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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:
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.
65,000 points, plus $50 cashback
Many credit cards offering 'welcome aboard’ bonus rewards points set a target spending amount to be reached in the first two or three months, before the bonus points are granted. But this ANZ card does things differently. Not only is there no target spending amount (simply making a purchase in the first three months, of any amount, is all that is required) you’ll also receive a $50 cashback into your credit card account. Since the 65,000 points are more than enough for $280 worth of retail gift cards, it’s the equivalent of getting a cashback of $330, 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 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:
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.
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:
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.
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.
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 65,000 points and $50 cashback, effectively worth $330 and more than covering the annual fee for the first three years.
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.
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.
With the ANZ Platinum Rewards Card (or rather, cards as you get both a Visa and an AmEx), you can join two rewards programs, which provide heaps of options for the exchange of rewards points. However, if you are not a frequent traveller or if you spend less than $1,000 a month like I do, the annual fee becomes unjustifiable as the points accrued will not cover the annual fee.
All in all, a great card with great benefits for large spenders, but I will likely be switching to a no-fee card next year.
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!
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.
ANZ has always been my Bank of choice and getting the bonus points i find very rewarding. The rates are comparable but the service is great. I have received a few calls almost immediately after purchasing a few things online, just to confirm my card had not been stolen. ANZ are always on the ball. Also the card looks good, it’s platinum and transparent, very different to other cards I have seen.
This professional package from ANZ can be mixed in with a mortgage package, so offers great discounts on annual fees and as a rewards card, the cash back rewards are a great bonus.
Security has been great with ANZ, and customer service has been excellent too. I’ve used this card around the globe with only one security issue, but ANZ Falcon didn’t allow the transaction and called me. My account was then held until we figured out the issue, which turned out to be an error on my behalf with an overseas online purchase. Good peace of mind.
I’ve banked with ANZ for several years and have always been pleased with their service. Recently I was charged interest for my credit card after the automatic payment to pay my credit card didn’t happen (this was because I had lost my credit card and had to cancel it, and then I wasn’t able to set up an automatic payment to my credit card until after I had my new one – a long story!) and the customer service operator removed the charge after looking through my history and saw that I had always paid my credit card balance on time.
I have had this card for a little while now, and have been very disappointed with it, from having to spend so many points to get anything (even on sale!).
I do like that you can get cash back (to your credit card or another ANZ account), but even this month the rates are changing and it will cost more as well. Unfortunately I am not able to get another or I would be gone quick smart!
The annual fee is higher in comparison to other cards. Rewards points were just standard. Can get it as a free card if you have a home loan with ANZ bank. It is widely used in Australia. It now comes with travel insurance if you are travelling overseas so it is slowly becoming a better credit card to have.
|Cash advances||1.75%||20.99% p.a.|
Up to $2,000
1.5 pts per $1 spent
0.5 pts per $1 spent
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.
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.
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.
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
Rental vehicle excess cover (separate from travel insurance)
Valuation based on similar rental vehicle excess insurance policies available online.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
|Total estimated value||$1,373|
|Net customer value||$1,278|