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Rewards and Cashback Credit Cards Comparison

Our comparison lists the best credit card rewards and cashback benefits, including Airpoints, American Express, free travel, Hotpoints and more.
Updated 8 November 2023
Summary of Reward Credit Cards
  • Reward credit cards and their points are near impossible to compare - would you rather have 100 hotpoints, 100 truepoints, 100 onepoints or 100 Airpoints?
  • The most suitable reward card for your needs comes down to what you spend in a year and your priorities. If you spend under $5,000 a year on a credit card, you most likely won't earn enough rewards and make it worth it and it's best to get a low-fee credit card.
  • However, if you're comfortable putting general everyday expenses (supermarket, petrol, power bills, internet etc) on your credit card, many New Zealanders can benefit from cashback and/or rewards with the right credit card.
  • But, if you struggle to repay a credit card, look for a low-interest rate credit card instead - any rewards you would otherwise earn are nothing compared to the higher interest charged on your purchases.
  • Advertising Disclaimer: We have a commercial relationship with some banks and credit card issuers (please see our Advertising Policy for more details about how we make money) and we may be paid if you apply for a credit card via MoneyHub. We strongly suggest refraining from applying from any credit card if you currently have outstanding balances owed.

Know This First - Are Cashback or Reward Credit Cards Right for you?
  • ​Spend on a Rewards card and you’ll get cash or vouchers you can use on shopping, activities and travel. The amount of rewards you get is driven by which card you pick and what you spend on the card. Basic cards (with lower fees) earn less rewards than high roller cards that have hefty annual fees.
  • But, a rewards card is still a credit card and needs to be paid off. If you don't, the interest fees will exceed any rewards or cashback.

Our guide takes you through the best cards for different spending levels, making it easy to find one that rewards you hundreds of dollars a year. We cover:

Our View: Rewards and Cashback Credit cards are best for:

  1. People who have an income of at least $35,000 per year and pay off a credit card every month. If you have a lower income or don't consistently repay, a balance transfer or low-interest credit card may be more suitable to help you reduce costs.
  2. Couples who spend significantly on their credit card but don’t want to have an Air New Zealand Airpoints credit card.​
  3. We estimate that a couple spending $30,000 a year on a credit card could be entitled to around $500 of awards (travel and cashback), but selecting the right card is essential to maximise the benefits.

Are you looking for an Airpoints credit card? Things are changing fast if you currently have a bank-issued credit card:
  • Some banks are cutting back, attempting to cut back or overhauling what they offer per dollar spent, known as the 'earn rate'. Kiwibank announced this on 4 October 2022 and the level of rewards have greatly diminished across all of its Airpoints Dollars-earning credit cards.
  • In September 2022, ASB announced a plunge in their credit card rewards and earn rates (which was reversed - for now - per this Stuff.co.nz column) while the BNZ is offering 'points' rather than cashback. We expect other banks to follow.
  • From November 2022, law changes cap interchange fees at 0.80% on Visa and Mastercard credit card transactions. This means that the banks can only charge merchants who accept credit cards 0.80% of the transaction value, which we argue limits the rewards, cashback and general perks they can offer to cardholders.
  • American Express cards are not affected as the law is designed to break up the Visa and Mastercard duopoly. As bank-issued credit cards become less 'generous', we anticipate American Express cards will become more favourable for anyone looking for rewards, whether that be Airpoints Dollars, cashback, awards or statement credit.
  • Important: We will update our tables below when all the banks have finalised their new offerings. We don't expect to make any changes to the American Express credit cards given they're not affected by the new legislation.

Know This: Are you a business owner?
You can now use your AMEX to pay IRD and ACC bills using RewardPay. Our review explains how it works, what it costs and what benefits you will earn. As American Express' Platinum Card and American Express Gold Rewards Card earn Membership Rewards Points, they are popular with business owners or directors who can use their card to pay business costs and earn points for personal use.

MoneyHub Founder Christopher Walsh shares his views about Rewards and Cashback Credit Cards:

Banks (arguably) offer credit cards aggressively to their customers, but my view is that these cards don't deliver the value they should. I frequently receive complaints about poor value bank "cashback" and "reward" cards, just as I do about bank savings account interest rates (as outlined in this Stuff.co.nz column).

That being said, American Express cards stand out by way of their Airpoints, rewards and cashback-earning, exceeding any other bank-issued card. However, as with any credit card, all the benefits are lost if you don't pay the balance in full every month.

Whatever you decide, make sure it's the best for your immediate needs. There's no point getting a card "for later," as you'll either overpay and/or get the wrong rewards. For this reason, we've explained the cards in detail to help your decision-making process. If you are in any doubt about what you can afford, it's likely that the best credit card is "no credit card".
Christopher Walsh
MoneyHub Founder
MoneyHub's Top Three Rewards cards - apply in minutes for a credit card that delivers the best value for money based on your needs:

We're frustrated with the low level of rewards and cashback offered by banks. We don't think being charged $40+ a year to have a rewards credit card that only gives you a $10 voucher for spending $1,500 to $2,000 is a good deal. Sadly, it is the norm.

Our research concluded that three American Express cards offered significantly better rewards and cashback. One card, in particular, doesn't charge an annual fee - we believe this is the only rewards card available in New Zealand to do so. Bank-issued credit cards don't come close to the value-for-money offered by these American Express cards. ​Our guide to the Best American Express Credit Cards has more information about the cards available.

1. Our pick for the best Airpoints credit card (most popular): The American Express Airpoints Platinum card - $195/year fee, earn 1 Airpoints Dollar for every $59 spend (the best rate in New Zealand), status points, lounge access and other travel and insurance perks.
  • Bonus offer: 300 bonus Airpoints Dollars when you apply and are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.

2. Our pick for the best rewards card that offers variety and value: The American Express Gold Rewards card. It offers the best of both rewards and statement credits (up to $200/year when you dine out at its partner restaurants in New Zealand). It's a unique card but one that arguably appeals to a range of New Zealanders who want flexibility and top value-for-money in a rewards card. Our review explains the American Express Gold Rewards card further.
  • 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. This one-off bonus statement credit is in addition to the annual dining statement credit.
  • TSB Bank Alternative - We suggest looking at the TSB Platinum Mastercard, which has top-earning cashback rates, free travel insurance and other benefits.

3. Our pick for the best free rewards credit card (no annual fee card): The American Express Airpoints Card - $0/year fee (earn $1 of rewards for every $100 spent, redeemable at the Airpoints Store (6,000+ reward options) or on flights. Bonus Offer: 50 bonus Airpoints Dollars when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.

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. The majority of credit cards, with American Express being no exception, charge interest rates that can make repayments challenging to manage.

The Ten Sacred Rules of a Credit Card

Rewards and Cashback credit cards serve very little purpose when they're not used properly. Our must-know facts below overview the basics to maximise the benefits and avoid common pitfalls that make credit card companies (and banks) lots of money at your expense.

Credit Cards are Very Expensive if Not Paid Off

Making the minimum payment will mean the remainder of the balance will be charged a huge amount of interest - anything from 12%  to 25% p.a. For example, taking 12 months to pay off a $4,000 balance will cost around $800 if the interest rate is 20%. That is debt that can be easily avoided with careful budgeting. If you're in doubt, it's best to lower the limit.

If you don’t pay a minimum payment, there are more fees coming

Late payment fees and high interest charges are just the start. Your card will also go to the collections department of your credit card issuer, meaning a lot of hassle and contact to get the balance. Your credit history will also be negatively affected, which can mean you'll pay higher interest rates later on for loans and other credit products.

Credit cards cannot be paid off with other credit cards

This question is asked a lot, but there is no possibility of paying off one credit card with another. Your balance must be paid off with money in your bank account.

Charge only what you can afford to pay off

Be happy and live within your means. If you can’t afford it in 4 weeks, don’t buy it. The stress created and fees you'll pay outweigh the happiness from any non-essential purchase. 

You can move your credit card debt if you need to

There is no obligation to stay with a credit card if you are being charged more than you need to be. Look for a balance transfer deal which will at least reduce the interest costs to as low as 0% for a specific number of months.

Know This: The debt you incurred and transferred still needs to be paid. Low or zero interest doesn’t last forever, so paying off a card is a big priority. ​

Don’t withdraw cash on your credit card

​The interest rate is very high, and you get charged it from the minute you take it out of the machine. Also, you don’t earn any rewards or cashback on cash withdrawals. Cash withdrawals are best only in an emergency situation. 

Choose cards like a winner (but avoid being a slave to rewards)

Low-interest rates are perfect if you sometimes can’t pay them off. If you're a credit card hero and always pay your card off in full every month, look for generous rewards and flight benefits as your habits can afford you such benefits.

However, don’t spend more thinking it will make you better off – the benefits from a credit card are rarely ever above 2% of what you spend, so don’t get caught out overspending.

Don't use credit cards if you will abuse them

​Credit cards offer big limits, but if you can't pay the balance you'll soon face an even bigger debt. Fees added on for late payments can quickly lead to a debt spiral - if you're having debt problems a credit card is rarely the answer.

Don't get too many credit cards

The more cards you have, the more temptation you might have to use them. Also, having several cards is harder to manage and budget for. So keep it light and simple with one or two cards max.

Audit your statement every month

A credit card often has things in it you don’t need to pay for, like automatic renewals you don’t want or memberships you don’t need. Don’t be afraid to relive the past: go line by line through your bill and highlight anything that’s wrong or you can live without. 
MoneyHub's Top Three Rewards cards - apply in minutes for a credit card that delivers the best value for money based on your needs:

We're frustrated with the low level of rewards and cashback offered by banks. We don't think being charged $40+ a year to have a rewards credit card that only gives you a $10 voucher for spending $1,500 to $2,000 is a good deal. Sadly, it is the norm.

Our research concluded that three American Express cards offered significantly better rewards and cashback. One card, in particular, doesn't charge an annual fee - we believe this is the only rewards card available in New Zealand to do so. Bank-issued credit cards don't come close to the value-for-money offered by these American Express cards.

1. Our pick for the best Airpoints credit card (most popular): The American Express Airpoints Platinum card - $195/year fee, earn 1 Airpoints Dollar for every $59 spend (the best rate in New Zealand), status points, lounge access and other travel and insurance perks.
  • Bonus offer: 300 bonus Airpoints Dollars when you apply and are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.

2. Our pick for the best rewards card that offers variety and value: The American Express Gold Rewards card. It offers the best of both rewards and statement credits (up to $200/year when you dine out at its partner restaurants in New Zealand). It's a unique card but one that arguably appeals to a range of New Zealanders who want flexibility and top value-for-money in a rewards card. Our review explains the American Express Rewards card further.
  • 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. This one-off bonus statement credit is in addition to the annual dining statement credit.
  • TSB Bank Alternative - We suggest looking at the TSB Platinum Mastercard, which has top-earning cashback rates, free travel insurance and other benefits.

3. Our pick for the best free rewards credit card (no annual fee card): The American Express Airpoints Card - $0/year fee (earn $1 of rewards for every $100 spent, redeemable at the Airpoints Store (6,000+ reward options) or on flights. Bonus Offer: 50 bonus Airpoints Dollars when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.

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. The majority of credit cards, with American Express being no exception, charge interest rates that can make repayments challenging to manage.

Best Reward and Cashback Credit Cards

Our shortlist below includes credit cards from ASB, BNZ, ANZ, Westpac and American Express.

Know This: 
  • Our view is that bank-issued cash back and rewards credit cards offer a much lower level of rewards and cashback when compared to American Express.
  • Our list of cards below makes this clear - all bank-issued rewards and cashback credit cards have annual fees, meaning you'll need to spend $4,000 - $10,000 per year just to earn enough cashback to cover the annual fee. Rewards are even less enticing - spending $1,500 to have a $10 voucher is, sadly, the norm.

Why are American Express Rewards and Cashback Credit Cards More Generous? We presume there are two main reasons:
  1. Firstly, banks have direct distribution to customers so they don't need to be as competitive, whereas American Express is an online provider and has to compete on benefits and price.
  2. Secondly, American Express charges merchants (i.e. supermarkets, petrol stations, power companies) a higher commission relative to Visa and Mastercard. This doesn't affect what an American Express cardholder pays, but it does boost the cashback and reward earning rates compared to bank-issued cards as there is more money to 'give back' by way of rewards and cashback.

An example of cashback and rewards explains the differences better: 
  • Rewards: To earn a Breville Waffle Maker (RRP $100 - $120), an American Express Airpoints Card cardholder needs to spend around $9,500 on their card before redeeming it from the Airpoints store. This card has no annual fee and effectively offers 1 Rewards Dollar for every $100 spent. To earn the same Waffle Maker with the ASB Rewards Visa, Westpac Hotpoints Mastercard or Warehouse Purple Visa, you'd need to spend $18,000+ and also pay the annual $40 - $55 cardholder fee on top.

Best Cashback and Reward Credit Cards Available Right Now

  • We're frustrated with the low level of rewards and cashback offered by banks. We don't think being charged $40+ a year to have a rewards credit card that only gives you a $10 voucher for spending $1,500 to $2,000 is a good deal. Sadly, it is the norm.
  • Our research concluded that three American Express cards offered significantly better rewards and cashback, which we list below. There is also one bank card, the SBS Credit Card Visa, which offers 67 cents cashback for every $100 spent and has no annual fee.

Best Card for Airpoints: The American Express Airpoints Platinum Card

The Basics

More details: American Express Airpoints Platinum Card
  • ​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 and are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.

​Benefits include:
  • Every $59 you spend = 1 Airpoints Dollar, and $250 spend = 1 Status Point
  • Complimentary Domestic and International Travel Insurance
  • Four lounge passes per year (two in Auckland Airport, two for either Sydney or Melbourne)
  • ​Complimentary Mobile phone screen insurance (if you used your AMEX to pay for the phone, up to repair costs of $500) - see the full details here.
  • Learn more or apply
The American Express Airpoints Platinum is our Favourite Airline Credit Card in our 2023 Editor's Choice Awards. We base this on numbers, not opinion:
  • The numbers don't lie - $59 spent gives cardholders 1 Airpoints Dollar, whereas, with bank-issued platinum cards, you'll spend about double to get the same Airpoints Dollar.
  • The card also offers lounge passes (four per year), a treat that bank-issued cards discontinued in 2022 and early 2023 as part of their 'enhancements'.
  • The card is competitive for anyone needing to top up status points to renew Air NZ Gold or Gold Elite, providing a great tailwind to reach the 810/1350 point thresholds (assuming sufficient qualifying flights are taken).
  • Add in travel insurance benefits and a sign-up bonus, and it's easy to be convinced that the $195 annual fee offers a lot of value, given all the benefits and earning potential.

MoneyHub's editor Christopher Walsh says:
"Banks have scaled down what they offer regarding airline credit cards; we consider this the best Air New Zealand card, bar none, for any of the 500,000+ New Zealanders with a 'platinum' card".

More details: ​American Express Airpoints Platinum Review or Apply Here

Best Rewards Card (Variety and Value): The American Express Gold Rewards card

More Details: The American Express Gold Rewards Card.

The Basics

  • Cashback/Rewards: 2 Membership Rewards Points for every $1 spent, redeemable for flights, statement credit and other award items. Also, statement credits (up to $200/year when you dine out at its partner restaurants in New Zealand).
  • 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. This one-off bonus statement credit is in addition to the annual dining statement credit.
  • ​Our View: The best rewards card available offering the best of both worlds - flexibility and value for money meaning everyday spend will earn awards and qualifying dining out will earn statement credit.
  • More Details: American Express Gold Rewards Card

The Need-to-knows
  • The interest rate is 22.95% p.a
  • $200 annual fee
  • Pay the balance every month to maximise the reward benefits – any late payments and interest charges will destroy your gains.
  • The card is an American Express which is widely accepted throughout New Zealand, although some smaller independent retailers may not accept it. Major retailers who accept it include Countdown, New World, PAK'nSAVE, SuperValue, BP, Caltex, GAS, Gull, Mobil, Shell and Z etc.

American Express Airpoints Credit Card - Earn $1 per $100 spent in Rewards

More Details: American Express Airpoints Credit Card

The Basics

  • Cashback/Rewards: 1 Airpoint Dollar for every $100 spent. Airpoints Dollars can be spent at the Airpoints Store (6,000+ options covering fashion, experiences, beauty, health, wine, food, home, tech, outdoors, vouchers and hampers, as well as flights.
  • No annual spend needed to cover the annual card fee (because the card is free)
  • Bonus Offer: 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
  • ​Our View: The best free rewards card available given its generous earning rate.
  • More Details: American Express Airpoints Credit Card ​

The Need-to-knows
  • The interest rate is 22.95% p.a.
  • $0 annual fee
  • Pay the balance every month to maximise the reward benefits – any late payments and interest charges will destroy your gains.
  • The card is an American Express which is widely accepted throughout New Zealand, although some smaller independent retailers may not accept it. Major retailers who accept it include Countdown, New World, PAK'nSAVE, SuperValue, BP, Caltex, GAS, Gull, Mobil, Shell and Z etc.

Best Cashback Earning Rate from a NZ Bank - TSB Platinum Mastercard

More Details: TSB Platinum Mastercard

The Basics:
  • Annual fee of $90, $8,000 minimum credit limit 
  • Tap & go for purchases under $200
  • Premium insurance cover (outlined below) included for qualifying purchases

​The Need-to-knows:
  • Interest rate: 20.95% p.a
  • Interest-free days: 55
  • Bonus/Rewards: $1 cashback with every $70 spent
  • Free Domestic & Overseas Travel Insurance: Pre-pay at least 50% of your travel expenses using your card and you may be eligible for travel insurance.
  • Purchase Protection: New items purchased with your card for personal use may be protected against theft or accidental damage for 180 days from date of purchase.
  • Mobile Phone Protection: When you pay your monthly mobile phone bill using your card you may qualify for mobile phone insurance for accidental damage or theft.
  • Monthly payments: Must be above the monthly minimum (either 5% or $10 of the closing balance owing - whichever is greater)

Alternative Cashback and Reward Credit Cards

Beyond American Express and TSB, a number of banks such as ANZ, ASB, BNZ, SBS and Westpac, offer rewards and cashback credit cards. We list these below. 

Know This: All the cards listed below have annual fees. This means you have to pay to have the credit card, and this will affect your 'net' cashback or rewards. For each card, we have illustrated how much a cardholder needs to spend to cover the annual card fee to show you the true cost of a cashback or rewards card.

SBS Visa Credit Card - get back 67 cents for every $100 you spend on the card with no annual fee

More Details: SBS Visa

The Basics:
  • This only free credit card offering cashback, you'll get back 67 cents for every $100 you spend on the card.
  • The higher-than-average interest rate is best avoided by anyone who struggles to pay off their monthly balance.

​The Need-to-knows:
  • Interest rate: 18.50% p.a
  • Interest-free days: 55
  • Bonus/Rewards: $1 Cashback for every $150 spent on the card
  • Monthly payments: Must be above the monthly minimum (either 5% or $10 of the closing balance owing - whichever is greater)

ANZ CashBack Visa - Earn 50 cents or $1 per $100 spent in Cashback

More Details: ANZ CashBack Visa

The Basics

  • Cashback: 1% cashback on annual spend between $10,000 and $30,000 (0.5% per annual spend $5,000 to $9,999)
  • Estimated annual spend needed to cover the $60 card fee: $6,000
  • ​Automatic credit to your credit card every year
  • ​Our View: The true cashback visa, with up to 1% of your annual spend credited to your account every year
  • More Details: ANZ CashBack Visa

Benefits include:

  • A cash-based reward of 1% for every dollar you spend (based on your annual spend being above $10,000)

The Need-to-knows

  • The interest rate is 19.95% p.a.
  • $0 annual fee for the first year and $40 will be charged in the succeeding years, an additional card is $5 per year.
  • Pay the balance every month to maximise the reward benefits – any late payments and interest charges will destroy your gains.
  • The card is a VISA which is widely accepted along with Mastercard throughout New Zealand.

Big Spender?

  • The ANZ Visa Cashback Platinum offers 1% cashback with no limit on all annual spend above $10,000. This card really is only suitable if you spend over $30,000 annually as the standard Visa offers the same cashback rate.
  • There is also $0 annual card fee for the first year. 

ASB Visa Rewards - Earn 67 cents per $100 spent in Rewards

More details: ASB Visa Rewards

The Basics

  • Earning rate: 1 True Rewards Dollar per $150 spent, or per $75 spent on AA Smart Fuel
  • Rewards: $1 per $150 spent, or 67 cents per $100 spent (but, cashback can only be redeemed at partner stores and not taken off a credit card bill directly).
  • Estimated annual spend needed to cover the $40 card fee: $6,000
  • ​Rewards: Merchandise and voucher rewards start from 20 True Reward Dollars, with retailer partners including Mobil, Farmers, House of Travel, Vodafone topup - all options are found at the True Reward partner store.
  • More details: ASB Visa Rewards
​
Point conversion options:
  • ​​​A range of point conversion options at the best value; spend $3,000 for a $20 gift card etc and far more rewarding than hotpoints or any other bank program.
  • Flexibility to use True Reward dollars in partners - you can spend them instantly like 'real' dollars at any of the partner stores (Mobil, Farmers, Mitre 10 and 15+ more). 
​
The Details:
  • The interest rate is 20.95% p.a.
    • There is an annual fee of $40 ($20 charged every six months), an additional card is $12 per year ($6 charged every six months).
  • True Rewards points never expire
  • Pay the balance every month to maximise the reward benefits – any late payments and interest charges will destroy your gains.
  • The card is a VISA which is widely accepted along with Mastercard throughout New Zealand.
  • Our view: ​The reality is that unless you’re earning double or triple points, it’s a hard slog to get a reward of any value. You’ll need to spend over $300,000 to get either a Samsung Galaxy S8+ Smartphone or an Apple iPhone 8Plus, which is completely unrealistic for 99.99% of New Zealanders. However, there are a number of low-level rewards which make it user-friendly to anyone spending a standard amount on a credit card every month. 

Big Spender?
The Visa Platinum Rewards card offers 1 True Reward Dollar per $100 spent and throws in overseas travel insurance for an annual fee of $80. This effectively gives the cardholder a 1% cashback.

BNZ Advantage Classic - Earn 67 cents per $100 spent in Cashback

More details: BNZ Advantage Visa Classic

The Basics

  • ​Earn: 1 Flybuy earned from every $40 spend, or earn 1 BNZ Point for every $1 spent.  
  • Cashback: Earn $1.34 for every 200 BNZ Points 
  • Estimated annual spend needed to cover the $40 card fee: $5,970
  • Rewards: There are Many cash reward redemption options – you can choose to reduce your credit card balance each month, put your Cash Rewards dollars into a BNZ savings account or KiwiSaver scheme.
  • More details: BNZ Advantage Visa Classic

Benefits include:
  • A range of point conversion options using FlyBuys, but the best value is on cash discounts or saving deposits on BNZ products. 

The details:
  • The interest rate is 20.95% p.a.
  • There is an annual fee of $40 ($20 charged every six months), an additional card is $12 per year ($6 charged every six months).
  • Cash Reward dollars can be used on BNZ financial products, such as bank accounts, credit card bills and KiwiSaver funds.
  • Non-cash rewards must be purchased via Flybuys
  • Pay the balance every month to maximise the reward benefits – any late payments and interest charges will destroy your gains.
  • The card is a VISA which is widely accepted along with Mastercard throughout New Zealand.

Big Spender?
The BNZ Visa Advantage Platinum offers 1.67 BNZ Points for every $1 spent, as well as 90 days of annual travel insurance for an annual fee of $90. The cashback rate is 1.11% and an annual spend of $8,043 covers the annual fee. The rate for Flybuy earning is $20 = 1 Flybuy, considerably more attractive than the $40 = 1 Flybuy rate for the standard BNZ Advantage Classic Visa card.

Warehouse Purple Visa Card- Earn 67 cents per $100 spent in Rewards Credit

More details: Purple Visa

The Basics

  • Earn: 1 Purple Dollar per $150 spent.
  • ​Rewards: $1 per $150 spent, or 67 cents per $100 spent in Purple Dollar rewards. However, Purple Dollars can only be redeemed at The Warehouse and its related companies; Purple Dollars are not cashback and cannot be taken off a credit card bill). 
  • To redeem Purple Dollars, you must have at least ten (10) Purple Dollars in your account. This means you must have spent at least $1,500.
  • More details: Purple Visa

​The details:
  • The interest rate is 24.90% p.a.
  • $55 annual fee
  • Pay the balance every month to maximise the reward benefits – any late payments and interest charges will destroy your gains.
  • The card is a VISA which is widely accepted along with Mastercard throughout New Zealand.
  • Check out the Warehouse Purple Visa rates and fees.

Westpac hotpoints® Mastercard® - Earn 45 cents Cashback per $100 spent, or around 55 cents with Rewards redemptions

More details: Westpac hotpoints Mastercard

The Basics

  • ​​Earning rate: 1 hotpoint per $1 spent
  • Cashback: 667 hotpoints to use hotpoints Pay equals $3 credit on your credit card spend. This means that for every $100 you spend, Westpac gives you 45 cents of cashback. However, you must apply the hotpoints manually to your card - it's not automatic.
  • Estimated annual spend needed to cover the $40 card fee: $8,889
  • Rewards: ​Merchandise and voucher rewards start from 2400 hotpoints, with retailer partners including HOYTS, Briscoes, Flightcentre and more – see more at the hotpoints store.
  • Westpac offers luxury rewards in the hotpoints store. Sadly the reality is that unless you’re earning double or triple points, it’s a hard slog to get a reward of any value. For example, you’ll need to spend over $300,000 to get either a Samsung Galaxy S8+ Smartphone or an Apple iPhone 8Plus, which is rather unrealistic in most situations. 
  • Not all is lost. There are a number of low-level rewards which make it user-friendly to anyone spending a standard amount on a credit card every month. 
  • More details: Westpac hotpoints Mastercard

Benefits include
  • Point conversion options: Cardholders can convert points into a Westpac KiwiSaver fund (1800 points for a $10 deposit) which brings the cashback to 56 cents per $100 spent. 20,000 bonus points are worth approximately $90 off your credit card bill or a $111 deposit in a Westpac KiwiSaver fund. 
 
The Need to Knows:
  • The interest rate is 20.95% p.a.
  • There is an annual fee of $40, and an additional card is $15 per year.
  • Hotpoints expire 3 years after they are earned, and if you cancel your credit card, you’ll have 10 days to use them before losing them.
  • Pay the balance every month to maximise the reward benefits – any late payments and interest charges will destroy your gains.
  • The card is a Mastercard which is widely accepted along with VISA throughout New Zealand.
  • Check out the Westpac hotpoints Mastercard rates and fees.

Big spender?
​The hotpoints Platinum Mastercard offers 2 hotpoints per $1 spent for an annual fee of $119. This effectively gives the cardholder a 0.9% cashback.  

Cashback and Reward Credit Cards - Frequently Asked Questions

Using a rewards or cashback credit card is fairly straightforward, and after time you'll receive the benefits. 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. Our experience has shown that reward earning rates (i.e. $1 per $150 spent) seldom change on a card, but the number of points required for rewards in programs such as HotPoints and PurpleDollars is subject to change (for better or worse) as new products replace older ones.
  • Annual fees can change - for example, in 2019, The Warehouse introduced an annual fee of $55 to its Purple Visa card, which had been previously advertised and sold to consumers as fee-free.
  • Our advice is to take advantage of the benefits by applying for the credit card that suits your needs.
  • Reward offers like “spend on a credit card and earn an iPhone”, but the reality is that would require you to spend $300,000 or more. Our advice is to think small when it comes to reward cards, and nothing beats cash.  

What is the difference between "Cashback credit cards" and “Rewards credit cards"

  • "​Cashback" credit cards are simple – you earn 0.5% or 1% every time you make a purchase on the card, and you get paid out once a year with the amount taken off your credit card bill. The advantages are that you know exactly what you’re earning and you get a direct financial benefit by way of savings on your annual spend. 
  • “Rewards” credit cards are similar to cashback, but more complicated. With a rewards card, you earn points or reward dollars every time you spend, which you can convert to gift vouchers to use in a certain retailer or for a specific purpose. You have to use the vouchers to make the Rewards card work, otherwise it’s not worth the annual fee.
  • By correctly targeting the right rewards to redeem your points on, it's possible to increase to amount substantially. To find out how to do this for all schemes and specific info for Nectar, Avios and Tesco, read our Boost Your Loyalty Points and Avios Boosting Tricks guides.

I spend under $5,000 a year? Which card is best to get rewards and not overpay in fees?

  • The most suitable card is the Warehouse Purple card which is free. $5,000 spend will give you $33 in Warehouse vouchers, giving you the benefit of the convenience of a credit card without an annual fee. 
  • Alternatively, the AMEX free Air New Zealand credit card is a free-fee card offering $1 Airpoints per $100 spent. You will need to operate an Airpoints account however, and fly Air New Zealand annually to avoid an annual $30 fee. 

How does American Express/AMEX work in New Zealand? Can I use it widely?

To help determine the acceptance of AMEX in New Zealand and highlight the general feeling from local cardholders, we've pasted a selection of reviews from Reddit members that appear on various PersonalFinanceNZ posts. We include these to help you decide if an American Express credit card is right for your needs:
  • "Definitely worth having in NZ; you can use it at most petrol stations/supermarkets/retailers. Have a backup (debit) card for everything else".
  • "I have had my AMEX for a few months now, and acceptance is not that bad. Almost all big chains accept it, higher-end restaurants, most online shopping (or you can funnel via PayPal), and I can even pay my phone, internet, and power bills with it. However, smaller shops/cafes are unlikely to take it, so I have to bust out my visa debit card occasionally".
  • "I haven't run into any Amex-specific surcharges. Instead, I found that either a business will have a blanket credit card surcharge or, in some cases, a paywave surcharge".
  • "I've had my Amex Airpoints Platinum for 3+ years, and I'm pretty happy with it. I use it for everything I possibly can to build up as many airports as possible. I use it as I would use my debit card and then pay my bill off every month on time. I've already got flights to Fiji out of my points and currently letting points build up for flights to Europe in 2023.
  • The $195 card fee is a lot, but if you use it enough and build up your Airpoints Dollars, it's well worth it".
  • "They have nice service. For example, I got double charged once in a store, reported it to AMEX, and got the refund immediately after the call".
MoneyHub's Top Three Rewards cards - apply in minutes for a credit card that delivers the best value for money based on your needs:

We're frustrated with the low level of rewards and cashback offered by banks. We don't think being charged $40+ a year to have a rewards credit card that only gives you a $10 voucher for spending $1,500 to $2,000 is a good deal. Sadly, it is the norm.

Our research concluded that three American Express cards offered significantly better rewards and cashback. One card, in particular, doesn't charge an annual fee - we believe this is the only rewards card available in New Zealand to do so. Bank-issued credit cards don't come close to the value-for-money offered by these American Express cards.

1. Our pick for the best Airpoints credit card (most popular): The American Express Airpoints Platinum card - $195/year fee, earn 1 Airpoints Dollar for every $59 spend (the best rate in New Zealand), status points, lounge access and other travel and insurance perks.
  • Bonus offer: 300 bonus Airpoints Dollars when you apply and are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.

2. Our pick for the best rewards card that offers variety and value: The American Express Gold Rewards card. It offers the best of both rewards and statement credits (up to $200/year when you dine out at its partner restaurants in New Zealand). It's a unique card but one that arguably appeals to a range of New Zealanders who want flexibility and top value-for-money in a rewards card. Our review explains the American Express Gold Rewards card further.
  • 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. This one-off bonus statement credit is in addition to the annual dining statement credit.
  • TSB Bank Alternative - We suggest looking at the TSB Platinum Mastercard, which has top-earning cashback rates, free travel insurance and other benefits.

3. Our pick for the best free rewards credit card (no annual fee card): The American Express Airpoints Card - $0/year fee (earn $1 of rewards for every $100 spent, redeemable at the Airpoints Store (6,000+ reward options) or on flights. Bonus Offer: 50 bonus Airpoints Dollars when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.

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. The majority of credit cards, with American Express being no exception, charge interest rates that can make repayments challenging to manage.
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