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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
0% p.a. for the first 16 months on balance transfers with a 2% balance transfer fee. Reverts to 21.74% p.a.
Up to 55 days on purchases.
$99 p.a. annual fee.
Add to comparison
16 months
0% p.a.
then 21.74%
with a 2% fee
11.49% p.a.
ongoing
$99
ongoing

Pros & cons

What's good?

What's not so good?

0% p.a. for the first 16 months on balance transfers with a 2% balance transfer fee. Reverts to 21.74% p.a.
Up to 55 days on purchases.
$99 p.a. annual fee.
$6,000 Minimum credit limit.
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.
Reverts to standard balance transfer rate, currently 21.74% p.a.
This card is not eligible to use ANZ Mobile Pay.

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 promote it as having 'low ongoing interest rate . . . plus overseas travel and medical insurance’.

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.

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 extremely low (for a credit card) 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 make only 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 many other cards.

Interest holiday on balance transfers

Anyone in the market for a low interest rate card may well have some existing credit card debt. ANZ appear to have calculated that the best way to win their business is to invite them to migrate that debt to an ANZ card and give them a short break from paying interest on it. So you can transfer your balance from a non-ANZ card and pay no interest for 16 months.

There’s are several catches though. You will have to fork out a 2% balance transfer fee right at the start. That’s $20 for every $1,000 you bring across, and the fee itself starts attracting interest from day one. For comparison purposes, over a period of 16 months it’s like paying 1.5% p.a. interest on the balance, rather than being interest free.

Yet another drawback is the high balance transfer revert interest rate, the rate you’ll pay if you can’t clear the balance after 16 months. It’s a high 21.74% p.a. (the ongoing cash advance rate rather than the lower purchase rate), so it would be a good idea to start making plans from the beginning about how you are going to make the full repayment.

Bear in mind that leaving any unpaid balance on your credit card – and this includes balance transfers – will cancel your 55 days interest free credit. You’ll start paying interest on purchases from the day you make them, so use another card for purchases (or pay for them in cash) if you have a balance transfer.

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, baggage 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 Australian warranty (up to a maximum of 12 extra months) on goods bought 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 guarantee scheme. Have you ever bought something, and then seen it advertised for much less shortly afterwards? If you bought it in-store with this card and saw it selling for less locally 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 at least $$750 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, entertainment and dining 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.

If you want even more security, you can take out ANZ Credit Card Insurance and have your repayments covered in the event of your death, serious illness or injury, permanent disability or even involuntary unemployment. The premium payable is 60 cents for every $100 of each month’s closing balance on the card.

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.

Fans of smartphone payment technology can now use their ANZ Low Rate Platinum MasterCard in conjunction with Apple Pay and Android 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 (- @ – on purchases, then 12.74% p.a., $99 p.a. annual fee) and the Citibank Clear Platinum Credit Card (14.99% p.a. ongoing purchase rate, $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.

User reviews

3.8 out of 5.0 based on 10 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.

Helps me save up for a car

Reviewed and recommended by Manik on 30 Apr 2017

I love this card. It fulfils my needs as per my requirements.

Now I’m saving too, but this card helps me in many ways to buy things which were not in my budget. Thanks to ANZ this card also has a low interest rate, so I don’t even need to be in a hurry to repay it.

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%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.16 months2%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 Platinum MasterCard at the promotional balance transfer rate from:

  • ANZ

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.16 months2%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 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.

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