ANZ Low Rate Credit Card: How it works, fees and how to apply

The ANZ Low Rate Credit Card is designed for individuals looking to manage their spending with a low ongoing interest rate on purchases. The card offers a competitive purchase interest rate of 13.74% p.a., which makes it suitable for those who carry a balance from month to month.

Additionally, it includes up to 55 days of interest-free credit on purchases if you pay your balance in full by the due date.

In the first year, the card comes with no annual fee, and after that, the annual fee is $58. One of the key features is the option to transfer balances from other cards at a 0% p.a. rate for 26 months, which can help consolidate debt and reduce interest payments.

The card also supports mobile payments with platforms like Apple Pay, Google Pay, and Samsung Pay, and provides 24/7 fraud monitoring through ANZ Falcon to ensure security.

Benefits of the ANZ Low Rate Credit Card

• Simple, low-cost everyday card
  Designed for people who want to keep interest costs down and avoid overcomplicated features.
• Good for carrying a balance
  Lower purchase rate than many cards, making it more suitable if you don’t always pay off the full balance each month.
• Helps with debt management
  Useful if you want to move debt from higher-interest cards and manage everything in one place.
• Up to 55 days interest-free on purchases
  As long as you pay the full statement balance by the due date, you can avoid interest on new purchases and smooth your cash flow.
• Mobile wallet compatible
  Works with Apple Pay, Google Pay and Samsung Pay, allowing fast, contactless payments via phone or smartwatch.
• Strong security and fraud protection
  Includes 24/7 fraud monitoring, a money-back guarantee on unauthorised transactions (conditions apply), and a chip-enabled card for added security.

Prerequisites to Obtain the ANZ Low Rate Credit Card

To apply for the ANZ Low Rate Credit Card, applicants must meet several eligibility requirements. Firstly, they need to be at least 18 years old.

The card is available to Australian and New Zealand citizens, as well as permanent residents. Non-residents can also apply, but they must hold an eligible visa with at least 12 months of validity remaining at the time of application.

Also, applicants will need to provide personal details, including their income, expenses, liabilities, and assets. Proof of identity is required, typically in the form of an Australian driver’s license or passport. Those seeking a balance transfer must provide the necessary information about the accounts or cards from which they wish to transfer their debt.

Other general prerequisites include having a good credit rating, as this will be reviewed during the application process. Although not the sole determining factor, the credit rating is an important consideration.

About ANZ Bank

ANZ, short for Australia and New Zealand Banking Group, is one of the largest financial institutions in the region, with a history dating back to 1835. The bank was initially established as the Bank of Australasia in Sydney, which later merged with the Union Bank of Australia in 1951 to form ANZ.

The modern iteration of the bank was created in 1970 after merging with the English, Scottish, and Australian Bank (ES&A), marking the largest banking merger in Australian history at the time.

ANZ has grown to become one of the “Big Four” banks in Australia and is the largest in New Zealand. The bank operates in over 30 countries, serving more than nine million customers and employing around 40,000 people globally.

Known for its strong presence in retail and commercial banking, ANZ has consistently innovated in financial services, such as being the first major Australian bank to introduce mobile payment solutions like Apple Pay and Google Pay.

Who is this Card for?

The ANZ Low Rate Credit Card is aimed at individuals who prioritize low interest rates over rewards and other perks. It is suitable for those who occasionally carry a balance or want to consolidate debt through a balance transfer.

This card is particularly beneficial for customers seeking to manage their finances with minimal fees and a straightforward approach to interest rates. It is also a good fit for people who prefer simplicity in their credit card usage without the complexity of rewards programs.

Step by Step to Apply for the ANZ Low Rate Credit Card

Here is a step-by-step guide to applying for the ANZ Low Rate Credit Card:

1. Visit the official ANZ page: Start this process by navigating to the official ANZ Low Rate Credit Card page.
2. Check eligibility: Ensure you meet the eligibility criteria. You need to be at least 18 years old, an Australian or New Zealand citizen or permanent resident, or hold an eligible visa with more than 12 months remaining.
3. Gather necessary documents: Prepare personal and financial details, including your income, expenses, assets, liabilities, and proof of identity (e.g., a driver’s license).
4. Go to the application form: choose between the two offers provided by this card and press the “Apply” button to go to the application form.
5. Complete the online application: Fill out the application form with your personal and financial details. This process should take around 10-20 minutes, and you’ll receive an initial response within a short time.
6. Submit your application: After reviewing and submitting the application, ANZ will call you within a few business days to finalize the process, if required.
7. Wait for approval: if you are approved, the Bank will send your card to the address provided
8. Download the ANZ App: For easier management of your card, download the ANZ banking app. It’s available for both Android and iOS.

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ANZ Low Rate Credit Card Pros and Cons

The ANZ Low Rate Credit Card is designed for individuals seeking a straightforward, low-interest option for managing everyday purchases. While the card comes with some appealing features, it’s important to weigh both the benefits and drawbacks before deciding if it’s the right fit for you.

Pros

• Low purchase interest rate: The card offers a competitive purchase rate of 13.74% p.a., which is lower than many standard credit cards. This can help reduce interest charges if you’re unable to pay off your balance each month.
• 0% Balance transfer for 26 months: You can transfer existing debt to the card and enjoy 0% interest for up to 26 months, making it useful for consolidating debt. A 3% balance transfer fee applies, and after the promotional period, the rate reverts to 21.99% p.a.​
• First-year annual fee waiver: For new customers, the $58 annual fee is waived for the first year, providing some initial savings.
• $250 Cashback Offer: If you spend $1,500 on eligible purchases within the first three months, you’ll receive $250 back as a credit to your card.
• Up to 55 days interest-free on purchases: This allows cardholders some breathing room when paying off their balances, provided the full balance is paid by the due date.
• No additional cardholder fee: You can add up to three additional cardholders at no extra cost, making it more flexible for families.

Cons

• High cash advance interest rate: Cash advances come with a 21.99% p.a. interest rate, making this an expensive option if you need to withdraw cash.
• Balance transfer fee: While the 0% balance transfer rate is appealing, the 3% fee on the transferred balance can reduce the overall savings​.
• No rewards program: Unlike some other cards, the ANZ Low Rate Credit Card does not offer any points or rewards, which might be a downside for those looking to earn rewards from everyday spending.
• Annual fee after the first year: Once the first-year waiver ends, you’ll need to pay a $58 annual fee, which, although competitive, still adds to the cost if you don’t use the card regularly.

How to Activate the ANZ Low Rate Credit Card

To activate your ANZ Low Rate Credit Card upon receiving it, you have a few options, all of which are straightforward and can be completed quickly:

1. Activate through the ANZ App:
   • Log in to the ANZ App on your mobile device.
   • Go to the Accounts screen and tap on More.
   • Select Activate Card and follow the prompts to complete the activation. You can also set your PIN during this process.
2. Activate via ANZ Internet Banking:
   • Log in to your account on the ANZ Internet Banking platform.
   • Navigate to the Settings menu, then select Activate card and follow the prompts.
   • If needed, you can set your card’s PIN in the app or at an ANZ ATM.
3. Alternative method: If you prefer, you can activate your card by calling ANZ’s customer service team.

Note: The ANZ customer service number for credit card inquiries is 13 22 73 within Australia. If you’re calling from overseas, you can contact them at +61 3 9683 9999.

ANZ Low Rate Credit Card Fees and Tariffs

Here are the main fees associated with the ANZ Low Rate Credit Card:

• Annual fee: $58, but it is waived for the first year.
• Purchase interest rate: 13.74% p.a., which is relatively low compared to other cards.
• Cash advance interest rate: 21.99% p.a. on any cash advances.
• Balance transfer rate: 0% for up to 26 months, with a 3% fee on the balance transferred. After the promotional period, the balance transfer rate reverts to 21.99% p.a.​
• Late payment fee: $20 if you miss a payment.
• Additional cardholders: Up to 3 additional cardholders at no extra cost.

Customer Service

Here are the official ANZ Bank channels for assistance related to the ANZ Low Rate Credit Card:

• ANZ Official Website: ANZ Low Rate Credit Card page
• Phone numbers:
  • For inquiries within Australia: 13 22 73 or 13 13 14
  • For international inquiries: +61 3 9683 9999
• ANZ Internet Banking: Login to ANZ Internet Banking
• Customer support page: ANZ Support Centre
• ANZ App: You can download the ANZ App for managing your card:
  • Android
  • iOS

DOWNLOAD FOR IOS

DOWNLOAD FOR ANDROID

For any additional queries, these channels will provide the necessary support to help you with your card management and other banking needs.