ANZ Low Rate | Review, Compare & Apply Online

ANZ Low Rate

Offer
Card features
purchase rate
annual fee
min credit limit
Apply
ANZ Low Rate
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
12.49% p.a.
ongoing
$58
ongoing
$1,000

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.
20.24% p.a. cash advance rate.
Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

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 20.24% p.a.

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 Google 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, with an 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.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

3.4 out of 5.0 based on 85 reviews80% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Low interest and balance transfer a breeze

Reviewed and recommended by Ashleigh on 06 Dec 2016

We got this credit card when we transferred our balance from a GE MasterCard with an interest rate over 20%. The ANZ Low rate MasterCard is awesome. The low rate of 13.99% is great and is quite often lower than interest rates on personal loans, which we also considered, but going with the ANZ Low Rate MasterCard was less hassle and a breeze to transfer the balance from our old credit card.

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.

Low rate card linked to our bank account

Reviewed and recommended by Tshinta on 22 Nov 2016

My partner and I have a joint account with ANZ and they conveniently offered us a low rate credit card, which we use more than any of our other credit cards because it’s low rate and also linked to our everyday account. So it’s easy to transfer money to it.

My partner is a non-Australian resident and we are going through the visa process, so this has also helped with not only his credit rating but also our proof of financial commitment to one another. We also have a daughter and one on the way, so it has been handy to get things like prams and car seats etc.

Competitive rates, exceptional service

Reviewed and recommended by Sherisse on 04 Nov 2016

I needed a card when I went overseas, in case of emergencies. ANZ helped me pick the best card to suit my financial situation and needs. I did end up maxing it out and was at one point struggling to pay it off, but ANZ have been great with late payments, helping me budget and finding ways to keep the repayments affordable but practical, so I am not paying back a huge amount of interest. The customer service is exceptional.

It’s convenient to check the balance, make a repayment and withdraw or use if needed. The rates are competitive compared to other cards out there.

The rewards I am not sure about. I don’t think the card has rewards, as it is a low fee card.

Helped me when I was struggling financially

Reviewed and recommended by Michael on 03 Nov 2016

I had this card at a time when I was struggling to pay off a few debts and manage my finances. I enjoyed the ease with which I was able to check my status and balance, and update my details. Going with a first-class financial institution like ANZ gave me a great level of confidence that everything would be straight up. A good all round credit card, for when needed, and relatively low fees.

Not much bang for your buck

Reviewed and not recommended by Christine on 31 Oct 2016

ANZ Low Rate MasterCard has no reward points and is a very basic card. It’s OK for just a small back-up card.
I would give it a three out of ten.

ANZ needs much better customer service on the Gold Coast. I’ve had to wait for 15 up to 30 mins to get served. Most people walk out as the wait is too long. It’s a shame that the major banks make millions of dollars profit each year, yet there is no service. Maybe they should put some more money back into customer service.

Charges and harassment for late payment

Reviewed and not recommended by Jacinta on 27 Oct 2016

ANZ are the WORST for personal banking, but I hear better for business banking.

If you pay money off your credit card but don’t on top of that pay your monthly instalment on the day it’s due — not before or after, but on the day — you get charged. Also, if you pay a few days late, expect to be harassed by at least ten calls from the ANZ’s extremely rude staff members.

Switched to get lower interest charges

Reviewed and recommended by Alice on 22 Oct 2016

The travel insurance is very usefu. We had an ANZ card before, with Qantas points. However, to get the lower fees it was well worth changing to a platinum low rate card as we still get our travel insurance and the yearly cost is not too high. We have banked with ANZ for a long time and find them very helpful

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.

Saved on fees

Reviewed and recommended by Jess on 14 Oct 2016

As far as credit cards go, this is a plain Jane, no frills, no rewards card. But the interest rate is lower than the rest, so I still have the convenience of a credit card. But that’s all it is. I’ve been able to keep on top of fees because of this.

I would recommend this card to others who want to save a bit of money. And no one likes all those fees.

Show 75 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
Single
Card tier
Standard
Card type
Visa
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
N/A
Pensioners
Yes
Rewards program
None
Non-Permanent Australian residents
Yes

Cardholders

Additional cardholders
3
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$1,000
Maximum credit limit
N/A

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
whichever is greater, $25 or 2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.15 months0%95% of credit limit20.24% 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 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 20.24% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.69% 20.24% p.a.
Purchases 1.04% 12.49% p.a.

Fees

Annual fee
$58 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
$5
Overseas emergency card replacement fee
$0
Transaction verification fee
$0

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Have a good credit history
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Non-permanent resident with more than 9 months remaining on your Visa
Age Pension, Disability Pension and Veteran's Pension are acceptable.
Carer's Allowance, Child Support Payments and Family Tax Benefits and Parenting Payments are acceptable.
Joint applications are not allowed
Overseas Pension and Widower's Pension are not 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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