How to Apply for your ANZ Low Rate Credit Card
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 28 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
The ANZ Low Rate Credit Card is a practical choice for individuals who seek to minimize interest on their everyday spending. With a low ongoing interest rate and simple features, the card focuses on affordability rather than perks or rewards.
It is especially useful for those who may carry a balance month-to-month or are interested in transferring debt from higher-interest credit cards.
Additionally, the card provides some attractive introductory offers, making it more appealing for managing finances effectively.
Low Interest Rate on Purchases
One of the main benefits of the ANZ Low Rate Credit Card is its competitive purchase interest rate of 13.74% p.a. This makes it a good option for cardholders who occasionally carry a balance.
Compared to other cards with higher interest rates, this card allows for savings on interest if balances are not paid off in full immediately.
0% Balance Transfer for 28 Months
For those with existing credit card debt, the ANZ Low Rate Credit Card offers 0% p.a. on balance transfers for 28 months. This allows cardholders to transfer balances from non-ANZ cards and avoid paying interest during the promotional period.
A one-time 3% fee applies to transferred balances, but this could still provide significant savings compared to paying higher interest rates.
No Annual Fee in the First Year
To further attract new cardholders, ANZ waives the annual fee for the first year.
After the initial 12 months, the annual fee reverts to $58, but this waiver can be helpful for those who want to test the card without incurring an immediate fee.
Up to 55 Days Interest-Free on Purchases
The card offers up to 55 days interest-free on purchases, provided the balance is paid in full by the due date each month.
This benefit can help cardholders manage cash flow and avoid accruing interest on new purchases during this period.
Mobile Payment Compatibility
Cardholders can use their ANZ Low Rate Credit Card with Apple Pay, Google Pay, and Samsung Pay, making it easy to make contactless payments with their mobile devices.
This feature adds a level of convenience, particularly for those who prefer digital wallets.
Security and Fraud Protection
ANZ provides robust security measures, including ANZ Falcon 24/7 fraud monitoring and the ANZ Fraud Money Back Guarantee, ensuring cardholders are protected against unauthorized transactions.
Additionally, the card comes with an embedded microchip for added protection against fraud.
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:
- Visit the official ANZ page: Start this process by navigating to the official ANZ Low Rate Credit Card page.
- 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.
- Gather necessary documents: Prepare personal and financial details, including your income, expenses, assets, liabilities, and proof of identity (e.g., a driver’s license).
- 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.
- 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.
- Submit your application: After reviewing and submitting the application, ANZ will call you within a few business days to finalize the process, if required.
- Wait for approval: if you are approved, the Bank will send your card to the address provided
- Download the ANZ App: For easier management of your card, download the ANZ banking app. It’s available for both Android and iOS.
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 28 months: You can transfer existing debt to the card and enjoy 0% interest for up to 28 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:
- 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.
- 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.
- 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 28 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
- ANZ App: You can download the ANZ App for managing your card:
- Customer support page: ANZ Support Centre
For any additional queries, these channels will provide the necessary support to help you with your card management and other banking needs.
