- 1.99% p.a. for 12 months on the transferred balance
- 13.90% p.a. interest rate on purchases
- $0 annual fee for the first year. $35 p.a. annual fee charged $17.50 half-yearly
- Up to 55 days interest free on purchases
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. New cardholders can benefit from a $0 annual fee for the first year – after which, it reverts to an affordable account fee paid every six months – as well as 1.99% p.a. on balance transfers for the first year.
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 introductory offer, the ANZ Low Rate Visa waives the annual fee for new cardholders. This means, as a new cardholder, you will pay no annual fee for the first year. After that, you will be charged a low account fee every six months. If you choose to add an additional cardholder to the account, that comes at a small fee, again charged every six months.
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.
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 a nice low 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 12 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.
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 for the first year and 1.99% p.a. on balance transfers for 12 months.
Purchase rate 13.90% p.a.
Cash advance rate 20.95% p.a.
Interest free on purchases up to 55 days
Balance transfer rate 1.99% p.a. for 12 months
Balance transfer revert rate 13.90% p.a.
Balance transfer from personal loan N/A
Balance transfer fee No fee.
Balance transfer limit N/A
Banks you can't balance transfer from ANZ
Minimum credit limt $N/A
Maximum credit limit N/A
Annual fee $35 p.a.
Additional card holder fee $10 p.a.
Foreign transaction fee 2.5%
Annual fee the first year $0
Cash advance fee $0
Late payment fee $12
Overseas travel insurance No
Flight inconvenience insurance No
Transport accident cover No
Smartphone screen insurance No
Purchase protection insurance No
Extended warranty insurance No
Rental vehicle excess cover No
Eligible with Apple Pay & Google Pay
Be over 18 years old
Good Credit and have not applied for multiple credit cards recently
Permanent Resident or New Zealand Citizen
You have your personal details ready to complete the online application
Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.
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