The appeal of collecting reward points can be diminished by the hassle of having to keep track of them, remembering to redeem them, and choosing something you’d actually like to exchange them for. But with the ANZ Rewards Credit Card you can set and forget. The auto redemption facility allows you to select a permanent reward choice, so that movie tickets for example, or a shopping card for your favourite store, will automatically turn up in your mailbox whenever you have accumulated enough points. And, just to get you used to the idea of automatic earning, spending just $1,000 on card purchases during the first three months will earn you 25,000 bonus points.
Reasonable annual fee for a rewards card
There are very few rewards cards with no annual fee attached, and this isn’t one of them. However, for your $80 annual fee ($25 for the card and $55 for the rewards program) you should be able to earn enough points in the ANZ Rewards program to offset the cost before the year is through. After that, it’s all positive territory.
Supplementary cards (you can have up to three) allow trusted family members to help you accumulate reward points. But since you will pay $65 for each additional card, you will want to be sure that every one of them will see enough use to justify the cost.
Moderate points earning rate
A card’s points earning rate needs to be measured not just by the number of points earned per dollar, but by what those points will actually buy. That is, how many cents per dollar spent are returned to the cardholder in the form of rewards?
The ANZ Rewards Credit Card allows users to earn 1.0 points per dollar spent on the card, up to a threshold of $1,000 per monthly statement period. After that, the rate drops to 0.5 points per dollar, but there is no absolute cap on points, so no limit to the number of points you can earn.
This translates into a reasonably competitive return of between 0.7 and 1.0 cents per dollar for airline flight rewards, or 0.5 cents per dollar for movie tickets, shopping vouchers and hotel stays. (If your spending exceeds $1,000 per month, the rate of return would be less than this, however.)
25,000 bonus points just for using the card for everyday expenses
Provided you make at least $1,000 worth of purchases in the first three months of holding the card, you’ll not only earn regular rewards points, you’ll also receive the very welcome gift of 25,000 bonus points. These can be exchanged for $100 cashback on your account or slightly more than $100 in retail gift cards. This will more than cover your first year annual fee.
What can you do with your ANZ Rewards points?
ANZ Rewards offers a wide range of redemption options. As well as the movie tickets, store gift cards and hotel stays already mentioned, you can also exchange points for holiday packages, the latest technology, fashion and beauty products, wine, household goods and appliances, and much more.
If you already belong to a frequent flyer program with Virgin Australia, Air New Zealand, Singapore Airlines or Cathay Pacific, you can exchange your ANZ Rewards Points for points with these airlines. The current exchange rates per 1,000 ANZ Rewards points are:
You can also choose to convert your points into a cashback on any ANZ account, including your credit card account. This option is worth 0.4 cents per dollar spent if you don’t exceed the $1,000 per month spending threshold, but in order to offset the primary card fee, you would need to spend an average of $2,333 per month (this earning 28,000 points). Exchanging for airline points is more cost effective.
Too many choices? Remember the auto redemption option, which lets you choose a constant reward (including exchanging for airline points) which just keeps turning up without any extra effort on your part.
Unexceptional interest rates
The attraction of this card is the rewards, first and foremost. It’s not about low interest rates, or interest-free periods on balance transfers or purchases. Neither of these last two options is available, and the interest rates – 18.79 percent p.a. for purchases and 20.99 percent p.a. for cash advances – are only slightly lower than the rates charged by premium cards. Avoid paying interest by clearing your balance in full, on or before the payment due date.
The monthly interest-free period on purchases, delivered by the billing cycle, is 44 days, not the more generous 55 days offered by many cards.
A few extras
There are no complimentary insurance policies attached to what is, after all, a basic card if you take away the rewards points. But as a Visa cardholder you will be given access to Visa Entertainment, for special leisure, travel, dining and shopping privileges.
ANZ also promises worldwide emergency credit card replacement and protection from fraudulent transactions provided by ANZ Falcon monitoring and the ANZ Fraud Money Back Guarantee.
The latest technology
Turn your smartphone into a digital wallet by downloading the appropriate app. You can choose from Apple Pay, Android Pay and Samsung Pay, to tap and pay securely or access smart ATMs with your phone while leaving your credit card at home.
Before you make your decision . . .
. . . you should probably consider some other cards with similar features. If you are looking for a Visa rewards card then take a look at the Virgin Australia Velocity Flyer Credit Card and the HSBC Platinum Credit Card, among others that you will find on the All Rewards page in our Features section.
A point-collecting beginner’s card
The ANZ Rewards Credit Card is an ideal card for anyone starting to find their feet in the world of rewards points. With a minimum income requirement of $15,000 and a minimum credit limit of $1,000 plus auto-redemption options, it’s a perfect starter card, with the added benefit of no unnecessary extras to pay for. Those 25,000 bonus points will sweeten the deal.
My card has made me grow up, so to speak. In saying that I mean it’s made me become more wise and aware of the value of money, and be a lot smarter with managing the responsibility of money and spending and saving and so on. Also, it’s made me appreciate not having to stress and worry when times are tough and funds are exhausted and non-existent.
Thank you for giving me the opportunity to supply my opinions and feelings towards this topic :)
I was attracted to this card because of the rewards they claim you can get. However I did not know that although ANZ may give rewards on the account, they charge extra fees at the same time. I guess theres no such thing as free rewards. ANZ needs to consider amending the card name to: Rewards With High Fees Card.
The bank provided me with the credit card when i was in need. It’s easy to use, there’s good support and I will always remain loyal to the ANZ Bank.
I have not yet tried any other products, but i am happy with the credit card points and timely information. The credit card also comes with an AmEx card, which is handy and provides more points on purchases.
The ANZ Rewards Visa has a great selection of rewards available for any situation or destination. It’s also very easy to redeem points and ANZ have been very good to deal with in relation to any concerns etc, and so have the Falcon team.
The only real request I have is to lower the interest rates, haha.
Comes with an AmEx for the same account too, which is great points-wise. One happy customer here.
Those interested should apply as its a great card. Online applications are approved quite quickly, which makes it an easy process too.
Thanks ANZ, great job.
Last time they reduced the earn rate on the AmEx card from 3 points down to 2 and on the Visa from 1.5 down to 1. In doing so they reduced your reward power by 1/3. They also increased the cost of rewards. A $100 cashback went from 20,600 points to 25,000 points in order to claim a reward. The fees stayed the same at a total of $160. Amazing what these bankers will do.
The card and rewards system are pretty good, but I find if you are even a day behind on a payment their call centre can get rather harassing and they are all Indian based, which is annoying, especially from a company that is supposed to service Australia and New Zealand.
I’ve had this card for many years and although I now need more points to claim the same rewards, I still find it beneficial.
I am on the pension and need to watch every cent. I can access both credit and my own bank account with the same card and this makes it very easy to use. Although the interest rate is high—if not paid of each month—by using credit for every possible transaction I build up points to contribute cash back towards my balance. I basically use it as cash as I continually pay money onto it over the month, but it does give me that back up if I need to purchase something on the spot that I don’t have enough cash in the bank to cover the purchase.
I used this card while travelling overseas with no problems. ANZ security is very good—I have had calls to check when it is being used for something out of the ordinary to check that everything is as it should be. The fees are no better or worse than most other cards, and the rewards program is not too bad either.
Personalised service at all times with customer service that’s always delivered with a smile. Pleasant understandable phone conversation exchanges with a positive result every time. It’s easy to use with the convenience of being an all rounder card, and I’m getting rewards and bonus givebacks to the customer. Win win all round.
I like the way you get extra rewards from buying at certain shops, which mean you have to shop around a lot to get the good deals. I personally like that. I also like the way the card looks: it is stylish, and they have put a lot of thought into how it looks. I also like the interest rates.
|Cash advances||1.75%||20.99% p.a.|
Up to $1,000
1 pt per $1 spent
0.5 pts per $1 spent