Tips for minimizing the amount of interest you pay

A credit card with interest free days can be a useful tool in managing your finances. Here are some tips that could help you minimize the amount of interest you pay on your credit card.

  • Find out when your payment is due -  knowing how long you have to pay your closing balance and maintain your interest free period is pretty simple. Check the due date on your credit card statement to find out when the payment is due by.
  • Pay as much of the full closing balance as you can - if you can’t repay the whole closing balance, pay as much as you can, as soon as you can. Do not wait until the payment due date.
    • Set up a Direct Debit for the full amount due, minimum amount due, or a fixed amount so you do not forget to make payment.
    • Make payments via ANZ Internet Banking or goMoney.
  • Avoid making cash withdrawals on your credit card if you can - when you withdraw cash at an ATM with your credit card, you don’t get any interest free days. Interest is charged from the date you withdraw the cash and fees apply.

We have a range of product options such as an ANZ Low Rate MasterCard or ANZ Personal Loan that may suit you better – please call 0800 658 044, or visit any ANZ branch.

Tips for minimizing some credit card fees you pay

There are some simple steps you can take to avoid over limit and late payment fees.

  • Find out what your credit limit is - it’s printed at the top of your statement. It’s easy to keep track of your credit card balance using ANZ Internet Banking or goMoney.
  • Find out when your payment is due - check the payment due date on your credit card statement.
  • Set up a Direct Debit to pay at least the minimum amount.
  • Allow enough time for delays - electronic payments from another bank can take up to two business days to process. So make sure you allow enough time when you’re making a payment from another bank or by Direct Debit.
  • Avoid withdrawing cash from your credit card - this will minimize the cash advance fee.

This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalized financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.