$100 will be credited within 2 months of account activation and doesn’t meet minimum monthly payment requirements.
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.
$100 Cash back offer
For a limited ANZ are offering new customers $100 back on their new ANZ Low Rate Card! It’s ANZ’s way of saying “hello”. To get the $100 credited to your ANZ Low Rate Card, your account needs to be activated. You don’t need to spend a certain amount to get the $100, just activate your card. It does take two months from account activation to receive the $100. You’ll not be eligible for this offer if you’re transferring from an existing ANZ credit card and you can’t do it in conjunction with other offers or packages from ANZ.
New purchases on this card at 0% p.a. for the first 6 months
This is very helpful if you plan to make a big ticket purchase(s) and spread the repayments out over 6 months. ANZ are offering 0% p.a. for the first 6 months on purchases from the date your application is approved. You’ll need to pay the minimum repayments every month along the way.
After the 6 months is over, the promo 0% interest rate on purchases reverts to the standard variable rate of 13.49% p.a. applicable to purchases. At the end of the promotional 0% purchase window any unpaid purchases balance will be subject to the 13.49% p.a. rate.
If you use this card for cash advances or balance transfers then those transactions will be subject to different interest rates.
Low ongoing interest rate – for a credit card
This card’s normal purchase interest rate of 13.49% p.a. is still relatively disagreeable, but quite low when compared with many other credit cards. 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 that seven 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 $45.
No balance transfer option
Usually with cards of this nature, banks offer an incentive for people to switch by offering a promotional 0% balance transfer rate. Currently this card does not offer a 0% balance transfer intro rate.
Up to 55 days on purchases each 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 Up to 55 days on purchases, 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.
Since it’s 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.
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 get is worldwide access to your 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 – almost
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 app to turn your mobile Android or Apple smartphone into a digital wallet, so that your card can be left in your pocket.
You can also use this card with Apple Pay.
Never miss a payment
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:
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.
Looking for more . . . or less?
If you just can’t give up the idea of rewards but want to avoid high interest and a steep annual fee, the Citi Clear Platinum Credit Card gives you a free bottle of wine when you dine through the Citibank Dining Program, discounts on movie tickets and other special offers, and a range of insurance policies, all bundled with a 14.99% p.a. interest rate and a $99 p.a. annual fee.
Similarly, the Coles No Annual Fee MasterCard offers flybuys points for using the card, and with no fee to pay it’s a good deal as long as you can avoid the 19.99% p.a. purchase interest rate by paying off your balance each month.
At the other end of the scale, the St. George Vertigo Visa may be the most stripped-back card of all, with a 13.24% p.a. interest rate and a $55 p.a. annual fee.
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 on the due date every single month, either because their finances are temporarily stretched, or because they simply forgot.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
|Interest rate||Period||Fee||Limit||Revert rate|
|Balance transfers||N/A||N/A||N/A||95% of credit limit||N/A|
|Purchases||0% p.a.||6 months||N/A||N/A||13.49% p.a.|
|Cash advances||1.81%||21.74% p.a.|