Update: Apply by 1 June 2010 and receive double reward points on purchases for the first three months.I hate shopping. I can name very few activities which induce a boredom of such intensity in me that I literally feel physical discomfort. I would rather bath a feral cat than go shopping. I would rather suck a cattle prod than go shopping. I would rather have my eyelids pinned open Clockwork-Orange-style and watch a whole episode of America's Next Top Model than go shopping - that's how much I hate it.
So I speak with a sense of irony when I say this card is aimed squarely at shoppers, and I have one.
It came with my home loan and I would have opted for the Frequent Flyer option were it not for the insistence of my partner who unlike me, does enjoy both shopping and America's Next Top Model. And I must admit, it's not a bad mid-range card.
The core features are unremarkable. The purchase rate is 19.49%, which is fairly average for a mid-range card. The cash rate is 20.74%, which is marginally lower than you might expect. You get 44 days interest free and the annual fee is $129, which is a bit lower than other cards in its class.
Other benefits include commission free traveller's cheques (who still uses those?) and 90-day Purchase Security Insurance, which covers most credit card purchases of personal items against loss, theft or accidental damage for 90 days from the item purchase date.
What sets this card apart is its rewards program. When we recently
compared twenty-two Australian reward programs, we gave ANZ Rewards the Best Shopping Rewards Program for 2009. There are very few other programs which offer the same versatility and redemption value as this program. Points can be redeemed on everything from cash to holidays to digital cameras to hot air balloon rides.
The earn rate is a little disappointing. You'll earn one point for each $1.50 spent, which means you have to work a bit harder to earn points than under other similar programs. Points are capped at $100,000 (or 66,666 points) per year, excluding points earned at 'bonus partner outlets', which are not subject to a cap.
The verdict: If you're a shopper, this is a great rewards program with good redemption value and a broad range of options. You may want to consider the
Rewards Visa (the non-Gold sibling of this card), which offers a lower annual fee ($89), a lower reward points cap ($50,000 instead in $100,000) and does not include purchase security.
If you're like me and don't enjoy shopping, consider the Frequent Flyer cards (the
Frequent Flyer Visa, Frequent Flyer Visa Gold and Frequent Flyer Visa Platinum) which offer better value for flights and travel.
