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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.
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:
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 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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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!
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.
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.
|Cash advances||1.81%||21.74% p.a.|
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.
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.
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.
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
Rental vehicle excess cover (separate from travel insurance)
Valuation based on similar rental vehicle excess insurance policies available online.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
|Total estimated value||$1,373|
|Net customer value||$1,274|