American Express Platinum Card – how to apply and access luxury perks
Australians often assume a zero annual fee means a bargain. But they should look closer. A card that charges $0 each year can still cost more via interest, foreign transaction charges or balance transfer fees.
This guide shows which products truly deliver ongoing value and where trade-offs appear. It highlights low-rate options such as American Express Low Rate (10.99% p.a.) and Coastline Bank Visa (9.99% p.a.), reward earners like Kogan Money (0% BT for 18 months, 2% BT fee) and Heritage Bank Gold (11.8% p.a.).
Key strengths include permanent $0 annual fee offers and useful balance transfer windows. Readers will also see why purchase rate, interest-free days and FX costs change the real cost of a card.
Finder notes roughly 30 Australian products never charge an annual fee. This introduction sets the frame for choosing a fee credit option that fits spending habits, repayment plans and travel needs.
Keeping a card that costs nothing each year can be a smart safety net for many Australians. Fee-free options let someone hold a line of credit without a recurring charge, provided they avoid interest by paying on time.
Suitable if you:
Finder research shows many Australians get a card mainly for backup. Basic options like Bank Australia Visa (12.99% p.a.) and Coastline Bank Visa (9.99% p.a.) suit those who pay balances by the due date. Checking the purchase rate, interest-free period and other charges matters.
Light spenders benefit most when they pay in full. Interest quickly turns a fee-free product into an expensive one. Anyone keeping a fee credit card should also watch late payment and cash advance costs.
Our analysis prioritises ongoing cost drivers that shape real value for cardholders. The ranking uses Finder’s No Annual Fee Score and examines how a product performs beyond an introductory period.
Weights: Annual fee 30%, First‑year fee 20%, Purchase rate 20%, Interest‑free days 10%, Value of points 20%. Products must charge no annual fee for at least 12 months to qualify.
Purchase rate and interest determine what carrying a balance costs. Interest‑free days affect everyday use; longer grace periods lower the chance of paying interest.
Scores are category‑specific. A high score in the fee category does not always mean a top choice for rewards seekers or balance transfer users.
If someone plans to carry a balance, prioritising a genuinely low purchase rate matters more than flashy extras. This section highlights permanent $0 annual fee options and short-term low-rate promos that suit steady repayers.
Credit Union SA gives 0% for six months then 11.49% p.a., while Teachers Mutual Bank and UniBank start at 7.90% p.a. for six months before reverting to 11.50% p.a. Heritage Bank Gold Low Rate pairs 11.8% p.a. and a 0% balance transfer for 12 months but has no interest-free days, so interest begins on purchase.
Compare acceptance, late fees and FX costs. For card applications, see how terms match spending habits and repayment plans — or apply now for a specific option.
Earning rewards can be possible without paying an ongoing annual fee, but higher purchase rates often reduce the value of points. Rewards-focused shoppers must weigh earn rates, redemption options and the cost of carrying a balance.
Kogan Money Credit Card offers a genuine zero annual fee and Kogan rewards plus a 0% balance transfer for 18 months (2% BT fee). It charges a 21.99% p.a. purchase rate and a 3.4% FX fee, so it suits those who clear new purchases each month.
American Express Qantas Discovery earns 0.75 Qantas Points per $1 and gives up to 44 interest-free days. Acceptance varies and the purchase rate sits at 23.99% p.a., so timely repayment is essential to preserve rewards value.
Compare earn rates, caps and the rewards program flexibility. For frequent flyer value, pair a fee-free rewards card with a travel-friendly payment option to limit FX fees and protect the net benefit of earned points.
Intro offers that waive the first-year annual fee can make premium perks temporarily affordable. These deals let someone test travel cover, lounge access or higher points earn for a limited period. However, they often revert to a standard charge after 12 months.
HSBC Platinum often charges $0 for 12 months, then $199. It offers up to 1.5 points per $1 and travel insurance, but it also carries a 19.99% p.a. purchase rate.
David Jones Premiere and Prestige cards waive the first-year fee, then revert to $99 and $295 respectively. Both use Latitude Finance, have retail perks and a high 23.99% p.a. rate.
American Express Platinum Edge commonly has $0 in year one before a $195 fee. The card includes a $200 travel credit and screen insurance, but the 23.99% p.a. rate means new balances must be repaid promptly.
Some cards promise to waive the annual fee if you hit a set spend target. This approach can suit big spenders who want perks but dislike a steady charge. It also creates risks for people whose spending varies.
How the waivers work
Why chasing targets can backfire
Hitting spend goals by overspending or carrying a balance may cost more than the avoided charge. Many of these cards carry purchase rates north of 20% p.a., so interest quickly erodes rewards value.
Compare the real cost of occasionally missing a waiver against holding a permanent zero annual fee card. Check statement cycle timing, which transactions count and whether supplementary cards help meet thresholds without adding unwanted charges.
Choosing a travel-focused card often means trading FX savings for a higher purchase rate. Travellers should weigh the immediate savings from waived foreign transaction fees against any long-term interest costs.
What to expect: some Mastercards charge $0 for international purchases, offer 55 days interest-free, and include extras like 10% off hotels via Expedia, lounge access for flight delays, roaming data and e-commerce purchase protection.
Those perks suit holiday spenders but come with a catch. The highlighted travel card carries a high 27.99% p.a. purchase rate and a $1.95 BPAY fee, so balances must be cleared to keep benefits cost‑effective.
A balance transfer can be a useful tool to tackle debt, but the fine print often decides if it helps or hurts.
0% balance transfer windows and common gotchas
Kogan Money offers 0% p.a. on balance transfers for 18 months and a 2% one‑time BT fee. It has a $0 annual fee, but the post‑promo purchase rate jumps to about 22.74% p.a. and purchases usually incur interest immediately because interest‑free days are suspended during a transfer.
Heritage Bank Gold Low Rate provides 0% for 12 months and a $0 annual fee. Its ongoing purchase rate is 11.8% p.a., yet it also suspends interest‑free days, so it works best as a repayment tool rather than for new spending.
For business owners the network, controls and reporting often matter more than a headline fee. A permanent zero yearly charge can reduce overheads, but the purchase rate and extras shape total cost.
CommBank Business Low Rate stands out for a permanent $0 annual fee and a 14.55% p.a. purchase and cash advance rate. This suits small firms that want a simple line of credit without surprises.
Many business products waive the first year then revert to $60–$200+. Owners should model second‑year costs against expected use and benefits before applying.
Weigh the purchase rate against cash flow and integration with accounting software. For many small businesses, a permanent no‑yearly‑charge, low‑rate product proves cheaper than a perks card that attracts ongoing charges.
A waived annual charge is only part of the story when assessing a credit product. Some providers remove the yearly cost permanently; others only waive it for the first 12 months or tie the waiver to a minimum spend.
Many Australian cards still offer up to 55 interest-free days on purchases when the full balance is paid by the due date. That makes a fee-free option genuinely low cost for people who pay in full each month.
Even without an annual fee, issuers can apply other charges such as foreign transaction fees (about 3%), cash advance fees and late payment penalties. Interest accrues on carried balances at the card’s purchase rate, and cash advances usually attract immediate interest.
Providers earn from interchange and interest, so the absence of a yearly charge does not mean the product is free. Keeping a life card long term can help maintain credit history while keeping holding costs low.
Skipping the yearly charge can feel like a quick win, yet ongoing costs often decide the real value. This section outlines practical advantages and common drawbacks so readers can weigh trade-offs.
Many cardholders discover the real cost only after a foreign purchase or cash withdrawal. A zero yearly charge looks good, but other charges can add up quickly.
Even when an annual fee is $0, most providers still apply foreign transaction fees of about 3% on overseas or international online purchases. A few travel-focused products waive FX charges, which can save money for frequent travellers.
Watch dynamic currency conversion (DCC). If a merchant offers to charge in Australian dollars, the converted amount often includes poor exchange rates and extra transaction fees.
A cash advance usually starts attracting interest immediately and often at a higher rate than purchases. Issuers also add an ATM or handling fee, so withdrawing cash can cost far more than a regular purchase.
Using a card for ATM withdrawals counts as a cash advance. Avoid this unless necessary and consider a debit alternative for cash access.
Tip: Pay in full where possible, avoid cash advances and compare FX costs before travel. For related borrowing options see personal loan no origination fee for alternatives to expensive card repayments.
Pick a product that fits a clear purpose. A practical checklist helps match a fee credit to how they will actually use the card.
Start with purpose: emergency backup, everyday spending, travel, rewards or debt consolidation affect the best choice.
Compare the purchase rate and interest-free days—these determine cost if balances carry month to month.
Check any minimum spend rules that waive an annual fee later and decide if typical outlays meet those targets.
Maximising interest-free days is the easiest way to keep holding costs low on a fee‑free card. Many Australian cards offer up to 55 interest‑free days when the full balance is paid by the due date. Some products give shorter cycles (for example up to 44 days), so checking the statement period matters.
Always aim to pay the statement balance in full by the due date to unlock the full interest‑free window. Time larger purchases just after the statement cutoff to gain the maximum days before a payment is due.
Review statements monthly and adjust habits if fees or interest appear. If someone frequently revolves a balance, a low‑rate card that charges a modest yearly fee may be cheaper overall than keeping a zero‑fee product with a high rate.
Choosing a card often comes down to whether the interest rate or the annual fee drives long‑term cost. If someone regularly carries a balance, a modest yearly charge plus a low purchase rate can cost far less than a zero‑fee product that charges a much higher rate.
A back‑of‑the‑envelope calculation helps. Multiply the typical monthly balance by the difference in annualised interest rate. Then compare that annual interest saving to the yearly charge. In many cases a $79 yearly levy is repaid many times over in interest saved versus a 20%+ p.a. card.
Structure matters too. A product that offers interest‑free days or instalment plans may further reduce effective cost. Heritage Bank Gold Low Rate shows this: its 11.8% p.a. purchase rate and particular terms can beat some $0 annual fee options if interest‑free days and purchase timing suit the user.
When unsure, trial a low‑rate product for a year and compare real interest paid against the zero‑fee alternative. Reassess annually as balances and card terms change.
Deciding which card to keep depends on typical spending and repayment habits. If they clear the balance monthly, a zero yearly charge product and rewards options like Kogan Money or Amex Qantas Discovery can work well. If balances are likely, a low purchase rate such as American Express Low Rate or Coastline Bank Visa usually saves more over time.
Watch trial waivers and spend-based offers closely and plan for revert fees. Travellers should compare foreign transaction costs against perks like lounge access and insurance to avoid higher overall charges.
Use the checklist and methodology here to match features to behaviour, reassess annually, and prioritise paying in full and on time to keep holding costs low.
