Intro Rate
0% p.a. for 28 months on balance transfers with 3% BT fee

Purchase Rate
13.74% p.a.

Annual Fee
$58

Intro Offer
Alternative credit back offer available

The ANZ Low Rate credit card comes with a moderate annual fee, lower-than-average purchase APR, and the choice between two offers for new cardholders — a $250 credit back bonus and a balance transfer promotion. The latter — 0% on balance transfer for 28 months with a 3% balance transfer fee and the annual fee waived for the first year — makes the ANZ Low Rate credit card a solid pick for managing debt.

Fees, interest rates and other details

Feature	ANZ Low Rate credit card
Annual fee	$58 ($0 for the first year with the promotional balance transfer offer).
Purchase rate	13.74% per annum.
Cash advance rate	21.99% per annum.
Balance transfer rate	21.99% per annum (0% for 28 months with the promotional balance transfer offer).
Minimum credit limit	$1,000
Interest-free days on purchases	Up to 55 days interest-free if the statement balance is paid in full by the statement due date. Remember, this will not apply to cash advances.
Additional cardholders	$0 (up to three additional cards).
Card network	Visa.
Intro offer	• Balance transfer offer: 0% on balance transfers for 28 months with a 3% balance transfer fee, plus the annual fee is waived for the first year. • Credit back offer: Earn $250 in cash back when you spend at least $1,500 in the first three months of card ownership.
Rewards program	None.
Included insurance	No complimentary coverage.
Benefits	• Earn cash back when you shop via the Cashrewards platform. • Get 24/7 fraud protection through ANZ Falcon. • Buy now, repay later through ANZ’s Installment Plans. • Pay using Apple Pay, Google Pay, Samsung Pay or Garmin Pay.

Basic overview

The ANZ Low Rate credit card offers an ongoing rate of 13.74% on purchases, which is roughly 30% lower than the average purchase rate of 19.08%, according to data analysed by NerdWallet on over 100 Australian credit cards.

The ANZ Low Rate credit card also offers two promotions for new cardholders — a balance transfer offer and a credit back offer.

» MORE: How to get a credit card in Australia

Understanding the annual fee’s value

The ANZ Low Rate credit card has an annual fee of $58, but there are several ways to potentially offset it:

Cashrewards platform: You can earn cash back while shopping, but since you may not need or want the items available, the savings are not a guarantee.
Credit back offer: Choosing this option can earn you a $250 statement credit, which could effectively cover the annual fee for roughly four years.
Balance transfer promotion: Eligible cardholders can have the annual fee waived in the first year by selecting this option.

It’s important to note that you can’t combine the balance transfer promotion with the credit back offer — you have to pick the offer that best suits your needs. However, access to the Cashrewards platform is available regardless of which option you choose.

Understanding the balance transfer offer

The ANZ Low Rate credit card’s balance transfer offer allows you to move a balance from a non-ANZ credit card or store card, at 0% interest for 28 months. A 3% balance transfer fee applies, which is rolled into your new balance. Plus, the card’s annual fee is waived for the first year.

Keep in mind that this 0% offer only applies to balances transferred to the new card. The promotional rate doesn’t apply to new purchases you make, which are instead subject to the card’s 13.74% purchase rate. It also doesn’t apply to other types of transactions, like cash advances, which charge even higher rates of interest.

To retain the 0% interest rate on your balance transfer, you must make any required minimum payments by the due date shown on your statement each month. Make sure you read the card’s terms and conditions carefully to understand what you need to do to keep the promotional rate.

Mind the revert rate

If you have a credit card balance on a card with a higher interest rate, moving the balance to one with 0% interest could save you money — and give you time to pay down the balance. Remember that the new card’s standard interest rate applies once the promotional period ends. So, ideally, you want to pay off the debt during the 0% interest period. It’s also important to consider the new card’s standard rate versus the interest rate you are paying on your current card, especially where you may be unable to pay the balance transfer off within the 0% interest rate period.

ANZ balance transfer rules

Before choosing the balance transfer offer, it’s important to know the rules of how balance transfers work at ANZ:

Transfer limits: You can transfer between $100 and 95% of your new credit limit, which includes the 3% transfer fee. So, if you have $5,000 of debt, you’d need a credit limit of roughly $5,550 to transfer the full amount.
Eligible cards: You can only transfer balances from non-ANZ Australian credit cards and store cards only. Plus, you cannot be in default on any other ANZ credit cards or accounts named on the application.
Interest-free days: The up to 55 interest free days on new purchases only apply if you pay the closing balance or adjusted closing balance in full by the due date.
Eligible customers: Balance transfer promotional rates may only apply to new cardholders. Make sure you check the terms and conditions of the offer to ensure you are eligible.
Transfer fees: Balance transfer fees are typically rolled into the transferred balance after it is moved over, becoming part of your debt.

Our take

The below pros and cons are based in part on NerdWallet’s editorial expertise and data collected from over 100 Australian credit cards.

Pros

0% introductory rate on balance transfers (new cardholders only).
- Lower minimum amount required to qualify for balance transfer ($100).
- Higher credit limit allows larger balance transfers (95%).
- Lengthy promo period (28 months) allows more time to pay off balances without interest.

Lower ongoing interest rate on purchases. (13.74%).

Annual fee waived for the first year (only available on balance transfer offer).

Free additional cardholders (up to three cards), so close family members or friends can have access to credit without needing to apply for their own card. But remember, additional cardholders are not responsible for the debt, only the account owners.

Cons

Higher balance transfer fee (3%) associated with the promotional offer. This fee gets rolled into the amount you transfer, increasing the balance.

Higher revert rate (21.99%) on transferred balances after the promo period ends.

Charges a fee for overseas and international transactions, which can rack up costs if you plan to use the card regularly abroad.

Does not earn rewards on purchases, such as miles, points or cash back, which can help offset costs like the annual fee.

Lacks complimentary insurance, like travel coverage and purchase protection, which can be useful for regular travellers or people planning to use the card for the majority of their purchases.

Offers and rewards

Balance transfer offer

Credit back offer

Earning Cashrewards

Redemption options

Balance transfer welcome offer

0% on balance transfers for 28 months with a 3% balance transfer fee, and the annual fee waived for the first year.

The balance transfer offer can save you money by giving you more time to pay down your debt without accruing interest. However, the transfer fee of 3% is worth considering, as well as the card’s standard balance transfer rate — which applies to any unpaid balances at the end of the promotional period.

Example: Let’s say you transfer a balance of $5,000 from a card with 21% interest to the ANZ Low Rate credit card. You can pay off the balance (plus the 3% transfer fee) within the 28 month promotional period by paying at least $184 per month. However, if you keep the balance on your existing card and pay $184 per month toward the debt, it’ll take roughly three years to pay off in full, and accrue over $1,600 in added interest, according to the moneysmart.go.au credit card calculator.

The above offer and redeemable value was current at the time of writing and are subject to change.

Credit back welcome offer

Earn $250 in credit back when you spend at least $1,500 in the first three months of card ownership.

The card’s $250 credit back offer can help cover costs like the annual fee, or an emergency expense you need to charge to the card.

The above offer and redeemable value was current at the time of writing and are subject to change.

You can earn credit back to your card when you shop via the Cashrewards platform.

It’s worth noting that access to Cashrewards is not exclusive to the ANZ Low Rate Credit Card, nor does the ANZ Low Rate card provide access to unique deals on the site.

Any cash back earned through the Cashrewards site can be deposited into your bank account or PayPal account, or used directly through the platform.

Eligibility

Who may be eligible?

To apply for an ANZ First credit card, you need to:

be at least 18 years old
be an Australian or New Zealand citizen, permanent resident, or have more than 12 months left on your visa
have a good credit rating.

Who might be suited to this card?

According to ANZ’s Target Market Determination (TMD)[1], the ANZ Low Rate credit card is designed for customers who:

require a credit card facility (being a line of credit) to make purchases or perform other transactions
are likely to carry a substantial balance frequently from month to month or value a low interest rate on purchases above other card benefits
want a credit card facility with a credit limit of at least $1,000
can satisfactorily demonstrate that they are able to afford to repay the credit card facility.

Who might not be suited to this card?

Based on the above TMDs, ANZ has not designed this card for customers who:

carry a substantial balance month-to-month
want a card with no ongoing annual fee
want to earn rewards on purchases
want a card with complimentary travel insurance.

How to submit an application

To apply for the ANZ Low Rate credit card with the balance transfer offer, click the ‘Apply with a Balance Transfer’ button on the website and follow the online prompts. It’s recommended that you have the following items handy before you start the credit card application process:

your contact details, such as an email address
Australian driver’s licence, if applicable
financial information, which includes income, expenses, assets and liabilities
two recent pay slips
your accountant’s contact details if you’re self-employed
information on your living expenses, such as ongoing bills
ANZ account number or Customer Registration Number, if applicable.

New cardholders must activate the card before a balance transfer can be completed. Balance transfers typically take between three and 15 business days to process.

» MORE: How long does it take to get a credit card?

Customer satisfaction ratings

Note: Customer review websites can be insightful, but keep in mind that the reviews may not accurately reflect the average experience; for example, unhappy customers may be overrepresented in these reviews. Products also change over time, and reviews may reflect experiences with features and benefits that are no longer available. Nevertheless, these sites are just one way to learn more about the company and the products on offer before you make a decision.

As of this writing:

Based on over 470 Trustpilot reviews, ANZ scored: 1.4 out of 5 stars.
Based on over 35 ratings from Product Review, the ANZ Low Rate credit card scored: 3.1 out of 5 stars.

NerdWallet does not endorse the above scores or reviews and provides them for illustrative purposes only.

The ANZ Low Rate credit card offers 13.74% on purchases with an up to 55-day interest free period. The card’s standard balance transfer rate (outside of any promotional offer) is 21.99%.

» MORE: How is credit card interest calculated?

Balance transfers to ANZ credit cards take between three and 15 business days to process. If you’re transferring to a new card, you’ll need to activate it first.

ANZ, “ANZ LOW FEE CARDS TARGET MARKET DETERMINATION,” accessed September 27, 2024.

ANZ Low Rate Credit Card Overview 2024

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