AMEX Comparison - Airpoints Platinum vs Gold Rewards
If you're someone who spends $3,000+ a month on a credit card and want to apply for an AMEX, our comparison explains the pros and cons of both cards and whether you're better suited to Airpoints Dollars or Membership Rewards Points as a reward currency.
Updated 29 May 2025
Know This First: This comparison and review is for anyone who can comfortably clear a credit card balance month after month and never pay interest on their account. Too many New Zealanders waste money on credit card interest (per our Stuff.co.nz report), and we don't want more people struggling with this. If you're unlikely to repay when your bill is due, no rewards are ever worth the interest paid.
Summary:
Our guide covers:
Advertising Disclaimer: We may receive payment if you sign up for a credit card via MoneyHub - please read our advertising policy for more details.
Know This First: This comparison and review is for anyone who can comfortably clear a credit card balance month after month and never pay interest on their account. Too many New Zealanders waste money on credit card interest (per our Stuff.co.nz report), and we don't want more people struggling with this. If you're unlikely to repay when your bill is due, no rewards are ever worth the interest paid.
Summary:
- It is generally accepted that banks are offering poor-value rewards credit cards, with high fees and low reward earning rates. We observed the banks cutting their credit card benefits in late 2022, and we do not expect their earning rates to improve.
- For anyone looking for a 'platinum' or 'gold' credit card, American Express' selection of cards have become New Zealand's most rewarding for anyone wanting to earn Airpoints Dollars or travel and lifestyle awards.
- While the AMEX Airpoints Platinum is increasingly popular and held across New Zealand given its best-in-class $70 spend = 1 Airpoints Dollar earning rate, Airpoints Dollars awards are limited to what Air New Zealand offers. This, for most, will exclude any free business class airfares and 4 and 5 star hotels which are awards commonly associated with credit cards internationally but rarely seen here.
- In 2022, American Express introduced its new American Express Gold Rewards Card, which offers two Membership Rewards Points for every $1 spent. While these points are not as well understood as Airpoints Dollars, there is significant value to be found if you're a high-earning (and spending) household looking for luxury awards.
- As an example, spending $5,000 a month on either AMEX will earn around 1,000 Airpoints Dollars (with the Airpoints-earning card) or, using the points-earning card, around what's required for a five night stay at the Sheraton Sydney. If you prefer to fly, the $60,000 annual spend will generate around half the points needed to book a one-way Qatar Airways business class flight from Auckland to Europe. So, after two years, you'd have an award with around $5,000 (vs 2,000 or so Airpoints Dollars).
- We believe AMEX's Membership Rewards Points are valuable to anyone spending $50,000 a year on a credit card and are comfortable with forgoing earning Airpoints Dollars (and the convenience they offer) for the desire to earn high-value awards.
- Many New Zealanders comfortably spend $5,000 to $10,000 a month on a credit card, and often more; this guide looks at the specific benefits of each AMEX credit card.
Our guide covers:
- Understanding Each Card's Offer
- Comparing the Basics - Airpoints Platinum vs American Express Gold Rewards
- Calculating the Value of Rewards Points and Airpoints Dollars
- What Card is Best if I Spend, $5,000, $8,000, $10,000 or $15,000+ a Month on a Credit Card?
- Frequently Asked Questions
Advertising Disclaimer: We may receive payment if you sign up for a credit card via MoneyHub - please read our advertising policy for more details.
MoneyHub Founder Christopher Walsh shares his views on choosing between AMEX's two reward-earning cards
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"The best card ultimately comes down to what rewards you want. It's a choice between:
"I love using Airpoints for domestic flights and am cost-conscious about hotels - I'm most at home at an Ibis or a Mercure, or cheap and cheerful Airbnbs. However, I'm not the norm, and many hard-working New Zealanders get a lot of enjoyment and happiness from five-star resorts and hotels in exotic locations". "If I wanted a free business class flight to Europe or New York, the AMEX Rewards Points conversion process makes this super easy and wonderfully rewarding. For me, the biggest lure of a Rewards Points-earning card is the flight rewards, not the hotels. However, flexibility means you can have both and have thousands of choices. In contrast, Airpoints doesn't offer hotels and flights are limited to Air New Zealand and its partners." "I appreciate it's a big jump to go to Rewards Points if you're used to Airpoints. The good news is that AMEX's points scheme is very popular worldwide, and our guide to the best way to spend the points shows just how far you can go (quite literally) with everyday spending earning points." "What's right for you is a unique choice - we've published this guide to help you make sense of the options and make an informed decision, keeping in mind that Rewards Points can give you up to 10% of your credit card spend back in free hotels and 5% for business class flights, whereas Airpoints is capped at 1.43%". |
Christopher Walsh
MoneyHub Founder |
Understanding Each Card's Offer
To help explain the cards, we present their details below:
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Best Card for Airpoints: The American Express Airpoints Platinum CardBasics:
Annual Fee: $195 Airpoints or Membership Rewards? Airpoints Annual percentage interest rate: 22.95% p.a. Interest Free Period: up to 55 days Bonus Offer: 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Amex Card Members only. Read more: Airpoints Platinum Review Benefits:
Learn more or apply |
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Best Card for Diners: The American Express Gold Rewards CardBasics:
Annual Fee: $200 Airpoints or Membership Rewards? Membership Rewards Annual percentage interest rate: 22.95% p.a. Bonus offer: $200 statement credit when you apply online, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only. Earn Membership Rewards: The Gold Card earns at a rate of 2 points for every $1 spent. You can use Membership Reward points to pay for travel with American Express directly, or you can convert them to other airline and hotel programs. As a background, 150 Membership Rewards points = 1 Air New Zealand Airpoints Dollar while 2 Membership Rewards points = 1 Qantas Frequent Flyer Point. Read more: American Express Gold Rewards Card Review Benefits include:
Learn more or apply |
Comparing the Basics - Airpoints Platinum vs Gold Rewards
1. Point Earning Rates:
Our View: We like that the earning rates are fixed no matter where you spend, whether it as the petrol station, supermarket or overseas on hotels, flights and shopping (where charges are converted back to New Zealand Dollars). And, unlike some other credit cards, there's no reduced earning if you spend over a certain threshold per month.
2. Points Expiry and Membership Fees:
Our View: We like that there are no tricks or limitations; as long as you're an AMEX cardholder, your reward points or Airpoints will be valid and you don't need to worry about cashing any in to avoid a portion expiring. Airpoints Dollars will be credited to you Air New Zealand Airpoints account every month, and Rewards Points will
3. Annual Fees, benefits and signup bonus:
Our View: Both cards charge similar fees and offer international travel insurance, and both offer a generous signup bonus to more than compensate the first year's annual fee.
4. Foreign Exchange Fees and Interest Rate on Unpaid Balances
Our View: Both cards charge the same, so there's no distinguishing advantage of either card.
- Airpoints Dollars: You'll earn 1 for every $70 spent, and one Status Point for every $250 spent.
- Rewards Points: You'll earn 2 for every $1 spent.
Our View: We like that the earning rates are fixed no matter where you spend, whether it as the petrol station, supermarket or overseas on hotels, flights and shopping (where charges are converted back to New Zealand Dollars). And, unlike some other credit cards, there's no reduced earning if you spend over a certain threshold per month.
2. Points Expiry and Membership Fees:
- Airpoints Dollars: There is no annual fee for Airpoints, and as long as you hold the AMEX card, your Airpoints Dollars will not expire.
- Rewards Points: There is no annual fee for the program, and the points you earn won't expire when you're a cardholder.
Our View: We like that there are no tricks or limitations; as long as you're an AMEX cardholder, your reward points or Airpoints will be valid and you don't need to worry about cashing any in to avoid a portion expiring. Airpoints Dollars will be credited to you Air New Zealand Airpoints account every month, and Rewards Points will
3. Annual Fees, benefits and signup bonus:
- Airpoints Dollars: $195/year, including domestic and international travel insurance, four lounge vouchers per year, screen protection - all benefits are outlined here. There is currently a 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Amex Card Members only.
- Rewards Points: $200/year, including domestic and international travel insurance, two $100 dining credits per year - all benefits are outlined here. There is currently a 200 Statement Credit sign-up bonus when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members.
Our View: Both cards charge similar fees and offer international travel insurance, and both offer a generous signup bonus to more than compensate the first year's annual fee.
4. Foreign Exchange Fees and Interest Rate on Unpaid Balances
- Airpoints Dollars and Rewards Points: Both cards charge 2.49% (FX) and 22.95% p.a on purchases that are not repaid the following month.
Our View: Both cards charge the same, so there's no distinguishing advantage of either card.
Calculating the Value of Rewards Points and Airpoints Dollars
Value of Rewards Points and Airpoints Dollars:
Air New Zealand offers a simple program, where 1 Airpoints Dollars is, for most cases, worth $1. The value of Rewards Points depends on how you redeem them - flights vs upgrades vs hotels, where some awards will offer up to 10% earnong on a $1 spent, whereas others will be around 2-5%. Please note, we have not considered Airpoints Store awards or statement credits, which are considered low-yield rewards compared to flights and hotels.
1. Hotels
Our View: If you would like the option of redeeming points for hotel stays, you won't be able to with an Airpoints-earning credit card, so the only option is an AMEX Rewards Points-earning card.
2. Flights
Airpoints Dollars:
Rewards Points:
Our View: Only Rewards Points offer the option to redeem business class airwards with various airlines. With Airpoints Dollars, you're limited to Air New Zealand's arguably expensive pricing and the opaque partner award flight redemption tool.
Flight Upgrades
Our View: Air New Zealand is, without apology, hopeless when it comes to securing an upgrade in advance. The process of one-up bids is opaque and, more often than not, leads to disappointment when no upgrade is processed. Rewards Points are much better for upgrades - you can transfer points to a specific frequent flyer program once you see upgrade availabilityl and process it online (in most cases) and receive confirmation. This is completely different to what Air New Zealand offers and we believe the chance of Airpoints Dollars being redeemed for successful upgrades is very slim.
Air New Zealand offers a simple program, where 1 Airpoints Dollars is, for most cases, worth $1. The value of Rewards Points depends on how you redeem them - flights vs upgrades vs hotels, where some awards will offer up to 10% earnong on a $1 spent, whereas others will be around 2-5%. Please note, we have not considered Airpoints Store awards or statement credits, which are considered low-yield rewards compared to flights and hotels.
1. Hotels
- Airpoints Dollars: Air New Zealand makes it clear - You can't currently redeem your Airpoints Dollars on an accommodation booking per their FAQs.
- Rewards Points: Points can be transferred to the Hilton and Marriott programs; our guide estimates that the redemptions are valuable to anyone looking for four and five-star hotel stay rewards. For example, $70,000 spent on the American Express Gold Rewards card will earn enough points for a five-night Westin Singapore hotel stay (otherwise bookable for $5,000+). Marriott and Hilton's properties are global, and Marriott's 'book four reward nights, get one free' promotion makes any AMEX points go even further.
Our View: If you would like the option of redeeming points for hotel stays, you won't be able to with an Airpoints-earning credit card, so the only option is an AMEX Rewards Points-earning card.
2. Flights
Airpoints Dollars:
- You can use Airpoints Dollars on any Air New Zealand flight (easily booked on their website) and Partner Airline flights. The quoted airfare can be paid for with Airpoints Dollars. You can book for family members and friends if you use Sharepoints.
- There is a limitation if you want to use Airpoints Dollars to book business class flights - you'll need several thousand to complete any purchase. For example, Auckland to New York usually costs around $11,000 return, so you'd need to spend around $650,000 on the card to earn that amount of Airpoints Dollars. For most people, this makes such a reward unobtainable (unless you're a Gold or higher member of Airpoints, whereby you can book discounted business class fares for you and one other person, subject to availability).
Rewards Points:
- You can convert your balance to points or miles with numerous airlines - Qantas, Qatar Airways, Singapore Airlines, Cathay Pacific and Air New Zealand at the most common.
- Firstly, 150 Membership Rewards points = 1 Airpoints Dollar (which you'll earn if you spend $75, meaning its earn rate is lower than the Airpoints Platinum credit card, which offers the same Airpoints Dollar for a $70 spend).
- With Qantas, a $253,000 spend will earn enough AMEX points to convert to Qantas' Frequent Flyer program and, subject to availability, that's enough for a return Auckland to New York business class flight. As a point of comparison, that's around 40% of the spend required on the Airpoints Platinum card for the same award, albeit with Qantas rather than Air New Zealand.
- As our guide outlines, you can book business class tickets with leading airlines such as Qatar Airways and Singapore Airlines, which, in most cases, offer arguably the best business class experiences among any airline and conveniently fly daily from New Zealand.
Our View: Only Rewards Points offer the option to redeem business class airwards with various airlines. With Airpoints Dollars, you're limited to Air New Zealand's arguably expensive pricing and the opaque partner award flight redemption tool.
Flight Upgrades
- Airpoints Dollars: Air New Zealand limits the option to bidding for a one-up award, which we have outlined here. Gold Elite Airpoints Members can also upgrade in advance as outlined on Air New Zealand's website
- Rewards Points: You can convert points into any frequent flyer program that offers upgrades; this includes Singapore Airlines, Qantas and Qatar Airways, among others.
Our View: Air New Zealand is, without apology, hopeless when it comes to securing an upgrade in advance. The process of one-up bids is opaque and, more often than not, leads to disappointment when no upgrade is processed. Rewards Points are much better for upgrades - you can transfer points to a specific frequent flyer program once you see upgrade availabilityl and process it online (in most cases) and receive confirmation. This is completely different to what Air New Zealand offers and we believe the chance of Airpoints Dollars being redeemed for successful upgrades is very slim.
What Card is Best if I Spend, $5,000, $8,000, $10,000 or $15,000+ a Month on a Credit Card?
We believe the answer is simple:
Our View and Assumptions: Many high-earning New Zealanders are perfectly happy to earn and redeem Airpoints Dollars as their credit card reward currency. For example, it's simple, easy, cost-effective and convenient for redeeming economy flights around New Zealand and to/from Australia and the Pacific Islands, as well as Bali. You can also redeem 'dollar for dollar' for Mitre 10 vouchers, which are conveniently in denominations up to $1,000. The Airpoints Store has thousands of fairly-priced options that cover travel experiences, clothing and accessories for women, men and children, wine, food, home appliances, sports equipment, vouchers, hampers, beauty and health products.
If you don't desire business class flights or luxury hotels, and plenty of higher earners don't, Airpoints are a rewarding option. And AMEX's Airpoints Platinum gives you close to twice as many per dollar spent compared to the bank-issued platinum cards. This means that for every $100 you spend, you'll earn 1.43 Airpoints Dollars, meaning a 1.43% reward earn rate.
However, if you like the idea of spending on a credit card to earn a free business class flight to Europe and free five-star hotels, AMEX Rewards Points are the only way in New Zealand to do it. And, per our research, you can earn as much as a 10% reward earn rate if you pick the right award, which is usually a five-star hotel stay per our research. This is over 5X what you can earn with Airpoints Dollars, but With AMEX partnered with major airlines, Membership Rewards Points is an extensive program but we appreciate it won't be for everyone.
Know This: Rewarding yourself with luxury flights and hotels will mean you'll need to incur further costs (such as the costs of flying to the hotel and the incidentals at the hotel), whereas Airpoints Dollars are more likely to be used for everyday expenses (booking domestic and short/medium haul flights) and Mitre 10 vouchers. For this reason, we believe Airpoints Dollars are a more valuable and cost-effective reward currency for the typical higher-earning New Zealand family, whereas Rewards Points are lucrative for those looking for premium lifestyle awards.
- If you're a family spending around $30,000 to $100,000 a year on a credit card, travelling domestically or medium-haul, the Airpoints Platinum Card will likely be the most convenient. You're sacrificing luxury flights and hotels for everyday cost savings, and not having to spend associated costs around the luxury awards such as flights and hotel spend.
- If you're someone who will spend $50,000+ a year on a card and likes the idea of luxury hotels and flights and won't always travel as a family, the American Express Gold Rewards Card gives you big-ticket items to work towards. It's a little more complicated in that you have to convert AMEX points into the right program, be it Marriott Bonvoy, Qatar Airways Privilege Club, Qantas Frequent Flyer or Singapore Airlines KrisFlyer, among others.
Our View and Assumptions: Many high-earning New Zealanders are perfectly happy to earn and redeem Airpoints Dollars as their credit card reward currency. For example, it's simple, easy, cost-effective and convenient for redeeming economy flights around New Zealand and to/from Australia and the Pacific Islands, as well as Bali. You can also redeem 'dollar for dollar' for Mitre 10 vouchers, which are conveniently in denominations up to $1,000. The Airpoints Store has thousands of fairly-priced options that cover travel experiences, clothing and accessories for women, men and children, wine, food, home appliances, sports equipment, vouchers, hampers, beauty and health products.
If you don't desire business class flights or luxury hotels, and plenty of higher earners don't, Airpoints are a rewarding option. And AMEX's Airpoints Platinum gives you close to twice as many per dollar spent compared to the bank-issued platinum cards. This means that for every $100 you spend, you'll earn 1.43 Airpoints Dollars, meaning a 1.43% reward earn rate.
However, if you like the idea of spending on a credit card to earn a free business class flight to Europe and free five-star hotels, AMEX Rewards Points are the only way in New Zealand to do it. And, per our research, you can earn as much as a 10% reward earn rate if you pick the right award, which is usually a five-star hotel stay per our research. This is over 5X what you can earn with Airpoints Dollars, but With AMEX partnered with major airlines, Membership Rewards Points is an extensive program but we appreciate it won't be for everyone.
Know This: Rewarding yourself with luxury flights and hotels will mean you'll need to incur further costs (such as the costs of flying to the hotel and the incidentals at the hotel), whereas Airpoints Dollars are more likely to be used for everyday expenses (booking domestic and short/medium haul flights) and Mitre 10 vouchers. For this reason, we believe Airpoints Dollars are a more valuable and cost-effective reward currency for the typical higher-earning New Zealand family, whereas Rewards Points are lucrative for those looking for premium lifestyle awards.
I spend $200,000+ on a credit card every year, what card is best?
- Such a spend suggests high personal consumption and business expenses (including IRD payments) being put on a personal credit card. In such a situation, the American Express Gold Rewards Card would arguably be the most suitable if you're looking for luxury rewards.
- For example, a $270,000 spend would generate enough AMEX points for a return Auckland to Europe (Qatar Airways) or New York (Qantas) business class flight, both worth around $10,000, rather than 4,500 Airpoints Dollars.
- For the same spend, you'd also earn about 140% of the points needed for a $20,000 stay at the JW Marriott Maldives, so just under $30,000 in value.
- We believe that anyone spending $200,000+ a year on a credit card most likely wants premium rewards, and both of these cards deliver just that.
Frequently Asked Questions
We have listed a selection of common queries below; if there's something missing you'd like to know, please contact our research team.
Why is it easier to redeem award flights with Air New Zealand than other airlines?
Air New Zealand flights are easily booked with Airpoints Dollars and are not subject to any limit; as long as there are seats to buy, you can use your Airpoints Dollars balance as payment, which makes a redemption very easy when booking, especially for a family.
However, if you want to redeem for business class flight, Air New Zealand's airfares are expensive and arguably poor value for money (think $10,000+ return to the USA, or $5,000+ return for anywhere in Asia and $12,000+ for Europe). For that reason, AMEX Reward Points can be redeemed for airlines such as Qantas, Qatar Airways and Singapore Airlines, but you'll need a lot of points to make it work. This means it's unlikely you'll spend enough (or find availability) for business class flights for more than two people on the same flight, let alone family. For this reason, Rewards Points work best for flights when you're a single or couple travelling together, but it won't work out if you're a family given the general lack of availability for more than two business class award seats per flight.
However, if you want to redeem for business class flight, Air New Zealand's airfares are expensive and arguably poor value for money (think $10,000+ return to the USA, or $5,000+ return for anywhere in Asia and $12,000+ for Europe). For that reason, AMEX Reward Points can be redeemed for airlines such as Qantas, Qatar Airways and Singapore Airlines, but you'll need a lot of points to make it work. This means it's unlikely you'll spend enough (or find availability) for business class flights for more than two people on the same flight, let alone family. For this reason, Rewards Points work best for flights when you're a single or couple travelling together, but it won't work out if you're a family given the general lack of availability for more than two business class award seats per flight.
What are the main differences between the AMEX Airpoints Platinum and the American Express Gold Rewards Card?
The key difference lies in the rewards currency. The Airpoints Platinum card lets you earn Airpoints Dollars for every $70 spent, while the American Express Gold Rewards card gives you two Membership Rewards Points for every $1 spent. Additionally, while both cards offer similar benefits, the American Express Gold Rewards card is more suited for those looking to earn luxury awards.
Both cards provide fixed earning rates no matter where you spend, with no reduced earning rate if you spend over a certain monthly threshold.
Both cards provide fixed earning rates no matter where you spend, with no reduced earning rate if you spend over a certain monthly threshold.
Do my Airpoints Dollars or Rewards Points expire?
No, both Airpoints Dollars and Rewards Points won't expire as long as you are a cardholder of the respective AMEX card.
How do the annual fees and benefits of the two cards compare?
Both cards charge similar annual fees and offer international travel insurance. However, the specific benefits differ slightly. For example, the Airpoints Platinum card provides lounge vouchers and screen protection, while the American Express Gold Rewards card offers dining credits.
Can I use my Airpoints Dollars or Rewards Points for hotel stays?
Rewards Points can be redeemed for hotel stays through transfer to the Hilton and Marriott programs. However, according to Air New Zealand's FAQs, you can't redeem Airpoints Dollars for hotel accommodations.
Can I use my rewards for flight upgrades?
Yes, with Rewards Points, you can convert points into any frequent flyer program that offers upgrades, including Singapore Airlines, Qantas, and Qatar Airways, among others. With Airpoints Dollars, upgrading options are more limited and often rely on bidding for a one-up award, and this is only on Air New Zealand.
Which card is better if I spend more than $50,000 a year on a credit card?
If you are comfortable spending this much and are interested in luxury hotels and flights, the American Express Gold Rewards Card is a better choice. This card allows you to work towards big-ticket items and offers a more comprehensive awards program.
What if I spend over $200,000 a year on a credit card?
With such a high spend, the American Express Gold Rewards Card would be most suitable if you're looking for luxury rewards. For instance, a $270,000 spend would generate enough AMEX points for a return Auckland to Europe flight with Qatar Airways.
I'm not a 'Miles Expert' - I value simplicity and convenience, which card should I go for?
If simplicity and convenience are your priorities, the Airpoints Platinum Card is arguably a better fit. This card allows you to easily earn and redeem Airpoints Dollars, providing cost-effective rewards for everyday expenses and a straightforward redemption process, without the need to join other airline or hotel programs, check availability, transfer points and book flights or hotels etc.
Which card provides more luxury benefits?
The American Express Gold Rewards card is designed for high-spenders who value luxury rewards. It offers more access to hotel and airline programs, allowing for greater flexibility when booking high-end travel.
Should I choose the Airpoints Platinum card if I am a frequent flyer with Air New Zealand?
For most members, linking a credit card to your Airpoints account makes sense to boost status points and the Airpoints Dollars balance from everyday spending.
Is the American Express Gold Rewards card more suitable for international travel awards?
Yes - it allows cardholders to transfer points to various hotel and airline programs, making it a better fit for high-spenders who travel internationally often and value the flexibility to choose between different airlines and hotels.
How do the transfer rates between different airlines and hotels compare between the two cards?
The American Express Gold Rewards card offers better transfer rates because it allows points to be transferred to various hotel and airline programs. The Airpoints Platinum card limits rewards you with Airpoints Dollars at a fixed rate, which can only be used for Air New Zealand flights and upgrades.
What travel benefits do these cards offer?
Both cards offer various travel benefits. The Airpoints Platinum card provides travel insurance, lounge passes, and Airpoints Dollars. The American Express Gold Rewards card offers similar benefits but also includes dining credits and allows cardholders to transfer points to a wide range of hotel and airline programs for more flexible redemption options.
