When it comes to choosing the best credit card in Australia, two of the most popular options are from Westpac and ANZ, both offering a range of benefits such as cashback, travel rewards, and low-interest options.
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But how do these cards compare? Which one is the better option for Australians looking to earn rewards, save on interest, and enjoy exclusive perks?
In this article, we will compare the Westpac credit card and the ANZ credit card to help you make an informed decision about which one best suits your financial needs.
Key Features: Westpac Credit Card vs ANZ Credit Card
Cashback and Rewards
Both Westpac and ANZ offer generous cashback and rewards programs, but there are some key differences between them:
- Westpac Credit Card
Westpac’s credit card offers an excellent cashback rewards program with unlimited cashback on all eligible purchases. You can earn cashback on groceries, dining, fuel, and online shopping. The cashback is credited directly to your account, and there’s no cap on how much you can earn.
- Cashback on everyday purchases
- Automatic credit to your statement
- No limit on cashback earnings
- ANZ Credit Card
ANZ offers a strong rewards program as well, with both cashback and reward points. ANZ rewards can be redeemed for flights, merchandise, or even transferred to frequent flyer programs like Qantas. However, the cashback program is generally more limited than Westpac’s.
- Reward points on purchases
- Cashback options available, but with some limits
- Ability to convert points into frequent flyer miles
In terms of cashback, Westpac has the edge with its unlimited cashback feature. However, if you prefer rewards points and the option to convert them into frequent flyer miles, ANZ may suit your needs better.
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Travel Perks
When it comes to travel benefits, both banks offer features designed to enhance your travel experience:
- Westpac Credit Card
Westpac offers complimentary travel insurance when you use their credit card to book travel, covering everything from medical expenses to lost luggage. Additionally, some Westpac cards provide access to airport lounges, helping you travel in comfort.
- Travel insurance (covering cancellations, medical expenses, etc.)
- Airport lounge access
- Discounted travel deals
- ANZ Credit Card
ANZ also provides travel insurance, covering the essentials like trip cancellations, luggage protection, and medical emergencies. However, ANZ generally does not offer the same level of airport lounge access as Westpac.
- Travel insurance
- Limited airport lounge access (depending on the card type)
- Frequent flyer rewards for travel booking
In terms of travel perks, Westpac tends to offer a more comprehensive travel benefits package, especially with its lounge access and discounted travel deals. ANZ’s travel benefits are strong, but Westpac provides a little more in this area.
Interest Rates and Fees
Another key factor to consider when comparing Westpac vs ANZ credit cards is the interest rates and fees.
- Westpac Credit Card
Westpac’s credit cards typically come with competitive purchase interest rates and annual fees. For those who pay off their balances in full each month, the interest rates may not be a concern. However, if you carry a balance, the rates can add up.
- Interest rates: Moderate to high
- Annual fees: Vary depending on the card, but generally competitive
- ANZ Credit Card
ANZ’s credit cards tend to offer lower interest rates than Westpac in some cases, especially for balance transfers. They also have annual fee waivers on some of their cards, making them an attractive option for those looking to save on fees.
- Interest rates: Slightly lower than Westpac on some cards
- Annual fees: Competitive, with waivers available on some cards
If interest rates and fees are your primary concern, ANZ may have the edge with lower rates and occasional fee waivers. However, if cashback rewards and travel perks are more important, Westpac’s offerings may provide better value overall.
Which Card is Right for You?
When deciding between the Westpac credit card and the ANZ credit card, it ultimately depends on what you value most in a credit card. Here’s a quick breakdown of who each card may be best for:
- Choose Westpac if you value:
- Unlimited cashback rewards on everyday purchases.
- Comprehensive travel insurance and airport lounge access.
- More flexibility in earning and using cashback.
- Choose ANZ if you value:
- Frequent flyer rewards and the ability to convert points to miles.
- Lower interest rates and the potential for fee waivers.
- Reward points with a broader range of redemption options.
Final Thoughts
Both Westpac and ANZ offer excellent credit cards, but they cater to slightly different needs. Westpac stands out for unlimited cashback, travel perks, and strong customer rewards, making it ideal for frequent shoppers and travellers. On the other hand, ANZ offers reward points and frequent flyer benefits, along with competitive interest rates and lower fees, making it the better choice for those who prioritise travel rewards and saving on costs.
By understanding the benefits and features of both, you can choose the credit card that best aligns with your financial goals and lifestyle.
