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.

Offer 1: 0% p.a. on balance transfers for 28 months

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 promotion of 28 months at a 0% p.a. balance transfer rate and 3% Balance Transfer fee. 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.

You’ll have the 28 month promotional period 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 21.99% p.a. balance transfer rate after the 28 month promotional period 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 if you do not pay the Closing Balance shown on each statement of account in full by the applicable due date. This means that you may have to start paying interest on new purchases straight away if you have an existing balance transfer. Promotional period starts when ANZ issue a Letter of Offer, not when the balance transfer is processed (usually 3-15 business days after card activation). Rate reverts to standard BT rate, currently 21.99% p.a.. T&Cs, eligibility criteria, fees and charges apply (including $58 annual fee after first year).

Offer 2: $250 back to your new card

As a new cardholder, you also have the option to choose a $250 statement credit back to your new card when you spend $1,500 or more on eligible purchases in the first 3 months from approval.

This is specially useful if you don’t have any non-ANZ debt to consider taking up the balance transfer offer above.

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
Mobile WalletApple Pay, Google Pay, and Samsung Pay

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 13.74% 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 21.99% 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.

Apple Pay, Google Pay and Samsung Pay support with ANZ

ANZ cards support Apple Pay, Google Pay and Samsung Pay, meaning you can use their cards on your smartphone for easier payments. Find out more in our guides for each of the compatible services.

Apple Pay Australian Banks | Point Hacks

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 28 months with no extra interest charges during the promotional period.

Otherwise, the $250 credit back to your new card offer can be a welcome bonus if you already have expenses that you are planning to spend on.

Terms and conditions

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

ANZ Low Rate credit card – 0% p.a. on balance transfers for 28 months with a 3% BT fee or $250 back to your new card was last modified: January 30th, 2024 by Evin Tan Khiew