my virgin card has no annual fee, and bank west also has a similar mastercard deal. Bank west is actually australias most powerful bank (as they are backed by bank of scotland) bit of trivia for you anyways. For memory, my HSBC and bank of qld visa's have $40-50 fee per annum, and the amex annual fee is waived if you spent more than 9k a year on it which is easy to do with groceries, petrol, etc, plus you get the points - so i try use it most often. Almost all cards have 55 interest free days now too.
Keep in mind lending institutions take 3-5% of your total credit limit against your borrowing capacity