Review: ANZ Rewards Platinum credit card

By Chris Chamberlin, December 4 2017
ANZ Rewards Platinum credit card
Disclaimer

Executive Traveller may receive a commission when you apply for these credit cards via our links.

You should seek independent advice and consider your own personal circumstances before applying for any financial product.

Notes
The Good
  • 100,000 bonus ANZ Reward Points for eligible new customers
  • International Travel Insurance
The Bad
  • Tiered points earning
Added Value
  • Convert points to 3 different frequent flyer programs

Introduction

Serving up 100,000 bonus ANZ Reward Points (when you spend $2,500 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: 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 = $0.0075 in Airpoints Dollars, 0.5 Asia Miles, 0.5 KrisFlyer miles
  • 0.5 ANZ reward 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
  • 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 an earning rate on-par with 0.5 frequent flyer points per dollar spent at the best of times and just 0.16 frequent flyer points per dollar spent above $2,000 per month, the ANZ Rewards Platinum Card certainly isn't as rewarding as the bank's higher-tier ANZ Rewards Black Card.

However, ANZ Rewards Platinum clocks in at a much more affordable $95 per year, versus $375 with ANZ Rewards Black: and if used as a 'backup card' to a separately-issued, higher-earning American Express or Diners Club card, ANZ Platinum represents an affordable way to earn points with the bank's international airline partners.

That strategy relies on the cardholder using their separate, higher-earning card wherever possible to earn the most points: but when that card isn't accepted, rather than earning no points at all by paying cash or EFTPOS, using the ANZ Platinum card to still earn some points that can be transferred to their preferred airline partner.

New cardholders can also collect 100,000 bonus ANZ reward points when they spend $2,500 on eligible purchases in the first three months from approval – that bonus being equal to 33,333 Singapore Airlines KrisFlyer miles, 33,333 Cathay Pacific Asia Miles, or $500 in Air New Zealand Airpoints Dollars.

Note: Following Virgin Australia's entry into voluntary administration and the inability for Velocity Frequent Flyer members to redeem their points until at least May 19 2020, points conversions from ANZ Rewards to Velocity are no longer available.

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 100,000 bonus ANZ reward points for eligible new customers – again 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 also one to consider as your main everyday card if your spends on plastic are limited.

Also read: ANZ Rewards Black credit card review

Disclaimer

Executive Traveller may receive a commission when you apply for these credit cards via our links.

You should seek independent advice and consider your own personal circumstances before applying for any financial product.

Chris Chamberlin

Chris Chamberlin is the Associate Editor of Executive Traveller, and lives by the motto that a journey of a thousand miles begins not just with a single step, but also a strong latte, a theatre ticket, and later in the day, a good gin and tonic.


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