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ANZ Platinum Credit Card

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
All banks
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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 on amounts transferred. Reverts to 21.49% p.a.
Up to 55 days interest free on purchases when you pay your account in full each month.
$0 Annual fee for the first year (save $87).
Add to comparison
16 months
0% p.a.
then 21.49%
with a 2% fee
19.74% p.a.
ongoing
$0
1st year
then $87

Pros & cons

What's good?

What's not so good?

0% p.a. for the first 16 months on balance transfers. Reverts to 21.49% p.a.
Up to 55 days interest free on purchases when you pay your account in full each month.
No Annual fee for the first year. And the Annual fee is $0 each year thereafter if you make $20,000 of eligible purchases in 12 months).
Has some travel insurances if you’re travelling in Australia or overseas.
Platinum personal concierge service available all day, every day.
PayWave technology makes shopping even easier, and faster.
ANZ Mobile Pay and ANZ with Apple Pay let you use your compatible Android or Apple device to tap and pay.
The $87 p.a. Annual fee on the 2nd year of having the card is only waived if you spend over $20,000 annually (which is equivalent to spending $1,666 per month).
$35,000 required as a minimum income.
2% balance transfer fee on amounts transferred.
The balance transfer revert interest rate is 21.49% p.a.

Review

Our review of the ANZ Platinum Credit Card

For most credit card users, the word 'platinum’ is immediately associated with earning reward points at a fairly high rate, the possibility of free flights and airport lounge passes and a range of insurance policies, all packaged into a card with a consequently high annual fee. But ANZ has decided to be different with its ANZ Platinum Credit Card, and as a result may have captured a part of the market looking for a card with premium benefits but not interested in reward or frequent flyer points.

So there are no rewards points of any kind with this card, and no free flights or lounge passes, but it does come with a zero-interest balance transfer offer, all the standard complimentary insurance policies, some peripheral benefits, and a very moderate annual fee for a platinum card.

Balance transfer offer – 0% p.a. for 16 months

ANZ have recognised that most applicants for a platinum card will not be newcomers to the world of credit cards. That is, they will have an existing card on which there may be a substantial balance owing. So what could be easier – and more welcoming – than the proposition of postponing repayment of that balance for 16 months?

Bring your balance across from your existing card, make only 2% minimum monthly repayments, and pay no interest for an extended period. During those 16 months you can let the cash destined for repayments work hard in your mortgage offset account instead (reducing your mortgage interest bill) or in a term deposit (earning income).

Sadly, it’s not all good news. You will have to pay an upfront fee equivalent to 2% of the balance transferred. That’s roughly the same as paying 1.5% p.a. on the balance for 16 months, rather than being totally interest free.

There’s a hefty 21.49% p.a. revert rate too, if you haven’t cleared the balance after 16 months. This rate also applies to any cash advances taken, and the 19.74% p.a. purchase interest rate is also seriously unattractive.

Annual fee waiver

The regular annual fee is $87 p.a., but this is automatically waived in the first year, and also in any subsequent year in which you spend $20,000 using the card. That’s an average of $1,666 per month, possibly not achievable for anyone who has only just met the minimum income requirement of $35,000. But if you direct all your purchases through the card, and sign up members of your family as supplementary cardholders (you can have up to three at no extra cost), paying an annual card fee could be a thing of the past.

Complimentary overseas travel insurance cover ticks all the boxes

ANZ have left nothing out of the suite of insurance policies built into this card, and the overseas travel insurance is particularly comprehensive. It’s a multi-trip annual policy for cardholders and their families, covering emergency medical expenses, evacuation, repatriation, unavoidable trip cancellation costs, travel delay, luggage cover (loss, damage, theft and delay), death benefits and personal liability. It also saves you even more by providing overseas rental vehicle excess cover of up to $5,000 (with a $350 deduction, however, if you are involved in a collision) and up to $750 to cover the cost of dropping off the vehicle if another claimable event prevents you from returning it yourself.

ANZ state that this policy could save you up to $800 per year, and ANZ’s QBE Master Policy certainly appears to offer more protection than some of the less expensive policies you could buy yourself. Also worthy of note is the very low eligibility threshold, activating cover when you purchase just $250 worth of pre-paid trip expenses using your card.

Other complimentary insurance policies

This card’s insurance cover doesn’t stop with overseas travel. Here’s what you’ll get in addition:

  • Rental vehicle excess cover in Australia of up to $5,000.
  • Transport accident cover for you and your family, providing you paid the full fare on your card.
  • Interstate flight inconvenience insurance, covering cancellation, delays, and luggage loss, damage or delay, when you pay the full return flight cost using your card.
  • Extended warranty of up to 12 extra months on top of manufacturer’s Australian warranty, for items purchased with the card.
  • 90 days protection against loss, theft or damage for card purchases.
  • Best price guarantee scheme. Don’t worry if you purchase something using this card, and then find it advertised locally at a lower price in a printed catalogue within 21 days. ANZ will refund the difference, providing your original purchase was not made online.

Useful extras

Platinum cards always have a few peripheral trimmings which are difficult to put a value on unless you can actually find a use for them. The selection available with this particular platinum card includes complimentary membership of Visa Entertainment (access to pre-sales concert tickets, movies, special offers and competitions) and a personal concierge service (restaurant recommendations and bookings, taxi bookings, theatre tickets &c).

Convenience and security

As well as payWave for tap and go purchases under $100, you can also use ANZ Mobile Pay, Apple Pay or Android Pay. Leave your card at home and pay with your mobile device instead.

ANZ cards are protected by ANZ Falcon’s constant monitoring for potential fraud, and by the ANZ Fraud Money Back guarantee. But if that’s not enough security for you, you can also opt for ANZ Credit Card Insurance. Payment of a premium of 60 cents for every $100 of each month’s closing balance will see your repayments taken care of in the event of your death, permanent serious illness or disability, or involuntary unemployment.

Competing cards

There’s no shortage of platinum cards on the market, but nearly all of them offer some kind of reward or frequent flyer points, which tend to lead to a hefty annual fee. So the real competitors are the other no-points/low-fee platinum cards, including the St. George Vertigo Platinum Credit Card ($99 p.a. annual fee), the NAB Premium Credit Card ($90 p.a.), and the Westpac 55 Day Platinum Credit Card ($0 p.a. first year, and any subsequent year in which $10,000 spending target is reached, otherwise $90).

Not everyone is interested in rewards points

The ANZ Platinum Credit Card is clearly designed for someone who has absolutely no interest in collecting rewards or frequent flyer points, deeming them either too expensive or simply not worth the effort. This same person is, however, likely to be a regular interstate and overseas traveller who can appreciate the travel insurance and other privileges that come with a platinum card, especially one which has the potential to be totally free of any annual fee.

User reviews

3.4 out of 5.0 based on 27 reviews81% 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.

A good card if it suits your lifestyle

Reviewed and recommended by Jac on 27 Nov 2016

As long-term ANZ customers we were offered this card by ANZ through the mail and accepted it. We felt it was an upgrade to our previous standard Visa card, but on thinking about it I don’t think we gave it enough thought.

The standard 'up to 55 days’ interest-free period applies, as with our previous card. The first year annual fee is waived and also for each year afterwards, provided you spend $20,000 on eligible purchases. On consideration, I now realise I have no idea what the eligible purchases are.

Additionally, free overseas travel and medical insurance are offered if eligible, although we don’t currently travel overseas due to family commitments. I’m glad I entered this competition because now I’m going to look into other credit card options to see what suits us best.

I would recommend it for overseas travellers and because ANZ provides great customer service but I’m not sure it’s the right card for us. I hate to admit it, but I was a little blind about credit card options until I did this review – but hey – now I can see.

Low rate, balance transfer option, customer focus

Reviewed and recommended by Nancy on 26 Nov 2016

I like this credit card because it has a low interest rate. It allowed me to do a balance transfer, and they are a customer-focused company. If I was ever experiencing trouble with my card, I was able to contact them and sort it out quickly. It doesn’t have a rewards program though.

Good perks, $250 voucher and no fee first year

Reviewed and recommended by Leah on 18 Nov 2016

Upon receiving the ANZ Platinum Credit Card I got $250 to spend on any purchase. I also got free travel insurance. For the first year there are no payments for having the card.

I am very pleased with the perks. The fees are quite low and it is interest free for the first 55 days.

No-frills card, bonus travel insurance

Reviewed and recommended by T on 11 Nov 2016

This is a good no-frills credit card with no hidden fees that I’m aware of. The main disadvantage is that it has a $6000 minimum credit limit when opened as part of your Breakfree home loan package.

A bonus of this credit card is that it comes with travel insurance, provided you pay for part of your holiday with it.

Great deal on a balance transfer

Reviewed and recommended by Amy on 09 Nov 2016

I used this credit card for the purposes of getting a balance transfer and keeping my credit card repayment under control. I managed to get no interest for two years, it was very easy to arrange and I felt that the customer service was good. Overall good service, stress-free, and very happy with the product thus far.

Check the frequent flyer points conversion rate

Reviewed and recommended by Paul on 03 Oct 2016

Be careful to look into how points are transferred. For example, a 75,000 bonus ANZ points offer only equates to 37,500 Virgin points. Other cards may have a higher value to their points, which can sometimes be easily overlooked.

Amazing card, looks good

Reviewed and recommended by Sukh on 27 Sep 2016

It’s pretty good. I received an automatic upgrade from bank service. It is amazing and the card looks really good as it is a shining silver colour.

The fees, I guess, were waived for me, but overall I believe the fees are pretty low for this card, in comparison to other banks and what is offered with the card.

Meets all my needs

Reviewed and recommended by Charlotte on 23 Sep 2016

I use my credit card for every purchase. I get rewards in the form of an everyday shopping voucher card, and I do not like carrying large amounts of cash so I find that this one card meets all my needs.

I have used ANZ for quite a few years now and I have always been very satisfied with the service and security that my bank give me with my card.

Convenience and rewards

Reviewed and recommended by Frank on 21 Sep 2016

This Visa card provides the access I require whenever I need it and wherever I am, and also gives a great variety of rewards that i have used for gifts to family members.

It’s convenient and makes life in a cashless society very real, with payWave at most retail outlets and online sales both local and overseas.

Cumbersome approval process if you're self-funded

Reviewed and recommended by Carmel on 21 Sep 2016

There is currently a really great offer from ANZ. Upon successfully applying for their ANZ credit card, $200 credit will be added to the card within two months. However, proof of income must be provided. That’s fine, except I’m a self-funded individual. I don’t have an employer, so could not produce a payslip as proof of income. I could however, provide my last year’s tax return assessment and proof of rental return from my investment house.

Unfortunately, after long conversations with the customer service representatives, the Australian Tax Office assessment was not sufficient and I still needed to provide a copy of each page of my tax return that was submitted to the ATO. I advised ANZ that this was all electronically submitted and the ATO will only provide a printed copy of my return upon application to the ATO and this would take approximately 50 days. The ATO assessment shows my total income. Is that not proof of income? Now I need to wait 50 days for my tax print-out, and the ANZ offer will probably be over! Thanks ANZ.

Show 17 more reviews

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
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 limit21.49% 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 Platinum Credit Card 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 21.49% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.79% 21.49% p.a.
Purchases 1.65% 19.74% p.a.

Fees

Annual fee
$0 p.a.
Annual fee 2nd year
$87 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

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$0
Net customer value$1,373
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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