ANZ Rewards Credit Card | Review & Feature Comparison

ANZ Rewards Platinum Credit Card

My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
ANZ Rewards Platinum Credit Card
ANZ Rewards Platinum Credit Card
50,000 points and $50 back when you spend $2,000 on eligible purchases in the first 3 months.
A range of complimentary insurances for travel and purchases.
Earn ANZ Rewards Points on everyday purchases.
Add to comparison
ANZ Rewards
ANZ Rewards
1.5 pts
per $1 spent
up to $2,000
then 0.5 pts
per statement period
More info
50,000
points

Pros & cons

What's good?

What's not so good?

50,000 points and $50 back when you spend $2,000 on eligible purchases in the first 3 months.
A range of complimentary insurances for travel and purchases.
Earn ANZ Rewards Points on everyday purchases.
Earn 1.5 Reward Points per $1 spent on eligible purchases up to and including $2,000 per statement period.
Google Pay™, Samsung Pay™ and Apple Pay let you use your compatible Android or Apple device to tap and pay.
0.5 Reward Point per $1 spent on eligible purchases above $2,000 per statement period.
Points expire 36 months after the date the points were earned.
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 Rewards Platinum Credit CardReviewed by Yvonne Taylor

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.

Good 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 Visa card, 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 points per dollar 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 first purchase bonus points, plus money back to your card

As a prospective platinum cardholder, you almost certainly won’t find the qualifying spending target of $2,000 in the first three months too daunting. Once you’ve reached that amount (an average of only $667 per month) you’ll automatically receive 50,000 bonus ANZ Rewards points, to boost your redemption possibilities.

50,000 points can be redeemed for about $225 in retail gift cards, or $200 money back to your card account.

But that’s not all. That same $2,000 of spending in the first three months will also earn you an additional $50 back, straight to your account without going through the points redemption process.

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 cashback, 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 Multi Chef Cooker
  • Swap them for a Cellarmasters James Halliday Mix wine 6 pack
  • Get 10 Hoyts movie passes
  • Receive David Jones eGift cards worth $160
  • 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.

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 $775 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 Allianz 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 person’s prepaid costs for the trip (e.g. airfares). 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 a Visa Platinum customer, whether or not you choose to use them. Visa offers you a personal concierge for travel and entertainment advice and bookings, as well as 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), providing 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 is actually very reasonable for a platinum rewards card with the full suite of insurance policies. But the supplementary card fee of $65 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: 20.24% p.a. for purchases and 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 interest free 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.

Other cards with similar offerings

There are other Visa rewards cards with a similar price tag, but varying additional benefits, including the NAB Rewards Classic Card and the St George Amplify Platinum Credit Card. Compare them all on the ‘All Rewards Credit Cards’ page in our Features section.

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 easily collect 50,000 bonus points, worth $225 in retail gift cards, plus an additional $50 money back to your card, effectively covering the annual fee for the first three years.

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.

The basics

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
N/A
Minimum income for pensioners
N/A
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
whichever is greater, $25 or 2%

Rates & fees

Ongoing interest rates

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

Fees

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

Rewards & points

Cool stuff you can get with your points

Disclaimer: Points required accurate as of the 31st March 2018.

Earn rates

Spend typeSpend
Everyday spend
Up to $2,000
1.5 pts per $1 spent
per statement period
0.5 pts per $1 spent
Airline spend
Up to $2,000
1.5 pts per $1 spent
per statement period
0.5 pts per $1 spent
ResetN/A
Points capUnlimited

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
$2,000 on eligible purchases in the first 3 months

Earning points with this card

Frequent flyer points
1.5 pts per $1 spent up to $2,000 then 0.5 pts per $1 spent per statement period
Overseas earn rate
Same as standard earn rate
Points cap per month
Unlimited
Points cap per year
Unlimited
Points earned on ATO payments
N/A
Reward points
1.5 pts per $1 spent up to $2,000 then 0.5 pts per $1 spent per statement period

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

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
Temporary residents are eligible
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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