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ANZ First Student Credit Card

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
All banks
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offer
card features
balance transfer
purchase rate
annual fee
your savings
$0 p.a. annual fee for the first year, then $30 p.a.
An easy to manage credit limit from $500 will mean you can’t build up a lot of debt.
Manage your account on the go 24/7 with ANZ’s goMoney app.
Add to comparison
-
19.74% p.a.
ongoing
$0
1st year
then $30

Pros & cons

What's good?

What's not so good?

No annual fee for the first year, then $30 p.a. thereafter.
An easy to manage credit limit from $500.
Minimum income of $15,000 makes getting your first credit card more achievable.
Up to 44 Days Interest Free on purchases when you pay your account in full each month.
Be insured for 90 days against loss, theft or breakage on items purchased.
Purchases made on the card will double the manufacturer’s expressed Australian warranty on goods by up to 12 months.
Make quick contactless purchases using Visa PayWave when shopping.
ANZ Mobile Pay, Android Pay and Apple Pay let you use your compatible Android or Apple device to tap and pay.
The standard purchase interest rate is quite high.

Review

Our review of the ANZ First Student Credit Card

Although students may be struggling financially while they are learning, once they complete their degree or vocational training they are a pretty safe bet for the future from a bank’s point of view. That’s why ANZ are shrewdly aiming the ANZ First Student Credit Card at people undertaking tertiary education and training. It may be a loss leader for a while, but they expect to reap the rewards in future years.

So why not take advantage of an annual fee concession, plus a manageable low credit limit and achievable qualifying income, all bundled into a straightforward card with all the security and convenience you expect?

Special concessions for students

In practice, this card is very similar to the ANZ First Visa Credit Card, but with several important differences:

  • The minimum credit limit is a low $500 instead of $1,000. At this level your card can automatically put a brake on your spending before it gets out of hand.
  • There will be no annual fee charged for the first year, provided you are a new ANZ credit card customer, and in subsequent years it remains at a low $30 p.a.

These special concessions are only granted to students, and ANZ’s definition of a student is someone who is at least 18 years old and studying full time at an eligible Australian educational institution. There are no further guidelines about what constitutes an ‘eligible Australian educational institution’, but just make sure you select “Full-time student” as your employment status in the online occupation form.

Fairly standard rates and conditions

There’s nothing concessional about the standard interest rates and interest-free days. As long as you pay off the balance of your account on or before the due date for payment each month, you won’t pay any interest. You’re getting up to 44 days interest-free because you are effectively postponing paying for purchases for up to 30 days, plus the 14 days’ grace that you get after your statement cut-off date before you have to come up with the cash.

Don’t be tempted to spend beyond your ability to make a full repayment in any month, because if you miss a payment you’ll immediately be charged interest on all your purchases for the month at the rate of 19.74% p.a. Credit card interest rates bear no relation to bank deposit rates or mortgage interest rates – they exist in a different world.

Similarly, if you are tempted by the ability to draw down cash on your card to the extent of your credit limit, be aware that you’ll start paying interest from the day of withdrawal at the even higher rate of 21.49% p.a. – no messing about with interest-free days in this case.

Students would be well-advised to steer clear of the long-term debt trap by viewing their credit card as just a convenient way to pay rather than as a real source of credit.

A secure card that’s easy to manage

Leave the standing in bank queues, worrying about online transactions and even entering a PIN to your parents. You’ll be comfortable with contactless payments (under $100), and the 24/7 account management provided by ANZ’s secure internet banking and goMoney iPhone and Android apps, backed up by ANZ Falcon’s constant monitoring for suspicious transactions. There’s even a money-back guarantee in the unlikely event of fraudulent activity on your account, provided you notify ANZ about it promptly and didn’t contribute to the fraud in any way.

Your card will be a Visa, accepted worldwide when you decide to go travelling, and you can get an emergency card replacement anywhere in the world as well if it’s lost or stolen. And just because it’s a Visa you’ll get free membership of the Visa Entertainment program, which cuts out another set of queuing when you want those hard-to-get tickets for concerts or special movie screenings.

Free insurance cover

OK, so maybe you’re a bit young to be thinking about insurance, but ANZ are going to give you some worthwhile cover that’s actually suited to your lifestyle.

When you use your card to buy the sort of stuff that has a serial number, such as electronics and appliances, the free insurance cover that comes with the card will double the manufacturer’s warranty, up to an extra 12 months’ cover. (Note that vehicles and second hand items are excluded, so, sorry, it won’t apply to your car. It also doesn’t cover anything with a purchase price over $2,000, but who can afford that sort of money anyway?)

The second type of free insurance you’ll get is loss, theft or breakage cover for any personal items you buy with the card, for a period of 90 days after you bought them.

Once again second hand items are excluded, and so is computer software. There’s also a $1,000 claim limit per item of jewellery, and a $50,000 annual limit for all claims – not likely to be a problem for the average student. Just don’t leave your belongings in an unlocked car, or overnight in a car even if it’s locked, because this invalidates the policy.

Unfortunately you need to be a permanent resident of Australia to access this insurance cover, so cardholders who are students from overseas won’t qualify.

Is this the only student credit card?

ANZ are not the only bank to offer a student credit card. There’s also the Westpac Student Credit Card, with a similar annual fee, but no free insurance. It might also be worth taking a look at the Commonwealth Bank Low Free Credit Card, where the annual fee is also suitably low.

Q&As about the ANZ First Student Credit Card

Q: Can I keep the card when I’m no longer a student?

Although you’ll need to be a full-time student to get the cheap annual fee, the very low qualifying income level and the self-restrictive credit limit, there’s nothing to say you have to remain a student to carry on using the ANZ First Student Credit Card. It doesn’t have the word ‘Student’ emblazoned on it, and you may find it continues to suit your needs once you are earning a decent income. With an increased credit limit it effectively morphs into a regular ANZ First Visa Credit Card, so provided you’re not looking for rewards or frequent flyer points (and a high annual fee) you could choose to just stick with it.

User reviews

4.5 out of 5.0 based on 5 reviews80% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Pay on time, so no interest and good service

Reviewed and recommended by Harshit on 26 Dec 2016

It has been a good card to pay my bills and other expenses, and since I pay money back on time I’ve never had to worry about the extra added cost.

I was treated with good customer service and I have loved to be associated with the bank so far.

Efficient, functional online and personal service

Reviewed and recommended by Sanil on 06 Dec 2016

The overall facilities provided by the bank are highly customer-friendly, as the bank provides an efficient online and mobile system of banking which provides for easy transfer of funds, making for quick payments and easy checking of the balance. All customer issues are addressed properly online, by email or phone calls. Its functioning has truly revolutionised the banking industry.

Great for students

Reviewed and not recommended by Jamie on 27 Jun 2016

A must have for students, this ANZ credit card is for full-time university students only. The minimum yearly earning is $6,000 a year, which is not a lot even for a full-time student. It’s definitely the student’s card… the card for students like myself who take cold showers and eat canned spaghetti.

A must-have for the average uni student.

Used all the time

Reviewed and recommended by Alyssa Lo Piccolo on 07 Oct 2015

This card is incredibly easy to use. All of my finances go straight to it. I buy lots of things online and in person. I connected it to my PayPal account so I can use it almost anywhere online that I visit. I prefer this credit card to any other.

I absolutely love it!

Reviewed and recommended by Maria Ivan on 18 Jul 2015

I think I couldn’t live without it! This is a great credit card from a company you can always rely on! I’ve loved my card since the moment I received it and from now on I will never switch to a different bank. I save alot of money on fees and it’s just great all round!

Basic details

About this card

Card setup
Single
Card tier
Standard
Card type
Visa
Card use
Personal
Credit rating
Any
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$15,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
None
Temporary residents
Yes

Cardholders

Additional cardholders
3
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$500
Maximum credit limit
N/A

Repayments

Interest charged from
Purchase date
Interest free period
Up to 44 days on purchases
Minimum repayment
2%

Rates & fees

Ongoing interest rates

MonthlyAnnually
Cash advances 1.79% 21.49% p.a.
Purchases 1.65% 19.74% p.a.

Fees

Annual fee
$0 p.a.
Annual fee 2nd year
$30 p.a.
Cash advance fee
2%
Dishonour fee
$6
Duplicate statement fee
$0
Foreign exchange fee
3%
Late payment fee
$20
Over limit fee
$20
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$4
Overseas emergency card replacement fee
N/A
Transaction verification fee
$0

Benefits

This card comes with benefits worth an estimated $90

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
$50
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Total estimated value$90
Annual fee$0
Net customer value$90
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $15,000 per year
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are eligible
Age Pension, Disability Pension and Veteran's Pension are acceptable.
Overseas Pension and Widower's Pension are not acceptable.
Carer's Allowance, Child Support Payments and Family Tax Benefits and Parenting Payments are acceptable.
Austudy, Foster Care Allowance and Youth Allowance are not acceptable.
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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