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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.
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.
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:
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.
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.
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.
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.
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, 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.
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.
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.
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.
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 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.
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.
|Cash advances||1.81%||21.74% p.a.|