ANZ Low Rate Credit Card

The ANZ Low Rate is a basic credit card with few extra frills, but a very competitive option if you're looking to save money.

When you apply for a new ANZ Low Rate credit card, you’ll get a 0% interest rate on balance transfers for 30 months, with no balance transfer fee. This promotional period starts from the date you’re approved for the card (referred to as the Letter of Offer date) – not when your balance is transferred. You'll want to pay off your full balance before that time is up, because at the end of the introductory period, any remaining balance will be charged interest at the cash advance rate, currently 21.24% p.a.

This card offers a competitively low purchase interest rate of 12.49% p.a. and a no annual fee for the first year (saving you $58).

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Amy Bradney-George

Last Updated Apr 29, 2022

0% p.a.

Balance transfer rate

for 30 months

12.49% p.a.

Purchase rate

$0 p.a.

Annual fee

for the first year ($58 p.a. thereafter)

55 days

Interest free period

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Details

Product Name	ANZ Low Rate
Balance transfer rate p.a.	0% for 30 months
Balance transfer revert rate	Balance Transfer Revert Rate (21.24%)
Balance transfer limit	95% of available limit
Purchase rate p.a.	12.49%
Annual fee	$0 for the first year ($58 thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.24% p.a.
Min credit limit	$1,000
Card type	Visa
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	No

Pros

0% p.a. on balance transfers for up to 30 months (with no BT fee)
$0 annual fee for the first year ($58 p.a. thereafter)
Ongoing low purchase interest rate of 12.49% p.a.
Cashback offers when you shop through Cashrewards Max

Cons

Balance transfer reverts to the high standard balance transfer interest rate of 21.24% p.a. at the end of the introductory period
Does not offer any form of purchase or travel insurance

Bonus points	N/A

Annual fee	$0 for the first year ($58 thereafter)
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	3%
Cash advance fee	3%
Overseas cash advance fee	3% of the transaction amount or $4 (whichever is greater)
Overseas ATM withdrawal fee	$5
Additional cardholder fee	$0
Number of additional cardholders	3

Go to ANZ's site More info

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The ANZ Low Rate credit card offers one of the longest interest-free balance transfers on the market, giving you 30 months to pay down your existing debt with a 0% rate. To give you an idea of your potential savings, if you wanted to transfer $6,000 and were currently being charged 19.94% interest rate, you could save $2,286.14 over 30 months. While you won’t be charged a balance transfer fee, keep in mind that a high 21.24% interest rate kicks in after the 30-month introductory period.

The ANZ Low Rate can also help you save money with no annual fee for the first year. It has a low ongoing annual fee and low purchase interest rate, with the added benefit of access to cashback offers through the Cashrewards Max program – exclusive to ANZ cardholders. Apart from that, this card offers little in the way of extra perks or rewards compared to some more expensive options.

How to apply

You can apply for the ANZ Low Rate credit card online in around 5 minutes and receive a response within 60 seconds. Before you apply, make sure you meet the following eligibility requirements and have the necessary information to complete the application.

Eligibility criteria

Residency requirement. Citizens and permanent residents of Australia are eligible to apply. If you are a non-Australian permanent resident, you must have an eligible working or business visa with at least 9 months remaining.
New cardholder. To take advantage of the balance transfer promotion, you must be a new customer and apply for the balance transfer at the time of application.

Eligible balance transfer debt. You can transfer from $100 up to 95% of your available credit limit from credit and store card accounts not issued by ANZ.
Credit history. You must have a good credit score and history. You can get your credit score and comprehensive credit report for free through Finder.
Age. You must be at least 18 years of age.

Required documents

Personal information. This includes your full name, date of birth, contact information, marital status and number of dependents.
Proof of identification. You'll be asked to provide your Australian driver's licence number (if you have one).
Finances. Details of your income, expenses, assets and liabilities.
Employment. Your employer's address and if you are self-employed, you will need your accountant's name and contact number.
Balance transfer information. If you plan to transfer a balance you will need to provide information about the cards / accounts from which you are transferring.

Go to ANZ's site More info

Card benefits

0% balance transfer offer. Get 0% interest on balance transfers for 30 months with no balance transfer fee. Any unpaid balance at the end of the introductory period will revert to the standard balance transfer rate, currently 21.24% p.a. Note that the 30-month promotional period starts on the Letter of Offer date (when you get notified your application is approved). It may take another 3-15 days after this date before your balance transfer is processed.
First-year annual fee waiver. Save with a $0 annual fee for the first year (reverting to $58 p.a. thereafter).

Cashrewards Max. This complimentary program gives you a way to earn cashback when you shop with over 1,700 brands including Apple, THE ICONIC, Uniqlo and Uber Eats. To get started, create a free Cashrewards account, then link your ANZ credit card to unlock the Cashrewards Max benefits. This includes bigger cashback offers and exclusive deals, such as $20 back when you spend $20 or more through Cashrewards within 7 days of signing up. Once you’re a member, you’ll get cashback when you shop in-store or online with participating brands. The cashback is added to your Cashrewards account and you can transfer it to your bank account or PayPal once you’ve collected at least $10.01 cashback. Learn more about this ANZ Cashrewards partnership that launched in 2021.
Low purchase interest rate. A variable rate of 12.49% p.a. on purchases means that you can save money each month when compared to cards with higher purchase rates.
Mobile payment technology. You can link your card to Apple Pay, Google Pay and Samsung Pay to use your eligible device to tap and pay.
Visa Offers + Perks. With complimentary membership to Visa Offers + Perks, you can access exclusive offers on dining, entertainment, travel and more.
Security. ANZ Falcon offers 24/7 transaction monitoring and you won't be liable for fraudulent transactions made with your credit card thanks to the ANZ Fraud Money Back Guarantee. If your card is lost or stolen, you can request an emergency credit card replacement worldwide.

Rates & fees

Annual fee. Outside of any promotions, this credit card charges a competitive annual fee of $58.
Up to 55 days interest-free. Receive up to 55 days interest-free on purchases when you pay your closing balance in full by the due date on each statement. Note that this will be shown as the Adjusted Closing Balance if you have promotional balances from relevant balance transfer plans, instalment plans and buy now pay later plans. The Adjusted Closing Balance is calculated as your closing balance less the sum of any relevant promotional plans.

Cash advances. If you use your card to make a cash advance (such as an ATM withdrawal), you'll be charged a 21.24% p.a. interest rate. You'll also be charged 3% of the transaction amount in Australia or 3% of the transaction amount or $4 (whichever is greater) for overseas transactions.
Additional cardholders. You can request up to 3 additional cardholders at no extra cost.

Go to ANZ's site More info

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ANZ Low Rate Credit Card