ANZ Low Rate Credit Card – Cashback Offer

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The ANZ Low Rate Credit Card - Cashback Offer

If you’re looking for a simple, affordable credit card, the ANZ Low Rate credit card delivers well. It charges a low interest rate plus a nice straight-into-the-pocket cashback offer that can help pay the bills or something a little more fun.

Important points to keep in mind: fees, cash advances, cash equivalent transactions, balance transfers, transactions for gambling or gaming purposes, and reversed or refunded transactions are not considered eligible purchases. Your account must also be in good standing and with no repayments overdue to qualify for the cashback offer.

The ANZ Low Rate card doesn't have many bells and whistles, but delivers exactly what it needs to for a low-cost, low-rate credit card.

What we love...

The standout for this card is its affordability. Credit cards with platinum packages and high-earning rewards programs usually come with higher annual fees and eye-watering interest rates, which doesn't suit everyone - especially if your goal is to have the card as a rainy day fund, a first-time card or just an easy way to build your credit score.

The ANZ Low Rate Credit Card doesn’t provide any show-stopping features, but it does have one ace up its sleeve. As a cardholder, you'll get a very low purchase rate and a low annual fee, while still having access to credit and a decent set of basic features.

Right now, the ANZ Low Rate card comes with two introductory offers - a $250 cashback offer, and a 0% balance transfer offer for 28 months. To see the balance transfer offer, check out our review here.

Earning your $250 cashback is straightforward: once your card is activated and you've spent $1500 on your eligible transactions card in the first 3 months, you'll have $250 credited back to your card account.

What’s not so great...

Being a fairly no-frills card, the ANZ Low Rate card doesn't have many complicated offers and features with a ton of scary fine print. Just make sure you know what constitutes 'eligible purchases' to meet the cashback criteria (ie, just general day-to-day shopping is usually eligible, but not government payments or fees).

⚠ My big warning would be balance transfers. If you transfer a balance you'll be charged 21.99% from day one, plus a 3% balance transfer fee. If you're looking for ways to pay off your debt, you might be better off looking at the ANZ Low Rate - Balance Transfer Offer, which is the same card with a different introductory offer of 28 months interest-free on balance transfers.

This is a simple card, which you might see as a downside if you're looking for a credit card packed with extras. But, if your goal is to have a simple, affordable card (and you'd like to make a little extra, too) the ANZ Low Rate Credit Card with the Cashback Offer does tick plenty of boxes.

Why should you choose this card?

Aside from its low purchase rate and annual fee, this card offers some extras that you’ll appreciate.

ANZ has teamed up with Cashrewards, which allows you to earn rewards at over 2,000 participating retailers. It's a way of earning freebies without owning a rewards credit card, which is a nice little side perk.

This card also provides worldwide emergency card replacement, up to 55 days interest-free on purchases, and up to three free additional cardholders. To apply, you'll need to be a permanent Australian resident or a non-permanent resident with more than 9 months remaining on your Visa.

In terms of security, ANZ offers its cardholders ANZ Fraud Money Back Guarantee and 24/7 Falcon fraud monitoring, which monitors your transactions for suspicious activity.

Overall Rating

The ANZ Low Rate Credit Card - Cashback Offer is a simple, low-interest card with two introductory offers - the $250 credit back to your new card I've outlined here, OR the 0% p.a. balance transfer rate for a 28-month promotional period (which you can see here). You'll pay $58 annual fee. It's a very decent card if you're looking for an emergency fund in your pocket, if you're new to credit cards or just want to use a credit card without paying a big annual fee. The cashback is a nice bonus, too.