- 1.99% p.a. for 24 months on the transferred balance
- 12.90% p.a. interest rate on purchases
- $0 annual fee. $0 p.a. additional cardholder fee
- Up to 55 days interest free on purchases
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ANZ Credit Cards
ANZ Low Rate Visa Credit Card
Updated 25 May 2020
Cardholders benefit from $0 annual fee as well as 1.99% p.a. on balance transfers for the first 24 months.
T&Cs apply.
Purchase Rate (p.a)
12.90%
Balance Transfer (p.a)
1.99% for 24 months No BT fee. reverts to 12.90% p.a.
Annual Fee (p.a)
$0
Pros and cons
- Nothing really
Creditcard.co.nz review
Editor Review
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.
User reviews
Rates and fees
Interest rates
Purchase rate 12.90% p.a.
Cash advance rate 20.95% p.a.
Interest free on purchases up to 55 days
Balance transfer
Balance transfer rate 1.99% p.a. for 24 months
Balance transfer revert rate 12.90% 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
Credit limits
Minimum credit limt $N/A
Maximum credit limit N/A
Fees & repayments
Annual fee $0 p.a.
Additional card holder fee $0
Foreign transaction fee 2.5%
Minimum repayment
Cash advance fee $0
Late payment fee $12
Additional features
Complimentary insurance
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
Extras
Eligible with Apple Pay & Google Pay
Overview
ANZ Low Rate Visa Credit Card
Key features
- 1.99% p.a. for 24 months on the transferred balance
- 12.90% p.a. interest rate on purchases
- $0 annual fee and $0 additional cardholder fee
- Up to 55 days interest free on purchases
Minimum criteria to apply for this card
-
Be over 18 years old
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Good Credit and have not applied for multiple credit cards recently
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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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