special$0 Annual Fee for the First Year
- Last updated on 04 Aug 2020
Balance Transfer Rate
for 12 months then $30
Max Free Days
- Free supplementary cards
- Purchase protection insurance
- Extended warranty
Number free supplementary
Interest Free Days
Interest Free Days
for 12 months then $30
Maximum credit limit
No set max
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Balance Transfer Rate
Balance Transfer Rate
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3% on Visa
Estimated ATM Cost
for AU $300 withdrawal
Be 18 years of age or over and studying full-time at an eligible Australian education institution, and; Be a permanent Australian resident or a non-permanent resident with more than 9 months remaining on your Visa; and Be earning at least $15,000 per year. This may include payments from part time work, Youth Allowance and Austudy.
- FREE SUPPLEMENTARY CARDS
- PURCHASE PROTECTION INSURANCE Cover lasts for 90 days per year
- EXTENDED WARRANTY Warranty is extended for the same duration as the original warranty up to 1 year.
- Other $0 Annual Fee for the First YearEligibility criteria, T&Cs, fees and charges apply. After the first year, an annual fee of $30 applies.
ANZ is one of Australia’s biggest banks. Its history dates back to 1835, when it was originally known as the Bank of Australasia. In 1951, the Bank of Australasia merged with the Union Bank of Australia to form ANZ Bank.
ANZ not only operates throughout Australia, but is also present in New Zealand, Asia, the Pacific, Europe, America and the Middle East.
As one would expect from a big four bank, ANZ offers a wide range of credit cards.
The ANZ First Student credit card offers a moderately high interest rate. Aimed at students, ANZ will waive the $30 annual fee in the first year, providing an incentive to get new customers through the door.
The ANZ First Student credit card is covered by the ANZ Fraud Money Back Guarantee, which means that you will not be liable for fraudulent transactions made on this card, provided that you did not contribute to the transaction and notified ANZ promptly. This credit card also offers additional 90 Day Purchase Security and Extended Warranty insurance, providing an extra security blanket for cardholders.
Up to three additional cardholders can also be added at no additional cost. Like most new credit cards, Visa payWave is also included, so that cardholders can ‘tap and go’ without entering a PIN for purchases under $100.
- Annual fee waived in the first year
- Complimentary shopping insurance
- Free Visa Entertainment membership
- Annual fee after the first year
- Moderately high interest rate
- No frequent flyer rewards
Who is it good for?
As the name implies, the the ANZ First Student credit card is marketed as a first credit card for students, who may or may not have held credit card before. The card is available only to full-time tertiary students.
This credit card could be suitable for students who want to make sure their transactions are safe and that they will not be financially liable in the event of fraudulent spend.
The complimentary shopping insurance included may also provide peace of mind for younger cardholders’ first big purchases, making it more appealing to students.
With a moderately high interest rate, the ANZ First Student credit card is more suitable for financially savvy students who will be able to pay their credit card bills on time, and are not in need of cash advances or balance transfers.
What RateCity says
The ANZ First Student credit card provides some incentives and perks for students and young people, such as complimentary shopping insurance, a free Visa Entertainment membership and the first year with no annual fee.
However, with a moderately high interest rate on purchases, and even higher interest rate on balance transfers and cash advances, first time credit card holders should make sure they do not set themselves up to pay more interest than they can afford when considering this card. It is also worth remembering that cardholders are liable to pay an annual fee after the first year.
With a relatively low minimum income requirement of $15,000, the card is suitable for students who are working part time or casually, but the moderate to high interest rates could quickly make this credit card unaffordable to students in this income bracket.
In order to apply for the ANZ First Student credit card, you must be a full-time tertiary student aged over 18 years old. The minimum income requirement is just $15,000, which can include paid employment, Youth Allowance and Austudy. You'll need to be a permanent Australian resident or a non-permanent resident with more than 9 months remaining on your visa.
About the lender
ANZ, less commonly known as Australia and New Zealand Banking Group Limited, is headquartered in Melbourne and is one of Australia’s big four banks. Customers can contact ANZ 24 hours per day, seven days per week to dispute transactions, report a hoax or report a lost or stolen card. With branches available across Australia and New Zealand, as well as online banking, customers have a number of options available when banking with ANZ.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice.
Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.
If you’re wondering about how to make a credit card online application, here are some steps to follow:
- Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
- Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
- Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
- Review details. Ensure the information you’ve entered is correct.