Win 1 Million Velocity Frequent Flyer Points

100% unbiased and honest reviews made for you by a qualified and independent accountant

we compare every major bank and a lot of the smaller ones too

ANZ Low Rate Platinum MasterCard

My rate: 
17%
 
My annual fee: 
$90
 
Price of my purchase: 
$5,000
 
offer
card features
balance transfer
purchase rate
annual fee
your savings
$250 Back to your new ANZ Low Rate Platinum Credit Card.
0% p.a. for the first 6 months on purchases from approval.
Up to 55 days on purchases.
Add to comparison
-
6 months
0% p.a.
then 11.49%
$99
ongoing

Pros & cons

What's good?

What's not so good?

$250 Back to your new ANZ Low Rate Platinum Credit Card. This will be credited within 2 months of account activation.
0% p.a on purchases for the first 6 months from approval. Reverts to the standard purchase rate, currently 11.49% p.a.
Up to 55 days interest-free on purchases.
$99 annual account fee.
Complimentary insurances for your shopping including extended warranty insurance, best price guarantee scheme, and 90-day purchase security insurance.
Complimentary insurance when you travel including overseas travel and medical insurance, interstate flight inconvenience insurance, and rental excess cover.
ANZ Falcon for around-the-clock monitoring for suspicious transactions.
ANZ Fraud Money Back Guarantee means you won’t be liable for fraudulent transactions.
There is no balance transfer offer available on this offer.
This card is not eligible to use ANZ Mobile Pay.

$250 will be credited within 2 months of account activation and doesn’t meet minimum monthly payment requirements. All applications for credit are subject to ANZ’s credit approval criteria. Terms and Conditions apply and are available on application. Fees, charges, and eligibility criteria apply. Not available with other offers, packages or when transferring between cards.

Review

Our review of the ANZ Low Rate Platinum MasterCard

It’s all in the name.

ANZ want you to register the fact that the ANZ Low Rate Platinum MasterCard is a low interest rate card before you notice that it’s Platinum. They advertise it as “Low purchase interest rate, high on benefits”. Is the message clear enough? This card has a low interest rate on purchases, but still brings with it most of the benefits you’ve come to expect from a platinum card. You’ll pay a higher annual fee than you would for an ANZ low rate card without the word ‘Platinum’ printed on it, but it’s a relatively modest additional charge given the insurance cover and other advantages. Most platinum cards come with rewards or frequent flyer points, however. This one doesn’t.

$250 Cash back offer
For a limited ANZ are offering new customers $250 back on their new ANZ Low Rate Platinum Card! It’s ANZ’s way of saying “hello” to new customers. To get the $250 credited to your new card, your account needs to be activated. You don’t need to spend a certain amount to unlock the $250, just activate your card. However, it does take two months from the date of account activation to receive the $250. 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 interest free. 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 11.49% p.a. applicable to purchases. At the end of the promotional 0% purchase window any unpaid purchases balance will be subject to the 11.49% p.a. rate.

If you use this card for cash advances or balance transfers then those transactions will be subject to different interest rates.

A low interest rate, but . .

If the words “low interest rate” attracted your attention, chances are you plan to take advantage of this card’s 11.49% p.a. on purchases in order to negotiate the speed humps in your financial highway every now and then. Just try to avoid the delusion that 11.49% p.a. means that you can afford to just make the minimum repayment every month. If you do that you’ll chew up your credit limit in no time and find yourself staring down the barrel of long-term debt.

The low interest rate only extends as far as purchases. Cash advances are charged from the day they are made at 21.74% p.a., a rate just as high as most other cards.

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.

Mid-range annual fee buys insurance cover

This card’s $99 p.a. annual fee buys you a whole lot of insurance cover, saving you big bucks if you can make use of it. You’ll never have to worry again about taking out international travel or extended warranty insurance, provided you pay for your travel and personal item purchases with the card. Here’s the very comprehensive cover you can look forward to:

  • Overseas travel insurance for the cardholder, spouse and dependent children, covering such things as emergency medical expenses, luggage (against loss, theft, damage and delay), travel delay, unavoidable trip cancellation and up to $5,000 in rental vehicle insurance excess.
  • Transport accident cover for cardholder and family, in Australia and worldwide.
  • Interstate flight inconvenience cover in Australia, covering you in the event of flight delays, luggage loss or delays, or even unavoidable cancellation of your entire trip.
  • Rental vehicle insurance excess in Australia, up to $5,000. This is a stand-alone policy, not attached to travel insurance, so you are covered if you rent a car in your home town.
  • Extended warranty insurance, doubling the manufacturer’s warranty (up to a maximum of 12 extra months) on goods bought in Australia with the card.
  • Purchase protection insurance, giving 90 days cover against loss, theft and damage for personal items purchased with the card, with a generous $135,000 annual claim limit.
  • Best price guaranteed. Have you ever bought something, and then seen it advertised for much less shortly afterwards? If you bought it with this card and it happened within 21 days, you could get a refund of the price difference provided it was more than $75.

The very comprehensive travel insurance policy is probably worth $800 on its own in any year that you need to use it. There’s no doubt that the sheer range of this insurance cover more than justifies the card’s annual fee.

Platinum benefits

Platinum cards bring platinum benefits. You might think platinum benefits are a big yawn, a bit of window dressing that’s not going to add much to your lifestyle or save you any money. Think again. It’s worth drilling deep into the links on the MasterCard Priceless Cities page to discover just how many attractive extras and discounts you could use, and you can even sign up for e-mail alerts about the latest offers. Here’s a list of what’s currently available, but it changes regularly:

  • Special access to travel and entertainment events both in Australia and overseas
  • Discounts on hotels and dining
  • Complimentary upgrades and extras at hotels
  • Personal concierge for travel, dining and event recommendations, planning and bookings

Security and convenience

You should expect your bank to have your back covered, but it’s not a given. ANZ leaves you in no doubt though, by spelling it out: round-the-clock monitoring for suspicious transactions with ANZ Falcon, a money-back guarantee in the event of fraud occurring, and worldwide emergency card replacement.

You can manage your account wherever you are with ANZ internet banking or goMoney phone app, and contactless payments mean that you can forget about carrying coins for small transactions. You don’t need your PIN for any payment under $100.

Unfortunately, ANZ MasterCards are not yet enabled for ANZ Mobile Pay.

Show me other cards like this

A low purchase interest rate with platinum benefits is a pretty unusual combination, but if this is the blend that suits you it’s also available with the St. George Vertigo Platinum Credit Card (6 months at 0% p.a., then 12.74% p.a., $99 p.a. annual fee) and the Citibank Clear Platinum Credit Card (- At 0%, then 14.99% p.a., $99 p.a. annual fee).

Why should I want this card?

Not everyone can breeze through the year, balancing out their income and payments into predictable monthly amounts. If you like to enjoy a comfortable lifestyle, travel regularly but find collecting points not worthwhile, and prefer to buy things when you need them instead of waiting, you will find plenty of use for the insurance cover and platinum benefits, knowing that you can rely on a low purchase interest rate to help you smooth out the bumps in the road.

In a hurry?

One of the great things about ANZ’s online credit card applications is that they promise a 60 second response. There’s no anxious waiting for an e-mail or phone call if you need the card quick smart. So, if the features you’ve been reading about here sound like exactly what you want, just gather your documents, fill in the online form and look forward to a speedy answer. If you’re successful, you should get your card in the mail within five business days.

User reviews

3.7 out of 5.0 based on 9 reviews100% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
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.

Seems simpler and less confusing than other cards

Reviewed and recommended by Seb on 24 Nov 2016

I have never been a fan of the credit card, always worried about the confusing terms and conditions which quite frankly would put you off from using it. But ANZ Low Rate is simple, easy to use, and has never been refused or queried anywhere.

Having my mortgage with ANZ is also another reason why I feel safe and confident using it.

Good rate, great service

Reviewed and recommended by Melissa on 01 Oct 2016

I really love having my ANZ credit cards. I have used them on occasion and the rates are good and the service is great.

I couldn’t do without it and would highly recommend others to apply for one as they are good to have for emergency.

Just remember to pay on time though, because they are strict on late payments.

Low rate card caught my eye

Reviewed and recommended by Christine on 22 Sep 2016

I have this card because it’s just handy to have. So i use it mostly for emergencies such as bills etc., but i got this card in the first place because it just caught my eye — the low rate card — and i looked into it and I didn’t mind it. I guess if i could find something cheaper I’d definitely go for that, for sure.

Interest rate is high

Reviewed and recommended by Uzma on 21 Sep 2016

Regarding rewards and benefits, this card doesn’t offer any reward programs. Rates are high but it can be used anywhere.

I do most of my purchases online and it’s very safe to use this card. Customer service is very good. I am happy to use this card in future and definitely recommend it to my family and friends.

Brilliant platinum card with a low annual fee

Reviewed and recommended by ameigh on 20 Sep 2016

Great card with all the platinum benefits, with only a $99 annual fee and a low interest rate. What more do you need?

I have also only had great customer service with it, and so I would definitely recommend this card. If you don’t need the platinum benefits then you can just go with the standard card.

Great when compared to others

Reviewed and recommended by Layee on 05 Jul 2016

With this card, I get charged a low fee when I withdraw from an ATM worldwide. I find it very useful for those that tend to need quick access while on a holiday abroad. It is convenient and trustworthy! I’ve never had any issue using this amazing card, which works like a charm. I highly recommend it to everyone!

Not too bad for an emergency card

Reviewed and recommended by Anon on 25 Sep 2015

I’ve had this card for over 8 years now and only use it as an emergency card. There are no rewards on it, an annual fee and the fees are standard. I have balance transferred to this card and then paid it off. Easy to use. Internet and mobile banking is available making it easy to access anywhere.

Basic card with good benefits

Reviewed and recommended by Dennis on 14 Jul 2015

Good benefits, however not all of them were offered by staff – I found out from other cardholders. Interest rate is good and security features are fantastic.

It would be good if there was some kind of rewards program or the ability to link to one. I chose to go green and yet still receive paper notifications and limit increase offers.

Trusted bank

Reviewed and recommended by Janet on 20 Aug 2013

We have banked with the ANZ for many years as did my parents before me so it is a trusted bank. We love the ease of accessibility to the branches in our area and the online banking and phone app make everything so easy. We love our ANZ credit card and have no issues with it and would recommend it to anyone.

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
MasterCard
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$35,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
None
Temporary residents
Yes

Cardholders

Additional cardholders
9
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$6,000
Maximum credit limit
N/A

Repayments

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

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfersN/AN/AN/A95% of credit limit N/A
Purchases0% p.a.6 monthsN/AN/A 11.49% p.a.

Ongoing interest rates

MonthlyAnnually
Cash advances 1.81% 21.74% p.a.
Purchases 0.96% 11.49% p.a.

Fees

Annual fee
$99 p.a.
Cash advance fee
2%
Dishonour fee
$6
Duplicate statement fee
$0
Foreign exchange fee
3%
Late payment fee
$20
Over limit fee
$0
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$4
Overseas emergency card replacement fee
$0
Transaction verification fee
$0

Benefits

This card comes with benefits worth an estimated $1,373

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
$50
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
$10
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Travel
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Rental vehicle excess cover (separate from travel insurance)
Valuation based on similar rental vehicle excess insurance policies available online.
$32
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,373
Annual fee$99
Net customer value$1,274
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

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 $35,000 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.

Still need help? Ask us a question

Fire away
We welcome your questions but we cannot help if you need personal financial advice or if have lost your card or need to resolve a dispute with your bank.
as seen in
Win 1 Million Velocity Frequent Flyer Points
ENTER FOR YOUR CHANCE TO WIN