ANZ Balance VISA

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ANZ

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  RayEarth on 06/05/2008 - 15:42

  No it's not a good deal, for the following reasons:

  (1) It's the same as all other credit cards - but instead of earning points when you purchase stuff, you earn them when you repay the money. I don't see any advantage in that (other than if you're paying off balance transfers/cash advances. But see below).

  (2) I believe with ANZ it's about 85,000 for $50 voucher (someone please verify). This translates to 0.6% return.

  (3) Balance transfer (other than the initial balance transfer) incurs a 1% fee - more than the 0.6% reward.

  (4) Cash advances incur a 2% fee - more than the 0.6% reward.

  (5) Annual fee AND fee for rewards program?

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  MiCCAS on 06/05/2008 - 16:21

  You'd also have to expect there would be some limitation so you can't just borrow the money then give it back, there would be a time period and fees, etc.

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  bbqninja on 06/05/2008 - 16:35

  Cash advances have an INSTANT fee (NOT upon end of cycle billing) which is usually sizable and on TOP of the normal interest rate.

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  young_dazza on 06/05/2008 - 16:58

  Details on the value of points earned can be found here

  20,000 points = $100 gift card, meaning you get 0.5c back for every dollar you spend/repay.

  So just to "get back" the value of the annual fee & reward fee, you'd have to spend $15,800 per year, and thats only if you pay your balance within the 55 interest free days.

  My advice is that you dont really need a credit card these days. Visa or mastercard debit cards are easy to come by, can be used wherever credit cards are accepted, and are usually cheaper (eg $3/month account fee instead of $80/year annual fee), and dont allow you to spend more than what you have (which is a very good thing!).

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  elcheapo on 06/05/2008 - 17:00

  Yup . agree.. you slapped with 2% cash advance fee before hand and a whooping 20%+ interest rate for the cash advances..

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  [Deactivated] on 06/05/2008 - 19:51

  The BP citibank card is probably better value with 1% back on all purchases with 10% back on fuel for 3 months and 5% there after. You get the moneyback each month credit to your account, so its double what this one offers.

  If its like the ANZ cards you get wacked with interest backdated to time of purchase - ie NO free days if you owe any money on the card. I got wacked because I underpaid by 9c (misread 500.54 as 500.45) AND they hit me with a fee for providing credit. A dangerous card if you dont watch every detail. there's lots to watch out for. BTW the cost of that 9c credit was $50 which was a "concession" after I complained about the original $100 charge. I closed the account ASAP.

  I like ANZ for everyday banking BUT not for credit cards.

  • 

    search on 06/05/2008 - 21:21

    I'm with ozpete on this one. ANZ is bad cc provider. I'm thinking about getting the BP offer and close my ANZ card.

    • 

      mawinmawin on 07/05/2008 - 09:14

      That is what i did too.

      Recently i also applied for 2 more cards - 1) GE Money Wizard card (no annual fee and no foreign currency transaction fees), 2) Banwest Zero card - no annual fee and 6 months interest free balance transfer and purchases. Backup options, If i wont get annual fee waiver from citibank this year (which is unlikely).

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    young_dazza on 06/05/2008 - 21:28

    Wow $100 for not repaying in full! So thats how the banks are making record profits. What a rort.

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  bbrown on 06/05/2008 - 22:03

  NO DEAL!