ANZ Low Rate Mastercard

My rate: 
My annual fee: 
Price of my purchase: 
Card features
balance transfer
purchase rate
annual fee
Money saved
Enjoy $100 back when you spend $500 on eligible purchases in the first 60 days of approval.
Low 12.49% p.a. ongoing rate on purchases.
Low annual fee of $58 p.a.
Add to comparison
12.49% p.a.

Pros & cons

What's good?

What's not so good?

Enjoy $100 back when you spend $500 on eligible purchases in the first 60 days of approval.
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.
No insurances for travel or purchase covers for spending.
21.74% p.a. cash advance rate.

Our review

Our review of the ANZ Low Rate MastercardReviewed by Yvonne Taylor

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.

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

Reviews from users

Wonderful credit card

Reviewed and recommended by N/A on 09 Sep 2014

I enjoy having my credit card with ANZ. Their Low Rate MasterCard fits into my lifestyle perfectly. It’s a wonderful credit card all round and is definitely a card I would refer to others because of the low fees, great customer service, and ease of use. I’ve never had a problem with my card.

This card suits my needs

Reviewed and recommended by Rhonda Whittaker on 08 Sep 2015

I would recommend ANZ MasterCard. Very helpful staff, I can change my limit if needed, but have stayed low as it’s easier to pay off. They also send text messages if you forget to make payment by due date. On the whole, it’s very convenient and easy to manage. Thank you ANZ.

Generally pleased with this card

Reviewed and recommended by ANZ credit card on 24 Oct 2014

Although there are no rewards with this card it has minimal fees and we pay it off each month so we don’t pay any interest. I’m sure we could upgrade to a card that does have rewards but speaking with friends and family, unless you spend a lot of money you don’t get a lot of rewards.

Value for money

Reviewed and recommended by Anon on 23 Jul 2013

Value for money, good rates and good rewards. Would have again if I had a credit card . ANZ are very easy to deal with, including their Internet banking. Had other accounts with them also. Easy to access ANZ locally interstate and country. Would suit a whole range of different people.

Good for emergencies

Reviewed and recommended by Naomi on 16 Aug 2016

Interest charges are not bad. It’s important to keep on top of monthly payments but that is to be expected. I got the card to pay for my vet bills if an emergency happened, and so far it has been fine. I would recommend this card if you truly needed to get one, but make sure you’re in a position to get one.

Very happy with this card

Reviewed and recommended by Cameron on 03 Aug 2013

I mainly use this card for holidays or an emergency. I find the interest free period very handy. The interest rate is low hence the name and I find ANZ easy to deal with if i have any problems – in fact more than happy to accommodate when i wanted to raise limit for a while then no problem reducing that either.

Very pleased with this card

Reviewed and recommended by Stacey on 05 Jul 2016

Easy to use with a good interest rate and good customer service. I was a bit scared to use a credit card, but I find that I am able to stay in control of my spending and payments with the low rates. I find the statements are easy to understand and have never had an issue.

Cheapest option

Reviewed and recommended by Christopher on 24 Jul 2016

This card has a lower interest rate than I previously had with a rewards focused card, but there are no rewards aligned with this card. I need to have at least one card because of my home loan with ANZ, so I opted for the low rate MasterCard. It was lower in fees and yearly costs than the other options.

I would love to get rid of it

Reviewed and not recommended by Miss Trouble on 23 Oct 2013

I wish that they never offered me such a high credit limit and I never had to prove that I could pay it back, now I’m in trouble. I think that credit cards are a trap for low income earners who have no idea of handling money never mind handling debt.

Mostly happy with my card

Reviewed and recommended by Mum on 07 Aug 2013

It is accepted in most places and fees the are reasonable. Staff, when I do have to go into the branch are really friendly and helpful. Very short wait times if I have to ring to and talk to someone personally. Online banking and purchasing has been very easy to do. The online site is easy to use and the fact of getting monthly statements on line to save trees.

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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.

The basics

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

Rates & fees

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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