Set limits for each additional card and control your business spending
The ANZ Business Low Rate Card has an annual fee of $150 and an additional cardholder fee of $30, which will be waived if the minimum spend of $20,000 is reached.
You can set monthly spending caps for each additional card to match your business budget — cash can be restricted on some or all cards depending on your requirements.
| Product Name | ANZ Business Low Rate |
|---|---|
| Purchase rate (p.a.) | 14.26% p.a. |
| Annual fee | $150 p.a. |
| Cash advance rate (p.a.) | 16.41% p.a. |
| Min credit limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $1,000 |
| Minimum Monthly Repayment | 2% |
| Card Type | Visa |
| Late Payment Fee | $35 |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 2.5% of transaction value |
| Complimentary Travel Insurance | No |
| Available To Temporary Residents | No |
| Joint Application | No |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | No |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $1,000 |
| Annual Fee | $150 p.a. |
|---|---|
| Minimum Repayment | 2% |
| Late Payment Fee | $35 |
| Over Limit Fee | 5% of the overlimit amount, to a max of $50/monthly statement |
| Cash Advance Fee | Greater of $1.50 or 1.50% of the cash advance amount |
| Overseas Cash Advance Fee | Greater of $1.50 or 1.50% of the cash advance amount |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 2.5% of transaction value |
| Gambling Transactions Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $30 p.a. |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | No |
| Phone Banking | Yes |
| In Branch | Yes |
| Yes |
Pros
- A low interest rate of 14.26% p.a. on purchases
- The $150 annual fee can be waived if the annual spending is above $20,000
- Provides a company liability insurance, which protects your business against misuse of your cards
Cons
- There is no interest-free period with this card.
ANZ Business Low Rate review
The ANZ Business Low Rate Credit Card gives you a low-cost and effective way to control your business spending. All of your account information is displayed on your monthly statement. Details for fees, charges, spending and payments are displayed for each individual card.
The annual fee is usually $150. An additional cardholder can be added to the account (the primary card holder can set the limit for the supplementary card) for $30. Both fees are waived if you reach the minimum annual account spend on the card every year.
The ANZ Business Low Rate Card also has a number of insurance policies included, which can protect you in the event of fraud or other circumstances. Transit accident insurance is a handy feature that protects the card holder while travelling to and from work.
Benefits of the ANZ Business Low Rate
The following ANZ Business Low Rate review should help you know whether this card is right for your business.
- Low annual fee. If minimum spend of $20,000 is reached, annual card fee of $150 and additional cardholder fee of $30 will be waived.
- A low ongoing purchase rate of interest. The ANZ Business Low Rate account has a purchase rate of interest of 14.26% p.a. This is charged when you are not eligible for any interest free days and you use the card for purchases.
- A low rate on cash advances. Although still a somewhat high rate of interest of 16.41% p.a., the cash advance rate of interest (applies when the card is used to withdraw cash at an ATM, for example) is still lower than most cash advance rates on personal and business credit card products.
- Complimentary insurances. Company liability insurance offers cover up to $37,500 for each cardholder, and a total of $200,000 p.a. for the entire account for a range of events. Check the terms and conditions (available on request) for further information about this cover. This also comes with a Transit accident insurance which pays up to $250,000 to cardholders in the event of an eligible accident while on a journey that was paid for with the account. This gives your employees added protection in the event that they must take a trip for work.
- ANZ Falcon. ANZ Falcon offers around the clock monitoring of your account for suspicious transactions. If a suspicious transaction is detected, ANZ will notify you to confirm whether you have authorised the card use. If you can’t be contacted, a decision will be made about blocking your account.
ANZ Business Low Rate features
- Annual fee. The annual fee is waived in the first year and in subsequent years if you reach the minimum account spend.
- Company liability insurance.
- A low ongoing purchase rate of interest of just 14.26% p.a.
- Transit accident insurance provides cover while you’re travelling if you purchased the tickets with the ANZ Business Low Rate Card.
- Add an additional cardholder to the account for an annual fee of $30.
- ANZ Falcon account security.
- Visa No Liability anti-fraud guarantee protects you if you are the victim of credit card fraud.
How to apply for the ANZ Business Low Rate credit card
To apply for the ANZ Business Low Rate Credit Card, follow the links on this page.
The online application should only take about ten to fifteen minutes to finish, and once you’ve submitted the application, ANZ will be in touch on the email you provided to inform you about the status of your application. Your application will be approved, declined or conditionally approved. You should receive notification of the outcome of your application within 7-10 business days.
You can confirm your eligibility for the product by reading the following information.
Application requirements
To be eligible for the ANZ Business Low Rate Credit Card, you need to be applying on behalf of a business entity, which is either a:
- Sole trader, partnership or company
- A trust, association or co-operative
You must also:
- Be authorised to open the account on behalf of the business
- All proprietors must be permanent Australian residents and over the age of 18
- Agree to use the card wholly for business purposes
Joint applications
A minimum of two people must apply if the business entity has two or more directors proprietors or partners. If you’re a sole trader, the principal of the business must apply.
Required documents
Make sure you have the following information on hand before you start the application.
- The registered business name, business number (ABN or ACN), trading address and mailing address and the business structure (partnership, company or a sole trader for example)
- Information of your existing business accounts and products held with other lending institutions
- Personal information about each of the authorised applicants who wish to apply for the account
- Information about each additional card holder and signatory you want to add to the account
After you apply
The nominated ANZ Business Low Rate applicants may be required to verify their identity at an ANZ branch to complete the verification process.
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