Australia and New Zealand Banking Group has launched a credit card, ANZ Balance Visa which rewards customers for every dollar they repay off their balance rather than every dollar they spend.
Australia and New Zealand Banking (ANZ) Balance Visa offers one reward point for every AUD1 repaid to the account balance including repayments to interest, fees, cash advances and balance transfers and a current interest rate of 13.99%per annum on purchases.
The card also provides customers the choice to set up an automatic redemption so they can receive their chosen rewards as soon as they accumulate the required points and an option for customers to design their own card.
Customers can choose to receive their rewards from ANZ Balance Visa either through cashback or by way of shopping vouchers and gift cards.
Jenny Fagg, managing director for consumer finance at ANZ, said: Our research found that customers want to reduce debt and be rewarded for payments to their credit card, but at the same time, they don’t want to miss out on a rewards program by choosing a card with a lower interest rate.
ANZ Balance Visa is the only credit card of its kind in Australia – indeed one of the first in the world – and it further delivers on our strategy to provide customers with more convenient banking, based on products that are simple to understand and delivered in a responsible manner.