No Annual Fee Credit Cards Credit Cards

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No Annual Fee Credit Cards

For those who have used credit cards for a while and have built up a good credit history, there is a natural inclination to try and find cards that can actually save you money. From low interest rate credit cards to going with gold or perhaps platinum cards for those that qualify, one of the more interesting types is the no annual fee credit card.

A credit card that charges you less can certainly save you money, but what exactly is a no annual fee credit card Australians can use and what are the potential benefits and pitfalls of owning such a card?

What is a No Annual Fee Credit Card?

This is a credit card that does not charge an annual fee. As a general rule, credit card companies will charge an annual fee for their cards to cover administrative costs and the like. As an incentive, eliminating the annual fee can certainly save the credit card owner the fee itself as compared to a standard credit card.

However, is having a no annual fee credit card really advantageous and what are the pitfalls for having this type of card in your wallet?

Advantages and Disadvantages of No Annual Fee Credit Cards

No Fee: The most obvious advantage is that you will certainly save money from not paying any annual fee. Of course, you will need to compare this advantage with other payments that you need to make to see if the card is actually saving you money.

Better Rewards: As an added incentive, many companies that offer a no annual fee card will also throw in perks such as better rewards, cash back on purchases and more frequent flyer miles and the like to make it an attractive offer.

However, there are some disadvantages to having such a card which starts with the qualification process. You have to have good credit and a good track record to qualify for a no annual fee credit card Australians enjoy. However, this may not be such a bad thing if you have maintained a good credit history.

Low Fee: Most annual fees on credit cards are actually fairly small so you might not be saving all that much money in the first place. The fees themselves are generally not the main way that credit card companies make money.

Higher Interest Rates: As with most things in life, nothing is free and not having to pay an annual fee doesn’t necessarily mean that you are saving money. Before you decide to get such a card, it pays to see what other fees the card has and their interest rate in particular as this is where they might make up for not having an annual fee.

You will need to look at the totality of the no annual fee credit cards Australians like to use before making your decision about whether you are really saving money. In many cases, you might be better off with a low interest rate or perhaps gold or platinum card instead if you qualify.

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ANZ Banking Group Limited

10/833 Collins St
ANZ Centre
Melbourne, Victoria 3000
Australia

Australia and New Zealand Banking Group Limited, also known as ANZ is among the largest international banks in terms of market capitalization in

Commonwealth Bank of Australia

201 Sussex Street.
Tower 1
Sydney, New South Wales 2000
Australia

Commonwealth Bank of Australia is one of the largest banks in Australia, forming one of the top four banks of the country - CBA

Hume Bank

492 Olive Street
Albury, New South Wales 2640
Australia

Primarily catering to the customers in Southern New South Wales and North Eastern Victoria, Hume Bank Limited has a strong hold in providing excellent

MyState Bank

144 Collins Street
Hobart, Tasmania 7000
Australia

MyState Bank Limited is an Australian financial institution with its headquarters in Hobart, Tasmania and predominately operates through the state of

National Australia Bank

800 Bourke Street
Docklands, Victoria 3008
Australia

NAB - National Australia Bank head office featuired in the Australian Financial Services Directory

Westpac Bank

150 Collins St
Melbourne, Victoria 3000
Australia

Westpac transaction accounts, debit, credit and travel cards, loans – personal and car, insurance products, share trading facilities, financial and

Citigroup Pty Limited

2 Park Street
Citigroup Centre
Sydney, New South Wales 2000
Australia

Global Consumer Group – This group consist of Citibank and Diners Club brands combined offering consumer banking services, including transaction and

Coastline Credit Union Limited

64 Elbow Street
West Kempsey, New South Wales 2440
Australia

Coastline Credit Union Limited is a state credit union in West Kempsey servicing loans, mortgages, personal loans, credit cards, savings accounts,

Family First Credit Union Limited

1 Ordnance Ave
Lithgow, New South Wales 2790
Australia

Family First Credit Union Limited provides Loans,Insurance ,Saving Accounts and Debit cards with branches in New South Wales.

Horizon Credit Union Ltd

27 Stewart Street
Wollongong, New South Wales 2500
Australia

Horizon Credit Union Ltd offers loans, insurances, saving accounts, financial planning and credit card.

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