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American Express vs ANZ vs Kiwibank vs Westpac Airpoints Platinum Credit Cards Comparison

We compare the costs, benefits and features of the American Express Airpoints Platinum, ANZ Airpoints Visa Platinum, Kiwibank Airpoints Platinum Visa and Westpac Airpoints Platinum Mastercard.
Updated 4 July 2024

Know This First:
Summary
  • If you're a high earner, travel and reliably pay off your credit card every month, an Airpoints Platinum card can give you a lot of benefits. However, what's on offer between the banks and American Express varies wildly despite having a similar annual fee.
  • ANZ, Westpac and Kiwibank have all watered down the benefits of their Platinum Airpoints cards by dropping the earn rates significantly, culling Air New Zealand lounge vouchers, decreasing status points and other things. Westpac goes further and penalises you by halving your Airpoints Dollars earn rate (from $110 = 1 to $220 = 1) if you spend more than $7,000 a month.
  • ANZ, Kiwibank and Westpac's Platinum cards earn around 40% fewer Airpoints Dollars per $1 spent than the American Express Airpoints Platinum Card. This difference becomes more significant the more you spend each month.

Our guide looks at the earning rate of each card, its fees, benefits, pros and cons. We cover:
Important - Why We've Published this Comparison:
  1. We're frustrated with the low level of Airpoints Dollars offered by the bank-issued Platinum cards.
  2. We don't think being charged $150-$200 a year is good value when you need to spend around $20,000 just to earn enough Airpoints to pay off the annual fee. Sadly, it is the norm. Westpac is particularly miserable (with lower earning rates the more you spend per year), and the ANZ and Kiwibank don't offer much value either.
  3. Arguably, the American Express Platinum Airpoints is in a league of its own given its 85%+ earning advantage and range of benefits including lounge access and insurance, amongst others.
  4. Our dedicated ANZ Airpoints Visa Platinum vs AMEX Airpoints Platinum comparison covers essential information if you're planning to switch cards, as do Kiwibank Airpoints Platinum Visa vs AMEX Airpoints Platinum and Westpac Airpoints Platinum Mastercard vs AMEX Airpoints Platinum.

​Advertising Disclaimer: MoneyHub may earn a referral bonus for anyone that’s approved through some of the below links. Our research and findings are independent of any bank, credit card issuer, or product manufacturer/service provider, and have not been endorsed by any of these entities. Please see our Advertising Policy for more details about how we make money.

MoneyHub Founder Christopher Walsh shares his views on Platinum Credit Cards that earn Airpoints Dollars

Airpoints is one of the most useful loyalty programs in New Zealand - we've even written a definitive guide on the best way to spend them. However, for bank customers, the benefits of Platinum Credit Cards that earn Airpoints have been getting weaker and weaker over the years.

It started with a cap on Koru vouchers (Kiwibank), and then both ANZ and Kiwibank downgraded the earn rates in October 2021. Next, Kiwibank and ANZ cut the earning rate significantly, scrapped Koru vouchers and increased the annual fee. I'm not impressed. Then, when things were fairly miserable, ANZ announced they were diminishing earning rates again, cutting all Koru vouchers and ending status points earning based on card earnings. Westpac has also been miserable and penalises those who spend over a certain amount on their cards by halving their earn rates - it's all very disappointing.

This guide looks at what you need to consider if you switch to the best-earning Airpoints credit card. I continue to challenge the banks on their appalling savings rates (see my Stuff.co.nz column here) and will be taking aim at bad value "Platinum" credit cards next. Until they become more competitive, American Express is the most rewarding card on the market.

In the video below, I explain what you need to know about Airpoints Dollars credit cards to pick the right credit card for your needs. We look at why the banks have dropped their awards earning rates, and what this means for anyone with an existing bank-issued Airpoints credit card looking for a better deal:
Christopher Walsh
MoneyHub Founder

Our Favourite Airpoints Platinum Cards

  • There are four Platinum Airpoints Credit Cards. Please note, in good faith, we cannot position ANZ, Kiwibank or Westpac's Platinum Airpoints Cards alongside American Express for the simple reason that they earn around 40% fewer Airpoints Dollars per $1 spent, as well as offering far fewer benefits.

Our pick:
  • Best Card Overall: American Express Platinum Airpoints Card - The Card earns 40%+ more Airpoints per dollar spent than any other Platinum card on offer. There is also an attractive 300 bonus Airpoints Dollars when you are approved and spend $1,500 on your new Card within the first three months (for new card members only) and apply online.

Know This:
  • You can apply in only a few minutes, and there is no obligation to have a credit card issued. 
  • Important: MoneyHub suggests that anyone unable to pay off a monthly credit card balance should look for an alternative source of credit. All Platinum Airpoints credit cards charge interest rates that make managing repayments challenging.

Airpoints Platinum Comparison: American Express vs ANZ vs Kiwibank vs Westpac

We compare the cards side-by-side below. Our research discovered key differences that may be useful when deciding what card is right for you. We outline these here:
  • American Express earns at least 40% more per $1 spent than the bank cards.
  • Lounge access, a popular feature of higher-end Airpoints cards, is free with American Express (four passes per year pre-loaded).
  • If you and/or your household is spending $2,500+ month on a credit card, an Airpoints Dollars-earning card is arguably financially rewarding (if the balance is always paid off). However, many New Zealanders take a card with their bank out of convenience - this often means a sub-standard card that doesn't maximise benefits.
  • All the cards below offer the same discount level for Koru membership - our dedicated guide explains this in detail.
  • Signup bonuses vary - American Express offers 300 Airpoints Dollars; banks tend to do limited-time offers of between 200 and 400 Airpoints Dollars.
Value
American Express Airpoints Platinum
ANZ Airpoints Visa Platinum
Kiwibank Airpoints Platinum Visa
Westpac Airpoints Platinum Mastercard
Earn rates
(everyday spending)
$70 = 1 Airpoints Dollar
$110 = 1 Airpoints Dollar
$115 = 1 Airpoints Dollar
$110 spent up to (and including) $7,000
= 1 Airpoints Dollar
then
$220 spent over $7,000
= 1 Airpoints Dollar
Earn rates
(on Air New Zealand)
$70 = 1 Airpoints Dollar
$110 = 1 Airpoints Dollar
$115 = 1 Airpoints Dollar
As above
Status Point earn rates
$250 = 1 Status Point
Only awarded when flying Air New Zealand
$200 = 1 Status Point
$225 = 1 Status Point
Annual Card Fee
$195
$150
$180
$125
Annual Additional Card Fee (for partner etc.)
Free
$10
$30
$25
Airpoints Dollars Earned Per Year from $2,500 Monthly Spend
428
272
260
272
Airpoints Dollars Earned Per Year from $5,000 Monthly Spend
857
544
520
544
Lounge Benefits
Four visits a year loaded onto the card (no spend required)
None
None
None
Sign-up Airpoints Dollars Bonus
Yes - details on the AMEX site
None
None
None
Foreign Exchange Fee
2.49%
1.30%
1.85%
1.95%
More Details
Visit American Express
Visit ANZ
Visit Kiwibank
Visit Westpac
Want to know more? Our review of the American Express Airpoints Platinum has further details about the benefits offered, as do our dedicated comparisons of each guide with the AMEX card:
MoneyHub's Christopher Walsh explains what you need to know about the differences in platinum cards in the video below:

MoneyHub Founder Christopher Walsh sheds light on how "double dipping" allows you to earn 1 Airpoint Dollar for as little as $40 spent at select retailers:

Several retailers, including Mitre 10, New World, and Z, encourage customers to swipe their Airpoints card for rewards and use an AMEX card for payment to maximise their Airpoints earning, known as "double dipping". Examples include:

Mitre 10:
  • If you spend $140 at Mitre 10 and pay with the AMEX Airpoints Platinum Card, you'll earn three Airpoints Dollars. This comprises 1 Airpoint Dollar from Mitre 10's offer and 2 Airpoint Dollars from AMEX (since a $70 spend on AMEX earns you 1 Airpoint Dollar).

New World:
  • Airpoints members earn 0.185 Airpoints Dollars for every $25 they spend.
  • For a $150 spend at New World and using the AMEX Airpoints Platinum Card for payment, you'd earn over three Airpoints Dollars. This includes 1.11 Airpoints Dollars from New World's offer and 2 Airpoint Dollars from AMEX.

Other options include Liquorland (0.185 Airpoints Dollars for every $25 spent), Smiths City (1 Airpoints Dollars for every $100 spent), Tower Insurance (1 Airpoints Dollar for every $100 spent), Calex and Z Service Stations (1 Airpoints Dollar per 100 litres (or part thereof) of eligible petrol or diesel)

Bonus: If you're smart about your finances, consider using an Online Call account to pay your credit card balance. With interest rates over 5% p.a., many savvy New Zealanders keep funds in a call account and transfer their AMEX balance on its due date to maximise interest, all while earning lots of Airpoints Dollars on every spend.
Christopher Walsh
MoneyHub Founder

Our Favourite Airpoints Platinum Cards

  • There are four Platinum Airpoints Credit Cards. Please note, in good faith, we cannot position ANZ, Kiwibank or Westpac's Platinum Airpoints Cards alongside American Express for the simple reason that they earn around 40% fewer Airpoints Dollars per $1 spent, as well as offering far fewer benefits.

Our pick:
  • Best Card Overall: American Express Platinum Airpoints Card - The Card earns almost twice the amount of Airpoints per dollar spent than any other Platinum card on offer. There is also an attractive 300 bonus Airpoints Dollars when you are approved and spend $1,500 on your new Card within the first three months (for new card members only) and apply online.

Know This:
  • You can apply in only a few minutes, and there is no obligation to have a credit card issued. 
  • Important: MoneyHub suggests that anyone unable to pay off a monthly credit card balance should look for an alternative source of credit. All Platinum Airpoints credit cards charge interest rates that make managing repayments challenging.

Frequently Asked Questions

Platinum Airpoints credit cards are fairly simple. However, some finer points need to be navigated - our questions below anticipate common queries.

Will these cards and their reward levels be valid next year, or the year after?

  • We keep this guide fully up to date, but we cannot predict future credit card offers. While American Express has remained stable in its offering (and has arguably increased the benefits), the banks have slowly downgraded the benefits cardholders enjoy while keeping the annual fees the same or increasing them.
  • Our suggestion is to take advantage of the benefits by applying for the credit card that suits your needs and has the greatest benefits right now - you can always switch cards later on.

Can I have an additional cardholder in my account to boost my Airpoints balance?

Yes – all expenditure goes onto the same bill. Additional cards cost between $0 and $30 per year as outlined in the comparison table above.

Is American Express a Visa or a Mastercard?

This is a common question. The answer is that it's neither. American Express cards, known as 'AMEX', are another brand of credit card. Unlike Visa and Mastercard, you can't get an American Express from your bank. Instead, you apply directly with their team.

Are Mastercard and VISA more accepted than American Express in New Zealand?

Generally, the answer is yes. Some New Zealand retailers don’t accept American Express due to the higher fees it charges them. However, it's highly likely that the extra Airpoints earned by using American Express (vs a bank-issued card) will compensate for the occasions you'll need to use a debit card to pay a retailer. American Express is accepted at major supermarkets, petrol stations, retailers and e-commerce stores and is growing its reach online and around New Zealand.

Do I need to bank with the issuer of the credit card?

No. You can apply for a credit card with any bank, and it doesn’t matter whether you are a customer or not. American Express credit cards are provided directly by American Express, and is not available through banks. You can read more about the American Express credit cards here.

Our Conclusion

  • Platinum Airpoints credit cards fall into two camps - American Express ($70 = 1 APD) and the banks (poor value rewards). The more you spend per year, the less Airpoints Dollars you'll earn with a bank-issued card compared to American Express. The fees are roughly the same and American Express doesn't charge for an additional card (many cardholders end up paying for when they use bank-issued credit cards).
  • American Express preloads four lounge entries per year that can be used at international airports (Auckland, Christchurch and Queenstown), Australia, and worldwide. There is not currently a lounge in Wellington, nor at any domestic New Zealand airport.
  • Westpac doesn't offer any lounge benefits. However, it does offer cardholders the "Mastercard Travel and Lifestyle Services". These benefits include complimentary daily breakfast, up to $100 room voucher per stay, and "upon availability" room upgrades, early check-in and late check-out for hotel bookings via its website.
  • American Express is widely accepted throughout New Zealand (this guide has more details), although independent retailers (cafes, local stores etc.) may not take American Express.
  • ANZ offers the lowest FX rate (1.30%) which will be attractive if the bulk of your spending is in foreign currencies.
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