ANZ Low Rate Visa Card

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The ANZ Low Rate Visa Credit Card is a low interest rate credit card with no-annual fee and a relatively low interest rate of 13.90% p.a. plus a balance transfer rate of just 1.99% p.a. for 24 months. This card might be suitable for people with significant credit card debt as they can get a 24 months reprieve on their transferred credit card debt at a rate of 1.99% p.a. If you have significant credit card debt or you often don't pay off your credit card balance on time then this card might be suitable for you.

On the other hand, if you do not carry a debt on your credit card and don't have any existing credit card debt then a no-annual fee credit card that offers rewards such as the Amex Airpoints credit card might be more suitable as it charges no annual fee and offers Airpoints rewards.

Key Features

Purchase Rate: 13.90%
Cash Advance Rate: 20.95%
Balance Transfer: 1.99% p.a. for 24 months
Annual Fee: No Annual fee
Interest Free Days: 55 days
Minimum Repayment: 3% of balance or $10 whichever is greater
Card Reward Details: No Rewards
Credit Limit: $500 minimum credit limit
Other Fees: Late payment fee: $12, Over limit fee (if you go over your limit): $2.50

IMPORTANT NOTE: please review the credit card details on the provider's website again before applying.

ANZ Low Rate Visa Card Review

Pros and Cons

We've compiled below the pros and cons of the ANZ Low Rate Visa Card to help you decide.

Pros

Low Interest Rate
No Annual Fee
Balance transfer of 1.99% p.a. for 24 months

Cons

No Rewards. Other No annual fee credit cards such as the Amex Airpoints credit card offer rewards.
Much higher Annual Fee compared to the purchase rate

What we like about the ANZ Low Rate Visa Card

Low Interest Rates

One of the standout features of the ANZ Low Rate Visa Card is its competitive interest rate on purchases. This makes it an attractive option for those who tend to carry a balance on their credit card. Lower interest rates mean you can save more money over time compared to cards with higher rates.

No Annual Fee

The ANZ Low Rate Visa Card comes with no annual fee, which is a significant advantage. This allows you to save on yearly card fees, making it a cost-effective choice for budget-conscious individuals. You can enjoy the benefits of the card without worrying about an additional yearly expense.

Balance Transfer Offer

For those looking to consolidate their debt, the ANZ Low Rate Visa Card offers a balance transfer rate of 1.99% p.a. for the first two years. This can be a great way to manage and reduce existing debt by transferring balances from higher-interest cards. By taking advantage of this offer, you can potentially save a substantial amount on interest payments.

Drawbacks of the ANZ Low Rate Visa Card

Higher Cash Advance Rate

While the ANZ Low Rate Visa Card offers a competitive interest rate for purchases, the cash advance rate is significantly higher. At 20.95% p.a., using your card for cash withdrawals can quickly become expensive. It is advisable to avoid using this feature unless absolutely necessary.

Foreign Currency Fees

When using your ANZ Low Rate Visa Card for purchases in foreign currencies, you will incur a fee of 1.3% of the New Zealand dollar amount. This can add up if you frequently travel or shop online from international retailers. It is important to factor in these additional costs when planning your spending.

Limited Rewards Program

Unlike some other credit cards, the ANZ Low Rate Visa Card does not offer a robust rewards programme. If earning points or cashback on your purchases is a priority for you, this card may not be the best fit, consider no annual fee credit cards such as the Amex Airpoints credit card which offers Airpoints rewards.

Is the ANZ Low Rate Visa Card Right for You?

Ideal User Profile

The ANZ Low Rate Visa Card is best suited for individuals who prioritise low interest rates over rewards. If you often carry a balance on your credit card, the lower interest rate can save you money in the long run. Additionally, this card is ideal for those who prefer not to pay an annual fee.

How to Apply for the ANZ Low Rate Visa Card

Online Application Process

Applying for the ANZ Low Rate Visa Card is straightforward and can be done online. Follow these steps to complete your application:

Click "Apply Now" on this page to visit the ANZ website
On the ANZ Low Rate Visa Card page click on the 'Apply Now' button.
Fill in the required personal and financial information.
Review your application to ensure all details are correct.
Submit your application and wait for a confirmation email.

Approval Timeframe

Once you have submitted your application, ANZ will review it. The approval process typically takes a few business days. You will receive an email notification regarding the status of your application. If additional information is required, ANZ will contact you directly.

Tips for a Successful Application

To increase your chances of approval, consider the following tips:

Ensure all information provided is accurate and complete.
Have your identification and financial documents ready for verification.
Maintain a good credit score by managing your existing debts responsibly.
Double-check your application for any errors before submission.

By following these steps and tips, you can smoothly apply for the ANZ Low Rate Visa Card and enjoy its benefits.

Frequently Asked Questions

What is the interest rate for purchases with the ANZ Low Rate Visa Card?

The interest rate for purchases with the ANZ Low Rate Visa Card is 13.90% per annum.

Is there an annual fee for the ANZ Low Rate Visa Card?

No, there is no annual fee for the ANZ Low Rate Visa Card.

What is the balance transfer rate for the ANZ Low Rate Visa Card?

The balance transfer rate is 1.99% per annum for the first two years.

How many interest-free days do you get with the ANZ Low Rate Visa Card?

You can get up to 55 interest-free days with the ANZ Low Rate Visa Card.

What is the interest rate for cash advances with the ANZ Low Rate Visa Card?

The interest rate for cash advances is 20.95% per annum.

Are there any fees for foreign currency purchases with the ANZ Low Rate Visa Card?

Yes, there is a fee of 1.3% of the New Zealand dollar amount for foreign currency purchases.

Eligibility Requirements:

Your eligibility for this card would depend on a few criteria listed below. When you apply for the card, ANZ would ask you a few questions about these criteria to determine your eligibility.

Income
Expenses
Debts
Assets
Savings
Investments

**You have to be a New Zealand permanent resident, and have a good credit history to apply for a ANZ Credit Card.

Documents:

In general the following documents are usually required for credit card applications.

Proof of Income:

One of the following:

your most recent payslip or salary notice
copies of bank statements that show your pay or salary deposits
a letter from your employer confirming your income
an Inland Revenue Department (IRD) “summary of earnings” notice.

If you’re self-employed, you must supply:

signed financial statements for the past two years
a signed personal Statement of Financial Position
your personal tax return.

Proof of Identity:

A copy of one or two items from List 1. If you provide only one item from List 1, you must also provide one item from List 2.

List 1:

Current passport
New Zealand drivers licence
18+ card
Photo Credit Card

List 2:

Most recent bank statement
Debit card
Credit card
Community services card
Club or society card.

Are you interested in a low rate credit card? Compare ALL low interest credit cards on our low rate credit cards page.

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What is the best credit card in New Zealand?

We've been asked this question a lot so we have compiled our pick of the best credit card in NZ but keep in mind that the best credit card for you depends on your personal circumstance and needs. To find the best credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by popular credit card types as shown below. Use the top menu of the page to select more credit card types.