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Rewards and Cashback Credit Cards Comparison (September 2026)

Our comparison lists the best credit card rewards and cashback benefits, including Airpoints, American Express, free travel, Hotpoints and more.
​Updated 3 September 2026
Important: This guide was relaunched in August 2026. Every rate, fee and rewards figure was checked against each issuer's published terms. Issuers can change these at any time, so confirm the details on the issuer's site (linked under each card) before you apply. Report an error on this page - no name or email needed.

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'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:
What Our 2026 Credit Card Analysis Taught Us: Why Banks Are Losing and AMEX Dominates
​We analysed the current state of New Zealand credit cards following major changes at Kiwibank (which has ended its Airpoints offering) and BNZ (with a significant rewards devaluation after 1 February 2026). The findings were stark:

1) AMEX Emerged as the Clear Winner
2) Kiwibank Cardholders can no longer earn Airpoints
3) BNZ's 26% Devaluation: Same Fees, Less Value
  • In 2026, BNZ Points lost 26% of their value overnight while interest-free days dropped from 55 to 44, and travel insurance benefits were scaled back
  • Our BNZ replacement guide explains the options available

4) ANZ and Westpac offer limited rewards
  • ANZ: Stripped lounge access, rarely offering a signup bonus, poor earn rate ($110 per 1 Airpoint)
  • Westpac: Halves earn rate for high spenders ($220 per Airpoint after $7,000/month)
  • Both charge $125-310 annual fees for arguably inferior benefits vs AMEX's $195

5) American Express Airpoints Platinum Card value beyond rewards:
The Bottom Line
  • Banks have systematically degraded the value propositions of their credit cards, while AMEX, unaffected by interchange regulations, maintains premium benefits.
  • The 400 Airpoints signup bonus alone covers AMEX's annual fee, while superior earn rates deliver 50-100+ extra Airpoints annually for typical spenders.

Cashback and Rewards Credit Cards Compared

Important: Annual fees, earn rates and what the rewards can actually be spent on all vary, and several cards cap what you can earn in a month.

The table below lists every cashback and rewards card we cover, starting with the two that have no annual fee. "Value per $100 spent" is the cash or Airpoints value of the rewards you earn; "annual spend to cover fee" is how much you need to put through the card each year before you're ahead.

​The free American Express Airpoints Card earns more per $100 than every bank card in the table, but how the rewards are paid - cash off your bill, credit to spend at partner stores, or points - matters as much as the rate.
Card Annual fee Earn rate Value per $100 spent Rewards paid as Annual spend to cover fee Purchase interest rate
SBS Visa$0$1 per $150$0.67Cash off your bill$019.65% p.a.
American Express Airpoints Card$01 Airpoints Dollar per $100$1.00Airpoints (store or flights)$022.95% p.a.
ANZ CashBack Visa$40$1 per $150$0.67Cash, credited annually$6,00020.95% p.a.
ASB Visa Rewards$401 True Rewards Dollar per $150$0.67Partner stores, online store or KiwiSaver - not off your bill$6,00020.95% p.a.
Westpac hotpoints Mastercard$401 hotpoint per $1 up to $3,500 a month, then 0.5About $0.45-$0.55 via hotpoints Payhotpoints Pay or hotpoints storeAbout $7,300-$8,90020.95% p.a.
NOW Rewards Visa$68 ($34 six-monthly), plus $55 one-off establishment fee1 NOW Dollar per $150$0.67Participating retailers onlyAbout $10,20026.65% p.a.
Westpac hotpoints Platinum Mastercard$701.5 hotpoints per $1 up to $7,000 a month, then 1About $0.68-$0.83 via hotpoints Payhotpoints Pay or hotpoints storeAbout $8,500-$10,40020.95% p.a.
ANZ CashBack Visa Platinum$80$1 per $120$0.83Cash, credited annually$9,60020.95% p.a.
ASB Visa Platinum Rewards$801 True Rewards Dollar per $100$1.00Partner stores, online store or KiwiSaver - not off your bill$8,00019.95% p.a.
BNZ Advantage Visa Platinum$901.67 BNZ Points per $1 (200 points = $0.94 cash)About $0.79Cash to a BNZ account, KiwiSaver or travel$11,46518.95% p.a.
TSB Platinum Mastercard$90$1 per $125, capped at $60 a month$0.80Cash off your bill$11,25020.95% p.a.
American Express Airpoints Platinum Card$1951 Airpoints Dollar per $70$1.43Airpoints (store or flights)$13,65022.95% p.a.
American Express Gold Rewards Card$2002 Membership Rewards points per $1About $1.33 as Airpoints or $0.96 as statement credit, plus up to $200 a year in dining creditsPoints, convertible to Airpoints, travel or creditDepends on redemption22.95% p.a.
Important: Figures checked against issuer websites on 29 August 2026. Westpac values are estimates - Westpac doesn't publish the hotpoints Pay conversion rate. Rates and fees can change at any time - confirm with the issuer before applying.
Our View: Rewards and Cashback Credit cards are best for:
​People who have an income of at least $60,000 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.
  1. Couples who spend significantly on their credit card but don’t want to have an Air New Zealand Airpoints credit card.​
  2. 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.

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.
Are you looking for a credit card that gives you business class flights?
Where Can You Use AMEX? Options include (but are not limited to):
  1. Supermarkets: Woolworths, New World, PAK’nSAVE, SuperValue, FreshChoice
  2. Fuel Stations: BP, Caltex, GAS, Gull, Mobil, Z
  3. Retail & Hardware: Mitre 10, Bunnings Warehouse, Harvey Norman, Kmart, Glassons, Hallensteins, Farmers, The Warehouse
  4. Dining: McDonald’s, Burger Burger, Coffee Club, Hell Pizza
  5. Utilities: Contact Energy, Genesis Energy, Powershop
  6. Travel: Air New Zealand, Qantas, Jetstar, Expedia, Airbnb and most international airlines, as well as Auckland Transport for buses and trains etc.

​Note: For smaller, independent shops or cafes, carry a bank-issued Visa/Mastercard as a backup, as AMEX acceptance can vary.

​Why is there so much Amex on this page?
Because on the two things that are relevant to rewards and travel credit cards - Airpoints earned per dollar spent and what you get for the annual fee - the two American Express Airpoints cards currently offer the highest Airpoints earn rates in New Zealand.

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 Airpoint for every $70 spent (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Our review of credit card travel insurance policies placed AMEX as the market leader.
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.

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 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. 

Best Reward Credit Cards

The three cards below are the ones that lead the comparison table on earn rate - and, in the case of the Airpoints Card, on fee - and all three are American Express. If you need a Visa or Mastercard, or want cash off your bill rather than Airpoints or points, the cashback cards further down are the ones to compare.

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 - almost all bank-issued rewards and cashback credit cards have annual fees, meaning you'll need to spend thousands 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.

Best Card for Airpoints: The American Express Airpoints Platinum Card

More details: American Express Airpoints Platinum Card

​The Basics
​Benefits include:
  • Every $70 you spend = 1 Airpoint, 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
  • Get 400 Bonus Airpoints - Apply Now
The American Express Airpoints Platinum is our Favourite Airline Credit Card in our 2026 Editor's Choice Awards. We base this on numbers, not opinion:
  • The numbers don't lie - $70 spent gives cardholders 1 Airpoint, whereas, with bank-issued platinum cards, you'll spend close to double to get the same Airpoint.
  • The card also offers lounge passes (four per year), a treat that most bank-issued cards discontinued many years ago.
  • The card is competitive for anyone needing to top up status points to renew Air NZ Gold or Platinum, providing a great tailwind to reach the 900/1,500 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.

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

Christopher Walsh, MoneyHub Founder, shares his AMEX experience:
"In March 2025, a fraudulent transaction hit my Kiwibank Airpoints Platinum card, which meant my card was replaced. However, I had already applied for the AMEX Airpoints Platinum, drawn by its unmatched 1 Airpoint per $70 earn rate. Migrating from Kiwibank to AMEX was effortless, and acceptance of my new card has been smooth, thanks to Apple Pay and Google Pay integrating with AMEX.

The card's travel insurance, Status Points earning, and Airpoints earning rate make reaching and maintaining my Air NZ Koru Platinum status easy, especially since I book cheaper airfares well in advance, so I won't get there on flights alone.

That being said, many people like the ANZ Airpoints Visa Platinum as it earns 50% bonus Status Points on top of the Status Points you earn on qualifying flights with Air New Zealand - an easy way to gain and retain Koru status if you fly Air New Zealand on a regular basis."

Read AMEX Cardholder Experiences

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 Woolworths, New World, PAK'nSAVE, SuperValue, BP, Caltex, GAS, Gull, Mobil etc.

The American Express Platinum Card: An Alternative for High Spenders

Best For: People who fly a few times a year, stay in hotels and eat out, and will actually use the $850 of annual benefits. The card is only economic if those benefits are used - the American Express Gold Rewards Card earns the same points per dollar for a lower annual fee.

We Say: The American Express Platinum Card earns 2 Membership Rewards points per $1 - the same rate as the $200 Gold Rewards Card - so the extra $650 of annual fee buys benefits, not points: access to 1,550+ airport lounges including Centurion Lounges (Priority Pass for the Basic Card Member), up to $300 a year in dining credits, an ALL Accor+ Explorer membership with two free Stay Plus nights, Fine Hotels + Resorts benefits and travel insurance with $5 million of overseas medical cover. If you would use those anyway, the benefits can outrun the fee. If you would have to change how you spend to use them, they won't, and the Gold Rewards Card or the Airpoints Platinum is the better buy.

Know This: It is a credit card at 22.95% p.a. with a 2.50% foreign currency fee, so it suits only people who pay in full every month and use a 0% FX card overseas.

Basics:
  • Annual Fee: $850 (up to two Additional Cards at $0)
  • Airpoints or Membership Rewards? Membership Rewards
  • Annual percentage interest rate: 22.95% p.a.
  • Minimum credit limit: $5,000
  • Bonus offer: Earn 160,000 Bonus Membership Rewards Points when you apply online by 30 November 2026, are approved and spend $2,500 on eligible purchases on your new American Express Platinum Card within the first 3 months. T&Cs apply. New American Express Card Members only.
  • Earn Membership Rewards: 2 points for every $1 spent. Transfer them to Airpoints at 150 points per Airpoint or to Qantas at 2 points per Qantas Point, spend them through American Express Travel (Amex values them at up to 0.75 cents each), or take a statement credit ($250 costs 52,000 points).
  • Read more: American Express Platinum Card Review

Benefits include:
  • Airport lounges - 1,550+ lounges in 140+ countries, including Centurion Lounges and Priority Pass for the Basic Card Member (Strata Lounge Auckland, Manaia Lounges Christchurch and Queenstown).
  • Up to $300 a year in dining credits - $150 back when you spend $150 or more in one bill at a participating Dining Collection restaurant, twice a year (one per half-year).
  • ALL Accor+ Explorer membership - two free Stay Plus nights a year, each booked with a paid night, and up to 30% off dining at participating Accor hotels. Accor sells it for $379.
  • Fine Hotels + Resorts - guaranteed 4pm checkout, breakfast for two and upgrades when available at 1,800+ hotels booked through Amex Travel.
  • Travel insurance - $5 million overseas medical, $30,000 cancellation, $20,000 baggage, for you, your partner and dependent children, when you pay for your return trip on the Card. Pre-existing conditions excluded.
  • No fee for up to two Additional Cards.

Learn more or apply

Best Free Rewards Card: The 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 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: 50 Bonus Airpoints when you apply, 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
  • 22.95% p.a. annual interest rate
  • $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 Woolworths, New World, PAK'nSAVE, SuperValue, BP, Caltex, GAS, Gull, Mobil etc.

Cashback and Bank Rewards Credit Cards

​Cashback cards pay you in dollars rather than points, credited to your card account or paid to a bank account.

Two things decide their value - the earn rate per $100 spent and whether there's a cap.

Important:
  1. Terms and value differ: For example, ANZ's CashBack Platinum pays the most in cash at $0.83 per $100, TSB pays $0.80 but caps it at $60 a month, and the SBS Visa pays $0.67 with no annual fee and no cap.
  2. Bank rewards cards that pay in partner-store credit or points, rather than cash, are worth less to most people - $1 you can only spend at a partner store isn't the same as $1 off your bill.
  3. Westpac doesn't publish the hotpoints Pay conversion rate - cardholders see the dollar value of their points in Westpac One. Independent estimates and historical MoneyHub research put a hotpoint at roughly 0.45-0.55 cents when used with hotpoints Pay, so the standard card returns about $0.45-$0.55 per $100 spent, up to the $3,500 monthly earn cap. You need at least $3 of hotpoints value to use hotpoints Pay, and it's turned on manually for each purchase - it isn't automatic.

Know This: All the cards listed below except the SBS Visa have annual fees. This means you have to pay to have the credit card, and this will affect your 'net' cashback or rewards. The table above illustrates 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.

The cards below are listed by annual fee, lowest first - the table above shows how they compare on value.

Option 1: SBS Visa Credit Card

More Details: SBS Visa

The Basics:
  • This is the 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: 19.65% 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)

Option 2: ANZ CashBack Visa

More Details: ANZ CashBack Visa
The Basics
  • Cashback: $1 cash back for every $150 spent on eligible purchases
  • ​Automatic credit to your credit card every year
  • The interest rate is 20.95% p.a.
  • The annual fee of $40 will be charged on opening and 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.
  • More Details: ANZ CashBack Visa

Big Spender?

Option 3: ASB Visa Rewards

More details: ASB Visa Rewards
The Basics
  • Earning rate: 1 True Rewards Dollar per $150 spent
  • 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).
  • ​​Rewards: Merchandise and voucher rewards start from 20 True Reward Dollars, with retailer partners including Mobil, Farmers, House of Travel, One NZ topup - all options are found at the True Reward partner store.
  • More details: ASB Visa Rewards
​
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 Dollars expire five years after they're earned; the oldest are used first
  • 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. 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.

Option 4: Westpac hotpoints® Mastercard®

More details: Westpac hotpoints Mastercard
​The Basics
  • ​​Earning rate: The earn rate is capped - 1 hotpoint per $1 up to $3,500 a month, then 0.5 hotpoints per $1 after that
  • Cashback: Westpac doesn't publish the hotpoints Pay rate - independent estimates put it at roughly 0.45-0.55 cents a point, or about $0.45-$0.55 per $100 spent. Hotpoints Pay is turned on manually for each purchase.
  • ​Rewards: ​Merchandise and voucher rewards start from 2400 hotpoints, with retailer partners including HOYTS, Briscoes, Flight Centre 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.
  • 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
 
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 35 months 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 earns 1.5 hotpoints for every $1 spent on your card up to (and including) $7,000, then 1 hotpoint for every $1 spent on your card each month. You can read more about hotpoints on Westpac's website.

Option 5: NOW Rewards Visa Card

More details: NOW Rewards Visa
​The Basics
  • Earn: 1 NOW Dollar per $150 spent.
  • ​Rewards: $1 per $150 spent, or 67 cents per $100 spent with Now Rewards Visa. However, NOW Dollars can be redeemed at participating retailers, online or in store. NOW Dollars are not cashback and cannot be taken off a credit card bill). 
  • To redeem NOW Dollars, you must have at least ten (10) NOW Dollars in your account. This means you must have spent at least $1,500.
  • Fees: $34 account fee charged 6-monthly, which is $68 a year, and a $55 one-off establishment fee. 
  • More details: NOW Rewards Visa

​The details:
  • The interest rate is 26.65% p.a.
  • 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 NOW Rewards Visa rates and fees.

Option 6: BNZ Advantage Visa Platinum

More details: BNZ Advantage Visa Platinum
The Basics
  • ​Earn: 1.67 BNZ Points for every $1 spent
  • Cashback: 200 points = $0.94 - BNZ Rewards is outlined on the BNZ website (an effective cashback rate of roughly 0.785%)
  • 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. Reddit outlines an early 2026 devaluation and relevant tips.
  • More details: BNZ Advantage Visa Platinum

The details:
  • The interest rate is 18.95% p.a.
  • There is an annual fee of $90, an additional card is $20 per year ($10 charged every six months).
  • Cash Reward dollars can be used on BNZ financial products, such as bank accounts, credit card bills and KiwiSaver funds.
  • 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.

Option 7: TSB Platinum Mastercard

More Details: TSB Platinum Mastercard

The Basics:
  • The TSB Platinum Mastercard offers $1 per $125 on eligible purchases, although a $60 monthly cashback threshold applies. The purchase that takes you to the threshold will earn cashback in full. After that, eligible purchases won't earn cashback until your next statement. There is a $90 annual card fee. 
  • 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 $125 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)

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.

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

Based on the current card offers, the SBS Visa if you want cash off your bill, or the American Express Airpoints Card if you'd rather earn Airpoints, are worth considering.

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".
  • "The $195 card fee is a lot, but if you use it enough and build up your Airpoints, 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".
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