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ANZ Platinum Credit Card 0% p.a. for 17 Months on Purchases and $0 Annual Fee in First Year

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ANZ Platinum Credit Card 0% p.a. for 17 Months on Purchases and $0 Annual Fee in First Year
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seanbaussie on 22/05/2021 - 23:57 anz.com.au (1077 clicks)
Last edited 22/05/2021 - 23:58

I just picked this up for a large purchase, can't go wrong if you have capacity to pay something off within 17 months, certainly better than a loan.

Annual fee
$0 first year, $87 after that (or $0 if you make $20,000 of eligible purchases in 12 months)

The lower interest rate of 0% p.a. will apply to purchases on your ANZ Platinum credit card account for a period of 17 months from the date of account approval. Any purchases that remain unpaid at the end of this period will become subject to the standard purchases annual percentage rate applicable to your credit card account.

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closed Comments

  • shaidas on 23/05/2021 - 00:22
    +1

    Sounds too good to be true unless I am mistaken which I think I am. What do you make of it.. lets say 1000 dollar limit , spend 1000 dollars in the first month..pay back 1000 after 17 months and no interest applies? Is that how it works ? I meant pay back minimum charges on the 1000 for 16 months and pay off balance on the 17th month no interest applies ? Limits would be really low if that is the case I am guessing.

    • wise penny on 23/05/2021 - 01:00

      Minimum,6k limit**

    • adrianhughes1998 on 23/05/2021 - 03:58
      +1

      It's not. You still have a minimum amount (percentage of the total amount you've spent on the card) that you have to pay back each month. Have used one of these cards to pay for a new car myself last year.

  • virtuallife on 23/05/2021 - 00:35
    +1

    Not talking about this specific deal but I have used 20k for over three four years using such deals from various banks. Avail 0% (or low 1-2% p.a.) balance transfer. Set up direct debit to pay off that amount in required months. If you couldn’t balance transfer again to other bank.
    Just one caution - never miss a payment. Protect your credit rating!
    Good luck.

  • shaidas on 23/05/2021 - 00:47

    Well my cards are on auto debit full outstanding amount every billing cycle to negate interest charges, 17 months interest free !! Is it just me or anyone else seen a deal like this before and how do you take advantage of it ..pay minimum amount and let the debt accrue month on month for 16 months ? Or have I completely missed the point..to me this is mind blowing..17 months interest free !!

    • eyebrows7 on 23/05/2021 - 08:04
      +2

      Don’t know anyone else who does what I do, but I use my card for all annual bills and everyday spend. Kinda helps with my budgeting and buckets I’ve got set up. But really just accrue all that debt while freeing up my entire pay check to shovel into the mortgage. So the capability to pay it all off at the end is there, but also reducing my mortgage interest ever so slightly.

      But yeah, only minimum repayments every month, until the 17th month when I redraw and wipe out the card entirely.

      Don’t forget the minimum $20k spend in a year required to waive the $87 annual fee. But that’s easily achieved.

  • shaidas on 23/05/2021 - 01:01

    I would appreciate an answer from anyone who has used a deal like this before. Currently all my cards are paid to full outstanding amount at the end of ever month..if I get one of these cards and set up auto payment for minimum required payment at month end and then pay off the full outstanding amount in the 17th month then I pay no interest on the spend in the 17 month period.. that is how I read it..Is that correct ? If it is that is bloody brilliant

    • expatOz on 23/05/2021 - 01:58

      Yep, thats how it it. Nothing new or surprising. I’ve had NAB and Citi and Bankwest cards with 0% pa for purchases before. If you can pay off within the specified time limit then yes its great.

    • ThePasserby on 23/05/2021 - 07:44
      -2

      Guys this card is 0% for 17 months!! ^1

      1: Offer only available to new and approved credit card applicants who apply for an ANZ Platinum credit card account with the purchase rate offer. This is a limited time only offer which may be withdrawn or changed at any time without notice.

      Awesome!

      • eyebrows7 on 23/05/2021 - 07:58
        +2

        This card and this offer seems to be here all the time afaik. I have been on this exact same card since September now, it’s been around for a while.

        Edit: Wait, I see what you're getting at. Once you're approved and signed on, you're locked in with 0% on purchases for 17 months, they can't change the contract on you. But this offer that they're advertising with this card, yeah they could pull it anytime. But likely replace it with something else enticing.

  • Mechz on 23/05/2021 - 02:10

    Just competing with non bank payment options it seems. Although for the initial term it looks to be a better deal.

    • adrianhughes1998 on 23/05/2021 - 04:01
      +1

      It's for folks who need the money now but don't have the cash saved up for it. Or don't want to dip into their savings.

      For other credit cards, people use them to gain big points bonus for programs such as Qantas Frequent Flyer.

    • Homr on 23/05/2021 - 09:50
      +1

      It's for smart people who will use the money to invest instead of paying for their credit card bills.

      E.g. $10k invested in a stock APT from March 2020 will have given you 1100%. So your $10k would've turned into $110k. You can then pay off your credit card debt with $10k and keep the $100k

      • enzso on 23/05/2021 - 10:21

        What happens when you pick the wrong stock or there's a market crash inside the 17 months?

        • Homr on 23/05/2021 - 10:22
          -2

          Won't happen! All "safe" stocks go up within 17 months

          • enzso on 23/05/2021 - 10:40
            +1

            @Homr: Not by 1100% they don't. 15-20% is more likely if you're going for safe stocks. And if your 17 months were up in April last year you were stuffed.

            • Homr on 23/05/2021 - 10:41

              @enzso: Every investment ideas comes with risk, EVERY!

              • enzso on 23/05/2021 - 13:33

                @Homr: That's true. It's all about managing the risk, and whether you want to borrow to invest and risk paying 20% interest on your borrowings if you haven't repaid them on time.

    • solidice on 18/06/2021 - 17:46

      Is this a poor person's comment that I am too rich to understand?

  • [Deactivated] on 23/05/2021 - 03:03
    +1

    Do not spend money you don't have on small purchases.

  • Homr on 23/05/2021 - 09:23

    The previous deal with $500 gift card and $0 annual fee was a better deal. I received my gift card this month :D

    • seanbaussie on 23/05/2021 - 09:31

      Horses for courses.
      $10,000 paid off over 17 months, interest saved @ 20% is $1,517.59

      • Homr on 23/05/2021 - 09:34
        +12

        if you're paying interest on your credit card then you're using it wrong.

        • roonie on 23/05/2021 - 10:12

          Yeah if you had the $10k upfront on day 1 then rather than pay off the credit card, you could put it into a “high interest “ acct for a year and earn $100odd before paying off the credit card at the end of the period

      • Tleyx on 23/05/2021 - 10:24

        This calculation is wrong its $10000*20%/12 *17 which is more than 3k.

        Though most people will only be saving their mortgage interest which is only 2% not 20% so it's $300 ish.

        Hardly worth it, better to chase sign up bonuses

  • Homr on 23/05/2021 - 10:34
    -1

    Has anyone used their credit card to pay their rents? Thinking this card might be useful for that

    • Tleyx on 23/05/2021 - 14:47

      You'll get a fee

    • Domingo on 23/05/2021 - 16:53

      Yes but via Citi Payall, not this card. No fees for paying rent on that card at the moment

      • Homr on 23/05/2021 - 17:00

        interesting, what's stopping anyone to transfer funds to your mates account on a weekly basis just to earn points?

  • coolsteps on 23/05/2021 - 10:49

    anyone know of any promo codes for existing anz card holders? all i was offered on the phone was 0% for 12 months for a BT but a 3% fee. also anyone know what's the criteria to receive a targeted free upgrade from the card to platinum and keep the annual fee at $30 ?

    • demiurge on 23/05/2021 - 13:43

      Banks don't care about existing customers. Cancel your credit cards as soon as you get the signup bonus.

  • opilot87 on 23/05/2021 - 12:41

    What’s the minimum income for $24k limit? Will need to pay out the residual for a novated lease soon and this could save me over $1k interest if I don’t have to redraw from my offset account!

    • seanbaussie on 23/05/2021 - 15:48

      Depends entirely on other factors than income, they took me through pages of forms on expenses, dependants, other loans/cards etc.
      Based on my experience though, for 24k your income would have to be well over 100k.

  • dexterslab on 23/05/2021 - 14:09

    Is there a limit on no. of purchases? Suppose I swiped it for $5000 on first purchase and again $2000 on second purchase. Can I pay $7000 in 17 months Or it is applicable to only first purchase?

    • Tleyx on 23/05/2021 - 14:48

      Would be on all purchases

    • seanbaussie on 23/05/2021 - 15:48

      All purchases within 17 months.

    • ujwols on 23/05/2021 - 16:06

      Ideally each purchases should have 17 months period to pay.

      so in your case say you made first purchase of $5000 in Jan and second purchase of $2000 in Feb then by Feb you should have 16 month left to pay the initial $5000 but 17 months left to pay the second purchase of $2000

      However, I couldn’t see anything on their PDS to confirm this

      • dexterslab on 23/05/2021 - 17:11

        I couldn’t find anything either so directed it to larger group.

    • Garrettau on 23/05/2021 - 16:48

      Monthly minimum payment is required

      • dexterslab on 23/05/2021 - 17:12

        I am even happy to split it over 17 months

  • Kamsi on 23/05/2021 - 16:27

    This is good deal if you good with your money, I'm still with cba diamond don't know why.

  • charliechao on 23/05/2021 - 16:43
    -1

    Good luck with your application with anz. I applied several times and got rejected every time. I hv no credit issues n my salary is way beyond the minimum requirement.
    I think anz is only doing this to acquire your personal financial information.

  • countmein on 23/05/2021 - 21:48

    Good to buy 2nd hand car i think, anyone know the fees charged by dealers if paying by credit card? Looking for around 20k

  • archieduh on 24/05/2021 - 15:25

    There is another ANZ card with 12 month free.
    While this is the better deal I am wondering if I don't want to risk being rejected for a 6000 min limit better to apply for https://www.anz.com.au/personal/credit-cards/low-annual-fee/… — This one has 1000 min limit

  • Wally Simmonds on 15/06/2021 - 15:14

    Applied, got approved, then was asked to come into the bank to provide more ID. Bit of a run around tbh.

    Forgotten how useless ANZ are..

  • dexterslab on 27/06/2021 - 16:30

    Does this impact credit score? If I pay in say 6 months. With minimum or more every month of course

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