ANZ CashBack Visa Credit Card
The ANZ Cashback credit card is a rewards credit card that offers $1 cash back for every $150 spent on eligible purchases using the ANZ Cashback credit card. It charges a $40 annual fee and a purchase rate of 20.95%. This card might be suitable for those who want to earn rewards from their credit card which they withdraw as cash.
If you would like to avoid paying an annual fee but still want to earn credit card rewards we recommend you compare all credit cards with rewards on our website to find a suitable reward card with no annual fees.
Rewards Points Cash Equivalent
$100 spend earns you $0.66 cash equivalent^.
Points Cash Equivalence Calculation
If $150 spend earns you 1 Cash back then $100 spend earns you (100/150) = $0.66 cash back.
Key Features
- Purchase Rate: 20.95%
- Cash Advance Rate: 20.95%
- Balance Transfer: Not applicable
- Annual Fee: $40
- Interest Free Days: 55 days
- Minimum Repayment: 3% of balance or $10 whichever is greater
- Card Reward Details: You get $1 cash back for every $150 spent on eligible purchases
- Credit Limit: $500 minimum credit limit
- Other Fees: Late payment fee: $12, Over limit fee (if you go over your limit): $2.50
IMPORTANT NOTE: please review the credit card details on the provider's website again before applying.
ANZ CashBack Visa Credit Card Review
What we like about the ANZ CashBack Visa Credit Card
CashBack Rewards Program
The ANZ CashBack Visa Credit Card offers a rewarding CashBack program in which you earn CashBack dollars on every eligible purchase, making it easier to accumulate rewards. It's also good to see that you can earn unlimited CashBack Rewards.
Low Interest Rates
One of the standout features of the ANZ CashBack Visa Credit Card is its competitive interest rates. This can help you save money on interest charges, especially if you tend to carry a balance from month to month. Lower interest rates mean you can pay off your debt faster and with less financial strain.
Drawbacks of the ANZ CashBack Visa Credit Card
Annual Fee
One of the primary drawbacks of the ANZ CashBack Visa Credit Card is the annual fee. While the card offers various benefits, the annual fee can be a significant cost for some users. It is essential to weigh this fee against the potential cashback rewards you might earn.
Limited Benefits
This card offers limited benefits unlike other rewards credit cards.
Foreign Transaction Fees
If you frequently travel or make purchases from international retailers, the foreign transaction fees can be a considerable disadvantage. These fees can add up quickly, making the card less appealing for those who spend a lot overseas.
Is the ANZ CashBack Visa Credit Card Right for me?
Assessing Your Spending Habits
To determine if the ANZ CashBack Visa Credit Card suits you, start by examining your spending habits. This card is ideal if you frequently use your credit card for everyday purchases. The more you spend, the more cashback you earn. However, if your spending is minimal, the benefits may not outweigh the annual fee costs.
Evaluating Your Financial Goals
Consider your financial goals. If you aim to save money through cashback rewards, this card could be beneficial. It offers a straightforward way to earn back a percentage of your spending. On the other hand, if you prioritise travel rewards or other perks, you might want to explore other options.
Considering Alternative Options
Before making a decision, compare the ANZ CashBack Visa with other credit cards. Look at factors like interest rates, annual fees, and additional benefits. This will help you make an informed choice that aligns with your financial needs and goals.
How to Apply for the ANZ CashBack Visa Credit Card
Step-by-Step Application Process
Applying for the ANZ CashBack Visa Credit Card is straightforward. Follow these steps to ensure a smooth application:
- Visit the ANZ website: Click "Apply Now" on this page to visit the ANZ website.
- Complete the Application Form: Fill in your personal details, including your income, expenses, liabilities, and assets.
- Upload Required Documents: Provide proof of identity and any other necessary documentation.
- Submit Your Application: Once everything is filled out and uploaded, submit your application and wait for a response.
Approval Timeframe
The time it takes to process and approve your application can vary. Typically, you should expect to hear back within a few business days. However, delays can occur, so it's best to apply well in advance if you need the card by a specific date.
Tips for a Successful Application
To increase your chances of approval, consider the following tips:
- Ensure Accuracy: Double-check all the information you provide to avoid any mistakes.
- Prepare Your Documents: Have all necessary documents ready before you start the application.
- Meet Eligibility Criteria: Make sure you meet all the eligibility requirements before applying.
Frequently Asked Questions
What are the age and residency requirements for the ANZ CashBack Visa Credit Card?
You need to be at least 18 years old and a New Zealand resident to apply for the ANZ CashBack Visa Credit Card.
What income and credit score do I need to be eligible?
While ANZ doesn't specify an exact income or credit score, having a steady income and a good credit history will improve your chances of approval.
What documents are needed to apply for the ANZ CashBack Visa Credit Card?
You'll need to provide proof of identity, proof of income, and possibly other financial documents during the application process.
What are the main benefits of the ANZ CashBack Visa Credit Card?
The main benefits include a cashback rewards program, low interest rates, and additional perks like purchase protection and extended warranties.
Are there any drawbacks to the ANZ CashBack Visa Credit Card?
Some drawbacks include annual fees, limited benefits, and foreign transaction fees.
How long does it take to get approved for the ANZ CashBack Visa Credit Card?
Approval times can vary, but it usually takes a few days to a week to get a decision.
Eligibility Requirements:
Your eligibility for this card would depend on a few criteria listed below. When you apply for the card, ANZ would ask you a few questions about these criteria to determine your eligibility.
- Income
- Expenses
- Debts
- Assets
- Savings
- Investments
**You have to be a New Zealand permanent resident, and have a good credit history to apply for a ANZ Credit Card.
Documents:
In general the following documents are usually required for credit card applications.
Proof of Income
One of the following:- your most recent payslip or salary notice
- copies of bank statements that show your pay or salary deposits
- a letter from your employer confirming your income
- an Inland Revenue Department (IRD) “summary of earnings” notice.
If you’re self-employed, you must supply:
- signed financial statements for the past two years
- a signed personal Statement of Financial Position
- your personal tax return.
Proof of Identity:
A copy of one or two items from List 1. If you provide only one item from List 1, you must also provide one item from List 2.
List 1:- Current passport
- New Zealand drivers licence
- 18+ card
- Photo Credit Card
- Most recent bank statement
- Debit card
- Credit card
- Community services card
- Club or society card.
Are you interested in a rewards credit card? Compare ALL Rewards credit cards on our rewards credit cards page.
What is the best credit card in New Zealand?
We've been asked this question a lot so we have compiled our pick of the best credit card in NZ but keep in mind that the best credit card for you depends on your personal circumstance and needs. To find the best credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by popular credit card types as shown below. Use the top menu of the page to select more credit card types.
