ANZ is phasing out MasterCard credit cards for its customers.
Between April and June this year, any ANZ customers who have a MasterCard will be issued with a new ANZ Visa.
A spokesman for the bank said about 80 per cent of ANZ’s credit card customers already had a Visa.
He said the decision was made to reduce the number of personal credit card products available from 11 to five, to make it easier for customers to choose a card that suited them.
“Also, customers with a compatible mobile phone will be able to access ApplePay or goMoney Wallet and Visa Entertainment benefits.”
He said Visa cardholders’ transaction history would be transferred to the new card and cardholders could keep the same PIN.
The annual fees and interest rates charged would stay the same, ANZ said, except for low-rate MasterCard customers, where the annual fee will drop from $58 to $35.
CashBack rewards will transfer over.