ANZ debit cards are a convenient and secure way to pay for goods and services. However, there are some fees associated with using an ANZ debit card, including an interest rate on debit overdrafts.
What is the ANZ debit interest rate?
The ANZ debit interest rate is currently 17.99% p.a. This means that if you go into overdraft on your ANZ debit card, you will be charged interest at a rate of 17.99% per year.
How is the ANZ debit interest rate calculated?
The ANZ debit interest rate is calculated on a daily basis and applied to the outstanding balance of your overdraft. Interest is charged from the date that you go into overdraft until the date that you clear your overdraft.
Fees associated with using an ANZ debit card in overdraft
In addition to the interest rate, there are a number of other fees associated with using an ANZ debit card in overdraft, including:
- Overdraft establishment fee: This is a one-off fee that is charged when you first go into overdraft. The fee is currently $35.
- Monthly overdraft fee: This is a monthly fee that is charged while you are in overdraft. The fee is currently $5 per month.
- Overdraft dishonour fee: This is a fee that is charged if a payment is dishonoured due to insufficient funds in your account. The fee is currently $35.
How can I avoid paying ANZ debit interest?
The best way to avoid paying ANZ debit interest is to avoid going into overdraft. However, if you do need to go into overdraft, there are a few things you can do to minimize the amount of interest you pay, such as:
- Pay off your overdraft as quickly as possible: The longer you are in overdraft, the more interest you will pay.
- Set up a direct debit repayment plan: This will allow you to make regular payments towards your overdraft, which will help you to clear your overdraft faster.
- Consider a personal loan: If you have a large overdraft, you may be able to save money by consolidating your debt into a personal loan. Personal loans typically have lower interest rates than overdrafts.