fee | Interest-free days | Verified | Action |
|---|---|---|---|---|---|---|---|
| American Express | Low Rate Credit Card | — | — | $0 | 55 days | 2026-06-14 | |
| Heritage Bank | Gold Low Rate Credit Card | — | — | $0 | 55 days | 2026-06-12 | |
| Coles | No Annual Fee Mastercard | — | — | $0 | 55 days | 2026-05-18 | |
| Kogan Money | Credit Card | — | — | $0 | 55 days | 2026-06-13 |
How to Choose a No Annual Fee Card
1. Decide if you’ll carry a balance
This is the whole game. If a balance ever lingers, the purchase rate matters far more than rewards — a low-rate no-fee card (Amex 10.99%, Heritage 11.8%) will save you more than any points. If you always pay in full, the rate is irrelevant and you can chase the rewards instead.
2. “No fee” isn’t always forever
Some cards advertise a fee waiver only for the first year or while you meet a minimum spend, then start charging. Every card on this page has a genuine ongoing $0 annual fee — but always confirm there’s no conditional catch before applying.
3. Weigh rewards against the higher rate
Rewards no-fee cards (Coles, Kogan) charge 20%+ on purchases. The points only pay off if you clear the balance every month — carry one and the interest will dwarf the rewards. Be honest about your repayment habits.
4. Consider it as a backup card
Because it costs nothing to hold, a no-fee card makes a good secondary card — kept for emergencies, online purchases, or as a low-rate fallback when you’d otherwise carry a balance on a high-rate rewards card.
5. Check acceptance and features
Amex isn’t accepted everywhere, so a low-rate Amex may need a Visa/Mastercard companion. Also check interest-free days (55 on all the cards here) and whether the card supports the digital wallet you use.
In-depth Reviews
- American Express Low Rate Credit Card review — 10.99% p.a. — Amex Low Rate, $0 annual fee
- Heritage Bank Gold Low Rate Credit Card review — 11.8% p.a. — Heritage Bank Gold, $0 fee, 0% BT for 12m
- Coles No Annual Fee Mastercard review — 20.74% p.a. — Coles No Annual Fee, Flybuys rewards
- Kogan Money Credit Card review — 21.99% p.a. — Kogan Money, $0 fee, Kogan Rewards
Frequently Asked Questions
Are no annual fee credit cards worth it?
For most people who don't spend enough to justify a rewards card's fee, yes. A no-annual-fee card removes the fixed yearly cost entirely, so the card costs nothing to hold. The trade-off is fewer perks and, on some, a higher purchase rate — so they suit people who pay in full or want a low-cost backup card.
Do no annual fee cards have higher interest rates?
Not necessarily. Some no-fee cards, like the Amex Low Rate (10.99%) and Heritage Gold (11.8%), have among the lowest purchase rates available. Others that bundle rewards — such as the Coles (20.74%) and Kogan (21.99%) cards — charge much more, because the value is in the points, not the rate.
Can I earn rewards on a no annual fee card?
Yes, on some. The Coles card earns Flybuys and the Kogan card earns Kogan Rewards, both with no annual fee. The earn rates are lower than premium fee-charging cards, but for regular shoppers in those ecosystems the points can still add up without any holding cost.
Is a no annual fee card good for a balance transfer?
It can be a good combination — the Heritage Gold and Kogan Money cards both offer 0% balance transfers with no transfer fee and no annual fee, so the whole transfer costs nothing if you clear it in time. Just check the 0% window length and the rate the balance reverts to.
Related guides
- Best low interest cards — lowest ongoing purchase rates
- Best balance transfer cards — longest 0% offers to clear debt
- Best credit cards — rewards, low rate and no-fee picks
- Balance transfer explained — how 0% periods and fees work
Information is general in nature and may change without notice. Rates and offers verified 14/06/2026. Confirm current offers, fees and eligibility on each provider’s website before applying. This is not financial advice.