The ANZ Low Rate card is a Visa credit card that is designed with a lower interest rate on purchases than other credit cards. However, it does not offer any other benefits or rewards.

Promotion: ANZ Low Rate current balance transfer offer

ANZ Low Rate - October 19 2020 offer | Point Hacks

If you’ve already built up some non-ANZ credit card debt and are struggling to pay it off with interest, then consider the current balance transfer promotion at 25 months of 0% interest p.a. It’s especially helpful if you have debts with multiple providers, as you can consolidate those debts onto one card account.

This means ANZ will pay off your debt on the other card account(s) and transfer the amount to this new Low Rate card, as long as you request this at the time of application. There is a one-off Balance Transfer Fee of 1.5% of the amount you’re transferring.

You’ll then have up to 25 months to pay off this balance with a 0% p.a. interest rate, which is really handy for avoiding more interest charges, if you’re disciplined enough. You won’t get charged the $58 annual fee in the first year, but it will apply from the second year onwards.

The 0% p.a. promotional rate converts back to the usual 20.24% p.a. balance transfer rate after the 25 months is over, so make sure you pay it off before then.

Important: While you have an outstanding balance transfer, interest-free periods on purchases do not apply. This means that you may have to start paying interest on new purchases straight away, if you have an existing balance transfer.

For this reason, it’s best not to use the Low Rate card for any additional purchases while you are paying off a Balance Transfer, as you may accrue new debt.

Card Details

CardANZ Low Rate credit card 
Loyalty programN/A
Points earned from spendN/A
International transaction fee3%
Minimum IncomeUnspecified
Annual fee$58 p.a. ongoing

Effective Frequent Flyer Program Point Earn Rates

This is not a rewards credit card, so no points are earned on transactions. However, it comes with Visa Entertainment perks and offers including discounts at retailers.

Explained: the lower interest rate on purchases

The main reason you might consider this credit card is the balance transfer offer and the lower rate on purchases, which is currently 12.49% p.a. This means you’ll owe less interest overall each statement if you don’t pay off your credit card purchases in full each month, compared to other cards.

Take note that ANZ’s standard interest rate on cash advances and standard balance transfers remains at 20.24% p.a on this card, which is quite high if you are accumulating debt. Try to avoid withdrawing cash out of any credit card if you can avoid it.

Summing up

The ANZ Low Rate credit card is for those who would like to minimise the interest charged on credit card purchases if they can’t pay off the full balance each month.

The current balance transfer promotion is also great for consolidating debt into one account and paying it off over 25 months with no extra interest charges during the promotional period.

Terms and conditions

Terms and conditions and exclusions apply. Click here to find out more.

ANZ Low Rate credit card – $0 annual fee in the first year and 0% p.a. for 25 months on Balance Transfers was last modified: October 19th, 2020 by Evin Tan Khiew