ANZ Low Rate Mastercard

My rate: 
My annual fee: 
Price of my purchase: 
Card features
balance transfer
purchase rate
annual fee
Money saved
0% p.a. for the first 15 months on balance transfers with no balance transfer fee.
Low 12.49% p.a. ongoing rate on purchases.
Low annual fee of $58 p.a.
Add to comparison
15 months
0% p.a.
then 21.74%
12.49% p.a.

Pros & cons

What's good?

What's not so good?

0% p.a. for the first 15 months on balance transfers with no balance transfer fee.
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

Rate is good

Reviewed and recommended by Sheila on 03 Jul 2016

The rate is a lot better than other cards when you don’t pay off the whole amount each month. They also are very helpful when someone abuses your card. It did take some time and I had to supply documentation, but in the end I got all my money back. It’s accepted all over the world—I have travelled a lot and have never had the card denied for use.

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.

Good low interest no-frills card

Reviewed and recommended by Deborah on 02 Jul 2016

It’s a good low interest rate, no-frills basic card with no extras added on, so no points to get anything, win anything, or minimum spend to collect anything. If all you want is a credit card with low interest rates, then this one is for you. Great customer service with Australian staff who answer the phone fairly quickly and are fast and efficient with your enquiries.

Easy and efficient

Reviewed and recommended by Jaidyn on 22 Aug 2016

For a first-time credit card user, this card was the way to go. The low interest rates mean that I don’t have to stress about racking up extreme bills, and the ANZ customer service has been excellent. I recommend this card to all first-timers and those who appreciate low-interest rates.

Switched to get lower interest charges

Reviewed and recommended by Alice on 22 Oct 2016

The travel insurance is very usefu. We had an ANZ card before, with Qantas points. However, to get the lower fees it was well worth changing to a platinum low rate card as we still get our travel insurance and the yearly cost is not too high. We have banked with ANZ for a long time and find them very helpful

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.

Has been quite convenient for me

Reviewed and recommended by Anon on 15 Jul 2015

This card has been of enormous benefit to me. I like how they haven’t been asking me to increase my credit limit, which is more than adequate for my needs. I do, however, feel most banks in general seem to be very greedy with their obscene fees and charges! That is a real bugbear and I’m sure I’m not alone in this regard!

I am happy with my choice to bank with ANZ

Reviewed and recommended by Alexander Peel on 06 Oct 2013

I have banked with ANZ for 15 years and they are good with my money and differ good solutions for finance, savings and even my super. Life long member benefits and lower interest rates and fees make for great service that keeps me a coming back. I will be standing by ANZ for there service and abilities to help where they can.

Low rates, great savings

Reviewed and recommended by Pearl on 20 Sep 2016

A no-nonsense card. Not paying for extra services we don’t need or won’t use has saved us on paying too much in interest, and the customer service has been great whenever we have had to call.

I would recommend this card to anyone who wants a straightforward credit card.

I wish I didnt get it

Reviewed and not recommended by Eloise on 01 Jul 2016

So far I’ve received no benefits from owning this card. I wish I hadn’t signed up. My interest is quite high and I hate the repayments. I would not recommend. There is high interest on purchases and this wasn’t made clear to me when I signed up either. I am a loyal ANZ customer and I expected more from them.

Show 86 more reviews
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

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.15 monthsN/A95% 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.15 monthsN/A95% 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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