ANZ Low Rate Mastercard

Card features
balance transfer
purchase rate
annual fee
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 Google 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

Could be any card—nothing special

Reviewed and not recommended by Jade on 29 Jun 2016

Comes with a small annual fee and low interest, but at 13% p.a. it’s not that low. No rewards. Customer service is OK—they reversed the interest when questioned. It’s nothing special and probably isn’t the best card for me as I pay it off monthly so I don’t see the interest that often. The card is nothing special. All banks offer a similar one. I got this because of the 2 min approval at the time.

A great card to shop online

Reviewed and recommended by Rose on 09 Sep 2014

I’ve always cleared my credit card monthly, generally paying via internet banking and have never had any concerns so far. Excellent customer service and a competitive interest rate. I would personally recommend this product to my friends. I enjoy having my credit card with ANZ, as this is one of the most reliable cards to shop online or in stores.

Convenient, no fuss

Reviewed and recommended by SL on 08 Sep 2015

I use the card mostly for internet shopping because it’s safe and there’s a good interest-free period. Low interest rate on purchases and it’s widely accepted. Good customer service especially when travelling. This is a no frills card – don’t expect any extras: no rewards, no frequent flyers miles, no travel insurance, etc.

Overall, I’m satisfied with the card, but wish there was a way to avoid annual fees.

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.

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.

Fair credit card

Reviewed and recommended by Kath A on 31 Mar 2014

I’m happy with ANZ credit card i pay on time I’ve never been charged a late payment fee if I have to ring them they’re always polite. I pay more than the monthly payment trying to get it down and pay it off, but i would be lost without it, it’s that simple.

Sloppy customer service

Reviewed and not recommended by Gary Mitchell on 10 Aug 2013

I had problems with payments which are now sorted and am getting the balance down but they cancelled the card because even though I was making more than the minimum monthly repayments it was structured wrong but in three phone calls to the bank nobody told me what I needed to do. So my card was cancelled.

Not overly good

Reviewed and not recommended by Kevin on 24 Jul 2013

Not the best card but has a low interest rate good one for someone looking for a low rate interest card to keep the bills down we pay ours off every month so we do not have to pay interest the fees at the end of the year are better than other banks.

Only emergency card

Reviewed and recommended by Angela on 03 Jul 2016

This card has a pretty standard interest rate, but does give me the option of using it and not being charged any interest in the first 30 days. And once I receive my statement I then have to the next statement to pay it off before any interest will be charged, which sometimes can be 45 days after the initial transaction. I have rarely been charged any interest and find that it is a great emergency card to have.

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.

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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

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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