ANZ Low Rate Credit Card. The fees, rates & info

On the hunt for a low-rate credit card that lets you spend in Australia or overseas without worrying about the added cost of high interest rates? With several competing products on the market, it can be hard to know where to start in your search.

One option that may be worth considering is the low-rate credit card available with one of Australia’s Big Four banks – ANZ.

To help you decide if this is the right choice for you, we’ve prepared this in-depth guide for ANZ’s low-rate credit card, covering its rates, fees, features, benefits and more.

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The ANZ Low Rate credit card

This card allows holders to spend using credit up to a set limit and then repay the balance plus interest over time. Advertised as ANZ’s credit card with the lowest interest rate on purchases, it offers a comparably lower interest rate than some options available with other lenders.¹

Who is this credit card for?

With no added extras such as travel benefits or reward points, this card is suited to those seeking a basic credit facility with a low-interest rate for easy spending in Australia or overseas.¹

It may also appeal to those seeking a back-up or emergency payment option without the associated worry of high-interest repayments when unable to clear the statement balance.

However, it does have some limitations that may make it unsuitable for some users which we’ll look at further on.

The main features and benefits of the Low Rate credit card

As per ANZ, this card’s main feature and benefit is the low-interest rate offered, other benefits also include¹:

• Balance transfer options
• 24/7 anti-fraud protection with ANZ Falcon
• Cashback reward offers
• Buy now, pay later ANZ Instalment Plan solutions
• Both a physical and digital card for mobile payments
• Up to 55 days interest free on purchases
• Account use for up to three additional cardholders

ANZ Low Rate credit card rewards

Currently the ANZ Low Rate credit card does not offer access to any rewards options either through ANZ or with any airline frequent flyer programs.¹

The cons of using this card

As previously indicated, there are some limitations associated with this card which may make it less suited to some individuals. These are¹:

• A higher annual fee than some other ANZ credit card products that levy a higher interest rate
• No complimentary insurance for travel or purchases
• No rewards offered for card use

The credit limits you get with this card

The minimum credit limit offered with this card is AUD$1000.¹ Your approved upper credit limit will be outlined in your letter of approval following successful application.²

You can request to raise or lower your upper limit with ANZ at any time so long as it is not below AUD$1000. The decision to allow this remains at the discretion of ANZ in line with their lending criteria.

What are the fees for this card

As with most credit cards, there are some fees and charges associated with the use of this Low Rate credit card in addition to any applicable interest. We have outlined the main fees in the table below for reference.

Fees*	ANZ Low Rate Credit Card¹
Annual fee	AUD$58
Interest rates	13.74% on purchases 21.99% on cash advances
Late repayments	Penalty for repaying late
Foreign transaction fee³	3% of the transacted amount
Cash advance fee³	3% of the amount withdrawn, up to a maximum fee of $20 and a minimum fee of $3 If overseas, a foreign transaction fee may also apply on top of this fee. **NB: ATM providers may charge thor own fees in addition to the above **
Additional card holders (up to 3)	No charge

*As seen on 08 July 2024

ANZ Low Rate Credit Card exchange rate used

If you use this credit card to spend or withdraw funds in a foreign currency the transaction amount will be converted into the Australian Dollar equivalent using the Visa International foreign exchange rate. Neither ANZ nor Visa advertise if they include a margin.

Visa rate	Wise
Spending USD$1000 at Visa’s exchange rate will cost you AUD $1490.53 at time of writing. (excluding any bank fees)	With Wise, USD $1000 converts to AUD $1478.69 (inclusive of a 0.33% variable fee of USD$3.29).⁵

As seen on 8 July 2024

Wise utilises the mid-market exchange rate with no margins added. With Wise, the rate you see above is what you get once the conversion fee is deducted.

It’s all transparent and you can see upfront what fees you pay and how much you’ll get once you convert your money. Have a quick play with our currency calculator here to see the latest fees and exchange rate.⁵

How do you get a ANZ Low Rate Credit Card?

To apply for the ANZ Low Rate credit card, you will need to visit ANZ’s website. From here you can either begin an application by logging in as an existing customer, or by clicking ‘Get Started Now’ from the product page.¹

From here, you will need to¹:

1. Complete the required form with the required information including details of your income, expenses, liabilities and assets
2. Upload proof of identity and other documentation as needed
3. Once done, you simply submit the application and await to hear the outcome

What are the eligibility requirements for getting this credit card

To be eligible for this credit card with ANZ, you will need to meet some set criteria such as¹:

• Being aged 18 years or over
• Being an Australian or New Zealand citizen or permanent resident or;
• Holding an Australian visa in an approved category that has more than 12 months of validity remaining

NB: For visa holders, proof of your current visa status and validity may be required in addition to any ID or income documentation requested by ANZ at time of applying.

How long does it take to get the card

ANZ do not expressly advise time frames for the delivery of their Low Rate credit cards post approval instead stating that:

‘The time it takes to process, approve an application and deliver or activate a card can vary and there may be delays.’¹

We recommend noting down any advice regarding this provided at the time you submit your application or speaking with an ANZ representative directly for more information as needed.

What else do I need to know?

Before deciding if ANZ’s Low Rate credit card is suited to your needs, we advise considering the following points:

• The lower interest-rate card comes with a higher annual cost than other cards. While these other cards have a higher interest rate, if you are someone who generally pays their balance on time, this may make the card less appealing.
• Similar to the above, if you clear your balance before the end of each statement, a card product with added extras such as travel insurance, rewards points or frequent flyer offers may represent better value.
• If you are planning to use this card overseas for cash advances, multiple fees will apply in the form of a cash advance fee, foreign currency fee and Visa exchange rate margin – making it a costly exercise compared with other travel money options.

Contacting ANZ

To speak with ANZ regarding their Low Rate credit card or for support as an existing cardholder, you can contact them at:

• 13 13 14 in Australia
• +61 3 9683 9999 from overseas

Alternatively, if you are already an ANZ customer, you can access support via the secure messaging service in the ANZ banking app.

The Wise Account and Debit Card

With a Wise Account you can hold money in 40+ currencies and spend it in 150+ countries. You can also order local account details in popular world currencies like AUD, NZD, USD, EUR, GBP to receive local and/or international payments like a local.

Whenever you exchange currencies it’s done using the mid-market rate with a transparent conversion fee shown upfront.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a conversion fee.

The Wise card may suit you better if you’re to spend money that you’ve stored in different currencies within an existing Wise Account, and benefit from 2 or less free cash withdrawals under $350 AU, or foreign equivalent, per month (keep in mind that ATM providers may charge their own fees). You can see our full fee breakdown for ATM withdrawals here.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

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Sources:

1. ANZ - Low Rate Credit Card
2. ANZ - Conditions Of Use pgs. 11, 27
3. ANZ - Fees & Charges pgs. 16, 18
4. Visa - Exchange Rates
5. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Sources checked on: 8 July 2024