Our verdict

Offers 0% p.a. interest on balance transfers for 28 months, with a one-time 3% balance transfer fee.

The ANZ Low Rate Credit Card has a low 13.74% p.a. interest rate for purchases, as well as an introductory 0% p.a. balance transfer offer. If you have existing debt, this offer gives you a way to pay no interest for the first 28 months when you transfer the balance to your new ANZ Low Rate Credit Card.

To give you an idea of the potential savings, if you wanted to transfer $6,000 and were currently being charged 19.94% interest, you could save $2,152.27 over 28 months. Keep in mind that a 21.99% p.a. interest rate applies after the 28-month introductory period. This is higher than the interest rate for purchases on this card, so it’s ideal to focus on paying off the balance transfer before then.

This offer also includes no annual fee in the first year, and the $58 annual fee that applies from the second year is on par with other low rate cards. But it offers little in the way of extra perks or rewards compared to some more expensive cards, so if you’re planning to use it for shopping keep that in mind.

Pros

0% p.a. interest on balance transfers for 28 months
$0 annual fee for the first year ($58 p.a. thereafter)
Ongoing low purchase interest rate of 13.74% p.a.

Cons

Charges a one-time 3% balance transfer fee
Balance transfer reverts to the high standard balance transfer interest rate of 21.99% p.a. at the end of the introductory period
Does not offer any form of purchase or travel insurance

The ANZ Low Rate Credit Card offers a mix of low-cost features, including a 13.74% p.a. interest rate for purchases and no annual fee in the first year (saving you $58). Right now, you can also save with 0% p.a. interest on balance transfers for 28 months. To get the balance transfer, you need to request it when you apply and there is a one-time 3% balance transfer fee.

If you're after perks over a balance transfer, there is a second offer available on the ANZ Low Rate Credit Card with $250 credit back.

Details

Product details

Product Name	ANZ Low Rate
Balance transfer rate p.a.	0% for 28 months with 3% balance transfer fee, then 21.99%
Balance transfer limit	95% of available limit
Purchase rate p.a.	Purchase rate p.a. 13.74%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.99%
Min credit limit	$1,000
Card type	Visa

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $0 first year ($58 after)
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	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

How to apply

You can apply for the ANZ Low Rate Credit Card online in around 20 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 at least 12 months remaining on an eligible working or business visa.
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.

Card benefits

0% balance transfer offer. Get a 0% p.a. interest rate on balance transfers for 28 months with a one-time 3% balance transfer fee. Any unpaid balance at the end of the introductory period will revert to the standard balance transfer rate, currently 21.99% p.a. Note that the 28-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 in the first year, which goes to $58 p.a. after that.

Low purchase interest rate. A variable rate of 13.74% p.a. on purchases means that you can save money each month 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 credit card 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 21.99% 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.

Sources

Your reviews

No reviews yet. Write a review

ANZ Low Rate Credit Card

Pros

Cons

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

Your reviews

Important information about this website

Advertiser disclosure

How we make money

Sorting and ranking products

Terms of service and privacy policy