ANZ Low Interest Credit Cards – ANZ Low Rate Credit Cards

We’ve compiled below all the ANZ low interest credit cards currently available in New Zealand. For more low interest credit cards visit our low interest credit cards page, and for all ANZ credit cards please visit the ANZ credit cards page.

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Updated: 24 Nov, 2024

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Card	Description	Purchase Rate (p.a.)	Balance Transfer	Cash Rate (p.a.)	Annual Fee	Interest Free Days
ANZ Low Rate Visa Card Gold Award	Features a low interest rate of 13.90% and a balance transfer rate of 1.99% for 24 months	13.90%	1.99% p.a. for 24 months	20.95%	$0.00	55 days More Info » Apply Now »

^ To help you compare reward points across different credit cards and rewards programs, we provide an estimate of the cash-equivalent of the reward points that you will get back for every $100 you spend on eligible purchases with your card. The cash equivalent value given is an estimate only based on a specific redemption example. In some cases you might earn less or more depending on how you redeem your ponts and some reward points cannot be redeemed for cash directly. Click on the card to find out how the estimate was calculated.

About ANZ Low rate credit cards

ANZ offers a wise range fo credit cards in NZ ranging from a low rate credit card to a Airpoint credit card to a Platinum credit card.

Understanding Low Rate Credit Cards

What Defines a Low Rate Credit Card?

A low rate credit card is one that offers a lower interest rate compared to standard credit cards. We define a low rate credit card as any credit card with a standard interest rate of 13% or less. These cards are designed to help you save on interest costs, especially if you tend to carry a balance from month to month. Typically, a low rate credit card will not offer perks like rewards or cashback, but the trade-off is a significantly lower interest rate.

Key Features to Look For

When choosing a low rate credit card, there are several key features you should consider:

Interest Rate: The primary feature is the low interest rate, which can help you save money on interest charges.
Balance Transfer Options: Many low rate credit cards offer balance transfer options, allowing you to transfer existing debt to the new card at a lower interest rate.
Annual Fees: Some low rate credit cards come with annual fees, so it’s important to factor this into your decision.
Interest-Free Periods: Look for cards that offer interest-free periods on purchases, which can provide additional savings.

Common Misconceptions

There are several misconceptions about low rate credit cards that you should be aware of:

Low Rate Means No Fees: Just because a card has a low interest rate doesn’t mean it has no fees. Always check for annual fees and other charges.
No Rewards: While it’s true that most low rate credit cards don’t offer rewards, some do provide basic perks. However, the main benefit is the lower interest rate.
Only for Those in Debt: Low rate credit cards are not just for people with existing debt. They can also be a good option for anyone looking to save on interest costs.

Benefits of Low Rate Credit Cards

Lower Interest Costs

One of the main advantages of low rate credit cards is the reduced interest costs. With a lower interest rate, you can save a significant amount of money on interest charges, especially if you tend to carry a balance from month to month. This can make managing your finances easier and help you pay off your debt faster.

Simplified Debt Management

Low rate credit cards can also simplify debt management if it includes a balance transfer offer. By consolidating your debt onto a single card with a lower interest rate, you can reduce the number of payments you need to make each month. This can help you stay organised and avoid missing payments, which can negatively impact your credit score.

Ideal for Large Purchases

If you need to make a large purchase, a low rate credit card can be a good option. The lower interest rate means you will pay less in interest over time, making it more affordable to finance big-ticket items. This can be particularly useful for unexpected expenses or planned purchases that you want to pay off over time. You may also want to consider a Interest free credit card.

Comparing Low Rate Credit Cards

Interest Rates and Fees

When comparing low rate credit cards, the first thing to look at is the interest rate. A lower interest rate means you will pay less in interest charges if you carry a balance. Also, check for any fees, such as annual fees or late payment fees, as these can add to the cost of the card.

Balance Transfer Options

Some low rate credit cards offer balance transfer options. This means you can transfer the balance from a high-interest card to a low rate card, potentially saving money on interest. Be sure to read the terms and conditions, as some balance transfer offers come with specific requirements or fees.

Rewards and Perks

While low rate credit cards are primarily designed to save you money on interest, some also offer rewards and perks. These can include cashback, points for travel, or discounts on certain purchases. Compare the rewards and perks offered by different cards to find one that best suits your needs.

How to Choose the Right Low Rate Credit Card

Assessing Your Financial Situation

Before selecting a low rate credit card, it is crucial to evaluate your financial status. Determine if you can pay off your balance in full each month or if you will carry a balance. If you often carry a balance, a low rate card can save you money on interest. However, if you pay off your balance regularly, a rewards credit card might be more beneficial.

Reading the Fine Print

Carefully read the terms and conditions of any credit card offer. Look for hidden fees, such as annual fees, late payment fees, and balance transfer fees. Also, understand the interest rate structure, including any introductory rates and what the rate will revert to after the introductory period.

Using Comparison Tools

Utilize online comparison tools to evaluate different low rate credit cards. These tools can help you compare interest rates, fees, and other features side by side. Make a list of your top choices and weigh the pros and cons of each to find the best card for your needs.

Common Pitfalls to Avoid

Ignoring Balance Transfer Terms

When transferring a balance to a low rate credit card, it is important to understand the terms. Often, the low rate is temporary, and after the introductory period, the rate can increase significantly. Always check how long the low rate lasts and what the rate will be afterward.

Overlooking Annual Fees

Many low rate credit cards come with annual fees. These fees can sometimes offset the savings from the lower interest rate. Make sure to calculate whether the savings on interest outweigh the cost of the annual fee.

Misunderstanding Introductory Rates

Introductory rates can be enticing, but they are not permanent. After the introductory period, the interest rate will revert to the standard rate, which can be much higher. Be sure to know when the introductory rate ends and what the new rate will be to avoid any surprises.

Real-World Examples of Low Rate Credit Cards

Case Study: Amex Low Rate Credit Card

The Amex Low Rate Credit Card is a popular choice for those seeking to minimise interest costs. It offers a competitive interest rate and a range of features that make it an attractive option. Key benefits include a low annual fee and the ability to transfer balances from higher-rate cards.

Case Study: BNZ Lite Visa Credit Card

The BNZ Lite Visa Credit Card is another excellent example of a low rate credit card. It provides a low ongoing interest rate and has no annual fee, making it a cost-effective choice. Additionally, it offers balance transfer options, which can help you manage existing debt more efficiently.

Case Study: Co-operative Bank Fair Rate Credit Card

The Co-operative Bank Fair Rate Credit Card stands out for its straightforward terms and low interest rates. This card is designed to be user-friendly, with no hidden fees and a transparent fee structure. It is ideal for those who prefer simplicity and clarity in their financial products.

Frequently Asked Questions About Low Rate Credit Cards

When is a Low Rate Credit Card Not Suitable?

A low rate credit card might not be the best choice for everyone. If you always pay off your credit card balance in full each month, you might benefit more from a rewards credit card. Rewards credit cards offer points and other perks that can be more valuable if you don’t carry a balance.

How Do Balance Transfers Work?

Balance transfers allow you to move debt from one credit card to another, usually at a lower interest rate. This can help you save on interest and pay off your debt faster. However, be sure to read the terms carefully, as some cards charge a fee for balance transfers.

What Are the Alternatives?

If a low rate credit card doesn’t seem right for you, consider other options like rewards credit cards, which offer points for spending, or cards with no annual fee. Each type of card has its own benefits and drawbacks, so choose one that fits your financial habits and goals.

Frequently Asked Questions

What is a low rate credit card?

A low rate credit card is a type of credit card that offers a lower interest rate compared to standard credit cards. This can help you save money on interest if you carry a balance from month to month.

When should I not choose a low rate credit card?

If you always pay off your credit card balance in full each month, a low rate credit card might not be the best choice for you. Instead, a rewards credit card could offer you more benefits like points or cashback.

Can I transfer my existing credit card balance to a low rate credit card?

Yes, many low rate credit cards offer balance transfer options. This means you can move your existing credit card debt to a new card with a lower interest rate, which can help you pay off your debt faster.

Are there any fees associated with low rate credit cards?

Yes, some low rate credit cards may have fees such as annual fees or balance transfer fees. It’s important to read the fine print and understand all the costs involved before applying.

Do low rate credit cards offer rewards?

Generally, low rate credit cards do not offer rewards like points or cashback. They are designed to help you save on interest costs rather than provide perks.

What should I look for when choosing a low rate credit card?

When choosing a low rate credit card, consider the interest rate, any fees, balance transfer options, and any introductory offers. Make sure the card fits your financial situation and needs.

What is the best credit card in NZ?

The best credit card for you would depend on your personal circumstance and how you intend to use your credit card. We have put together a list of some of the best credit cards in New Zealand to help you find the best credit card in NZ to suit your individual needs. Alternatively, you can narrow down your search by credit card type such as Airpoints credit cards, interest free credit card, low rate credit card, balance transfer, credit card reward or air nz credit card