Update: Apply by 1 June 2010 and earn double reward points on purchases for the first 3 months.
The ANZ Rewards Visa is the alternative to the Frequent Flyer Visa. There is very little difference between the two cards - same interest rate, cash rate and interest free days. However, the ANZ Rewards Visa has a lower annual fee ($89) and (obviously) a very different rewards program.
On paper, the rewards program is a winner. You can redeem the points as cash on your card, shopping and gift vouchers, adventure and leisure experiences and a range of other consumer goods such as iPods, digital cameras, kitchen appliances and more. You can even choose to redeem them for Frequent Flyer points (although the redemption value is not equivalent).
However, this versatility comes at a price. While 11,000 Frequent Flyer points would get you an economy ticket from Adelaide to Melbourne (incl. taxes), it would cost you 13,320 points just to get a $100 Myer gift voucher on the ANZ Rewards program. Plus, the ANZ Rewards points take longer to accumulate - 1 point per $1.50 spent, compared to 1 point per $1 on the Frequent Flyer card.
That doesn't necessarily mean the Frequent Flyer card is a better option. Many people would prefer the flexibility of a much broader rewards program, particularly those who don't enjoy flying.
Overall, if you plan on flying anytime soon, the ANZ Frequent Flyer Visa is a better option. Otherwise, if you're more interested in shopping or cash, the ANZ Rewards Visa might be for you.
