ANZ Low Rate Mastercard

Offer
Card features
balance transfer
purchase rate
annual fee
Apply
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.
ongoing
$58
ongoing

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 App, 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
Rewards
Customer service
Convenience
Trust

Reviews from users

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.

Good, but fees are too liberally applied

Reviewed and recommended by James on 12 Jul 2016

The card is fine. It pays for things and works without any issues. However, occasionally I get charged cash advance fees when I transfer money out of my card, even though it doesn’t actually dip into my credit limit. The service from ANZ is good. I’ve had very few issues with the bank. They’re always quick and happy to help.

Fuss-free application process, low interest

Reviewed and recommended by David on 04 Dec 2016

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.

Happy with my credit card

Reviewed and recommended by Happy HG on 31 Mar 2014

This card was recommended to me and I have found it to be great for my needs. No rewards program, but is a no-fuss account that is easy to manage. Customer service has been excellent on the few occasions I have phoned. The card is accepted at all locations, which is a definite bonus.

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 didn't save or lose money

Reviewed and recommended by Kalie on 24 Jun 2016

I had to open a credit card as part of linking an account. it’s a nuisance for me as I don’t like linking a credit card to my daily accounts. Westpac stuffed that for me— they are by far the worst bank in Australia. ANZ have been great since moving to them.

Had my card for a few years

Reviewed and recommended by Bygon on 10 Aug 2013

I have had my card for a few years and I find it indispensable. I like the staff who call me to make arrangements when needed. The card has enabled me to stay out of court. I am keeping the creditors happy. The card keeps me in good stead to date.

Terrible

Reviewed and not recommended by Suzie on 20 Jun 2016

Transactions and purchases take days to appear on your card, so you never really know what you’ve spent or what credit is remaining. Example: if you’re using it daily for all your purchases and don’t track and take note of every purchase you’ve made, you could really get caught out thinking you have credit when you actually don’t. Then there is the likelihood of going over your limit, and getting charged a fee for going over the limit. Overall, I’m not a fan of this card.

It's a great card for everyday use

Reviewed and recommended by Christos on 24 Oct 2016

This MasterCard had been great for my everyday shopping and banking. The people at the ANZ branches are so helpful and kind. I have always done my banking with ANZ for so many years due to the trusted brand. Their internet banking is so great and easy to use. I will always stay with ANZ.

A great card that's simple and easy

Reviewed and recommended by Andrew on 25 Sep 2014

This is a fantastic credit card. Easy to use and secure with a low interest rate on purchases. Fantastic for day-to-day use to pay bills and manage my finances. ANZ give great customer care and service. Can’t be happier.

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
Single
Card tier
Standard
Card type
Mastercard
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$15,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
None
Temporary residents
Yes

Cardholders

Additional cardholders
3
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$1,000
Maximum credit limit
N/A

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.15 months0%95% of credit limit21.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
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
No

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 months0%95% of credit limit 21.74% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.81% 21.74% p.a.
Purchases 1.04% 12.49% p.a.

Fees

Annual fee
$58 p.a.
Cash advance fee
2%
Dishonour fee
$6
Duplicate statement fee
$0
Foreign exchange fee
3%
Late payment fee
$20
Over limit fee
$20
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$4
Overseas emergency card replacement fee
$0
Transaction verification fee
$0

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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