Review: ANZ Rewards Platinum credit card [2023]

Introduction

Serving up 80,000 bonus ANZ Reward Points and $50 back to your account (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 Points (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 in the first year after receiving the $50 statement credit)
• Additional/supplementary cardholder fee: $65
• Interest rate on purchases: 20.24% p.a.
• Interest-free days on purchases: Up to 55
• Interest rate on cash advances: 21.24% 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 0.75 frequent flyer points per dollar spent at the best of times and just 0.25 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 80,000 bonus ANZ reward points when they spend $2,000 on eligible purchases in the first three months from approval – that bonus being equal to 40,000 Virgin Australia Velocity Pooints, 26,666 Singapore Airlines KrisFlyer miles, 26,666 Cathay Pacific Asia Miles, or $400 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 delivers two complimentary Qantas Club visits every year plus a reduced rate on ongoing Qantas Club membership. 

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 and Extended Warranty Insurance.

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 reduced annual fee in the first year 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 80,000 bonus ANZ Rewards 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.

ANZ Rewards Platinum Card: FAQs

How do I check my ANZ Reward Points balance?

You can check your ANZ Reward Points balance online by logging into your ANZ Rewards account, or by calling the ANZ Rewards Centre on 1300 367 763.

What is the eligibility criteria for the ANZ Rewards Platinum card?

While there is no specific minimum income requirement, you should be 18 years of age or over and be an Australian or New Zealand resident – or have more than nine months remaining on your visa – in order to be eligible for the ANZ Rewards Platinum Card.

Can I change from one ANZ Rewards credit card to another?

Yes, if you are currently a holder of the ANZ Rewards Platinum card, for instance, you could upgrade to the top tier ANZ Rewards Black card by presenting an online application via the ANZ Internet Banking page or by calling ANZ directly on 13 13 14. 

However, note that in the case of applying for another card, you won’t be eligible for the new sign up offer if you have already qualified for the promotional offer of your previous card.

Also read: ANZ Rewards Black credit card review

Chris C.

Chris is a a former contributor to Executive Traveller.