ANZ Rewards Platinum Credit Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
50,000 points when you spend $2,500 on eligible purchases within the first 3 months.
$0 annual fee for the first year.
Earn ANZ Rewards Points on everyday purchases.
Add to comparison
ANZ Rewards
ANZ Rewards
0.5 pts
per $1 spent
50,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

50,000 points when you spend $2,500 on eligible purchases within the first 3 months.
$0 annual fee for the first year.
Earn 1.5 Reward Points per $1 spent on eligible purchases up to and including $2,000 per statement period.
Earn ANZ Rewards Points on everyday purchases.
Free international travel and medical insurance.
ANZ Car Rental insurance included.
Approval within 60 seconds of applying online.
ANZ Mobile Pay, Android Pay, Samsung Pay™ and Apple Pay let you use your compatible Android or Apple device to tap and pay.
The second year annual fee is a rather sizeable $95 p.a.
0.5 Reward Points per $1 spent on eligible purchases above $2,000 per statement period.

Review

Our review of the ANZ Rewards Platinum Credit Card

Experienced rewards points collectors who have cut their teeth on an entry-level card, and are looking for a higher earning rate plus more built-in benefits, should take a close look at the ANZ Rewards Platinum Credit Card. It will allow them to graduate to the next tier of rewards and privileges without paying an excessive annual fee, as well as take advantage of some 'welcome aboard’ gifts.

Excellent points earning rate for a Visa card

This card promises the flexibility of the ANZ Rewards program rather than the rigidity of a frequent flyer points plan. It’s a stand-alone Visa, accepted just about everywhere, and the points earning rate is as high as you’ll find on many much more expensive Visa cards. Here are the details:

  • 1.5 points per dollar spent, up to $2,000 per monthly statement period
  • 0.5 pts per $1 spent on purchases after the monthly $2,000 threshold has been reached
  • No overall points cap, so every dollar spent on eligible purchases will earn points

If you think that you will find the $2,000 threshold rather restrictive, perhaps running up against it several times a year, you may want to look at the ANZ Rewards Black Credit Card, which has a much higher $5,000 ceiling before the rate declines.

50,000 points

Since you’re checking out a platinum card, you probably wouldn’t have too much difficulty spending $2,500 in the first three months of holding the card. This would qualify you to receive 50,000 points on top of the regular 3,750 points earned. That’s a total of 53,750 points, almost enough for a $250 Westfield gift card (55,560 points), so this is a very generous bonus.

Redeeming rewards points

One of the often underrated benefits of belonging to a flexible rewards program like this is that you can switch between converting your points to a frequent flyer program or opting for merchandise, gift cards or cash back, as often as you like. Here are some of the things you could do if you spent $2,000 per month for a year and earned 36,000 points:

  • Switch your 36,000 points into frequent flyer points with Virgin (18,000 points), Air New Zealand (180 Airpoints dollars), Singapore Airlines (12,000 KrisFlyer Miles) or Cathay Pacific (12,000 Asia Miles)
  • Redeem them for a Brother Compact monochrome laser printer
  • Exchange them for a Breville Smart Toast motorised two slice toaster
  • Swap them for a mixed dozen of Promised Land red wine
  • Hand them over and receive a micro Sprite kids scooter
  • Choose a Bering Slimline ladies gold watch
  • Get 12 Hoyts movie passes
  • Stay one night in a 4-star city hotel
  • Receive David Jones gift cards worth $150
  • Book a Sydney-Melbourne return flight on Virgin Australia
  • Get a $144 credit to your ANZ credit card or bank account

In fact, there are so many travel, entertainment, service and merchandise options to choose from, you’re going to feel like a kid in a lolly shop. If it all gets too much, you can just set up auto redemption (for movie tickets, say, or gift cards or an account credit) and ANZ will simply send you your chosen reward every time you accumulate enough points.

First year annual fee waived

Here’s another very tempting offer: you can use the card for free in the first year. That means not only a free primary card (normally $95 p.a. per year) but also free supplementary cards ($65 p.a. each per year) so all the benefits and gifts are truly free in the first year.

Complimentary insurance

This is a platinum card, so it’s not surprising that you are going to get a range of complimentary insurance policies to match the offerings from competing cards. (The actual cost of this supposedly 'free’ insurance is discussed below.) What’s certain is that the travel insurance in particular is a great money saver (ANZ says it’s worth $720 p.a.), and the other policies, like all insurance, will prove invaluable if you ever need to rely on them. Here’s what ANZ will give you with this card:

  • A multi-trip QBE overseas travel insurance policy covering you and your family all year, every year, against emergency medical expenses, lost or stolen belongings, travel delay and cancellation, and more
  • Car rental excess cover, both in Australia and overseas
  • Interstate flight inconvenience insurance, providing cover when you and your family travel by plane in Australia
  • Transport accident cover for when you and your family travel on buses, trains, planes and ferries
  • Extended warranty insurance, doubling the manufacturer’s warranty up to a maximum of 12 extra months
  • 90 days purchase protection insurance, covering items bought against loss, theft and accidental damage
  • Price protection insurance. If you see an item you bought advertised for a lower price in a printed catalogue within 21 days, ANZ will refund the difference if it exceeds $75, to a maximum of $300.

Overseas travel insurance cover is activated when you use your card for at least $250 of each trip’s prepaid costs. The remaining policies require you to have paid the total amount (for a transport fare, car hire or item purchased) with your card.

Peripheral benefits

There are some extras that come your way just for being an ANZ or Visa customer, whether or not you choose to use them. ANZ, for example, offers you a personal concierge for travel and entertainment advice and bookings, and emergency credit card replacement anywhere in the world.

You will also have access to Visa Entertainment and its superior level, Visa Platinum (or Visa Premium), presenting travel and accommodation discounts and upgrades, and pre-sales concert tickets with no queuing for special reserved seating.

So many advantages, but what does it cost?

Here comes the part about what all these benefits will actually cost you. A card’s cost has three elements: the annual fee, the interest rate if you plan to have an unpaid balance, and the offset effect of the monthly interest-free period.

  • The annual fee of $95 p.a. (after the first year) is actually very reasonable for a platinum rewards card with the full suite of insurance policies. But the supplementary card fee of $65 p.a. is rather steep, given that many card issuers supply additional cards free of charge. Although supplementary cardholders will help you to earn rewards points, they will probably be doing so at the 0.5 points per dollar rate since the primary cardholder may already use up each month’s $2,000 threshold. It will take a lot of supplementary cardholder spending (close to $29,000 per year) to justify that extra $65.
  • Interest rates are predictably high: 18.79% p.a. for purchases and 20.99% p.a. for cash advances. However, these are fairly standard rates for a premium credit card.
  • Interest-free period. There are no introductory interest-free periods on either purchases or balance transfers on offer, but you will get Up to 55 days on purchases each month. Compared with a card providing only 44 days interest free each month, this would save you an extra $29 a year if your average monthly credit card balance was $2,000 and you left the cash in your 4% mortgage offset account for that extra 11 days each month.

Best fit for this card

If you are looking for a Visa card at a reasonable cost with a good points earning rate in a flexible rewards program, plus full insurance benefits, you should seriously consider this card. It will be especially suitable if you think your monthly spending will rarely exceed $2,000 and you don’t need a supplementary card. You can use it for a year without paying a fee and collect 50,000 points, so it’s certainly worth trying out if you can meet the $35,000 minimum income requirement.

User reviews

3.5 out of 5.0 based on 22 reviews68% 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.

Flexible rewards card

Reviewed and not recommended by Kenneth on 07 Apr 2017

I got this card because I can transfer points to different frequent flyer accounts. However, I’m now looking for a different card because the bank is changing its rewards system by capping the number of points we can earn based on our spend.

It is a convenient card to have, however, because it’s accepted everywhere and fees are reasonable.

Not all its cracked up to be

Reviewed and recommended by Peter on 05 Jan 2017

I upgraded to the platinum card because it gives free travel and motor vehicle insurance. This is excellent. But I just discovered that I have to pay double to get a second card for my wife. It’s a bit crazy as it will give more business to ANZ.

Convenient card with rewards but annoying fees

Reviewed and recommended by Kim on 18 Nov 2016

I’m really happy with my ANZ credit card. I have been a customer for a few years. It is easy to make adjustments online if you want to increase your limit.

The rewards are great and easy to access online. They also have a great travel insurance program. I believe it also gets a really good Canstar rating.

However, the fees are annoying — annual fee and second cardholder fee and reward program fee.

Getting a little back is better than nothing

Reviewed and not recommended by Juanita on 24 Oct 2016

I have to pay bills anyway, so why not get points? Rewards could be better, but at least a little back is better than nothing back. I redeem for fuel cards, so it helps out with the budget when they arrive.

I like that I get free travel insurance when I go away, which is never, but at least it’s there.

I find this card easy to use, with 55 days interest free, so effectively no interest.

Convenience with rewards

Reviewed and recommended by Frank on 24 Sep 2016

This easy-to-use Visa credit card is accepted at all my places of business and shopping.

The rewards system is great, with many Items or vouchers to satisfy your needs just at the click of a finger.

It’s safe for online transactions, both local and International, with great online account and statement facilities.

Good rewards and free insurance

Reviewed and recommended by Sam on 22 Sep 2016

It’s convenient to have this card. It comes with two cards — Visa and AmEx.

The rewards program is good if you use it in a smart way. Credit card Insurance is good as well, for peace of mind if something goes wrong.

Pay your bills and some other expenses so that you get more points and are secured with insurance.

Confusing billing system

Reviewed and not recommended by Loz on 18 Jul 2016

I earned plenty of cashbacks, but we also spent a fortune on fees with this card. The rewards points recently decreased, as did the fees, but I no longer think it’s worthwhile.

Plus I dislike how they bill. They include purchases in the total amount payable which are not itemised in the bill. When reconciling the month it can become very confusing because the amount you are required to pay does not match up with the amounts shown.

Their internet banking site is also terrible.

Joining bonus was excellent

Reviewed and recommended by Kanch on 06 Jul 2016

I like the rewards offered, but it would be preferable to have a lower annual fee so I could continue without considering changing to another bank. Overall the card is reliable and convenient.

Generally very pleased with this card

Reviewed and recommended by Clint on 04 Jul 2016

The card is accepted everywhere including overseas. Reward points are earned on all purchases including overseas. Bonus points can be earned at a large number of retailers. Reward points can be exchanged for a wide selection of goods including shopping vouchers. I have had no problems or issues with the card.

Poor rewards, service, rates, and fees atrocious

Reviewed and not recommended by Jay on 03 Jul 2016

After having this card for a while, and being slugged with big fees and charges with the yearly fee for rewards, I am over it. The service they offer is second grade in comparison with other cards! I do not pay off in full each month and with balances rolling over to the next month, they slug you every fee and charge. Not impressed!

Show 12 more reviews

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Any
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
ANZ Rewards
Temporary residents
Yes

Cardholders

Additional cardholders
9
Additional card fee
$65 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

Ongoing interest rates

MonthlyAnnually
Cash advances 1.75% 20.99% p.a.
Purchases 1.57% 18.79% p.a.

Fees

Annual fee
$0 p.a.
Annual fee 2nd year
$95 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

Rewards

Cool stuff you can get with your points

Disclaimer: Does not include taxes, fees, or charges. Accurate as of 25th January 2016.

Rewards program basics

First purchase bonus
50,000 points
Reward points expiry
36 months from when the points were earned
Rewards program
ANZ Rewards
Spend required for bonus points
$2,500 in 3 months

Earning points with this card

ATO payment earns rewards
N/A
Frequent flyer points
N/A
Overseas earn rate
Same as standard earn rate
Points cap per month
Unlimited
Points cap per year
Unlimited
Reward points
0.5 pts per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
No

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
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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