ANZ Low Rate MasterCard

My rate: 
My annual fee: 
Price of my purchase: 
card features
balance transfer
purchase rate
annual fee
your savings
0% p.a. for the first 16 months on balance transfers with a 2% balance transfer fee. Reverts to 21.74% p.a.
Low 12.49% p.a. ongoing rate on purchases.
Low annual fee of $58 p.a.
Add to comparison
16 months
0% p.a.
then 21.74%
with a 2% fee
12.49% p.a.

Pros & cons

What's good?

What's not so good?

0% p.a. for the first 16 months on balance transfers with a 2% balance transfer fee. Reverts to 21.74% p.a.
Low 12.49% p.a. ongoing rate on purchases.
Low annual fee of $58 p.a.
ANZ Falcon™ provides round-the-clock monitoring for suspicious transactions.
You won’t be liable for fraudulent transactions on your ANZ credit card with ANZ Fraud Money Back Guarantee.
Worldwide Emergency Credit Card Replacement.
60 second approval process for online applications.
Reverts to standard balance transfer rate, currently 21.74% p.a.
No insurances for travel or purchase covers for spending.
This card is not eligible to use ANZ Mobile Pay.


Our review of the ANZ Low Rate MasterCard

Are you sick of complicated rewards points systems and 'complimentary’ benefits that you rarely use but are actually paying for in the form of a high credit card annual fee? The ANZ Low Rate MasterCard could put an end to your frustration.

Rewards credit cards are great if you plan to read the fine print about where to earn the most points, and then spend enough to be able to actually redeem them. Complimentary benefits like travel insurance and extended warranty are attractive too, but only if you get enough use out of them to justify the annual card fee. And high credit card interest rates are not a problem if you plan to pay off the balance in full every month. That is, until the day you forget to pay on time, or just can’t come up with the cash on the due date. Time to look at ANZ’s straightforward combination of a low interest rate and fairly low annual fee.

Low interest rate – for a credit card

This card’s recently-reduced purchase interest rate of 12.49% p.a. is still relatively disagreeable, but this is in fact one of the lowest credit card purchase interest rates currently available. You could be paying up to two months’ interest at more than 20% p.a. every time you slip up and forget to pay off your card balance, so the eight percentage points reduction is going to make a big difference to your interest payment.

Suppose your account balance – and missed payment – was $2,000. You could pay as much as $69 in interest on a high rate card, but with this card you’d pay a much more palatable $42. The longer your debt goes unpaid, the more you save with a low rate card.

Attractive balance transfer option, but there are drawbacks

There’s an option for new ANZ cardholders to transfer a balance from another card, and pay no interest for 16 months. This is a great opportunity to use the interest-free period to either sort out your troubled cash flow, or earn a bit of interest income by depositing your cash in a savings account instead of paying off the balance.

But it’s not all good news.

Drawback Number One: there’s an upfront balance transfer fee of 2% to pay. This means that a $5,000 balance transferred from your old credit card instantly becomes a $5,100 debt on your new credit card. Over a period of 16 months, it’s the equivalent of paying around 1.5% p.a. in interest rather than being totally interest free.

Drawback Number Two: the revert rate – the interest you’ll pay on any uncleared balance after 18 months – is not the low purchase interest rate of 12.49% p.a., but the much more punitive cash advance rate of 21.74% p.a.

When considering balance transfer options, it’s tempting to look for the longest interest-free period, but this will not necessarily produce the best result in every case. If you are certain that you can pay off any transferred balance in full by the time payment is required, by all means search for the longest suspension of interest. But if you think there’s a chance that you will end up paying the revert rate of interest on your balance when the interest-free period expires, look for a card with a lower revert interest rate.

Up to 55 days on purchases every month

If you don’t have a balance transfer, and plan to pay off your purchase balance in full on each payment due date, you can enjoy Up to 55 days on purchases every month. What this means is that the balance becomes payable 25 days after your monthly statement cut-off date, rather than the 14 days after cut-off that applies to 'up to 44 days interest free’ cards.

Purchases you make on the first day of the billing cycle are free of interest for 55 days, but purchases you make on the last day of the billing cycle are free of interest for only 25 days. ANZ are being rather generous here, in granting 55 rather than 44 days, given that it’s a low-rate, lower-fee card.

Priceless Cities

Since it is a low-rate, lower-fee card, don’t expect a concierge service or access to pre-release concert tickets. But what you will get is MasterCard’s 'Priceless Cities’, a program of special events, discounts, privileges and upgrades for entertainment, accommodation and dining across several continents.

Global network

The advertising for this card makes a bit of a stir about the global network of both ANZ and MasterCard and the attendant advantages. What you will in fact gain is worldwide access to your line of credit, 24/7 global service, ANZ Falcon monitoring of suspicious transactions, and a money-back guarantee against fraud provided you take the required precautions and quickly notify the bank of anything that looks dodgy, or a lost or stolen card. It’s good to have this level of customer service and peace of mind, of course, but it’s pretty much what we’ve come to expect from the major banks.

The latest technology

This card is MasterCard PayPass enabled, allowing you to Tap & Go with PIN-free purchase transactions under $100. Even better, you can download the ANZ goMoney, Apple Pay or Android Pay apps, to turn your Android or Apple smartphone into a digital wallet, so that your card can stay in your pocket or even be left at home.

Never miss a payment by accident

ANZ has come up with two ways to help you avoid missing those vital payments which incur penalty fees and interest if they are neglected:

  • CardPay Direct is an optional service. You can specify an Australian bank account which will be automatically debited on each payment due date with a specific repayment amount, or the minimum repayment amount, or the full closing balance amount. You choose, then set and forget: ANZ will take care of the rest.
  • ANZ Credit Card Insurance is another option. Choose to pay a monthly premium equal to 60 cents per $100 of the card’s closing balance (e.g. in a month where your closing balance was $2,000, your premium would be $12). Your account balance will then be paid out in the event of your accidental death or permanent disability, while monthly repayments of 20% of the balance will be made in the case of your involuntary unemployment.

Reasonable $58 p.a. annual fee

Because ANZ aren’t giving away any rewards points, insurance policies, airport lounge passes or sets of steak knives, and the retailers are effectively funding your credit, they only have to cover their administrative costs plus a realistic profit margin. A $58 p.a. annual fee (and no charge for supplementary cards) is not too bad, though some might argue that a 'no frills’ card like this should have no fee at all.

A great starter card

The combination of low interest and a reasonable annual fee makes the ANZ Low Rate MasterCard a good starting point for someone who has not previously held a credit card, especially given the low income requirement of $15,000

Even seasoned credit card users will want to take a long hard look at this card if they think there’s a chance that they won’t be paying off their credit card balance in full by the due date every single month, either because their finances are temporarily stretched, or because they simply forgot.

Q&As about the ANZ Low Rate MasterCard

Q: Can I do a balance transfer from another ANZ card?

No. The balance transfer offer advertised (when on offer) is only available only to customers who are new to ANZ. If you already have an ANZ credit card and want to do a balance transfer, you need to look for offers from other banks. There are usually strong offers from Westpac, NAB, St.George, Citibank, and others.

User reviews

3.4 out of 5.0 based on 96 reviews82% of reviewers would recommend this card.

Rates and fees
Customer service
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.

Low interest and balance transfer a breeze

Reviewed and recommended by Ashleigh on 06 Dec 2016

We got this credit card when we transferred our balance from a GE MasterCard with an interest rate over 20%. The ANZ Low rate MasterCard is awesome. The low rate of 13.99% is great and is quite often lower than interest rates on personal loans, which we also considered, but going with the ANZ Low Rate MasterCard was less hassle and a breeze to transfer the balance from our old credit card.

Fuss-free application process, low interest

Reviewed and recommended by David on 04 Dec 2016

The whole procedure with an online application was efficient from start to finish — fuss-free and convenient for someone with a busy schedule. I didn’t need to provide documents or talk to anyone for follow-ups.

I’m happy with the low interest rate. It’s easy to track my credit card payments in my internet banking.

Not cheap but convenient and good service.

Reviewed and recommended by Lisa on 22 Nov 2016

I’ve had this card for years and I’m generally happy with the rates and service provided. I use it mostly for travel expenses and online shopping. It’s linked to my personal loan and savings account and I can conveniently use all three via internet banking or the mobile app. I pay my bills via BPAY on the same app.

I also noticed that a lot of vending machines have trouble accepting my husband’s AmEx, but I’ve never had an issue with my card.

Low rate card linked to our bank account

Reviewed and recommended by Tshinta on 22 Nov 2016

My partner and I have a joint account with ANZ and they conveniently offered us a low rate credit card, which we use more than any of our other credit cards because it’s low rate and also linked to our everyday account. So it’s easy to transfer money to it.

My partner is a non-Australian resident and we are going through the visa process, so this has also helped with not only his credit rating but also our proof of financial commitment to one another. We also have a daughter and one on the way, so it has been handy to get things like prams and car seats etc.

Got it for a holiday, kept on using it

Reviewed and recommended by Ashleigh on 14 Nov 2016

I got this card as I was going on holidays and wanted a backup money supply. I used it when I was away but I have continued to use it since being back.

ANZ are most helpful and I never feel overwhelmed with it — it has helped me a lot.

Competitive rates, exceptional service

Reviewed and recommended by Sherisse on 04 Nov 2016

I needed a card when I went overseas, in case of emergencies. ANZ helped me pick the best card to suit my financial situation and needs. I did end up maxing it out and was at one point struggling to pay it off, but ANZ have been great with late payments, helping me budget and finding ways to keep the repayments affordable but practical, so I am not paying back a huge amount of interest. The customer service is exceptional.

It’s convenient to check the balance, make a repayment and withdraw or use if needed. The rates are competitive compared to other cards out there.

The rewards I am not sure about. I don’t think the card has rewards, as it is a low fee card.

Helped me when I was struggling financially

Reviewed and recommended by Michael on 03 Nov 2016

I had this card at a time when I was struggling to pay off a few debts and manage my finances. I enjoyed the ease with which I was able to check my status and balance, and update my details. Going with a first-class financial institution like ANZ gave me a great level of confidence that everything would be straight up. A good all round credit card, for when needed, and relatively low fees.

Not much bang for your buck

Reviewed and not recommended by Christine on 31 Oct 2016

ANZ Low Rate MasterCard has no reward points and is a very basic card. It’s OK for just a small back-up card.
I would give it a three out of ten.

ANZ needs much better customer service on the Gold Coast. I’ve had to wait for 15 up to 30 mins to get served. Most people walk out as the wait is too long. It’s a shame that the major banks make millions of dollars profit each year, yet there is no service. Maybe they should put some more money back into customer service.

Charges and harassment for late payment

Reviewed and not recommended by Jacinta on 27 Oct 2016

ANZ are the WORST for personal banking, but I hear better for business banking.

If you pay money off your credit card but don’t on top of that pay your monthly instalment on the day it’s due — not before or after, but on the day — you get charged. Also, if you pay a few days late, expect to be harassed by at least ten calls from the ANZ’s extremely rude staff members.

Lower interest rate than ANZ Visa

Reviewed and recommended by Sharon on 27 Oct 2016

It has lower rates for purchases than an ANZ Visa card, which I like, so monthly interest is less.

This card is convenient to use, as much as a Visa card, and my trust is high. I get great customer service when I call ANZ.

There aren’t as many rewards, but I am not concerned about getting rewards.

Show 86 more reviews

Basic details

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.16 months2%95% of credit limit21.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
95% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the ANZ Low Rate MasterCard at the promotional balance transfer rate from:

  • ANZ

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.16 months2%95% of credit limit 21.74% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.81% 21.74% p.a.
Purchases 1.04% 12.49% p.a.


Annual fee
$58 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee

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
Have a good credit history
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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