ANZ Low Rate Visa Credit Card

Roland Bleyer

Credit Card Expert with over 15 years card experience and the founder of Creditcard.co.nz. Ask Roland a Question about this card.

The ANZ Low Rate Visa

Helping to keep costs low, the ANZ Low Rate Visa offers cardholders a decent no frills option with a couple of enticing introductory offers currently on the table. Cardholders benefit from a $0 annual fee as well as 1.99% p.a. on balance transfers for the first 24 months.

What we love...

Aptly named the ANZ Low Rate Visa, this card provides a low ongoing purchase rate, which just so happens to be the lowest rate offered throughout ANZ’s credit card range. This could make it a worthy option for cardholders who tend to carry a balance each month, as interest paid on that balance will accrue at a slower pace than on more showy cards with higher purchase rates.

However, if you do clear your balance by the due date each month, you can take advantage of the ANZ Low Rate Visa’s interest free feature. This provides up to 55 days interest free on purchases, depending on when the purchase is made during the card’s statement cycle. If you want to take advantage of this feature, we recommend taking time out to acquaint yourself with the fine print.

As one part of the card’s low cost features, the ANZ Low Rate Visa has annual fee and if you choose to add an additional cardholder to the account, that comes at a $0 fee, as well.

What’s not so great...

What we need to emphasise here is the fact that this is a no frills card. It keeps it basic. That means no rewards, no fancy features. We don’t necessarily think this is a bad point, but if you’re looking for something more from your credit card, you may need to look elsewhere. Aside from that, the main negative point is the card’s cash advance rate, which is high, but also avoidable.

Why should you choose this card?

Obviously, if you’re looking for a low cost card, the ANZ Low Rate Visa could very well be the card for you. You will not only save on interest, but you can also save on annual fees as well. This can make it a great choice for those who carry a balance, as we said, and also for anyone who likes to keep it simple, with fewer features, no rewards, and no annual fee.

However, one thing that is worth pointing out is the ANZ Low Rate Visa’s balance transfer offer. New cardholders who want to pay down existing credit card debt could transfer their balance onto the ANZ Low Rate Visa to enjoy a balance transfer rate of 1.99% p.a. for 24 months. Now, this is exactly the type of card that can work well for balance transfers. Why?

The point of doing a balance transfer is to save money on interest as you pay down your balance. Fancy features and spending to earn rewards are likely to distract you from this. By choosing a card such as the ANZ Low Rate Visa, you could save on interest on your transferred balance, and on your annual fee, allowing you to pay off as much of that debt as possible.

If you fail to pay off your transferred balance within the introductory period, it will revert to the card’s low interest rate – unlike other cards, which revert to a higher purchase rate, or an even higher cash advance rate.

Of course, being a big bank, ANZ also provides all the other standard features we’ve come to expect from having a credit card. This includes security features such as Visa Zero Liability and fraud monitoring, as well as access to your account via phone banking, ANZ Internet Banking, ANZ goMoney, at ATMs, or at any ANZ branch.

Overall Rating

A basic option for cardholders who want to save on interest and annual fees, the ANZ Low Rate Visa is currently offering a $0 annual fee and 1.99% p.a. on balance transfers for 24 months.