Reviews

Review: ANZ Rewards Platinum credit card

By Chris Chamberlin, February 16 2016
ANZ Rewards Platinum credit card
Notes
The Good
  • 50,000 bonus ANZ Reward Points for eligible new customers
  • International Travel Insurance
The Bad
  • Tiered points earning
Added Value
  • Convert points to 4 different frequent flyer programs

Introduction

Serving up 50,000 bonus ANZ Reward Points and $50 back to your new card (when you spend $2,000 on eligible purchases in the first three months from approval), the ANZ Rewards Platinum credit card is dressed to impress.

Being a Visa, it's accepted in more places than some other card types, which means you can earn points on more of your spends – whether used as your main card, or as a 'backup' to keep in reserve.

This card is also compatible with Apple Pay, allowing you to use your iPhone or Apple Watch to make payments wherever contactless cards are accepted, along with Samsung Pay, Google Pay, Fitbit Pay and Garmin Pay: and, there's also a variety of included insurance covers.

ANZ Rewards Platinum Card: fast facts

  • Grade/tier: Platinum
  • Card type: Visa
  • Loyalty program: ANZ Rewards
  • ANZ Rewards airline conversion partners: Virgin Australia Velocity (2:1), Air New Zealand Airpoints (200:$1), Cathay Pacific Asia Miles (3:1), Singapore Airlines KrisFlyer (3:1)
  • ANZ reward points earned per $1 spent: 1.5 points per $1 spent on eligible purchases up to $2,000 per statement period, then 0.5 points per $1 spent on eligible purchases above $2,000 per statement period. No points on ATO payments.
  • 1.5 ANZ reward points = 0.75 Velocity points, $0.0075 in Airpoints Dollars, 0.5 Asia Miles, 0.5 KrisFlyer miles
  • 0.5 ANZ reward points = 0.25 Velocity points, $0.0025 in Airpoints Dollars, 0.16 Asia Miles, 0.16 KrisFlyer miles
  • Points capping/tiering: Uncapped, but tiering applies as above
  • Supported mobile wallets: Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay

ANZ Rewards Platinum Card: fees, charges and interest

  • Total annual fee: $95 ($45 net cost in the first year after '$50 back' offer)
  • Additional/supplementary cardholder fee: $65 with rewards
  • Interest rate on purchases: 20.24% p.a.
  • Interest-free days on purchases: Up to 55
  • Interest rate on cash advances: 20.24% p.a.
  • International transaction fee: 3.0%
  • Minimum income requirement: None defined
  • Minimum credit limit: $6,000

Earning points for free flights:

With ANZ reward points converting into Virgin Australia Velocity points on a 2:1 basis, you can easily earn points using this card - charge $2,000 to the card in one monthly statement period and you'd earn 3,000 ANZ reward points, equal to 1,500 Velocity points.

At an earn rate of 1.5 ANZ Reward Points per $1 spent (0.75 Velocity points), you'd collect enough points for a one-way economy class flight from Sydney to Melbourne after spending $10,400, provided you remain within the $2,000/month ceiling.

But to earn that free flight every month, you'd need to spend $27,200 on eligible purchases in a single statement period, given the card's lower earning rate above $2,000/month, making the ANZ Rewards Black Card better-suited to higher spenders seeking more valuable rewards.

New cardholders can also collect 50,000 bonus ANZ reward points and $50 back to their new card when they spend $2,000 on eligible purchases in the first three months from approval – that bonus being equal to 25,000 Virgin Australia Velocity points, 16,666 Singapore Airlines KrisFlyer miles, 16,666 Cathay Pacific Asia Miles or $250 in Air New Zealand Airpoints Dollars.

Airport lounge access:

ANZ’s Rewards Platinum Card doesn't come with complimentary access to any lounge networks, so if this is important to you, have a look at the ANZ Rewards Black Card which provides lounge access via the international Velocè network.

Complimentary insurance cover:

Spending just $250 on international flights or accommodation via your ANZ Rewards Platinum Card and holding a return travel ticket before leaving Australia could be all you need to be covered by ANZ's complimentary International Travel Insurance.

Savvy travellers may also be able to redeem their frequent flyer points for a return flight while using the ANZ credit card to pre-pay a night or two of their overseas accommodation to activate that cover instead – but of course, read the policy documents carefully to make sure you qualify and that the cover meets your needs.

ANZ's line-up of insurance covers also extends to Purchase Protection Insurance, Rental Vehicle Excess in Australia Insurance, Transit Accident Insurance and Guaranteed Pricing Scheme cover.

That's comparable to other Platinum-level cards in the market, if not a little more favourable as some don't provide coverage when travelling on frequent flyer reward bookings or when hiring cars within Australia.

ANZ Rewards Platinum Card: how it compares

With a modest annual fee and International Travel Insurance thrown in as part of the deal, ANZ's overall Platinum package still delivers value if you'll make use of the card's broader perks and privileges.

The card's earn rate – along with 50,000 bonus ANZ reward points for eligible new customers – makes this a good complementary card to pair with a high-earning AMEX if you generally shop where American Express is accepted, so that you can scoop up as many points as possible in as many places, or one to consider as your main everyday card if your spends on plastic are limited.

Also read: ANZ Rewards Black credit card review

Bank disclaimer: To apply for this credit card, you must:
-Be 18 years of age or over, and;
-Be a permanent Australian resident or a non-permanent resident with more than 9 months remaining on your visa.

Bank disclaimer: Complimentary insurance covers: AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 (trading as Allianz Global Assistance) under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 has issued a group policy to Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522 AFSL and Australian credit licence 234527 which allow eligible ANZ account holders and cardholders to claim under the group policy as third party beneficiaries. The eligibility criteria, terms, conditions, limits and exclusions of the group policy are set out in the Premium Cards - Insurances Policy Information booklet (PDF 366kB) and the ANZ Credit Cards Insurance Features booklet (PDF 111.5kB) which may be amended from time to time. An excess may be deducted from any benefit paid. ANZ does not guarantee this insurance. Any advice has been prepared without taking into account your objectives, financial situation or needs.  You must check whether or not it is appropriate, in light of your own circumstances, to act on this advice.

Chris Chamberlin

Chris Chamberlin is the Associate Editor of Executive Traveller and lives by the motto that a journey of a thousand miles begins with a single step, a great latte, a theatre ticket and a glass of wine!


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