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 18 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 18 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 18 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 18 months, rather than being totally interest free.

There’s a hefty 20.24% p.a. revert rate too, if you haven’t cleared the balance after 18 months. This rate also applies to any cash advances taken, and the 20.24% 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 low income. But if you direct all your purchases through the card, and sign up members of your family as supplementary cardholders, paying an annual card fee could be a thing of the past.

Complimentary international travel insurance cover ticks all the boxes

ANZ have left nothing out of the suite of insurance policies built into this card, and the international 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 Allianz 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.
• Transit 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.
• Purchase protection insurance against loss, theft or damage for card purchases.
• Guaranteed pricing 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 Apple Pay or Google 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.

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.

You can't balance transfer to the ANZ Platinum Credit Card at the promotional balance transfer rate from:

• ANZ