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ADVISORY

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Quick Guide: ANZ Credit Card for Singaporeans

ANZ Credit Card is proof of credit card convenience. 

While some individuals believe that credit cards are good for nothing plastics that will drag them to debt, many believe that using them can bring practicality to everyday living.

The key is choosing the right card and using it with great discipline. For example, should you choose an ANZ Credit Card in Singapore?

ANZ offers five credit cards. We have listed them below with their benefits and limitations.

ANZ credit card

ANZ Credit Card for Singaporeans

ANZ Optimum World MasterCard Credit Card

ANZ Optimum World MasterCard is for those with a salary of at least $80,000 a year. This card can get a 5% cash rebate on three categories.

Also, you can change these categories every quarter or three months. The class which you did not choose will give you 1% cashback.

There are four categories: Dining and Leisure, Travel, Shopping and Groceries in supermarkets. The cashback you can earn is unlimited the whole year-round. However, you can only get up to $30 rebates per transaction.

ANZ Travel Visa Signature Credit Card

ANZ Travel Visa Signature is for Singapore Citizens and Permanent Residents earning at least $60,000 a year and foreigners with a yearly salary of at least $90,000.

This card is known for quickly acquiring free miles, especially when you usually travel in Australia and New Zealand.

For example, you can earn 2.8 air miles per $1 spent on flight booking with Jetstar and Qantas airlines. You can even charge your family’s tickets for more miles on your card.

Also, you can get 1.4 air miles per $1 on any other purchases. Another perk is having a one-way airport transfer in a chauffeured Mercedes E-class.

This card is great for frequent flyers, considering how miles can quickly accumulate in flight booking with specific airlines. Just take note that the miles will expire in 5 years. Or else, it will be such a waste if you do not use your miles on time.

Whenever you purchase something abroad, take note that you will always have a charged foreign transaction fee of 1.5%.

And just like any credit card, failure to pay on the due date will incur a late payment fee. The charge is $50 or 3% of your outstanding balance with ANZ Travel Visa Signature.

ANZ Platinum Credit Card

ANZ Platinum Card requires the cardholder to have at least a salary of $30,000 per year for Singapore Citizens and Permanent Residents and $60,000 for foreigners.

What benefits can you earn? You can get two points for every $5 you charge for online and overseas purchases. You can also get a 14% upfront discount off your gross fuel purchase at any Caltex station island-wide.

In addition, if you spend $488 within 30 days after the card’s online activation, you can also get $100 cashback.

Just be ready to charge a foreign transaction fee of 1.5%. This fee seems to negate the purpose of cashback. Make sure that you pay your balance on time. It helps you avoid the charge of a late payment fee.

ANZ Switch Platinum Credit Card

ANZ Switch Platinum Credit Card has the same eligibility as the ANZ Platinum Card. However, this card does not have an annual fee for life. The rewards are also not much compared to the previous cards.

ANZ Switch Platinum Credit Card only gives 1 Rewards Point for every $5 spent. In addition, it has a low-interest rate of 23% a year. However, it is best to settle your dues on time. Then, it totally avoids any interest rate on your purchases.

Also, the late payment fee is $60, which is higher than most of the ANZ credit card late payment fees.

ANZ Signature Priority Banking Visa Infinite Credit Card

Not every Singaporean can get an ANZ Signature Priority Banking Visa Infinite Credit Card. Just as the name suggests, only those with priority banking accounts will be invited to apply for this card.

It means that you need to have at least $150,000 in your ANZ savings account. You can easily get rewards points with this card. However, there is still a debate about whether this card is better than ANZ Travel Visa Signature Credit Card because you can convert the reward points to miles.

You need to pay a $15 administrative charge every time you make a mile conversion request.

In addition, you can only convert your pints in blocks of 5,000 miles. Aside from this limitation, bonus rewards point is capped at 20,000 Rewards Points a year.

ANZ Credit Card Features

ANZ FlexiLoan has a loan tenure

It is up to five years with a promotional interest charge of 7.8%.

However, failure to meet the repayments on time will revert the interest rate to regular rates up to 14.37%. It is on top of the additional late payment charges. It is a personal loan exclusive through ANZ credit cards.

ANZ Balance Transfer

ANZ Credit Card has an exclusive rate of 0% per annum for six months. The regular interest rate will have a charge afterwards.

MoneyLine Account

As an ANZ credit cardholder, you will automatically create a MoneyLine Account. 

0% Interest Instalment Payment Plan

With ANZ credit cards, expect 0% interest for an instalment payment plan. But there may have applicable fees. Whatever you charge using this feature will not give any rewards or miles. And failure to meet repayments can incur penalties.

When choosing a credit card, it is best to consider your needs rather than your wants. Benefits may be enticing, but it comes with conditions to be met. Remember that your credit card has to help you live your life at ease, not life in debt.

Another best thing to get your finances straight is through a personal loan. Cash Mart Singapore is a licensed money lender with low-interest loan products and services. It is the best alternative when facing money matters.