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Compare the Best Credit Cards (November 2024)

Looking for a new credit card? We outline and compare the best credit cards for Balance Transfer, Rewards, Cashback, Air New Zealand Airpoints Dollars, Low Interest and Students.
Updated 2 November 2024

From cards with the lowest interest rates to those that can give you free flights, our research team analysed the market and selected the best offerings, making it easy to find the best credit card for your needs. Our categories include:
  1. Balance Transfer
  2. ​Travel, Airpoints and Rewards
  3. ​Rewards and Cashback
  4. ​Travel and FX Rate
  5. ​Low-Interest
  6. Student​
  7. Free

Important: If you are in any doubt about your ability to repay the full balance of a credit card when it falls due, please consider avoiding credit cards altogether. The interest rates are too expensive and we want to avoid more people falling into the credit card interest debt trap, as outlined in this Stuff.co.nz column by MoneyHub's founder Christopher Walsh.

Advertising Disclaimer: MoneyHub may earn a referral bonus for anyone that’s approved through some of the links below. 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.
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 has 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 - as reported in this Stuff.co.nz column), while the BNZ is offering 'points' rather than cashback. We expect other banks to follow.
  • From November 2022, changes in the law have capped 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 in Airpoints Dollars, cashback, awards or statement credit.
  • If you're looking to earn points for business class flights, they are available, but you'll most likely need an AMEX - our dedicated Credit Cards That Earn Business Class Flights guide has more details and everything you need to know to make it possible.
  • 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. Our guide to the Best American Express Credit Cards has more information about the cards available.

Find a card based on what you spend each month:

Our shortlist has you covered for rewards, cashback and free flights. If you're spending at least $500 a month on credit card-friendly merchants (e.g. supermarkets, petrol stations and everyday expenses), we list the most rewarding cards:
  • Firstly, do you struggle to pay off a credit card? If so, we suggest considering a balance transfer credit card such as the ASB Visa Light and then avoiding credit cards altogether until your finances improve. Credit cards interest is expensive, and debts can become impossible to clear. We're campaigning in the media to make people aware of the appalling costs - if you'd like to share your thoughts, please get in touch with our research team.
  • Do you spend around $500 a month? We suggest considering The American Express Airpoints Card - it costs $0/year and gives you 1 Airpoints Dollar for every $100 you spend. There is currently a bonus offer available to new card members, you can receive 50 bonus Airpoints Dollars when you apply, are approved and spend $750 on your new Card within the first 3 months.
  • Do you spend between $500 and $1,500 a month? We suggest considering The American Express Airpoints Platinum Card -there is a fee of $195/year but it gives you a wide range of benefits, including 1 Airpoints Dollar for every $70 you spend. There is a bonus offer for new card members of  300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months.
  • Do you spend $1,500+ a month? We suggest considering an Airpoints card (The American Express Airpoints Platinum Card leads by way of fees, rewards and benefits).
  • ​​Our guide to the Best American Express Credit Cards has more information about the cards available.

MoneyHub Founder Christopher Walsh shares his views on 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 in many situations. 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).

What's worse - interest rates average around 18% p.a. according to data published by the Reserve Bank. With over $3 billion outstanding every month, New Zealanders spend approximately $500 million a year on just servicing the interest. That's close to $1.5m a day paid out to credit card companies. Repaying credit card balances can drag on for years and I receive emails every week from everyday New Zealanders who are in a credit card debt trap - please don't let this happen to you.

My view is simple: No one should rush into a credit card application. For this reason, we've explained the cards below 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 for you is "no credit card".

Our video below explains what you need to know when it comes to the best credit cards available right now:
Christopher Walsh
MoneyHub Founder

Beyond Credit Cards - Our Top-Rated Debit Card for Travel and Non-NZD Payments - The Wise Debit Card

Christopher Walsh
MoneyHub Founder (and Frequent User of Wise)
Our View:
  • Very few credit cards offer 0% FX fees; the Westpac and Flight Centre Mastercards are the only two.
  • However, the Wise Debit Card is a popular choice alongside any credit card and offers superior exchange rates and low fees for international transactions.
  • Many New Zealanders use it alongside their credit card to manage finances more effectively while getting the maximum value for every NZD. 
  • The Wise Debit card is a popular backup card useful for everyday spending overseas. MoneyHub readers continue to email our research team to explain how useful the app is to review spending and how surprised they are that the fees for spending overseas are so low.​

Why we like the Wise Debit Card:
  • Best exchange rates: Wise offers the best exchange rates in New Zealand per our research, making every NZ Dollar stretch further.
  • No hidden fees: Spend abroad and online without worrying about hidden fees while tracking all your spending easily through their app with the option to convert and hold 54 different currencies.
  • Go cardless: The Wise Card links to Apple Pay and Google Pay.
  • Low setup fee: For a low one-time fee of $14, you can order your Wise card and set it up in minutes via the Wise website or app.
  • Online shopping benefits: Enjoy smooth and secure online shopping with Wise. Approve payments easily and benefit from low fees compared to traditional credit cards.

Our Favourite Credit Cards by Category (Airpoints, Rewards and Cashback)

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. But, sadly, it is the norm. What is somewhat helpful is the range of balance transfer offers and long-term low-interest rate cards

Everyone's credit card needs are different, so we've shortlisted five must-consider options to make life cheaper, easier and more rewarding. Our top credit cards are as follows:

1. Our pick for the best Balance Transfer credit card: The Co-operative Bank Fair Rate Credit Card - this card offers 0% interest for six months, $20 annual card fees and a low interest rate after that. If you're serious about paying off credit card debt in six months and getting 'debt free', this card is arguably the fastest way to do it.

2. 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 $70 spent (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Bonus offer: You'll also get 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only. Our comparison of this AMEX card with the ANZ Airpoints Platinum Visa shows the value it offers.

3. Our pick for the best free rewards and benefits credit card (no annual fee card): The American Express Airpoints Card - $0/year fee. Earn $1 of rewards (Airpoints Dollars) for every $100 spent, redeemable at the Airpoints Store (with 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.

4. For general rewards and cashback we have shortlisted several cards:
  • a) Our pick for rewards is the American Express Gold Rewards Card. It offers a generous AMEX point earning ($1 = 2 points, and these points can be redeemed for statement credit, flights and other rewards). It also offers two $100 dining credits every year. Our review explains the American Express Gold Rewards card further.
  • b) For pure cashback, without anything complicated, we suggest considering the SBS Visa Credit Card, which gives you 67 cents for every $100 you spend on the card with no annual fee. You don't need to be a SBS Bank customer either.
  • c) For a top-earning rewards card that has near-endless reward options, we suggest considering the American Express Airpoints Platinum card. The fee is $195/year, and it earns 1 Airpoints Dollar for every $70 spend (the best rate in New Zealand). It also offers status points, lounge access and other travel and insurance perks. You can spend Airpoints Dollars on gifts, food and beverage, Mitre 10 and other hardware shops, flights and thousands of other options. Bonus offer: You'll also get 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
  • d) Our pick for the best cashback and general rewards (high earner, business owner etc.): If you earn 'six figures' and have a high-end lifestyle and a work situation that lets you charge back expenses to your company or employer, the American Express Platinum Charge Card is unique and rewarding. However, the card fee is not cheap ($1,250/year fee) but cardholders enjoy extensive reward, travel, hotel, dining and insurance benefits. If you're a business owner, the annual fee is tax deductible while the benefits/rewards are not subject to fringe benefit tax. As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn 2 points per $1 spent. If you can charge back work expenses and tend to spend $3,000+ a month on your card and make use of the extensive benefits, this card will most likely deliver value.

5. Our pick for the lowest interest rate credit card: The Kiwibank Zero Visa - $0/year fee. This card offers a strong 12.90% p.a. interest rate, low card fees and a 1.99% p.a. balance transfer offer. If you don't always pay off your credit card, but have a regular income and don't drag balances, Kiwibank's offer is likely to be the most cost-effective.

Know This:
  • You can apply in only a few minutes, and there is no obligation to have a credit card issued. 
  • 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 charge interest rates that can make repayments challenging to manage.
  • Are you looking for something else? Take a look at our must-have Credit Cards list, which has a number of our favourite options that offer unbeatable value for money.
  • We previously had several buttons featuring low-interest credit cards and balance transfer credit cards. However, we don't want to endorse credit card debt products or encourage debt creation, so we removed them. However, you can find the best offers in their relevant section on this page.

Top Performing Airpoints, Rewards and Cashback Cards:

1. Best Balance Transfer Credit Card

Our view: The Co-operative Bank's credit card charges an annual fee of $20 and offers an attractive long-term low interest rate. 

​The deal:
  • Interest rate: 0% for 6 months, then 12.95% afterwards
  • Annual fee: $20 ($10 every six months)
  • Balance transfer fee: None
  • Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)

​What you need to know:
  1. You can't transfer a balance from another The Co-operative Bank card.
  2. The minimum credit limit is $1,000. The minimum balance transfer amount is $100, and the balance transfer amount can't be above 80% of your credit limit.
  3. After the 0% ends, it's 12.95% interest on any remaining transferred debt until it’s paid off.
  4. Don't spend/withdraw cash on this card, the interest rate for new purchases is 12.95%
  5. You can only transfer from another card once, but you can consolidate multiple cards in one balance transfer.
  6. For more details or to apply, visit the co-operative bank's website. 

Want more options? Read our Review of Balance Transfer Credit Cards for the best deals now available.

MoneyHub in the news: Read our Balance Transfer feature in Stuff.co.nz
Worth Considering: Low Interest Rate, Balance Transfer Options and Zero Fees - Westpac Fee Free Mastercard

Our View: An excellent offering with zero annual fees, zero overseas FX fees and a low interest rate.

​The deal:
  • Interest rate: 12.90% p.a. 
  • Annual fee: $0
  • Balance transfer offer: 5.95% for the life of the balance
  • Monthly payments: Must be above the monthly minimum (either 2% or $5 of the balance owing - whichever is greater)
  • For more details or to apply, visit Westpac's website. 
Another Option: ASB Visa Light

​Our view: ASB offers a 0% balance transfer deal, with six months available to clear the balance and improve your financial habits. After six months, the annual interest charge increases to 13.50%. You must request a balance transfer in the first 30 days to get the 0% interest period, and you can't transfer a balance from another ASB card.

The deal:
  • Interest rate: 0% p.a. for six months, thereafter 13.50% p.a. 
  • Annual fee: $0
  • Interest-Free Offers on Purchases: Yes, 6 months interest-free on purchases over $1,000
  • ​Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)

Want to apply? Review the credit card in detail here (this link takes you to ASB's website)
Another Option: ANZ Low Rate Visa

Our view: The ANZ offers an attractive balance transfer for short-term debt with no annual fee in the first year. You'll need to pay the balance off within 24 months to avoid the 9.95%* interest rate being charged on the remaining balance. 

​The deal:
  • Interest rate: 1.99% for 24 months, then 13.90% afterwards
  • Annual fee: $0 for the first year, then $35 every year afterwards (charged at $17.50 every six months)
  • Balance transfer fee: none
  • Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)
  • You need to transfer a balance in the first 30 days to get the 0% interest period.
  • You can't transfer a balance from another ANZ card.
  • After the 0% ends, it's 9.95% interest on any remaining transferred debt until it’s paid off.
  • Don't spend/withdraw cash on this card, the interest rate for new purchases is 9.95%

Want to apply? Review the credit card in detail here (this link takes you to ANZ's website)

2. ​Best Travel, Airpoints and Rewards Card

American Express Airpoints Platinum

​Our view:
  • Despite an annual fee of $195, the card is packed with features. You can review the credit card in detail here.
  • Rewards: You can spend Airpoints Dollars on gifts, food and beverage, Mitre 10 and other hardware shops, flights and thousands of other options. Our guide to redeeming Airpoints Dollars for maximum value has more details.
  • Bonus: You'll also get 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only. This sign-up bonus effectively pays for membership fee for at least the first year.
  • With the highest earning rate of Airpoints Dollars (approx 1.70 per NZ$100 spent), and a range of useful insurance and lounge perks, which can save hundreds of dollars if you use rental cars, holiday overseas and/or want the benefit from growing your Airpoints balance each month.
  • American Express is widely accepted around New Zealand with all supermarkets and major retailers covered.
  • Additional benefits also include mobile phone screen insurance (if you paid for your phone with an American Express) and a significant discount on the Koru Club membership.
  • In summary, we believe that the American Express Airpoints Platinum is one of the best credit cards on offer with wide appeal among many New Zealand households.

The deal:
  • ​Annual Fee: $195
  • Airpoints or Membership Rewards? Airpoints
  • Annual percentage interest rate: 22.95% p.a.
  • Interest Free Period: up to 55 days
  • Be aware: To spend enough to cover the annual fee, you'll need to charge around $11.500 (to earn 195 Airpoints Dollars), or, on average, around $1,000 a month.
  • Earning: ​Every $70 you spend = 1 Airpoints Dollar, and $250 spend = 1 Status Point
  • Additional benefits: Complimentary Domestic and International Travel Insurance, four lounge passes per year (two in Auckland Airport, two for either Sydney or Melbourne) and ​complimentary Mobile phone screen insurance (if you used your AMEX to pay for the phone, up to repair costs of $500) and rental car excess insurance (up to $3,000)
  • More details: American Express Airpoints Platinum Review and American Express Free Airpoints Card vs Airpoints Platinum

Want to apply? Review the credit card in detail here (this link takes you to the American Express website)
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 - $70 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
Alternatives:
We have summarised and compared all Airpoints Platinum cards here, which covers ANZ, Kiwibank and Westpac, alongside AMEX. We also have dedicated comparisons.

If you're looking to earn points for business class flights, they are available, but you'll most likely need an AMEX - our dedicated Credit Cards That Earn Business Class Flights guide has more details and everything you need to know to make it possible.

3. Best Rewards and Cashback Credit Cards

For general rewards and cashback we have shortlisted three cards:

a) Our pick for the best rewards card (for average to high earners who pay their credit card in full every month):

For a top-earning rewards card that has near-endless reward options, we suggest considering the American Express Airpoints Platinum card. The fee is $195/year, and it earns 1 Airpoints Dollar for every $70 spend (the best rate in New Zealand). It also offers status points, lounge access and other travel and insurance perks. You can spend Airpoints Dollars on gifts, food and beverage, Mitre 10 and other hardware shops, flights and thousands of other options. Bonus offer: 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.

b) Our pick for the best cashback (for average to high earners who pay their credit card in full every month): For pure cashback, we suggest considering the SBS Visa Credit Card, which gives you 67 cents for every $100 you spend on the card with no annual fee. You don't need to be a SBS Bank customer either. The TSB Platinum Mastercard offers 1 cent for every $1 spent but has a $90 annual fee, so you'll need to spend around $6,300 to earn enough cashback to offset the annual fee.

c) Our pick for the best cashback and general rewards (for high earners, business owner etc.): Do you spend $5,000+ a month, own a (profitable) business and/or charge back a lot of work-related expenses? If so, we suggest considering the top-tier American Express Platinum Charge Card, a unique and rewarding option. However, the card fee is not cheap ($1,250/year fee) but cardholders enjoy extensive reward, travel, hotel, dining and insurance benefits. If you're a business owner, the annual fee is tax deductible while the benefits/rewards are not subject to fringe benefit tax. As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn 2 points per $1 spent.
The American Express Gold Rewards Card

The Basics:
  • This is a dining credit and rewards card combined - unique in New Zealand. Cardholders choose between a pink or gold metal card when applying.
  • Dining credit: $200 free statement credit per year if you dine out at selected restaurants: American Express has a number of dining partners throughout New Zealand. If you visit them and spend over $100 on one bill, you’ll get $100 credited to your statement. The dining credit resets every six months.
  • Rewards: Cardholders earn 2 Membership Reward Points per $1 spent. This means that an annual card spend of around $25,000 will earn 50,000 Membership Reward Points. This can be converted to 333 Airpoints Dollars, $375 of travel credit (bookable via American Express Travel) or around $250 credit on your card costs (52,000 Membership Rewards points).

​The Need-to-knows:
  • Interest rate: 22.95% p.a
  • Interest-free days: 55
  • Annual fee: $200, billed annually
  • 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.
  • Bonus/Rewards: The American Express Gold Rewards Card earns at a rate of 2 American Express Membership Reward points for every $1 spent. You can use Membership Reward points to pay for travel with American Express directly, or you can convert them to other airline and hotel programs. As a background, 150 Membership Rewards points = 1 Air New Zealand Airpoints Dollar while 2 Membership Rewards points = 1 Qantas Frequent Flyer Point.
  • More details: American Express Gold Rewards Card
The SBS Visa

The Basics:
  • 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)
  • More Details: SBS Visa
The TSB Platinum Mastercard

The Basics:
  • A premium card that offers $1 cashback for every $70 spent (equating to 1.42 cents per $1 spent).

​The Need-to-knows:
  • Interest rate: 20.95% p.a
  • Interest-free days: 55
  • Bonus/Rewards: $1 Cashback for every $100 spent on the card. Alongside travel insurance and purchase protection, Mobile Phone Protection is also a benefit; 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)
  • More Details: TSB Platinum Mastercard
ASB VISA Rewards

​Our View: Forget the high-end rewards such as Samsung phones - no one is going to spend $300,000 to earn one - and focus on the small rewards. Kiwis spending a standard amount on their credit card every month can redeem cashback earnings through a wide selection of "partner stores". 

​The Deal:
  • Earning rate: 1 "True Rewards Dollar" per $150 spent.
  • Rewards: $1 of rewards value per $150 spent  (calculated at 67 cents per $100 spent). Rewards can only be redeemed at partner stores and not taken off a credit card bill directly.
  • Interest rate: 20.95% p.a.
  • Annual fee: $40 ($20 charged every six months)
  • Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)
  • True Rewards points never expire
  • Redemptions: Merchandise and voucher rewards start from 20 True Reward Dollars, with retailer partners including Mobil, Farmers, House of Travel, Vodafone top-up - all options are found at the True Reward partner store.
  • Important: ASB has launched Everyday Rewards, in addition to the existing True Rewards. Customers can choose to earn either True Rewards or Everyday Rewards with the ASB Visa Rewards or ASB Platinum Rewards cards. More information can be found on the ASB website.

Want to apply? Review the credit card in detail here (this link takes you to ASB's website).

Want more options? Read our Review of Reward and Cashback Credit Cards for the best deals available now.
Runner Up (Cashback): The BNZ Advantage Classic - Best Cashback for Annual Spend under $10,000 

​Our View: The BNZ Advantage Classic visa card offers a great cashback rate at 0.67% and a low card fee of $40 per year. You can put the cash you earn towards your credit card bill. You will have to spend $6,000 per year to earn back the card's annual fee. ​

​The Deal:
  • Interest rate: 20.95%
  • Annual fee: $40 ($20 charged every six months)
  • Monthly payments: Must be above the monthly minimum (either 2% or $25 of the balance owing - whichever is greater)
  • Earn: $1 Cash Reward from Every $150 spent
  • Cashback: $1 spend = 1 BNZ Point
  • Flybuys Conversion: BNZ $40 = 1 Flybuy (Flybuys will close 31 December 2024. You can redeem BNZ Points for Flybuys up until 31 October 2024.)
  • 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

Want to apply? Review the credit card in detail here (this link takes you to BNZ's website).

Want more options? Read our review of Reward and Cashback Credit Cards for the best deals now available.

Our Favourite Credit Cards by Category (Airpoints, Rewards and Cashback)

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. What is somewhat helpful is the range of balance transfer offers and long-term low-interest rate cards.

Everyone's credit card needs are different, so we've shortlisted five must-consider options to make life cheaper, easier and more rewarding. Our top credit cards are as follows:

1. Our pick for the best Balance Transfer credit card: The Co-operative Bank Fair Rate Credit Card - this card offers 0% interest for six months, $20 annual card fees and a low interest rate after that. If you're serious about paying off credit card debt in six months and getting 'debt free', this card is arguably the fastest way to do it.

2. 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 $70 spent (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Bonus offer: You'll also get 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new card within the first 3 months. New Card Members only.

3. Our pick for the best free rewards and benefits credit card (no annual fee card): The American Express Airpoints Card - $0/year fee. Earn $1 of rewards (Airpoints Dollars) for every $100 spent, redeemable at the Airpoints Store (with 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.

4. For general rewards and cashback we have shortlisted several cards:
  • a) Our pick for the rewards is the American Express Gold Rewards Card. It offers a generous AMEX point earning ($1 = 2 points, and these points can be redeemed for statement credit, flights and other rewards). It also offers two $100 dining credit every year. Our review explains the American Express Gold Rewards card further.
  • b) For pure cashback without anything complicated, the SBS Visa Credit Card gives you 67 cents for every $100 you spend on the card with no annual fee. You don't need to be a SBS Bank customer either.
  • c) For a top-earning rewards card that has near-endless reward options, we suggest considering the American Express Airpoints Platinum card. The fee is $195/year fee, and it earns 1 Airpoints Dollar for every $70 spend (the best rate in New Zealand). It also offers status points, lounge access and other travel and insurance perks. You can spend Airpoints Dollars on gifts, food and beverage, Mitre 10 and other hardware shops, flights and thousands of other options. Bonus offer: You'll also get 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
  • d) Our pick for the best cashback and general rewards (high earner, business owner etc.): If you earn 'six figures' and have a high-end lifestyle and a work situation that lets you charge back expenses to your company or employer, the American Express Platinum Charge Card is unique and rewarding. However, the card fee is not cheap ($1,250/year fee) but cardholders enjoy extensive reward, travel, hotel, dining and insurance benefits. If you're a business owner, the annual fee is tax deductible while the benefits/rewards are not subject to fringe benefit tax. As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn 2 points per $1 spent. If you can chargeback work expenses and tend to spend $3,000+ a month on your card and use the extensive benefits, this card will most likely deliver value.

5. Our pick for the lowest interest rate credit card: The Kiwibank Zero Visa - $0/year fee. This card offers a strong 12.90% p.a. interest rate, low card fees and a 1.99% p.a. balance transfer offer. If you don't always pay off your credit card, but have a regular income and don't drag balances, Kiwibank's offer is likely to be the most cost-effective.

Know This:
  • You can apply in only a few minutes, and there is no obligation to have a credit card issued. 
  • 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 charge interest rates that can make repayments challenging to manage.
  • Are you looking for something else? Take a look at our must-have Credit Cards list which has a number of our favourite options that offer unbeatable value for money.
  • We previously had several buttons featuring low-interest credit cards and balance transfer credit cards. However, we don't want to endorse credit card debt products or encourage debt creation, so we removed them. However, you can find the best offers in their relevant section on this page.

Top Performing Airpoints, Rewards and Cashback Cards:

4. Best Travel and FX Rate Credit Card

Flight Centre Mastercard

​Our View:  With no international transaction fees# and Flight Centre Rewards, the Flight Centre Mastercard is New Zealand's leader for overseas travel. Competing cards charge between 1.80% and 2.5% on top of the value of the purchase. The Flight Centre Mastercard charges 0% and benefits from outstanding Mastercard FX rates. ​

The Deal:
  1. Standard Interest rate: 24.99% p.a. Most other reward credit cards charge 20% to 25% p.a., so this is in the range.
  2. ​​Annual Account Fee: $50 (charged as $25 every 6 months). 
  3. No international transaction fees and currency conversion - you won't pay any FX fees (saving you around 2% to 2.5% compared to most other credit cards). #Excludes cash advances. 
  4. Up to 44 days interest free terms by paying your closing balance in full by the due date. Standard Interest Rate of 24.99% p.a. will apply to any part of the closing balance on your statement that is not paid by the payment due date. This interest will be calculated from the date the relevant purchases were debited to your account.
  5. ^Long term finance deals, including interest-free terms and extended payment holidays for deals available with Flight Centre and many other retailers.
  6. Straightforward reward system for earning and redeeming -  cardholders earn 1.00 Flight Centre Rewards for every NZ$150 spent at any retailer that accepts Mastercard in NZ, 1.00 Reward for every $100 spent internationally (where Mastercard designates the merchant to be in a country other than NZ ) and 2.00 Rewards for every NZ$150 spent at Flight Centre NZ. 1 Reward = NZ$1.00 credit to spend at Flight Centre. And, unlike Air New Zealand credit cards, you can spend rewards on ANY airline, hotel or travel package at Flight Centre NZ when you book using the Flight Centre Mastercard.
  7. Redeeming is easy - Flight Centre Reward credit is automatically deducted from any Flight Centre purchase made with the card. Flight Centre Reward credit is valid for three years. 
  8. Cardholders can add additional card holders for no extra cost - this allows them to earn rewards on more than one person’s spend.
  9. Flight Centre Mastercard integrates with with Apple Pay™, Google Pay™ & Garmin Pay™.

^Lending criteria, $50 annual Account Fee, fees, Ts&Cs apply. Minimum spends and exclusions may apply. Standard Interest Rate of 24.99% p.a. applies after any interest free period. $55 Establishment Fee applies to your first LTF transaction and $35 Advance Fee applies to subsequent LTF transactions. See Fees and charges - Flight Centre Mastercard for full details. 

Want to apply? Read our Flight Centre Mastercard review

Beyond Credit Cards - Our Top-Rated Debit Card for Travel and Non-NZD Payments - The Wise Debit Card

Christopher Walsh
MoneyHub Founder (and Frequent User of Wise)
Our View:
  • Very few credit cards offer 0% FX fees; the Westpac and Flight Centre Mastercards are the only two.
  • However, the Wise Debit Card is a popular choice alongside any credit card and offers superior exchange rates and low fees for international transactions.
  • Many New Zealanders use it alongside their credit card to manage finances more effectively while getting the maximum value for every NZD. 
  • The Wise Debit card is a popular backup card useful for everyday spending overseas. MoneyHub readers continue to email our research team to explain how useful the app is to review spending and how surprised they are that the fees for spending overseas are so low.​

Why we like the Wise Debit Card:
  • Best exchange rates: Wise offers the best exchange rates in New Zealand per our research, making every NZ Dollar stretch further.
  • No hidden fees: Spend abroad and online without worrying about hidden fees while tracking all your spending easily through their app with the option to convert and hold 54 different currencies.
  • Go cardless: The Wise Card links to Apple Pay and Google Pay.
  • Low setup fee: For a low one-time fee of $14, you can order your Wise card and set it up in minutes via the Wise website or app.
  • Online shopping benefits: Enjoy smooth and secure online shopping with Wise. Approve payments easily and benefit from low fees compared to traditional credit cards.

5. Best Low-Interest Credit Card

"Low interest" isn't synonymous with a bargain deal – credit card interest rates remain above 9% p.a., making repayments challenging. To provide a comprehensive understanding, MoneyHub Founder Christopher Walsh delves into the intricacies of low-interest credit cards:
Best options available:
Lowest Interest Rate - ASB Visa Flex

Our View: An outstanding offering with zero annual fees, zero overseas FX fees and a low interest rate, and up to 55 days interest free.

​The deal:
  • Interest rate: 9.95% p.a. 
  • Annual fee: $0
  • Bonus offer: Up to $150 cashback
  • Integration: Apple Pay, Google Pay, Fitbit Pay and Garmin Pay
  • Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)
  • For more details or to apply, visit ASB's website. 
Low Interest Rate, Balance Transfer Options and Zero Fees - Westpac Fee Free Mastercard

Our View: A strong offering with zero annual fees, zero overseas FX fees and a low interest rate.

​The deal:
  • Interest rate: 12.90% p.a. 
  • Annual fee: $0
  • Balance transfer offer: Up to 6 months at 0%, then 5.95% for the life of the balance
  • Monthly payments: Must be above the monthly minimum (either 2% or $5 of the balance owing - whichever is greater)
  • For more details or to apply, visit Westpac's website. 
Another Option: Kiwibank Zero Visa

Our View: This is by far the best low interest credit card on offer - 12.90% is a low interest rate and the card has no annual fee, along with a helpful 1.99% p.a. interest rate for six month on balance transfers. There is up to 55 days of interest free on new purchases. 

​The deal:
  • Interest rate: 12.90% p.a. 
  • Annual fee: $0
  • Interest-Free Offers on Purchases: No
  • Balance transfer: 1.99% p.a. for 6 months
  • Monthly payments: Must be above the monthly minimum (either 5% or $20 of the balance owing - whichever is greater)
  • Balance Transfers: You must request a balance transfer in the first 30 days to get the 0% interest period and you can't transfer a balance from another Kiwibank card. 

Want to apply? Review the credit card in detail here (this link takes you to Kiwibank's website).

​Want more options? Read our Review of Low-Interest Credit Cards for the best deals now available.

6. Best Student Credit Card

ASB Visa Light

Our View: The ASB offers fantastic benefits with its student account, which comes with a fee-free Visa Light credit card. With 6 months interest-free on individual purchases over $1,000 and a low-interest rate of 13.50%, the ASB delivers a package that powers student living.

​The Deal:
  • Interest rate: 13.50% p.a
  • Annual fee: $0
  • Interest-free period: 6 months on individual purchases over $1,000
  • Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)
  • Requisites: You will need to be a student to qualify for the student bank account, but the ASB Visa Light is available for anyone to apply and is a fee-free card. 
  • Balance transfers are permitted

Want to apply? Review the credit card in detail here (this link takes you to ASB's website)

Want more options? Read our Review of Student Bank Accounts and Credit Cards for the best deals available now.

MoneyHub in the news: Read our Student Bank Account feature in Stuff.co.nz

7. Best Free Credit Card

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: 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.
  • ​Our View: The best rewards card available, with no annual fee and a generous redemption 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.
  • More details: American Express Free Airpoints Card vs Airpoints Platinum

Want to apply? Review the credit card in detail here (this link takes you to the American Express website)
Runner Up: ANZ Low Rate Visa

Our View: With the lowest interest rate among all free credit cards, we rank this card very highly. You won't get any rewards or bonuses however, so for anyone planning to pay off a credit card every month in full, there are better options.

​​The deal:
  • Interest rate: 13.90% p.a.
  • Interest-free days: 55
  • Bonus/Rewards: None
  • ​Monthly payments: Must be above the monthly minimum (either 3% or $10 of the closing balance owing - whichever is greater)

Want to apply? Review the credit card in detail here (this link takes you to the ANZ's website)

Want more options? Read our Review of Free Credit Cards for the best deals available now.

How Does American Express (AMEX) Work in New Zealand? Can I Use Their Cards 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 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".

​Our guide to the Best American Express Credit Cards has more information about the cards available.

Our Favourite Credit Cards by Category (Airpoints, Rewards and Cashback)

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. What is somewhat helpful is the range of balance transfer offers and long-term low-interest rate cards.

Everyone's credit card needs are different, so we've shortlisted five must-consider options to make life cheaper, easier and more rewarding. Our top credit cards are as follows:

1. Our pick for the best Balance Transfer credit card: The Co-operative Bank Fair Rate Credit Card - this card offers 0% interest for six months, $20 annual card fees and a low interest rate after that. If you're serious about paying off credit card debt in six months and getting 'debt free', this card is arguably the fastest way to do it.

2. 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 $70 spent (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Bonus offer: You'll also get 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.

3. Our pick for the best free rewards and benefits credit card (no annual fee card): The American Express Airpoints Card - $0/year fee. Earn $1 of rewards (Airpoints Dollars) for every $100 spent, redeemable at the Airpoints Store (with 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.

4. For general rewards and cashback we have shortlisted several cards:
  • a) Our pick for the rewards is the American Express Gold Rewards Card. It offers a generous AMEX point earning ($1 = 2 points, and these points can be redeemed for statement credit, flights and other rewards). It also offers two $100 dining credit every year. Our review explains the American Express Gold Rewards card further.
  • b) For pure cashback without anything complicated, the SBS Visa Credit Card gives you 67 cents for every $100 you spend on the card with no annual fee. You don't need to be a SBS Bank customer either.
  • c) For a top-earning rewards card that has near-endless reward options, we suggest considering the American Express Airpoints Platinum card. The fee is $195/year fee, and it earns 1 Airpoints Dollar for every $70 spend (the best rate in New Zealand). It also offers status points, lounge access and other travel and insurance perks. You can spend Airpoints Dollars on gifts, food and beverage, Mitre 10 and other hardware shops, flights and thousands of other options. Bonus offer: You'll also get 300 bonus Airpoints Dollars when you apply, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
  • d) Our pick for the best cashback and general rewards (high earner, business owner etc.): If you earn 'six figures' and have a high-end lifestyle and a work situation that lets you charge back expenses to your company or employer, the American Express Platinum Charge Card is unique and rewarding. However, the card fee is not cheap ($1,250/year fee) but cardholders enjoy extensive reward, travel, hotel, dining and insurance benefits. If you're a business owner, the annual fee is tax deductible while the benefits/rewards are not subject to fringe benefit tax. As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn 2 points per $1 spent. If you can chargeback work expenses and tend to spend $3,000+ a month on your card and use the extensive benefits, this card will most likely deliver value.

5. Our pick for the lowest interest rate credit card: The Kiwibank Zero Visa - $0/year fee. This card offers a strong 12.90% p.a. interest rate, low card fees and a 1.99% p.a. balance transfer offer. If you don't always pay off your credit card, but have a regular income and don't drag balances, Kiwibank's offer is likely to be the most cost-effective.

Know This:
  • You can apply in only a few minutes, and there is no obligation to have a credit card issued. 
  • 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 charge interest rates that can make repayments challenging to manage.
  • Are you looking for something else? Take a look at our must-have Credit Cards list which has a number of our favourite options that offer unbeatable value for money.
  • We previously had several buttons featuring low-interest credit cards and balance transfer credit cards. However, we don't want to endorse credit card debt products or encourage debt creation, so we removed them. However, you can find the best offers in their relevant section on this page.

Top Performing Airpoints, Rewards and Cashback Cards:

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