ANZ Low Rate

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Card features
balance transfer
purchase rate
annual fee
Money saved
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.
Eligible for use with Google Pay and Apple Pay.
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 RateReviewed 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 credit card 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 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.

Attractive balance transfer option, but there is a drawback

There’s an option for new ANZ cardholders to transfer a balance from another card, and pay no interest for 15 months. There’s also no upfront transfer fee to pay, unlike some cards which charge as much as 2.5% of the balance for the privilege of transferring it. This is a great opportunity to use the interest-free period to either sort out your troubled cash flow, or earn a bit of interest income by depositing your cash in a savings account instead of paying off the balance.

But it’s not all good news.

The downside is that the revert rate – the interest rate you’ll pay on any uncleared balance after 15 months – is not the low purchase interest rate of 12.49% p.a., but the much more punitive cash advance rate of 15 months

When considering balance transfer options, it’s tempting to look for the longest interest-free period, but this will not necessarily produce the best result in every case. If you are certain that you can pay off any transferred balance in full by the time payment is required, by all means search for the longest suspension of interest. But if you think there’s a chance that you will end up paying the revert rate of interest on your balance when the interest-free period expires, look for a card with a lower revert interest rate.

Up to 55 days on purchases interest free each 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 interest free 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.

The latest technology

This card is Visa payWave enabled, allowing you to Tap & Go with PIN-free purchase transactions under $100. Even better, you can download the Apple Pay or Android 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.

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 short-term credit, they only have to cover their administrative costs plus a realistic profit margin. A $58 p.a. annual fee (and no charge for up to 3 supplementary cards) is not too bad, though some might argue that a 'no frills’ card like this should have no fee at all.

Looking for more . . . or less?

Check out our 'Low interest’ page in our Features section to compare the cost and benefits of other low interest cards. There you’ll find, for example, The American Express Essential Credit Card, with a slightly higher interest rate but also Membership Rewards points and a lower annual fee. Take a look at the low-rate, lower-fee ME frank Credit Card as well.

A great starter card

The combination of low interest and a reasonable annual fee makes the ANZ Low Rate card a good starting point for someone who has not previously held a credit card, especially given the low income requirement of $15,000 and the option to have a credit limit as low as $1,000.

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.

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

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.

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.

Good interest rates and service

Reviewed and recommended by Jan on 20 Sep 2016

Good interest rates and great ANZ service. I checked with many other cards and found this to be the best one around.

I have always banked with ANZ and find no problems at all. Also, their website is really easy to navigate.

Look around and compare others, and I am sure you would agree this is the best.

Great for emergencies but looking to clear card

Reviewed and recommended by Michelle on 20 Oct 2016

I have this card for all my online buying. It has been great but is totally at the $2000 limit now and I just want to try and pay it off. But otherwise it is a great card and I have had it for about 10 years or so.

I would recommend this card as fees and interest aren’t too bad.

I think the interest rate is too dear

Reviewed and not recommended by Marie on 07 Aug 2013

Interest rates too dear, late payment fee always charged even when you ring and explain why you are going to pay account late, when it is beyond your control. On line statements are good. Overdrawn fee always charged even when you get permission to overdraw. Overall not happy with this credit card.

Great all round card

Reviewed and recommended by Kylie on 20 Aug 2013

After been with a competitor for over 9 years I changed to ANZ and can say this card is great all round, great rates & fees, great terms & conditions. Easy to use, understand and great simple customer service. Great location of ATMs and easy to call ANZ and speak to a real person! Not to mention friendly & helpful. Highly recommend.

Good features, shame about the annual fee

Reviewed and not recommended by Tia on 26 Oct 2013

I would prefer a card with the same benefits, and rates, but without an annual fee. Most of the features of this card are pretty reasonable but the company is not. I have been refused an increase in my limit, even though I had voluntarily reduced it a couple of years ago. I don’t feel I am being listened to for the requested increase, and I’m not very happy about this.

Saving huge interest on $7,500 limit

Reviewed and recommended by Anon on 03 Aug 2015

I was with Visa, but changed to the ANZ Low Rate MasterCard. It works out to be 6% less interest on a $7,500 balance, which is a significant saving. Wow!

The card is accepted by retailers everywhere, including overseas. Transactions in Australia and overseas are quick. Issues/problems when using overseas are quick and easy to solve by free-call. Call centre people are precise, professional, and helpful. Fraud detection excellent.

Easy and efficient

Reviewed and recommended by Jaidyn on 22 Aug 2016

For a first-time credit card user, this card was the way to go. The low interest rates mean that I don’t have to stress about racking up extreme bills, and the ANZ customer service has been excellent. I recommend this card to all first-timers and those who appreciate low-interest rates.

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.

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
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 months0%95% 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 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

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 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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