Low annual fee rewards cards
Some rewards credit card customers pay hundreds of dollars every year just for the privilege of being a cardholder. While other borrowers opt for the more basic rewards card with a lower annual fee attached.
As someone in the market for a new piece of plastic, are you leaning towards one with minimal overheads? Read our guide for the lowdown on what this card type is all about.
Ready to start comparing now? Look below for our top cards.
Rewards Credit Card Comparison Table - rates updated daily
American Express Qantas Ultimate Card
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$45060,0001.25 points up to 100,000 points/year, then
1 point uncappedQantas Ultimate Card
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Amex, up to 100000 points per year, then
1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 60,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover - Rewards Bonus Points 1.25 points per dollar on everyday purchases. Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2.25 Qantas Points per $1 spend on selected Qantas products and services.Exclusions apply. After a total of 100,000 Qantas Points is earned in a calendar year, the everyday earn rate will change from 1.25 to 1 Qantas Points per $1 spent.* For Card Members who applied for the Card between 1 July 2023 – 9 January 2024, this change will come into effect from 10 July 2024.
Read our Mozo Review to learn more about the Qantas Ultimate Card
G&C Mutual Bank Platinum Visa Credit Card
Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$29950,0001 point up to 20,000 points/monthPlatinum Visa Credit Card
Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.
- Intro rate
- -
- Ongoing Purchase rate
- 19.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 50
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1 point per dollar on Visa, up to 20000 points per month
- Reward point expiry
- Never
- Bonus points
- 50,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Concierge
- Rewards Bonus Points 1 bonus points on selected Qantas products and services.
Read our Mozo Review to learn more about the Platinum Visa Credit Card
NAB Qantas Rewards Premium Card
70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$250 $150 in the first year70,0000.66 points up to $3,000/month, then
0.33 points up to $6,000/monthQantas Rewards Premium Card
70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 0.66 points per dollar on Visa, up to $3,000 per month, then
0.33 points per dollar on Visa, up to $6,000 per month
- Reward point expiry
- Never
- Bonus points
- 70,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Rental Vehicle Excess in Australia Insurance - Rewards Bonus Points Bonus points on selected Qantas products and services, including eligible Qantas flights.
Read our Mozo Review to learn more about the Qantas Rewards Premium Card
American Express Qantas Premium Card
Receive 20,000 bonus Qantas Points when you apply, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Premium Card within 3 months of Card Membership. T&C’s apply. Available to new American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$24920,0001 point uncappedQantas Premium Card
Receive 20,000 bonus Qantas Points when you apply, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Premium Card within 3 months of Card Membership. T&C’s apply. Available to new American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 20,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover - Rewards Bonus Points Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2 Qantas Points per $1 spend on selected Qantas products and services.
Read our Mozo Review to learn more about the Qantas Premium Card
NAB Rewards Signature Card
Earn 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 40,000 bonus points when you keep your card for over 12 months (T&Cs apply). Enjoy a reduced annual card fee (from $295 to $195) for the first year. Up to 44 Interest free days on purchases (T&Cs apply). $15,000 minimum credit limit. 0% p.a. on standard balance transfer (BT) rate for 12 months (3% BT fee applies).
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
NAB Rewards$295 $145 in the first year160,0001.25 points uncappedRewards Signature Card
Earn 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 40,000 bonus points when you keep your card for over 12 months (T&Cs apply). Enjoy a reduced annual card fee (from $295 to $195) for the first year. Up to 44 Interest free days on purchases (T&Cs apply). $15,000 minimum credit limit. 0% p.a. on standard balance transfer (BT) rate for 12 months (3% BT fee applies).
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1.25 points per dollar on Visa, uncapped
- Reward point expiry
- 36 months
- Bonus points
- 160,000
- Rewards
- Points
- 15,600 points (excluding taxes and charges)
- 239,200 points (excluding taxes and charges)
- 20,410 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Rental Vehicle Excess in Australia Insurance - Rewards Bonus Points -
Read our Mozo Review to learn more about the Rewards Signature Card
Is a low annual fee rewards card for you?
You’ve probably heard the term “spending personality” before. It’s easy to see why the concept was coined. Everybody has different financial circumstances and their own lifestyle preferences.
To see if your spending personality is the type that suits a low annual fee rewards card simply answer “yes” or “no” to the following q’s. Are you….
- Frugal with money, but like having the option to splash out every now and then?
- Someone who pays credit card bills in full each month and on time?
- Attracted to freebies and rewards like bonus gift vouchers, cashback offers and purchase protection insurance?
- Not keen on a “no frills” credit card with zero added benefits?
If you answered yes to most of these q’s, you’re likely the budget minded spender and potentially suitable for a low fee rewards card.
Features to look for in a low annual fee rewards card
Low purchase rate: As we suggested above, rewards credit cards are really designed for those who pay their bills on time and in full each month. But slip ups happen every now and again, so choosing a credit card with a low purchase rate, on top of a low annual fee can help cushion the fall.
Fact: The highest interest rate among rewards cards listed on our database is a steep 22.74%!
High number of interest free days: No matter how diligent you are at staying true to your billing cycle, the more interest free days you have the better. Providers generally offer between 44 and 55, so going for something at the higher end will bide you time before that interest kicks in.
Appealing introductory offer: There are plenty of low annual fee cards offering incentives for new customers like gift vouchers and bonus rewards points. Just read the fine print to ensure you can fulfil the spending criteria, such as purchasing a certain amount by a set date (usually three months after the card is issued) to trigger the offer.
Your preferred points program: Do you like flying with the white kangaroo or budget-friendly airline Virgin? Perhaps you rarely travel and would rather your rewards points go towards feeding your family in the form of grocery vouchers. With the abundance of rewards programs to choose from (like Qantas Frequent Flyer, Virgin Velocity and Woolworths Everyday Rewards to name a few), ensure you pick a card affiliated with a program that suits you best.
High (or low) credit limit: The maximum amount you’re allowed to spend on your card comes down to how much money you want access to and what your card provider will approve you for. Some consumers are easily tempted to splurge so they opt for low credit limits, while others prefer the flexibility that comes with higher spend thresholds. If you need high credit leeway, keep in mind that some rewards cards with minimal or zero yearly fees keep limits down compared to premium cards.
Pros and cons of low annual fee rewards cards
Pros
- Less cost upfront: Annual fees are paid when rewards cards are issued, which means less money taken from your pocket at the start if you opt for a low annual fee card. Here at Mozo, generally we consider cards with annual fees under $100 as a low rewards card price point.
- Rewards program access: The difference between basic credit cards and rewards plastic with low yearly fees, is that with the latter you’ll earn points for shopping with the card.
- Some convenient features: We’re not going to lie, low annual fee rewards cards probably won’t give you VIP passes to airport lounges or free flights. But as the saying goes, you get what you pay for. In return for a small yearly fee, you could be looking at complimentary insurances, sign up incentives to gift cards.
- Can have low rates: Compared to platinum cards (which are known for charging the highest purchase rates in our database), some low annual fee cards come with competitive rates.
Cons
- Lower earn rates to build points: Points you earn for each dollar spent using your card, known as “earn rates” can be a dealbreaker if they’re too low. For instance, a low annual fee card may not be for you if you’re set on redeeming points on an interstate flight quicksmart.
- Few complimentary features: Freebies are fun, and low annual fee plastic providers offer few of them. So if you’re looking to get star treatment from concierge services on your next business trip, pay a higher annual fee for a different card that comes with more perks.
Credit card application checklist
Taking out a low annual fee rewards card in your name is easy. Once you’ve chosen your favourite, you’re halfway there. Land on the application page link from our site (or visit the website directly), then follow the instructions. Here’s a checklist of key requirements and details you’ll be providing on most online forms:
- Age. Prove that you’re 18 years or older by supplying your driver’s licence or passport number.
- Address. Aussie credit cardholders all have residential addresses in the country, so you may be asked to provide evidence of where you live by including your last bank account statement or energy bill.
- Income. Proving how much you earn can be done by uploading a copy of your last payslip in the application. Keep in mind, all low fee rewards credit cards have minimum earning requirements starting from around $40k.
- Credit score check approval. Remember, your credit history will be checked when you hit submit, so make sure you’re confident about it before clicking through.
Ready for an introduction into the world of rewards cards? Take that first step and pay a visit to our virtual hub!
^See information about the Mozo Experts Choice Rewards Credit Card Awards
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