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How you can make the most of the ANZ Rewards program
04 Mar 2020
ANZ Rewards is the loyalty program for the major bank’s rewards credit card range. Through the program, you can earn points which can then be redeemed for things such as cashback, travel vouchers and gift cards.
If you have an ANZ Rewards credit card or are considering applying for one, here’s our guide to how to make the most of the rewards scheme. We’ve also included some considerations you should watch out for with a rewards credit card.
How to earn ANZ Reward Points
ANZ Reward Points are earned through eligible spend on an ANZ Rewards credit card. You can also earn ‘bonus points’ by shopping at the ANZ Rewards Bonus Points Mall.
If you have an ANZ Rewards credit card, you’ll firstly need to activate your ANZ Rewards online account. This will let you track and redeem your points.
ANZ Rewards credit cards
ANZ currently offers three ANZ Rewards credit cards: ANZ Rewards, ANZ Rewards Black and ANZ Rewards Platinum. You can currently earn Reward Points at the following rates on these cards:
| ANZ Rewards Credit Card | Earn Rate |
|---|---|
| ANZ Rewards | 1 Reward Point per $1 spent up to $1,000 per statement period. 0.5 Reward Points per $1 spent above $1,000 per statement period. |
| ANZ Rewards Black | 2 Reward Points per $1 spent up to $5,000 per statement period. 1 Reward Point per $1 spent above $5,000 per statement period. |
| ANZ Rewards Platinum | 1.5 Reward Points per $1 spent up to $2,000 per statement period. 0.5 Reward Points per $1 spent above $2,000 per statement period. |
Source: ANZ as at 27 February 2020
Remember, only ‘eligible’ purchases will earn you points. For example, ANZ says you can’t earn points on transactions for “gambling or gaming purposes”, government charges, interest charges or balance transfers. Read the ANZ Rewards Program T&Cs for more information.
Sign-up bonuses
ANZ also currently offers sign-up bonus points for new ANZ Rewards credit cards. Be aware that conditions do apply. For example, you can currently receive 150,000 bonus Reward Points on a new ANZ Rewards Black credit card. However, you must spend $4,000 on eligible purchases in the first three months from approval.
It’s important to consider more than just sign-up bonuses when choosing a credit card. Consider comparing the card’s interest rate, fees and other product features against other credit cards and consider whether the credit card is suitable for you.
ANZ Rewards Bonus Points Mall
You can also earn ‘bonus points’ when you use an ANZ Rewards credit card to shop at the ANZ Rewards Bonus Points Mall. Currently, ANZ says you can earn up to 10 Bonus Reward Points for every $1 you spend through the Bonus Points Mall.
There are over 40 participating retailers in the Bonus Points Mall at the time of writing, including Apple, ASOS, David Jones and The Iconic. Each retailer offers different point earn rates. For example, if you shop with Apple via the Bonus Points Mall, you can currently earn three Bonus Reward Points per $1 spent, whereas, if you shop with David Jones, you can earn 10 Bonus Reward Points per $1 spent.
Compare Rewards Credit Cards with Canstar
The table below displays some of our referral partners’ rewards credit cards for Australian’s spending around $3000 per month and redeeming points for cash/vouchers. The results shown are sorted by highest Star Rating, then alphabetically by provider name. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s credit cards comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.
Points never expire
Travel insurance
Points never expire
Airline lounge access
Points never expire
Points never expire
Travel insurance
Points never expire
How to use ANZ Reward Points
Once you’ve built up your ANZ Reward Points, you have a few different options for how you can use them. You can either redeem your points for frequent flyer points with partnering programs, use them to buy goods or vouchers, or receive cashback into your ANZ Rewards or other ANZ accounts.
Converting ANZ Rewards Points into frequent flyer points
ANZ Rewards has partnerships with programs such as Air New Zealand’s Airpoints, Singapore Airlines’ KrisFlyer and Cathay Pacific’s Asia Miles. Currently, you can transfer your ANZ Reward Points to these frequent flyer programs at the following rates:
| Frequent Flyer Partner | Transfer Rate | Conditions | Transfer Time |
|---|---|---|---|
| Air New Zealand Airpoints | 200 ANZ Reward Points = 1 Airpoints Dollar | Must redeem an initial minimum of 3,000 ANZ Reward Points for 15 Airpoints Dollars. Then additional multiples of 1,500 Reward Points. | Up to 6 business days. |
| Singapore Airlines KrisFlyer | 3 ANZ Reward Points = 1 KrisFlyer Mile | Must redeem an initial minimum of 1,500 ANZ Reward Points for 500 KrisFlyer Miles. Then additional multiples of 1,500 Reward Points. | Up to 15 business days. |
| Cathay Pacific Asia Miles | 3 ANZ Reward Points = 1 Asia Mile | Must redeem an initial minimum of 3,000 ANZ Reward Points for 1,000 Asia Miles. Then additional multiples of 1,500 Reward Points. | Up to 18 business days. |
Source: ANZ as at 27 February 2020
It’s worth noting that transferring ANZ Reward Points is not necessarily a straightforward process. In 2019, ANZ removed the ability to make online points transfers for most of its frequent flyer partners. To transfer your ANZ Reward Points to the partner programs, you generally must call ANZ’s Rewards Centre during its opening hours (8am to 8pm AEST excluding weekends and public holidays, according to the ANZ Rewards website).
Additionally, it can take between five to 18 business days for your points/miles to appear in your frequent flyer account (depending on the frequent flyer program you choose). For example, ANZ says you should allow up to 18 business days for Reward Points to be redeemed for Asia Miles. In practice, this means it could be up to three and a half weeks before your points are transferred. As Australian Frequent Flyer noted, by this time, any redemption options you were hoping to take advantage of could be well gone.
It’s also worth mentioning that while Qantas is not a transfer partner, you can directly earn Qantas Points on ANZ’s frequent flyer credit cards (which are different to its rewards credit cards). ANZ offers three frequent flyer cards at the time of writing: ANZ Frequent Flyer, ANZ Frequent Flyer Black and ANZ Frequent Flyer Platinum.
Spend
You can use ANZ Reward Points to buy products like home appliances and electronics, gift vouchers for a range of stores like Woolworths and Coles, and travel-related rewards such as hotels and car hire.
You can also set up ‘auto-redemptions’ which automatically redeem your Reward Points for select rewards if you have enough points. You can opt to automatically redeem your rewards annually, periodically or whenever you accumulate enough points for whatever reward you have your eye on.
Cashback
Lastly, you can also use your ANZ Reward Points to receive cashback into your ANZ Rewards account or another ANZ account. Currently, you can redeem 25,000 Reward Points for $100 cashback and 12,500 Reward Points for $50 cashback. This essentially means that 250 Reward Points are worth $1.
Things to watch out for in a rewards credit card
If you have a rewards credit card or are considering applying for one, here are some possible drawbacks to watch out for:
Higher interest rate and fees
Rewards credit cards often have higher interest rates and extra fees compared to credit cards that do not come with a rewards program. For example, ANZ Rewards credit cards currently have a 20.24% p.a. interest rate on purchases if you don’t pay your balance in full. By comparison, ANZ’s Low Rate credit card currently has a 12.49% p.a. interest rate on purchases (as at 27 February 2020).
Therefore, it can be important to keep track of your spending and repay your balance on time where possible to avoid paying interest and any additional late payment charges. If you’re likely to carry some debt on the card, you might be better off to consider a low rate credit card, as any potential benefits you may receive from a rewards card may be outweighed by their generally higher interest charges.
Expiration of points
Don’t forget that your points may have an expiry date. ANZ Reward Points currently expire three years from the end of the year in which you earned them. Additionally, if you close your ANZ Rewards account, ANZ says you need to use your points within 60 days, or they will be cancelled.
Loyalty scheme criticism
Loyalty schemes have come under fire in recent times from consumer watchdog the ACCC, which released a report in December 2019 warning consumers that loyalty schemes don’t exist solely to reward you for your loyalty. Among other issues, the ACCC found that customers had limited control over how their personal information and data could be used by loyalty schemes. It called for changes to how these schemes work and are regulated.
Main image source: Kite_rin (Shutterstock)
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